'Trump is likely being purposefully vague, hoping that this lack of clarity will pressure India, fearing the worst, to agree to scale back its imports of Russian oil.'
External Affairs Minister S Jaishankar discussed the West Asia conflict and its impact on energy supplies with his Russian counterpart Sergey Lavrov and EU's Foreign Policy chief Kaja Kallas.
Indian refiners have access to only limited Iranian volumes compared with Russian oil, and even the barrels on offer come with 'too many hassles'.
Amidst the ongoing conflict in West Asia, the Oil Ministry assures citizens that India's LPG supply remains secure, with no need for panic booking of cylinders. The normal delivery cycle of two-and-a-half days is being maintained, and crude oil is being sourced from diverse routes.
Prime Minister Narendra Modi cautioned against the 'weaponisation' of technology and critical minerals at the BRICS summit, advocating for cooperation to foster shared prosperity. Concurrently, Chinese President Xi Jinping announced plans for an open-source AI ecosystem for BRICS nations, positioning Beijing as a key technology partner amid global AI competition.
Will rising tensions between US-Israel and Iran threaten crude oil supply through the Strait of Hormuz, putting India's fuel prices, imports, and economic stability at risk?
United States President Donald Trump yet again claimed to have discussed with Prime Minister Narendra Modi about India's import of Russian oil, he told reporters on Tuesday after the Diwali celebrations at the Oval Office.
India's crude oil imports from Russia saw a marginal decline in September, but continued to account for over one-third of the country's total oil purchases, despite US pressure to curb the trade over concerns that it supports Moscow's war effort in Ukraine. India's crude imports in September were around 4.7 million barrels per day, up 220,000 bpd month-on-month and flat year-on-year.
US Vice President JD Vance and Prime Minister Narendra Modi held a phone call to discuss expanding the India-US comprehensive global strategic partnership, focusing on trade, defence, energy security, emerging technologies, and critical minerals. The discussion comes amidst rising tensions in West Asia and recent regional realignments, with both leaders reaffirming their commitment to strengthening cooperation.
A US lawmaker has criticized President Donald Trump's tariff policy on India for purchasing Russian oil, urging him to reverse it immediately.
A US-sanctioned tanker carrying Iranian crude oil has rerouted mid-voyage from its previously indicated destination of India to China, raising questions about payment issues and the future of India's Iranian oil imports.
There is no payment problem for Russian crude, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday. He said there is no proposal to cut retail fuel prices at the moment. Addressing a press conference, the minister said India enjoys a buyers' position and foreign suppliers are approaching Indian companies with offers to sell oil.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
United States President Donald Trump on Tuesday boasted about India-US defence cooperation, claiming that India's order for 68 Apache attack helicopters was delayed by five years and that Prime Minister Narendra Modi personally raised concerns over the long delivery period during a meeting with him.
US President Donald Trump indicated that American military operations targeting Iran might not have concluded, while firmly rejecting immediate talks with Tehran. He asserted that Iran is facing severe military and economic difficulties and possesses limited capabilities, despite the reopening of the Strait of Hormuz.
'All these reports and announcements by the US seem like attempts to gain a lever in trade deal negotiations with India.'
A Kishore Kumar song, a birthday cake, a prince's break from protocol to thank his driver, a Persian painting on the ceiling of the presidential residence -- the BRICS Summit had many memorable moments.
His assertion came after Trump claimed that his "friend" PM Modi has assured him that India would stop purchasing oil from Russia, a move he described as a big step toward increasing pressure on Moscow over its invasion of Ukraine.
The comments come ahead of Trump's high-profile meeting with Russian President Vladimir Putin, scheduled for Friday in Anchorage, Alaska.
India's import of discounted crude oil from the Russian Federation hit an all-time high in May, with state-run refiner IOC becoming the biggest importer of Russian oil, relegating Reliance Industries to the second place, trade and shipping data show. Indian imports of Russian oil, accounting for over 46 per cent of its total crude oil imports in May, have grown after strong backing by New Delhi, with state-run refiners powering imports of discounted crude. Discounts on Russian oil average around $10 a barrel, said an official from a state-run refiner. IOC's May purchases rose by 64 per cent on the month, and accounted for half of its total crude imports last month, ship tracking data show.
United States President Donald Trump has said Prime Minister Narendra Modi 'knew he was not happy' with India's purchases of Russian oil and that Washington, DC can raise tariffs on New Delhi 'very quickly'.
US Treasury Secretary Scott Bessent's remarks come ahead of a high-level summit where India and the European Union are expected to formally announce the conclusion of negotiations on a comprehensive free trade agreement.
A trade deal makes sense only if it is fair and reciprocal. If the cost is strategic dependence or loss of policy space, waiting is the wiser option, asserts Ajay Srivastava.
Prime Minister Narendra Modi is deeply concerned by the war in Ukraine and his meeting with President Volodymyr Zelenskyy in New York demonstrates his commitment to finding a way forward and contributing in any way possible to a resolution of the conflict, Foreign Secretary Vikram Misri said.
India on Tuesday pitched for a stake in vast oil and gas fields as well as LNG terminals in the frozen Artic of Far East Russia as it looked to import more oil from the former Soviet republic as part of a strategy to diversify its energy basket.
If the conflict continues for a prolonged period, State-run oil companies may have to review retail fuel prices accordingly.
Russian Foreign Minister Sergei Lavrov will visit Beijing to discuss the West Asia conflict, the Strait of Hormuz blockade, and bilateral relations with Chinese leaders.
The harsh truth is that the US is no longer a reliable partner, cautions Ramesh Menon.
India's merchandise exports experienced a slight decrease in February, while imports surged due to increased gold and silver purchases, leading to a widened trade deficit. The West Asia crisis is expected to further impact trade in the coming months.
The government has no say in where the country's refiners source oil from because these are commercial transactions.
'We are now awaiting a response from the US; they have to get back to us.'
A 500 per cent tariff would effectively shut out India's goods and services exports to the US.
Analysts predict India will face oil price volatility and macroeconomic effects due to the escalating Iran crisis, though the country's oil supply chain is not yet structurally insecure.
United States Senator Lindsey Graham on Sunday claimed that Indian Ambassador to the US Vinay Mohan Kwatra spoke to him last month about India buying less Russian oil and asked him to tell President Donald Trump to relieve the 25 per cent tariff.
Not a single retail outlet ran dry. Every household that wanted a cylinder got one. India faced neither a 1991 moment nor a 2013 one. Macroeconomic stability held. This was not an accident, and it was not luck alone. It was the work of a government that chose to act as it had during the pandemic -- deliberately and gradually, building one measure upon another rather than reaching for a single dramatic lever, explains V Anantha Nageswaran, chief economic advisor to the Government of India.
India has strongly protested to the United States after three merchant ships with Indian crew members were attacked by the American military off the coast of Oman, resulting in the deaths of three Indian nationals.
China has criticised the US blockade of the Strait of Hormuz, calling it a dangerous and irresponsible move, and urged Washington and Tehran to honour the ceasefire. Beijing also denied aiding Iran militarily and threatened countermeasures if the US imposes tariffs.
India is preoccupied with analysing the US sanctions, which may cut off India's access to discounted Russian crude and force it to buy at market prices.
Moody's Ratings has reduced India's GDP growth forecast for 2026 to 6 per cent, citing subdued private consumption, capital formation, and industrial activity due to higher energy costs and global uncertainties.
The agreement addresses non-tariff barriers and promotes increased trade in technology products and cooperation between the two countries.
