US President Donald Trump claimed India will stop buying oil from Russia, while also stating China will cut back substantially. He also discussed the conflict between India and Pakistan, reiterating his claim of helping settle the conflict.
Higher crude oil prices also translate into better corporate earnings for India's top companies
India's eight key infrastructure sectors grew at a slower pace of 1.8 per cent in November against 5.8 per cent in the same month last year, amid a dip in production of crude oil, natural gas, refinery products, and electricity, according to official data released on Monday.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
The initial cost of the reserve, expected to become operational by 2012, was estimated at Rs 2,400 crore (Rs 24 billion), excluding the cost of crude oil. Strategic Petroleum Reserves Ltd, special purpose vehicle that is implementing the project, has asked Engineers India Ltd to work on the revised cost," said sources. EIL is the management consultant for this project.
Benchmark equity indices Sensex and Nifty tumbled in early trade on Wednesday, tracking a bearish trend in Asian markets, as the conflict in West Asia widened, driving oil prices higher.
Opposition parties are demanding a full Parliament discussion on the West Asia conflict, criticising the government's silence and calling for a contingency plan to protect India's energy security and citizens.
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF).
In a major setback to Trump's pivotal economic agenda for his second term, the US Supreme Court, in a 6-3 verdict written by Chief Justice John Roberts, ruled that the tariffs imposed by the president on nations around the world were illegal.
At 5% customs duty, the govt will earn more than $3 bn
Iran has not closed the Strait. It remains open; however, due to current conditions and circumstances, ships are unable to pass through the Hormuz. Otherwise, Iran never wanted the Strait to be closed or blocked, the supreme leader's representative said.
The rupee appreciated 13 paise to close at 90.34 against the US dollar on Thursday, on trade deal optimism and overnight decline in commodity prices, even as the upside remained capped as investors look for more clarity on the India-US trade deal.
To meet liquidity pressure because of advance tax outflows this month, the Reserve Bank of India (RBI) has adopted a measured approach with its latest announcement of open-market operations (OMOs), worth Rs 1 trillion.
Some are treating the price correction as akin to a fiscal stimulus that could kick-start a new demand cycle in the economy.
Brent crude oil prices may rise to $110 a barrel in 2023, up nearly 33 per cent from the current levels, said analysts at Morgan Stanley, in a recent note. This is, however, lower than the peak level of nearly $127 touched earlier in 2022 as geopolitical concerns took centre stage amidrising demand. "Looking ahead, Brent oil price growth will decelerate even more in the coming quarters. "This comes even as our global oil strategist expects a rise in oil prices back to $110 a barrel by the second half of 2023.
US Treasury Secretary Scott Bessent indicated a potential pathway to remove tariffs imposed on India for purchasing Russian oil, citing a significant decrease in such purchases. He also criticized Europe's approach and accused India of profiting from discounted Russian oil.
US Ambassador to India Sergio Gor presented his credentials to President Droupadi Murmu. The ceremony took place at the Rashtrapati Bhavan. Gor's appointment was confirmed last year, and he previously served as the White House personnel director. He emphasized the importance of India-US relations and ongoing efforts to finalize a trade deal.
India has called for a ceasefire, release of all hostages, and peaceful resolution of the Israel-Hamas conflict through dialogue and diplomacy. The Centre informed Parliament that India welcomed the agreement on the first phase of the Gaza Peace Plan. The article also covers India's energy sourcing strategy and the release of Indian fishermen by Pakistan.
For starters, the Iran situation is sure to have an impact on crude oil prices, as the world has little spare capacity.
Analysts predict a surge in gold and silver prices as investors seek safe-haven assets due to escalating tensions in the Middle East. The impact on domestic prices will depend on the conflict's duration, with geopolitical factors and macroeconomic data also playing a role.
US sanctions against two of Russia's largest oil companies are expected to impact Reliance Industries' crude imports from Russia, while state-run refiners may continue purchases through intermediary traders for now.
Using an expletive in his post on X, Navarro said, "Fact: India didn't buy Russian oil in large quantities before Russia invaded Ukraine. It's blood money and people are dying."
While investors would focus on the results and guidance for the third quarter of financial year 2025-26 (Q3FY26) in the normal course of business, the US-Israeli attack on Iran and the latter's retaliation at Gulf allies of the US has forced them to weigh the consequences of the event.
India's exports to the US contracted 8.6 per cent to $6.3 billion in October, while imports rose 13.9 per cent to $4.5 billion leading to a trade surplus of $1.8 billion during the month.
Move could fetch the exchequer Rs 14,000 cr
India will now face a lower reciprocal tariff of 10 per cent, down from 25 per cent, after US President Donald Trump announced a new global levy on items imported into America in the wake of the Supreme Court verdict against his sweeping duties on several nations.
India's crude oil production fell 2.3 per cent in August but natural gas output rose by more than a fifth on the back of output from KG-D6 fields of Reliance-BP, government data released on Wednesday showed. Crude oil production dropped to 2.51 million tonnes in August as output from fields operated by state-owned Oil and Natural Gas Corp (ONGC) dipped. India is 85 per cent dependent on imports to meet its oil needs and the government has been for long looking at ways to raise the domestic output so as to reduce import dependence.
Prime Minister Narendra Modi will host Russian President Vladimir Putin for a private dinner and summit, focusing on defence, trade, and geopolitical issues, including the Ukraine conflict and the impact of US sanctions.
The Organization of the Petroleum Exporting Countries (Opec) and its partners, such as Russia, collectively termed Opec+, have decided to cut crude oil production by 100,000 barrels per day (bpd) from October onwards, at a meeting on Monday. In a step that may increase prices in India, the group has decided to reduce output quotas for October, after a fall in global oil demand outlook. The cut in output is equal to 0.1 per cent of global supply.
India's eight key infrastructure sectors registered a four-month high growth rate of 3.7 per cent in December last year, driven by a jump in the output of fertiliser and cement, according to official data released on Tuesday.
India's crude oil imports from Russia strengthened in the first half of October, reversing a three-month slide in arrivals seen during July-September as refineries were back on full stream to meet festive demand, according to ship tracking data.
India imports nearly 60 percent of its LPG, with most cargo previously coming through the Strait of Hormuz, now closed for commercial shipping.
Higher discounts on crude oil offered by the United Arab Emirates (UAE) to wean India away from Russian crude may soon see Indian refiners ramping up purchases from the Gulf nation, officials at multiple refiners said. They also pointed to the recent agreement on trade settlement in national currencies signed between India and the UAE as a reason for this. "While discussions are underway, the UAE has offered discounts on crude, which will be more than that of the current level of Russian discounts.
In a first, Indian oil public sector undertakings (PSUs) finalised a one-year contract to import around 2.2 million tonnes (mt) of liquefied petroleum gas (LPG) from the US. The LPG import deal comes at a time when negotiations for an India-US bilateral trade agreement (BTA) are gathering steam. Earlier in the month, US President Donald Trump had said Washington and New Delhi were "pretty close" to reaching a fair trade deal.
Crude oil volumes on the MCX platform touched a record level of 10.19 million barrels on Wednesday because of increased participation from investors amid high volatility in global crude prices. Although, there was a sharp fall in crude oil prices on Wednesday, but volumes remained upbeat, experts said, adding that prices were below $130 per barrel.
US crude oil futures edged down on Tuesday after hitting an 8-week high of $82 a barrel on Monday.
A 500 per cent tariff would effectively shut out India's goods and services exports to the US.
The basket of crude oil India imports averaged $99 a barrel on Tuesday, the lowest level since April 2, a petroleum ministry official said. It had averaged $96.52 a barrel on April 1 and crossed the $100 mark on April 7.
Stock market is gearing up for an eventful week ahead where key triggers such as quarterly earnings from corporates, the US Fed interest rate decision and the upcoming Union Budget for 2026-27 would grab the limelight, analysts said.
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