India will restrict crude oil purchases from Russia as part of an agreement reached with the US in exchange for lower trade tariffs, sources said, adding imports will continue for now by refiners such as Nayara Energy, which have no other alternative source. US President Donald Trump announced overnight that the United States will cut the reciprocal tariff on imports of Indian goods to 18 per cent from 25 per cent under a broader bilateral understanding.
Russian shipments averaged 1.67 million barrels per day in January compared to 1.48 million bpd in December and 1.53 million bpd a year earlier.
Analysts predict that the Indian stock market's sentiment this week will be primarily influenced by the domestic GDP data announcement, crude oil prices, and the crucial US non-farm payrolls report.
India's merchandise exports increased by 19.63 per cent to USD 44.24 billion in July, primarily driven by petroleum products, while a significant rise in imports pushed the trade deficit to a six-month high of USD 31.98 billion.
Indian benchmark indices, Sensex and Nifty, saw declines in early trade, with the ongoing US-Iran standoff cited as a major factor impacting investor sentiment and raising concerns about inflationary pressures and currency volatility for oil-importing nations like India. Track Sensex, Nifty on August 14, 2026.
The US House of Representatives has advanced a bill that would empower President Donald Trump to impose 100 per cent tariffs on countries, including India, that purchase oil and gas from Russia, and also extend sanctions on Iran. The legislation, which previously passed the Senate, aims to curb Russia's energy revenue amidst the Ukraine conflict.
US President Donald Trump is expected to sign the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 later on Friday (local time). A White House official confirmed the development to ANI without revealing further details.
US lawmakers are racing to amend the Russia sanctions bill before recess. One amendment specifically names India, China, and other countries as potential targets for 100% tariffs due to their oil trade with Russia. Another significant amendment proposes to scrap the tariff section entirely, while others address presidential waiver powers and aid to Ukraine.
India's Iran imports rise to 276,800 bpd vs 195,600 bpd in 2013.
The United States has announced it will not renew sanctions exemptions for the purchase of Russian and Iranian oil, ending a 30-day waiver that allowed some countries, including India, to continue importing Russian oil despite sanctions related to the Ukraine war.
The bill, introduced on Thursday, was conceived by Democrat Senator Richard Blumenthal and late Republican Senator Lindsey Graham and has the support of over 60 lawmakers.
The Kremlin has stated that India is free to purchase oil from any country, dismissing claims that India agreed to reduce Russian oil imports. Russia maintains that energy trade with India benefits both nations and contributes to international energy market stability.
India's net oil import bill has jumped by 51 per cent to Rs 27,135 crore (Rs 271.35 billion) in the first quarter of current fiscal on the back of sharp spike in international oil prices.
Asian Development Bank (ADB) on Friday warned that India's limited crude oil reserves of about 100 million barrels - sufficient for only 40-45 days of consumption - leave the country particularly vulnerable to supply disruptions through the Strait of Hormuz amid the ongoing war in West Asia.
Moody's Ratings has sharply increased India's GDP growth forecast for fiscal 2026-27 to 7 per cent, making it the fastest among G20 economies, driven by economic resilience despite the Middle East conflict. However, the agency flagged significant inflation risks stemming from elevated oil prices and potential El Nino disruptions.
Monthly gold imports have declined to 25-30 tonnes from 70-80 tonnes while recycling of old jewellery has increased following the recent hike in import duties.
Iranian Foreign Minister Seyed Abbas Araghchi on Saturday criticised the United States over its stance on Russian oil, claiming Washington was now "begging" countries across the globe, including India, to purchase Russian crude.
India's crude oil import bill is set to exceed $100 billion in the current fiscal year ending March 31, almost double its spending last year, as international oil prices trade at seven-year highs. India spent $94.3 billion in the first 10 months (April-January) of the ongoing financial year that started April 1, 2021, according to data from the oil ministry's Petroleum Planning & Analysis Cell (PPAC). It spent $11.6 billion in January alone when oil prices had started to surge.
State-run Oil and Natural Gas Corporation (ONGC) has approved the development of a 1.75 million tonnes (mt) strategic petroleum reserve (SPR) in Mangaluru, a project deemed of national importance, with plans for broad commercial utilisation.
India's exports increased by 15.5 per cent to USD 40.41 billion in June, but the trade deficit significantly widened to a record USD 30.43 billion due to a 31 per cent surge in imports.
The US Senate has overwhelmingly approved a bill, the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which aims to punish Russia and its major petroleum product buyers, including China and India. The legislation allows the US President to impose 100 per cent tariffs on goods from the top five importers of Russian oil and gas, and also extends sanctions on Iran's energy sector. The bill, championed by the late Senator Lindsey Graham, now moves to the House of Representatives for further approval.
Replacing over a third of India's oil imports at competitive rates is going to be a challenge, said traders from State refiners, even though some progress was made in the last two months.
Indian benchmark indices Sensex and Nifty closed lower, snapping a two-day rally, as a spike in crude oil prices, triggered by reports of fresh US military operations in southern Iran, dampened investor sentiment and reignited fears of renewed energy supply disruptions.
India has become a significant supplier of gasoline to Russia, with Indian refiners providing 1 million barrels in the last two months, as Ukrainian drone attacks severely disrupt Russia's domestic fuel production.
A tripartite pact -- amid the promise of removing AFSPA from almost all of the North East -- revives hydrocarbon exploration along the Assam-Nagaland border after decades of dormancy.
FPIs have already withdrawn Rs 2.6 trillion from Indian equities in 2026, exceeding the outflows recorded in any previous full calendar year.
Prime Minister Narendra Modi hosted Iranian President Masoud Pezeshkian in New Delhi for talks focusing on the West Asia situation, bilateral relations, and BRICS cooperation. The meeting, Pezeshkian's first visit to India as president, comes amidst heightened tensions in West Asia due to new US sanctions on Iran and concerns over global oil supplies from the Strait of Hormuz. Both leaders emphasised regional stability and economic resilience.
BJP MP Janardan Mishra has strongly defended the Centre's ethanol blending policy amidst ongoing controversy, highlighting India's high crude oil import dependency and global geopolitical challenges. He questioned opponents of ethanol blending, citing Brazil's successful use of 100 per cent ethanol in vehicles and experts' views on its engine compatibility.
A US-sanctioned tanker carrying Iranian crude oil is heading to India, marking the resumption of oil imports from Iran after seven years.
President Trump claims American tariffs imposed on India for purchasing Russian oil have negatively impacted Russia's economy, referring to India as Russia's major oil buyer. He also mentioned plans to meet with Putin and Zelenskyy, and claimed to have solved several wars, including the conflict between India and Pakistan.
India's economy is projected to lose momentum in the second half of fiscal 2026-27, with tighter financial conditions, elevated energy prices, and broadening inflation pressures posing significant risks, according to DBS Bank economist Radhika Rao.
Indian benchmark indices Sensex and Nifty saw a rebound in early trade, driven by a moderation in crude oil prices, despite persistent selling by Foreign Institutional Investors (FIIs) and mixed global market cues.
Indian benchmark indices Sensex and Nifty experienced significant declines in early trade, driven by soaring crude oil prices amidst escalating tensions in West Asia, coupled with weak global market trends and foreign fund outflows.
Prime Minister Narendra Modi on Thursday discussed with a group of senior ministers the prevailing global security situation and how to maintain supply chain uninterrupted despite conflicts in different zones, including the Strait of Hormuz, the Black Sea, the Red Sea, and the Gulf of Aden.
Foreign Portfolio Investors (FPIs) have withdrawn Rs 20,974 crore from Indian equities in September, driven by global uncertainties, higher US interest rates and bond yields, elevated crude oil prices, and a weakening rupee.
Prime Minister Narendra Modi has highlighted the risks posed by the 'weaponisation' of resources and strategic sea routes, urging India to achieve greater self-reliance in energy to mitigate vulnerabilities to overseas supplies and geopolitical tensions.
Analysts predict that crude oil prices, geopolitical tensions in West Asia, and upcoming inflation data will be the primary drivers of the Indian stock market this week, alongside foreign investor activity and domestic quarterly earnings.
India's crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation's insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker Vortexa. Russia however continues to remain India's top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world's third largest energy consumer imported in January.
Analysts predict that inflation data, the US Federal Reserve's interest rate decision, and crude oil price trends will be the primary factors influencing the movement of Indian stock markets. Geopolitical developments, particularly the US-Iran deal, and foreign investor activity will also play a crucial role.
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.
