The US has temporarily permitted India to accept Russian oil already on ships to ensure energy supplies amid the conflict with Iran. This short-term measure is not expected to significantly benefit Russia financially.
A US-sanctioned tanker carrying Iranian crude oil is heading to India, marking the resumption of oil imports from Iran after seven years.
India, the world's third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow's invasion of Ukraine, a global think tank said. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022.
Shares of Reliance Industries Limited (RIL) tumbled on Tuesday, posting its biggest single-day decline in 19 months, amid controversy over its purchase of Russian oil and profit-booking after recent gains.
The Kremlin has announced it will not disclose data on crude oil exports to India, citing concerns about 'ill-wishers'. This decision follows reports of increased Russian oil supplies to India and China amid geopolitical tensions.
India will maintain multiple sources for crude oil purchases and diversify them to ensure stability in the supply chain with national interests remaining the "guiding factor" for the procurement, Foreign Secretary Vikram Misri said.
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?
India was the world's biggest importer of Russian oil in February, exceeding China by 20 million barrels.
A US lawmaker has criticized President Donald Trump's tariff policy on India for purchasing Russian oil, urging him to reverse it immediately.
According to a post on X by the US European Command, the tanker violated US sanctions and was tracked by the US Coast Guard cutter Munro prior to the operation.
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.
Bessent indicated that the U.S. is evaluating the status of Iranian oil as the current campaign progresses.
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.
Urals and Sokol accounted for every 4 out of 5 barrels of Russian supplies to India last year.
Amidst global energy market volatility driven by the West Asia crisis, Russia has proposed increasing its crude oil and natural gas supplies to India, strengthening bilateral energy ties and aiming for USD 100 billion in annual trade by 2030.
India possesses approximately 100 million barrels of commercial crude oil stocks, capable of covering 40-45 days of its requirements if flows through the Strait of Hormuz are disrupted, according to Kpler.
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.
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 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.
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.
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.
An Indian worker from Odisha was killed and two others were injured in a drone attack by Ukraine in the Moscow region. The deceased, A Rameya, was working at an oil refinery. Efforts are underway to repatriate his body.
Rahul Gandhi accuses the government of compromising India's energy security by allowing the US to dictate oil supply relationships, raising concerns about the impact of global conflicts on India's energy access.
After a three-month slowdown, India's oil imports (already landed) from Russia bounced back in the first 15 days of October to 1.8 million barrels per day.
India's imports of crude oil from Russia touched a new high of 1.64 million barrels per day in March and is now double of the purchases from Iraq - the nation's traditional top oil supplier. But the purchases appear to have plateaued as growth has slowed. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a sixth straight month by supplying more than one-third of all oil India imported, according to energy cargo tracker Vortexa.
The US Coast Guard seized a Russian oil tanker, the Marinera, in the North Atlantic. The crew includes three Indian citizens. Moscow has protested the seizure, calling it a violation of international maritime law and demanding humane treatment of the crew.
The unexpected missile attack on a second India-bound ship carrying Russian crude, just three weeks after the first, has complicated matters for domestic refiners. India now counts the Vladimir Putin-led nation as its biggest oil supplier, according to Paris-based market intelligence agency Kpler, and these attacks come on top of US sanctions since December, where vessels that bring crude to India are facing heightened scrutiny. Panama-registered Pollux, which loaded crude at the Sheshkaris oil terminal in the Russian port of Novorossiysk on January 24, was scheduled to deliver the medium, sour Urals grade to Paradip port on February 28.
India should not stay on the margins of this initiative. There should be a serious debate about what would be in India's best interests asserts former foreign secretary Shyam Saran.
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'.
Russia dominated Saudi Arabia in oil supplies as the world's fastest-growing major economy for fossil fuels in October, relegating the Kingdom to third place. Iraq was India's top oil supplier, according to the data from Vortexa. Saudi Arabia's decline in India's oil market has coincided with Russia's rise, and ironically occurred amid growing diplomatic ties between Riyadh and New Delhi. Saudi Crown Prince Mohammed bin Salman Al Saud is visiting India this month to meet Prime Minister Narendra Modi.
India has acquired a Russian oil company and bought equity stake in an oil field project in Venezuela through consortium route, the Rajya Sabha was informed on Tuesday.
India is set to reduce its direct imports of Russian crude from late November, following new US sanctions on Rosneft and Lukoil, effective November 21.
There are enough people at the top decision-making level in Tehran who are still willing to negotiate, provided Trump can create the right setting for the negotiation to acquire a dynamic of its own, points out Ambassador M K Bhadrakumar.
India's import of cheap Russian oil scaled another record in May and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the US, industry data showed. India took 1.96 million barrels a day from Russia in May, 15 per cent more than the previous high in April, according to data from energy cargo tracker Vortexa. Russia now makes up for nearly 42 per cent of all crude oil India imported in May.
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.
There is no cause for concern, as the overall situation arising out of the crisis is firmly under control, the Centre informed while briefing political parties at the all-party meet.
Is the current rally telegraphing a durable peace plan in West Asia, boosted by United States (US) President Donald Trump's incoherent and contradictory posts on social media?
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.
Russian President Vladimir Putin is set to visit China for talks with Chinese leader Xi Jinping, shortly after US President Donald Trump's visit to Beijing. The visit underscores the close strategic ties between China and Russia amid global tensions.
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.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances