Somali pirates have released a Greek-owned oil tanker with 26 crew members, including 11 Indians, after holding them captive for ten months, the vessel's operating company said on Tuesday.
Iran on Thursday ordered a release of an Indian tanker seized by it in Persian Gulf while carrying crude from Basrah in Iraq and taken to its Bandar Abbas Port 24 days ago.
Navy officials on Monday said that the swift response by the Indian Navy's mission deployed warship INS Sumitra ensured the safe release of the hijacked vessel and its crew.
Adani Group on Monday said it does not handle any cargo coming from Iran or any Iranian-owned ship at any of its ports, as it denied any deliberate engagement in sanctions evasion. In a stock exchange filing, the group said reports of links between any of its entities and Iranian LPG are "baseless and mischievous".
Let's take a look at most important oil chokepoints in the world.
State-owned Indian Strategic Petroleum Reserves Ltd (ISPRL), which operates India's strategic crude oil storage, will make awards by December to lease around 1 million tons of crude oil storage space (7.3 million barrels) at two of the country's three existing Strategic Petroleum Reserves (SPRs), around a fifth of the total SPR capacity. This will enable the refilling of crude caverns even as escalating hostilities in the Gulf threaten disruptions in crude supplies, two industry sources said.
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.
An Indian sailor was feared dead while 22 others were rescued from a burning but empty Indian-owned oil tanker off the Malaysian coast on Monday.
'Given that the situation is quickly escalating, such attacks will affect the flow of crude in the short term from West Asia' Subhayan Chakraborty and Dhruvaksh Saha report.
The oil industry experienced three upheavals between 1973 and 1991, which seem to be etched in the memory of the industry's decision makers. Naturally, at the sign of a new crisis, the decision makers like to dip into those tumultuous decades to find ways to deal with the new shock, in addition, of course, to expert reports and forecasts. So, the industry bigwigs turned the pages of history to get a peek into the future of oil price movements after Russia invaded Ukraine in 2022, Israel attacked Gaza in 2023, Iran-linked Houthi rebels pounded tankers crossing the Red Sea in support of Palestine the same year, and Iran rained missiles on Israel in 2024.
The latest flashpoint in West Asia has derailed India's preliminary plans to resume crude oil imports from Iran, officials said. In January, officials of the Ministry of Petroleum and Natural Gas had told Business Standard that the government had been studying proposals for the same, given that India was trying to expand sources of imports. "We are always monitoring the situation when it comes to crude flows.
Tightening Russian gas supplies to Europe has led to scramble for tankers before winter sets in.
An ecological disaster is in the making in the Sunderbans, the world's largest mangrove forest spanning across the Indo-Bangla border, after an oil tanker collided with an empty cargo vessel. The incident spilled nearly 350 tonnes of oil into the Sela river, threatening the survival of multiple species of flora and fauna.
What is more surprising is that a surge in Russian oil supplies has come after the G7 imposed stringent sanctions on Moscow.
Saturday's drone attack on MV Chem Pluto came amid increasing concerns over various commercial vessels being targeted reportedly by Iran-backed Houthi militants in the Red Sea and Gulf of Aden amid the Israel-Hamas conflict.
The Indian Navy rescued an Iranian-flagged fishing vessel with 19 Pakistani crew members and a Sri Lankan trawler in two swift operations after armed pirates hijacked the boats in the Arabian Sea amid deteriorating security situation arising out of Iran-backed Houthi rebels targeting various cargo ships in the region.
Trump has a major decision to take in coming days -- specifically, how to rescue Israel from the attritional war that lies ahead, points out Ambassador M K Bhadrakumar.
Three Taliban militants have been given a death sentence by a Pakistani court for attacking trucks carrying critical supplies for NATO troops in Afghanistan in 2010.
Indian Navy on Wednesday said its ships and aircraft remain 'mission deployed' for maintaining enhanced surveillance and undertaking maritime security operations.
Most of India's oil supplies are expected to stay safe because of the country's good relations with both Russia and Iran. That would take care of over a third of India's supplies.
Russian oil supplies to India will continue to flow unhindered and suppliers will come up with ways to sidestep secondary sanctions, a Russian official told Business Standard.
The banned Baloch Liberation Army (BLA) claimed responsibility for the attack, saying the blast was a suicide attack targeting a convoy of Chinese engineers and investors leaving the Jinnah International Airport.
India on Thursday said it is closely watching the unfolding situation in the Red Sea, amid growing global concerns over Houthi militants stepping up attacks on several commercial ships in the region.
Oil tanker MT Heroic Idun and its 26 crew members, including 16 Indians, were in detention since August last year.
Italian Foreign Minister Giulio Terzi on Saturday called his Indian counterpart S M Krishna over the killing of two Indian fishermen by the guards of an Italian oil tanker off Kollam coast in Kerala. Krishna told Terzi that the captain the Italian oil tanker must cooperate with Indian law enforcers. Krishna said the law should be allowed to take its own course in connection with the incident.
US-led NATO forces are facing a tough time in Afghanistan after Pakistan blockaded the main supply route and the Taliban stepped up attacks on vehicles and oil-tankers carrying essentials with nearly 60 trucks being destroyed in last three days.
The government on Monday informed that the European Union ban on single hull oil tankers of over 23 years of age would not impact privatisation-bound Shipping Corporation of India.\n\n\n\n
The Indian Navy's 'mission deployed' guided missile destroyer INS Visakhapatnam responded to the attack within an hour of receiving a distress call from the vessel Genco Picardy, they said.
The CBI has booked an ITBP commandant and his two subordinates for alleged corruption in purchase of heating oil and other items for an outpost at Indo-China LAC in Uttarakhand, officials said Tuesday.
Despite discounts on Russian crude oil - which fell to the lowest since the Ukraine war began - and the rising sanctions, import volumes from the country will remain stable for now or at least till July, said refinery officials. "There is an appetite for Russian crude, and shipments are not expected to taper off beyond this point unless something major happens. "Talks are on, and buying will continue," an official at a major refinery said.
India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
A year after a Hamas attack against Israel on October 7 and the ensuing Israeli invasion of the Gaza Strip, India's trade with most West Asian countries has largely escaped any major disruption, except with countries like Israel, Lebanon, and Jordan. However, repeated flare-ups of geopolitical tensions in the region continue to drive up shipping and logistics costs.
'If attacks escalate, there is a risk the Suez Canal may be closed.'
The Navy deployed a warship, maritime patrol aircraft P-8I, helicopters and and MQ9B Predator drones to assist the vessel, MV Lila Norfolk, after it sent a message on the UK Maritime Trade Operations portal, saying unknown armed personnel had boarded it on Thursday evening.
In a statement issued on Saturday, Austin said that the US and the UK also received support from Australia, Bahrain, Canada, Denmark, the Netherlands and New Zealand in conducting the additional strikes.
A French Navy has rescued eleven Indian sailors from suspected pirates at the mouth of the Gulf of Aden. According to a media release of the Embassy of France in New Delhi, the rescue operation took place on January 18 off the coast of Oman.
A driver who accidentally hits a person and subsequently informs the police or takes the victim to the nearest hospital will not be prosecuted under the stringent provisions of the recently enacted Bharatiya Nyaya Sanhita (BNS), a senior government functionary said on Tuesday.
Russia on Thursday said it was not bothered at a possible price cap on its crude oil proposed by the West, saying Moscow will negotiate directly with its partners like India and China as the price should be decided between the producers and consumers, and "not someone who just decided to punish someone." Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine. Countries want to reach an agreement ahead of December 5, when Europe's embargo on Russian crude travelling by sea takes effect.
Russia has welcomed India's decision to not support the price cap on Russian oil announced by G7 and its allies and offered it cooperation on leasing and building large-capacity ships to overcome the ban on insurance services and tanker chartering in the European Union and Britain to continue buying discounted oil. The offer came as Russian Deputy Prime Minister Alexander Novak held a meeting with the Indian Ambassador to Moscow, Pavan Kapoor, on Friday. "The Deputy Prime Minister welcomed India's decision not to support the price cap on Russian oil, which was imposed on December 5 by the G7 countries and their allies," the Russian foreign ministry said in a statement.
The apex body of petroleum workers in Assam on Thursday said it has stopped transportation of fuel to Meghalaya, following reports of attacks on vehicles from Assam in the backdrop of violence along the inter-state border that left six people dead.
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