CRUDE IMPORT VOLUMES
India's Russian oil imports rise in May as refiners boost purchases
India continued its strong demand for Russian fossil fuels in May. The nation emerged as the second-largest buyer globally, importing hydrocarbons worth 5.8 billion euros. Crude oil formed the bulk of these imports, with refiners significantly increasing their purchases from Russia. This trend highlights India's strategic energy sourcing amidst global shifts.
US 'specifically' asked India to buy Russian oil in 2022, says EAM Jaishankar
India's External Affairs Minister S. Jaishankar stated India purchased Russian oil after the Ukraine war began in 2022. He explained the oil was available and affordable. The United States had specifically requested India continue buying Russian crude. This action aimed to stabilize global energy markets. India's decision was driven by market realities, not politics.
Fueling Demand: Inside India’s ethanol mobility revolution in reverse
India is launching an ambitious green mobility initiative. The country is establishing E100 fuel stations nationwide before flex-fuel vehicles become common. This strategy aims to reduce oil imports and boost the rural economy. Major automakers are now introducing flex-fuel cars and motorcycles. This rapid development marks a significant shift in India's energy landscape.
Ten reasons oil is still below $100 a barrel
Global oil prices remain surprisingly low despite the ongoing war in Iran. China's drastic cut in oil imports is a major factor. Demand destruction and increased production from other regions also contribute. Refineries show greater flexibility in processing and output. The market is also influenced by improved information flow and strategic reserve releases.
India's Q4 FY26 current account surplus at $7.1 bln, driven by services exports, remittances
India achieved a $7.1 billion current account surplus in the fourth quarter of the last fiscal year. This positive outcome was driven by strong service sector earnings and increased remittances from overseas workers. While a welcome surprise, this surplus was lower than the previous year's figure.
Not just Andaman: After fresh gas finds, India expands oil and gas hunt along east coast
India is intensifying efforts to discover new oil and gas reserves along its eastern offshore frontier by reprocessing decades-old seismic data and conducting fresh deep-water surveys. This major program across key sedimentary basins aims to reduce import dependence by unlocking untapped hydrocarbon resources beneath the seabed. The initiative is expected to be completed over 36 months.
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India imports 55% of LPG from the US, 12% from Iran in May
India's LPG imports saw a significant shift in May. The United States became the largest supplier, providing over half of the country's needs. Iran also emerged as a key source, resuming trade after seven years. These changes reflect global energy market disruptions. India is diversifying its LPG sources to ensure supply stability.
Crude, LPG supply to India smoothens in May after two glitchy months; LNG supply beats pre-war levels
In May, India's oil and gas imports showed clear signs of recovery after recent setbacks, with crude oil inflows rising, though they have not yet reached the robust numbers seen in February. Natural gas supplies saw a notable upswing, going past pre-war levels.
War shifts 80% of India's diesel exports to Africa
India's diesel exports saw a significant shift in May. Africa became the primary destination, absorbing over 80% of shipments. This change happened as demand from Asia and Europe weakened. Geopolitical tensions also reshaped global diesel trade flows. Higher refinery operations in Asia reduced import needs. Europe received no diesel, while Asian shipments dropped sharply.
Why Asia's oil lifeline can't survive on US crude alone
Asian nations are receiving more crude oil from the United States. However, these increased shipments cannot fully replace oil lost due to the closure of the Strait of Hormuz. This situation is creating supply challenges for refineries. Experts believe prices for refined fuels may rise. Less developed countries in Asia could face the impact first.
Indian bonds steady as U.S.-Iran tensions linger; RBI policy review due Friday
Indian government bonds saw little movement early Tuesday. Investors are adopting a cautious stance ahead of the Reserve Bank of India's policy decision later this week. Lingering U.S.-Iran tensions and upcoming state and central government bond sales are also keeping traders on the sidelines, leading to shallow trading volumes.
Fuel duty cuts can power export hike
India's fuel exports are set to rise following export duty cuts. This move aims to restore shipments to Europe and West Asia. High crude oil prices and a weaker rupee will aid these exports. The country is also diversifying its energy sources, reducing reliance on traditional suppliers.
Andhra moves to tap Russian capital, bets on trade surge
Andhra Pradesh is actively seeking investment from Russian companies. The state is targeting sectors like shipbuilding, critical minerals, metals, mining, steel, manufacturing, and auto components. This initiative comes as trade between India and Russia sees significant growth.
Tech jobs go cold; Chip startups shift gear
India’s tech hiring has fallen to its lowest level in more than two years. This and more in today's ETtech Top 5.
Global Markets: Australian shares end flat as banking losses overshadow miners' gains
Australian shares closed nearly flat as bank losses offset resource gains, with U.S.-Iran tensions and sticky inflation weighing on sentiment. Investors remained cautious due to geopolitical uncertainty and potential capital gains tax reforms, leading to a reluctance to invest in domestic assets.
Buy financials, healthcare, and manufactured exports; Pramod Gubbi on investing in a tricky market
India's Q4 earnings show recovery signs, with Nifty 100 profits up 13%. However, macro headwinds like rising crude oil prices and a depreciating rupee pose risks. Marcellus Investment Managers identifies three key themes for investors: private sector financials, healthcare, and manufactured exports, highlighting their compelling valuations and structural growth prospects amidst a challenging market.
India's paint industry remains optimistic on growth despite crude volatility, pricing pressures and competition
India's paint industry is experiencing a demand surge in both cities and villages. Leading companies anticipate strong volume growth in FY27. Manufacturers are implementing calculated price increases to manage rising input costs. Geopolitical factors and currency fluctuations remain key concerns. Companies are closely monitoring crude oil prices and forex for future strategies.
Gold demand drops 70% after sharp duty hike in India
Demand fell to about 7.5 tonnes in the fortnight ended May 27 from around 25 tonnes a year earlier, according to industry estimates. The government increased the import duty on gold to 15% from 6% with effect from May 13.
India steers boat through a risky channel between war clouds and El Nino
India faces a challenging global economic outlook for 2026-27. Geopolitical tensions and volatile oil prices are key concerns. However, India is building resilience through infrastructure, manufacturing incentives, and reduced import dependence. The nation is positioning itself as an investment destination amidst global uncertainty. Domestic demand and strategic initiatives offer a path forward.
Bandar Abbas under attack again? Why the world fears every strike near Bandar Abbas as the renewed Strait of Hormuz crisis deepens the global oil shock
The US has struck Bandar Abbas again. For the second time in less than a week, American forces targeted Iran's most critical southern port city. Bandar Abbas sits on Iran's southern coast, positioned at the northern entrance of the Strait of Hormuz. The strait's narrowest point lies roughly 60 to 70 kilometres away, close enough that whoever controls Bandar Abbas effectively holds a hand on the throat of global oil supply.
UK’s steel curbs emerge as an early hurdle for FTA with India ahead of roll-out. Is there a way out?
The UK has extended safeguard measures on select steel imports; starting from July 1, 2026, it will reduce tariff-free quotas by 60% and impose a 50% duty on shipments beyond the limit.
Crude awakening: Chemical companies face margin pressure as oil-linked costs surge amid geopolitical tensions
Rising crude oil prices are pressuring chemical sector margins due to increased feedstock and energy costs. Despite this, the Nifty Chemicals index shows resilience, outperforming the broader market. Analysts remain constructive on the long-term outlook, favoring specialty chemicals and companies with strong fundamentals and clear revenue visibility.
Cement makers expect 7-8% growth in FY27 despite West Asia headwinds
Indian cement companies anticipate strong growth of 7-8 per cent in FY27. Government infrastructure projects and housing demand are key drivers. Companies are increasing capital expenditure to support this expansion. Despite rising fuel costs and geopolitical concerns, the sector remains optimistic about its long-term growth trajectory.
Energy, economics and old ties: Why Marco Rubio's Modi meeting matters
US Secretary of State Marco Rubio met Prime Minister Narendra Modi in New Delhi. Discussions focused on energy security amid a global crisis. India is importing record volumes of American energy. The meeting also covered defense and technology. This visit aims to strengthen ties and India's strategic alignment with the US.
India's steel ministry flags met coke shortage, seeks withdrawal of anti-dumping duty
India's Steel Ministry wants finance ministry to remove import duties on met coke. Domestic supplies are low and prices are high. Steel manufacturers face financial strain. State-run RINL struggles to get enough met coke at good prices. Small and medium steelmakers also face challenges. The domestic market is not meeting the industry's needs.
S&P flags pressure on Indian Oil as high crude prices squeeze margins
S&P Global Ratings warns Indian Oil Corporation faces mounting pressure to balance affordable fuel with profitability. Prolonged Middle East tensions are escalating crude oil prices, squeezing margins and potentially impacting IOC's earnings and liquidity over the next year. The agency highlights the challenge of absorbing losses from high crude costs while meeting India's energy needs.
China kept building its crude stockpile in April despite Iran crisis
China is accumulating crude oil reserves even as imports decrease. This contrasts with global trends of depleting oil stocks. The nation's refinery processing has also slowed. Analysts suggest China could sustain this inventory build for years. Future import levels and fuel export decisions will determine if China begins drawing down its substantial stockpiles.
India prepares to send oil tankers through Hormuz for new supply
India is preparing to resume sending ships through the Strait of Hormuz to pick up oil and energy cargoes from Middle East suppliers for the first time since the Iran conflict began. State-run Shipping Corporation of India is ready to restart operations in the Persian Gulf once it receives approval from the Indian Navy and cargo orders from refiners.
Bharat Petroleum reviewing oil imports daily, spot buying more amid Iran war, chairman says
India's Bharat Petroleum is increasing spot crude purchases due to Middle East supply disruptions from the U.S.-Iran conflict, impacting its import strategy. The state-run refiner is running at 115% capacity, with Russian oil discounts narrowing significantly. Despite recent price hikes, BPCL continues to face losses on diesel and petrol sales.
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