Oil prices climbed nearly 2% as investors weighed escalating U.S. sanctions on Venezuela, a drone attack on a Russia-bound tanker in the Black Sea, and Iraq’s nationalization of the West Qurna 2 oilfield. The U.S. seized two Venezuela-linked tankers, while concerns over supply disruptions from Russia, Iraq, and Iran contributed to the market’s upward movement.
The project will generate 6,869.92 MU of green energy annually on completion, thereby contributing to Government of India’s energy transition initiatives and its Net Zero target by 2070, the source told.
Reliance Industries, operator of the world’s largest refining complex, is open to purchasing Venezuelan oil. The company awaits clarity on whether non-US buyers will be permitted to acquire the crude. Reliance previously halted Venezuelan oil purchases in March 2026. Its refineries are capable of processing heavier crudes like Venezuela’s Merey.
As of December 31, 2025, 43 major projects under the PRAGATI platform have been completed. These projects represent an investment of Rs 3.02 lakh crore. Ten projects are still under construction, with an investment of Rs 1,10,467 crore. The PRAGATI platform, launched in 2015, has been instrumental in tracking and driving infrastructure development across India.
NTPC Ltd., India’s largest power producer, is identifying 30 potential sites across five to six states for new nuclear power projects. This move aligns with India’s goal of achieving 100 gigawatts of nuclear capacity by 2047. NTPC aims to select locations by mid-year, paving the way for global tenders.
A massive fireball reaching up to a height of 20 metres and a width of 25 metres erupted on January 5 near Mori and Irusumanda villages, following a gas leak at an Oil and Natural Gas Corporation (ONGC) owned Well Mori- 5, whose intensity has been reduced now.
Indian Gas Exchange (IGX) aims to quadruple gas traded volumes to 7% of India’s total consumption by 2030. This growth is fueled by expanding infrastructure, anticipated lower global gas prices, and reforms. IGX also plans new platforms to simplify LNG imports and cater to smaller buyers.
India’s power sector is expected to see a year of recovery without a sharp rebound in demand, according to a report on India Power Outlook 2026 by Bernstein.
India’s battery energy storage capacity will see a massive jump in 2026. Capacity is expected to rise nearly ten times from 2025 levels. This surge is driven by a significant number of projects moving from tendering to execution. The year 2026 marks a critical point for the industry. Projects awarded since mid-2023 will become operational.
Reliance Industries will not receive Russian crude oil in January, potentially slashing India’s imports to a multi-year low. This follows U.S. warnings over India’s significant Russian oil purchases, which have drawn Western criticism. Stricter sanctions have already reduced Russian oil flows to India, with Reliance’s halt likely leaving only Nayara Energy and state refiners as…