India is keenly observing a proposed law in the US that may impose substantial tariffs on countries purchasing Russian oil. New Delhi asserts that its energy decisions are shaped by global market dynamics and the need to provide affordable resources for its population.
Reliance Industries is seeking United States approval to resume buying Venezuelan crude oil. This move comes as India faces pressure to reduce its imports of Russian oil. Reliance representatives are in discussions with U.S. departments for authorization.
India is closely monitoring a proposed US legislation that could impose hefty tariffs on nations buying Russian crude oil. New Delhi stated its energy sourcing is guided by global market dynamics and the need to secure affordable energy for its population from diverse sources. The country, along with China, is a significant buyer of Russian…
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.
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.
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.
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…
The oil and gas sector is poised for a strong operational performance in Q3FY26, with aggregate EBITDA projected to rise 17% year-on-year. This growth is primarily driven by downstream and city gas segments, despite a weaker upstream performance. Refining and marketing segments are expected to outperform due to improved gross refining margins.
Former Chief Economic Adviser Arvind Subramanian stated that US strikes on Venezuela are unlikely to significantly impact the global oil market. He noted that prevailing market opinion suggests limited consequences for oil prices, indicating no major disruption to supply or pricing. This comes after the US captured Venezuelan President Nicolas Maduro and his wife following…