India significantly increased its purchase of Russian fossil fuels in November. This surge placed India as the second-largest importer, following China. The rise was fueled by higher imports of crude oil, coal, and refined oil products. This comes as the United States continues to pressure India to reduce these purchases.
The rules, issued under the recently approved Oilfields (Regulation and Development) Amendment Act, 2025, replace the earlier system of multiple licences with a single petroleum lease covering exploration, development and production of all hydrocarbons, including shale, according to a gazette notification.
India’s imports of Russian crude oil surged 4% in November to a five-month high of €2.6 billion, making it the second-largest buyer behind China. Refined fuels produced from this crude were significantly exported to Australia, with Jamnagar refinery’s shipments to the country increasing by 69%.
Russian oil exports significantly declined in November due to buyer caution over stricter US sanctions, leading to a substantial drop in Moscow’s oil revenue. This fall, coupled with lower Urals crude prices, marked the lowest export revenues since the Ukraine conflict began. Global oil supply also decreased, with OPEC+ contributing significantly to the decline.
ExxonMobil’s director of economics and energy, Prasanna V Joshi, stated that investments in oil and gas production are becoming more critical as alternative solutions are not emerging as rapidly as anticipated. Capital originally planned for transition projects is being reallocated to conventional oil and gas due to market and policy challenges for low-emission technologies.
Amid concerns over the use of ethanol-blended petrol, Union Minister of Road Transport and Highways Nitin Gadkari said after extensive testing, no adverse impact has been found in cars where ethanol mixed petrol is used.
Indian refiners are actively buying discounted Russian crude. Four of the seven largest processors are now sourcing non-sanctioned barrels. This comes as Reliance Industries avoids Russian oil to steer clear of sanctions. Imports are expected to continue at a reduced level into next year. Russian crude is currently priced attractively.
Petronet LNG has secured a significant ₹12,000 crore loan. State Bank of India and Bank of Baroda are providing the funds. This financing will primarily support Petronet’s petrochemicals project. It will also cover other capital expenditure needs. The agreement follows a competitive bidding process. Petronet is India’s largest LNG importer. It operates regasification terminals in…
The Oil Ministry is planning a significant overhaul of Indian Oil Corporation’s board. Three director positions are set to be eliminated as part of an organizational revamp. This move aims to consolidate responsibilities and reduce leadership layers within the company. The restructuring comes as public sector enterprises face pressure to improve efficiency. IOCL’s top leadership…
Indian Oil Corporation has issued a tender for a liquefied natural gas cargo. The delivery is scheduled for January 20. The cargo is expected to arrive at the Dahej terminal. The tender process will conclude on December 9. This move signals India’s ongoing energy procurement efforts.