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oil import news

E20 fuel earns praise from PM Modi amid West Asia war. Here's how he drew a link

"A decade ago, India had a capacity of only 1% ethanol blending. Today, we are close to achieving 20%... Due to this, in the last year, we have had to import about 4.5 crore barrels less oil,” PM Modi told Parliament in a speech on Monday.
india news
Updated on Mar 23, 2026 09:00 pm IST

Why US sanctioned Indian nationals, firms: 'Dismantling key elements of...'

US Treasury Secretary Scott Bessent said the move was aimed to disrupt Iran's ability to fund terrorist groups
india news
Updated on Oct 10, 2025 03:00 pm IST

5 big takeaways from Trump-Putin talks for India, other Russian oil buyers

US President Donald Trump (C) and Russian President Vladimir Putin (L) speak after delivering a joint press conference following a US-Russia summit on Ukraine at Joint Base Elmendorf-Richardson in Anchorage, Alaska, on August 15, 2025.
world news
Updated on Aug 16, 2025 07:38 pm IST

India to maintain Russian oil imports despite Trump statements: Report

US President Donald Trump
india news
Updated on Aug 03, 2025 11:59 am IST

After ‘massive reserves’ oil trade deal, Trump slaps 19% tariffs on Pakistan

Pakistan had previously been subject to a steep 29% US tariff.
world news
Updated on Aug 01, 2025 02:59 pm IST

Pakistan set to receive first-ever oil shipment from US: What it means

Oil is Pakistan's biggest import item, and its shipments were valued at $11.3 billion in the year ending June 30, 2025,
world news
Updated on Aug 01, 2025 11:59 am IST

India's state refiners halt Russian oil purchases: Report

Over the past month, India, along with China and Brazil, has been at the centre of criticism from the West, mainly the US, for its purchase of Russian oil.
india news
Updated on Aug 02, 2025 08:59 pm IST

Amid Israel-Iran tensions, why is Strait of Hormuz important for crude buyers?

Around one-fifth of the world's total oil consumption passes through the Strait of Hormuz.
world news
Updated on Jun 17, 2025 02:41 pm IST

India to give $647 million to support strategic reserve oil purchases in 2025-26

Silos at an oil refinery operated by Bharat Petroleum Corp. Ltd., in Mumbai, India, on Tuesday, April 4, 2023. A surprise cut in oil production from OPEC+ is now setting the stage for other producers to vie for markets in Asia.
business
Published on Feb 01, 2025 04:28 pm IST

Singapore's jet fuel imports surge to multi-year highs, India leads supply

Singapore's imports of jet fuel likely reached multi-year highs in December of last year, with India serving as the main supplier while the arbitrage to Europe remained closed.
world news
Published on Jan 03, 2025 12:26 pm IST

India hikes edible palm, soyabean, sunflower oil import tax to support farmers

New Delhi on Friday imposed a 20% basic customs duty on crude palm oil, crude soyoil and crude sunflower oil from Sept. 14, the notification said. (Representational image/Unsplash)
business
Published on Sept 14, 2024 09:33 am IST

India's Russian oil imports highest ever in Feb at 1.6 million barrels a day

Refiners continue to snap up plentiful Russian cargoes available at a discount to other grades.
business
Published on Mar 05, 2023 12:52 pm IST

India can buy as much Russian oil as it wants, outside price cap, says US

India is now Russia's largest oil customer other than China.
india news
Updated on Nov 12, 2022 09:48 am IST

Russia becomes India's second-biggest oil exporter, trade sources

Higher oil imports from Russia, curbed OPEC's share in India's overall imports to 65% in April.
business
Published on Jun 13, 2022 06:41 pm IST

 US secondary sanctions and petroleum imports: Safeguard India’s energy security

PREMIUM
The US has since become India’s fourth-largest supplier of oil, and India is the US’s largest export market globally for crude oil.
economy
Published on May 11, 2024 12:55 pm IST

India's oil imports from US to rise by 11% amid criticism over Russia purchase

A pumpjack of Wintershall DEA extracts crude oil at an old oil field in Emlichheim, Germany, Friday, March 18, 2022. AP/PTI(AP03_19_2022_000010B)
india news
Updated on Mar 19, 2022 02:05 pm IST

India doubles down on move to procure crude oil from Russia

Russia has so far exported 360,000 barrels of oil a day to India in March alone. (AP Photo)
india news
Updated on Mar 20, 2022 03:52 am IST

Chinese reliance on Middle East oil increases: Report 

Considering China's dependence on foreign suppliers for oil remains in excess of 70 per cent, Chinese fears of such disruptions to the energy supply chain will only grow.
world news
Published on Dec 31, 2021 05:43 pm IST

India, US to release 5mn barrels of oil reserves to challenge OPEC grip: Report

The release may come within a week, and India and other countries may look at selling more crude later
business
Updated on Nov 23, 2021 07:23 pm IST

Altering strategic investments

PREMIUM
A country like India which imports most of its crude oil needs from other countries ends up paying more money if crude oil prices increase in the international market.
economy
Published on May 11, 2024 02:59 pm IST

India may turn to Iran, Venezuela for oil imports

India has already requested OPEC and its allies, including Russia (together known as OPEC+) to immediately restore the output that was substantially cut to stabilise crude prices when the Covid-19 pandemic began raging and most of the global economies were under lockdowns, the officials said. (Representative Image)
india news
Updated on Feb 22, 2021 07:20 am IST

India’s May crude oil imports fall 22.6%, biggest decline since at least 2005

Workers walk inside the complex of the Vadinar refinery, operated by Essar Oil Ltd., (EOL) in the western Indian state of Gujarat
business
Updated on Jun 20, 2020 11:13 am IST

Curb on edible oil imports leads to domestic inflation

India’s policy makers seem to have slipped on oil while trying to balance foreign and domestic policy goals.
india news
Updated on Feb 23, 2020 12:34 am IST

India to double US oil imports to cut reliance on others

Oil purchases from the US, which started in 2017-18, have already crossed about 6 million tonnes a year.
india news
Updated on Jan 11, 2020 04:02 am IST

India can buy oil from Iran as US agrees to waiver

A worker passes a helicopter landing pad aboard an offshore oil platform in the Persian Gulf's Salman Oil Field, operated by the National Iranian Offshore Oil Co., near Lavan island, Iran.
business
Updated on Nov 02, 2018 11:34 pm IST

India allows state refiners to use Iran tankers, insurance for oil imports

An engineer works inside the Kalol oil field in Gujarat. State-run refiners need government permission to import oil on a delivered, or cost, insurance and freight (CIF), basis. Federal policy requires them to favour Indian insurers and shippers by buying only on a free on board (FOB) basis
business
Updated on Sept 04, 2018 08:35 am IST

India-US to hold talks on sanctions against Iran oil imports

This file photo taken on March 12, 2017 shows a view of an oil facility in the Khark Island, on the shore of the Gulf. The United States remains determined to force Iran to change its behaviour by cutting its oil exports to zero, the State Department said on July 2, 2018.
india news
Published on Jul 04, 2018 11:09 pm IST

Relief for India? US could grant waivers for some oil imports from Iran

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf. India is the second largest buyer of Iranian crude, and it was alarmed by a senior US official’s remarks last week that countries which do not cut their imports from Iran to zero by November 4 will be subject to “secondary sanctions”.
world news
Updated on Jul 03, 2018 12:09 am IST

India plans to cut oil imports from Iran, say officials

A worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China.
business
Updated on Jun 28, 2018 05:53 pm IST

US wants India to stop Iran oil imports by November 4, no waiver on sanctions

A file photo of US President Donald Trump with India's Prime Minister Narendra Modi in Manila, Philippines November 13, 2017.
world news
Updated on Jun 27, 2018 08:40 pm IST
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