India’s state-run Hindustan Petroleum Corp Ltd (HPCL) is seeking to import Venezuelan crude oil for the first time as it plans to increase its processing of heavier grades in the new fiscal year (FY) beginning in April, Chairman Vikas Kaushal said.
India’s state-run Bharat Petroleum Corporation Ltd (BPCL) has secured one-year crude supply deals for Iraqi and Omani grades to compensate for imports from Russia and pivots toward Middle Eastern supply as Reuters reported. The company is also seeking additional Murban crude from the UAE under a separate tender.
India has directed its oil refiners to submit weekly disclosures of crude oil purchases from Russia and the United States, a first-of-its-kind move intended to provide the Prime Minister’s Office with verified data for ongoing trade negotiations with Washington, sources familiar with the matter told Reuters. Issued through the Petroleum Planning and Analysis Cell (PPAC), the mandate aims to replace third-party estimates with official figures, thereby easing diplomatic friction over India’s energy sourcing.
India’s imports of Russian crude oil are set to exceed 1 million barrels per day (mmbbl/d) in December, according to trade and refining sources, bucking earlier expectations of a sharp drop as refiners resume purchases from non-sanctioned suppliers offering steep discounts, Reuters reported.
Energy trade between India and Russia has remained resilient despite increased Western sanctions, following a recent meeting between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, where both leaders reaffirmed their commitment to continued cooperation.
Japan’s largest power generation company, JERA, has signed a 10-year liquefied natural gas (LNG) sale and purchase agreement with Torrent Power, one of India’s leading integrated power utilities. The deal, which begins in 2027, marks JERA’s first long-term contract to supply cargoes outside of Japan, signifying a major step in its global expansion strategy.
Karim Badawi, Minister of Petroleum and Mineral Resources, met with Jagat Prakash Nadda, India’s Minister of Health, Chemicals, and Fertilizers; Suresh K. Reddy, India’s Ambassador to Egypt; and a delegation of Indian company representatives to discuss cooperation and joint investments in the petrochemicals and mining industries. They agreed to form a joint working group to explore ways to deepen trade and industrial cooperation between Egypt and India.
Middle East producers Saudi Arabia, Iraq, and Kuwait are boosting crude supplies to India as Indian refiners slow Russian imports due to sanctions.
U.S. President Donald Trump reaffirmed that Indian Prime Minister Narendra Modi told him India will stop buying Russian oil, while warning that New Delhi would continue paying "massive" tariffs if it did not, Reuters reported.
Trump’s stance comes amid rising tensions over trade and energy policy. Russian oil has been a major sticking point in US-India trade talks, with roughly half of Trump’s 50% tariffs on Indian goods reportedly being in retaliation for India’s oil purchases from Moscow. Washington argues these purchases help finance Russia’s war in Ukraine. India has become the largest buyer of discounted Russian crude since the 2022 invasion of Ukraine.
Saudi Aramco and Iraq's State Organization for the Marketing of Oil (SOMO) have halted selling crude oil to India's Nayara Energy, to align with the sanctions imposed by the European Union on the refinery. This is due to its majority bring owned by Russian companies, including Rosneft, Reuters reported.
ADNOC inked a 15-year Sales and Purchase Agreement (SPA) agreement with the Indian Oil Corporation Ltd (IndianOil), India’s leading integrated energy player, to deliver 1 million tons of liquefied natural gas (LNG) annually, mainly from ADNOC’s lower-carbon Ruwais LNG project.
