(Oil price)– Indian Oil Corp. is looking to buy 24 million barrels of crude oil from the Americas in the first quarter of next year to replace lost Russian supply after the latest U.S. sanctions on Rosneft and Lukoil. Bloomberg reported that the company, which is India’s largest refiner, is looking for cargos from the United States, Canada, Brazil, and Latin America.
(Investing)– Oil prices settled marginally lower on Monday as OPEC’s plans to increase oil output once again outweighed hopes of a trade deal framework between the U.S. and China and renewed U.S. sanctions on Russia. Brent crude futures were down about 32 cents, or nearly 0.5%, at $65.62 a barrel, while U.S. West Texas Intermediate crude futures closed 19 cents or 0.3% lower
(Oil Price) – The U.S. is increasing pressure on Hungary to cut off its reliance on Russian oil imports and vows to work with Hungarian authorities and neighboring countries to help Budapest wean off Russian supply, a senior U.S. diplomat says. Matthew Whitaker, the U.S. Ambassador to NATO, rejected in a Fox News interview suggestions from Hungarian politicians that the U.S.
(Oil Price)– The supertanker freight futures surged on Thursday and Friday after the U.S. sanctions against Russia’s biggest oil firms created a rush to replace Russian barrels. The front-month supertanker contracts on the route Middle East to China, the benchmark route, jumped by 16% on Thursday, to the highest level in nearly two years, according to data from the Baltic
(BOE Report) – Donald Trump is putting more pressure on India to slash its Russian oil purchases. This could deprive Moscow of vital revenue, but it will mostly just push more Russian oil into an increasingly large shadow market. The U.S. president said on Wednesday that Indian Prime Minister Narendra Modi has pledged to stop buying oil from Russia, an agreement
(Oil Price) – President Donald Trump used his return to the United Nations General Assembly on Tuesday to lash out at both allies and rivals over continued purchases of Russian energy, saying countries buying oil and gas from Moscow are “funding the war against themselves.” Trump singled out China and India as the “primary funders” of Russia’s war in Ukraine, while
(World Oil)– India’s Finance Minister Nirmala Sitharaman said the country will continue buying Russian oil, signaling its intent to defy U.S. President Donald Trump’s persistent demands to halt the purchases. U.S. President Trump has imposed 50% tariffs on India in retaliation for Russian oil purchases “Where we buy our oil from, especially a big-ticket foreign exchange item where we pay
(Oil Price)– Indian Oil Corp has bought another cargo of U.S. West Texas Intermediate for delivery in October, Reuters reported today, citing unnamed industry sources. The deal is part of a recent streak of U.S. oil purchases following President Trump’s threat to impose additional tariffs on Indian exporters to the United States if the country continues buying Russian crude. The October
(Oil Price) – Goldman Sachs analysts predict Brent crude prices could temporarily surge to $93 per barrel if sanctions successfully curb oil exports from Iran and Russia by a combined 1 million barrels per day (bpd). In a note shared by Zerohedge on X, the bank outlined a scenario where Iran faces persistent supply disruptions while Russia experiences temporary setbacks, tightening
(Oil Price) – More than 50 members of Congress have signed a letter calling on the U.S. government to toughen sanctions on Russian oil and questioning an exception granted to U.S.-based oil-services company Schlumberger (SLB) that has allowed it to continue operating in the country. Representatives Lloyd Doggett (Democrat-Texas) and Jake Auchincloss (Democrat-Massachusetts) said they and 50 other members of Congress sent the
World Oil (Bloomberg) – The U.S. imposed the first sanctions for violations of the price cap on Russian oil introduced by the Group of Seven nearly a year ago, as signs mount the restriction is failing to cut Kremlin revenues as hoped. The Treasury Department called the steps a new phase in the enforcement of a policy aimed at limit
Nasdaq NEW DELHI – Record high imports of crude oil from Russia in fiscal 2022-23 helped India’s refiners boost exports of diesel and jet fuel to Europe as the continent shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa showed. Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products
