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Gulf Suppliers Cut Crude Sales to Russian-Backed Indian Refiner

2Sep

By Newscript News NetworkNo Comments

Oil & Gas Industry

Gulf Suppliers Cut Crude Sales to Russian-Backed Indian Refiner

India’s Nayara Energy has cut refinery operations to 70-80% capacity after Saudi Aramco and Iraq’s state oil company SOMO suspended crude supplies following European Union sanctions targeting the Russian-backed facility. The 400,000 barrel-per-day Vadinar refinery, majority-owned by Rosneft, has lost its traditional 3 million barrels monthly from Gulf suppliers and now relies entirely on Russian crude. The supply halt follows EU sanctions imposed in July as part of the bloc’s 18th sanctions package against Russian energy assets. Saudi Aramco and SOMO suspended deliveries to avoid sanctions exposure, severing established commercial relationships with one of India’s largest private refiners. The final Saudi shipment of Arab Light crude arrived July 18 aboard the VLCC Georgios, while th...

Indian Refiners Resume Russian Oil Purchases despite US Tariff Pressure

2Sep

By Newscript News NetworkNo Comments

Geopolitics, Oil & Gas Industry

Indian Refiners Resume Russian Oil Purchases despite US Tariff Pressure

India’s state-owned refiners have resumed Russian crude purchases for September delivery, prioritising commercial benefits over mounting diplomatic pressure from Washington. Indian Oil Corporation and Bharat Petroleum Corporation secured Russian Urals crude at $3-per-barrel discounts for September and October shipments. The companies had paused purchases in July when price differentials narrowed but recommenced buying as commercial terms improved. The procurement restart occurs despite US President Donald Trump’s 25% additional tariff on Indian goods, imposed August 27 to penalise India’s continued energy trade with Russia. The levy specifically targets Delhi’s Russian oil imports, which have provided India with $12.6 billion in savings over 39 months. IOC has expanded its Russian...

Crude Prices Slip as Markets Seek Balance

18Aug

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Geopolitics, News Update

Crude Prices Slip as Markets Seek Balance

By Pallab Bhattacharya Newscript, August 18, 2025 Global oil benchmarks edged lower in Monday’s Asian session, extending last week’s pullback amid calming geopolitical jitters. West Texas Intermediate was quoted at $62.64 a barrel, down 0.26 per cent, while Brent crude hovered at $65.60, down 0.37 per cent. The softening reflects a tentative equilibrium between producers and markets following assurances that Russian crude would not face immediate new sanctions. Traders also point to subdued demand signals from Asia’s industrial economies, with China’s slowing manufacturing output contributing to the bearish tone. For India, the world’s third-largest oil importer, the dip offers a rare reprieve. The country’s import bill crossed $137bn last year, exposing the economy to exchang...

12Aug

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News Update

Global & India Energy Briefing

By Team Newscript August 12, 2025 India hits 50% non-fossil capacity five years early NEW DELHI, Aug 12 — India’s installed electricity generation capacity from non-fossil fuel sources has reached 50 per cent — five years ahead of its 2030 Paris Agreement commitment. The portfolio includes 234GW from clean energy (solar, wind, large hydro), 8.7GW nuclear, and 242GW thermal. This milestone reflects strong policy measures such as the Production-Linked Incentive scheme, accelerated auctions, and substantial private investment from players like Adani Green Energy. Analysts note the symbolism: coal remains dominant in absolute terms, but clean capacity is expanding at unprecedented speed. With demand forecast to grow over 6 per cent annually through 2030, peak load management will re...

11Aug

By Newscript News NetworkNo Comments

News Update

Daily News Updates – India & Worldwide

By Team Newscript Power Demand and Monsoon Slowdown India’s electricity demand softened in the first quarter of FY26 as an early monsoon tempered consumption across industrial and residential sectors. Major private utilities — Tata Power, Adani Power, and JSW Energy — reported declines of 1.3–1.6% in Q1 demand, a reversal from the 11% surge seen in the same quarter last year. The slowdown comes after two consecutive years of above-average growth, driven by post-pandemic recovery and prolonged summer heatwaves. Analysts say the early onset of monsoon rains in June cooled peak-hour loads and reduced air-conditioning demand. While the short-term dip eases strain on the grid, utilities warn that reduced dispatch volumes could compress margins. Demand is expected to recover in Q3 as ag...