After dominating India’s crude imports since 2023, Russian supplies slowed amid US sanctions, but a 30-day ‘waiver’ amid West Asia tensions could now push flows back towards 2 mbpd.
India’s strategic reserves offer a temporary cushion as the Hormuz blockade amid US-Israel war against Iran jolts global energy markets and threatens energy security.
Indian refiners are testing Venezuelan barrels again as Russian supply sinks, but analysts say volumes will remain limited due to refinery constraints & supply capacity.
Rosneft, the Russian state-owned oil behemoth, has large interests in India. Reliance has a contract to purchase 500,000 barrels of crude per day from the firm.
We cannot absolve the Election Commission of all the blame, but we must emphasise that Chief Minister Mamata Banerjee must shoulder the lion’s share of the responsibility for these exclusions.
Fears that an escalation of the conflict could heighten a fuel squeeze & endanger the economy unnerved traders, with NYT reporting Iran stopped negotiating a truce with the US.
French newspaper La Tribune earlier last week indicated that UAE withdrew from deal to fund EUR 3.5 billion. India is looking to order 114 new Rafales, which could include the F5.
China patiently invested capital, skill and technology in coal gasification. Unlike it, we won’t move from words to action. As crude prices decline, we lose interest.
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