India’s crude import volumes remained largely unchanged in April-July, but higher oil prices sharply increased the import bill, with renewed US-Iran tensions raising the risk of another rise in costs.
Russian crude imports are expected to fall in August from around highs of 2.7 mbpd in June and July, but Moscow to remain India's largest single oil supplier
Russian discounts and diversified Gulf contracts managed the financial burden for India, but vulnerability remains. The situation calls for strategic policy rather than alarm.
Analysts say India is unlikely to face an immediate supply shortage as Russian oil and Gulf producers can fill part of the gap, but prolonged disruption would push up import bills.
Crude prices fall as markets price out West Asia conflict risk. Analysts say India could benefit through lower import bill, easing inflation and improved energy security.
Confirming rise in petrol and diesel demand at retail outlets in several districts, govt attributed it to higher agricultural demand and customers moving to public sector retail outlets.
By encouraging citizens to work from home or carpool, PM Narendra Modi is not idealising the pandemic. He is urging Indians to undertake actions that policy cannot swiftly achieve.
Even if there is an early agreement on a cessation of hostilities in Iran, the price shock will not go away easily. Global prices of oil and gas will remain elevated.
In a seminal work, former military officers Lt. Gen. D.S. Hooda & Lt. Col. Pavithran Rajan put forth a framework to approach cognitive warfare, called Socio-Technical-Cognitive Battlespace.
India, China and Russia share more contradictions than congruence. Each has a different worldview, as also a different adversary. The rude fact is that BRICS is the most irrelevant of all such groupings.
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