A potential US-Iran peace deal and the reopening of the Strait of Hormuz could lead to crude oil prices falling below $80 a barrel within weeks, according to Indian refining company executives. The agreement aims to end military conflict and lift US naval blockades, restoring vital shipping routes.
Russia was India's largest oil supplier in April 2026, providing 1.7 million barrels per day (bpd), according to an OPEC report citing Kpler data. This marks a slight decrease from March's 2.1 million bpd. Saudi Arabia was the second-largest supplier.
India has extended anti-dumping duties on aluminium foil imports from China, Malaysia, Thailand, and Indonesia until December 15, 2026. The Ministry of Finance issued the notification following a Sunset Review initiated by the Directorate General of Trade Remedies.
Maruti Suzuki launched its first flex-fuel car, the Wagon R, aiming to support India's goals of reducing oil imports and carbon emissions. The technology allows vehicles to run on petrol and ethanol blends, with officials highlighting its potential to boost farmer income and rural economy.
US Secretary of State Marco Rubio urged Congress to end sanctions waivers for Russian oil imports, specifically targeting India. This move reignites tensions in US-India relations, with India asserting its 'strategic autonomy' and national interest in energy procurement.
India's edible oil imports increased to 1.3 million tons in May, primarily due to a significant rise in soyoil purchases. Palm oil imports saw a modest increase but remained below average, influenced by a narrowed price advantage over soyoil and cooking gas shortages affecting bulk consumers.
Asian nations are prioritizing fuel needs over security risks associated with Russian oil imports, driven by high energy prices and supply disruptions. India's imports have surged, and Indonesia plans to import significant volumes from Russia.
Indian refiners are increasingly replacing Russian oil with supplies from Latin America and Africa due to disruptions in Middle Eastern energy flows. Russian crude imports to India dropped significantly in March and April, with further diversification expected despite a projected increase in May.
South Korea's crude oil imports from the Middle East fell over 37% year-on-year in April, totaling 4.49 million tons, due to the ongoing Middle East conflict. Imports from Saudi Arabia, Iraq, and Kuwait decreased significantly, while US imports rose, narrowing the gap between the two largest suppliers.
South Korea's crude oil imports from the Middle East fell by over 37% year-on-year in April, reaching 4.49 million tons, due to Middle East conflict repercussions. Imports from Saudi Arabia, Iraq, and Kuwait decreased significantly, while US imports rose.
South Korea's crude oil imports from the Middle East fell over 37% in April year-on-year due to regional conflicts. Imports from Saudi Arabia decreased by 37.6%, while US imports rose 13.4%, narrowing the gap to just 1,000 tons.
The UK government has watered down plans to ban imports of diesel and jet fuel made from Russian oil in third countries due to concerns over supply and price rises amid the Middle East conflict. The ban will be phased in over the coming months, with 'targeted' short-term licences issued to support UK supply and global markets.
India's crude oil imports fell 4.3% to 20.1 million metric tons in April, while import costs surged 50% to $16.3 billion. Average oil prices rose 70% year-on-year. LNG imports also declined.
China's crude oil imports from Russia increased by 11% year-on-year in April, reaching 8.97 million tons. Meanwhile, imports from Saudi Arabia fell 8%, and those from the UAE plummeted 81%, with significant drops also seen from Iraq and Kuwait. The report links these shifts to the ongoing conflict and disruptions in the Strait of Hormuz.
China's crude oil imports from Russia increased by 11% year-on-year in April, reaching 8.97 million tons. Imports from Saudi Arabia decreased by 8%, while those from the UAE, Iraq, Kuwait, and Oman also saw significant declines.
China's oil imports from Russia surged 26% year-on-year to 40.83 million tons in January-April, totaling $20.94 billion. Russia remains China's top oil supplier, ahead of Saudi Arabia.
India plans to establish 5,000 E100 flex fuel dispensing stations within two years to reduce crude oil imports. The initiative involves collaboration between auto and oil companies, with a phased rollout starting in major cities.
The US Treasury has granted a 30-day extension for countries to import Russian oil already at sea, aiming to mitigate supply shortages exacerbated by the Iran war and reduce price pressures. This policy shift aims to assist developing nations while potentially impacting Russia's war financing.
Cuba has allegedly amassed over 300 military drones from Russia and Iran in recent years and discussed striking U.S. targets amid escalating tensions and U.S. blockades under President Trump. U.S. intelligence sources indicate the acquisition has intensified recently, with Iranian advisors present in Havana.
China plans to increase crude oil imports from the US due to the natural energy trade partnership, exacerbated by Iran's blockade of the Strait of Hormuz disrupting Middle Eastern oil supplies.
India requests US extension on Russian oil import waiver due to Strait of Hormuz disruptions, despite US pressure to reduce purchases amid Ukraine war, as global oil supplies face strain.
India requests US to extend waiver on Russian oil imports as Persian Gulf conflict disrupts global energy supplies, prioritizing secure energy for its 1.4 billion citizens amid cooking gas shortages.
Russia supplied a record 2 million barrels per day of oil to India in March 2026, its highest since June 2025, aided by eased US sanctions. Saudi Arabia and Angola followed as India's top suppliers, while India's total oil imports declined from February. Meanwhile, Russia remained China's largest oil supplier, accounting for 20% of its imports.
India's vegetable oil imports rose 13% to 7.94 million tonnes in the first half of the 2025-26 oil year, driven by a surge in palm oil shipments.
