Russia’s vital oil trade with India is down
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JP Morgan predicts that rising supply from non-OPEC+ countries could push Brent crude prices down to $30 per barrel by the end of FY 2027. In India, this could translate to crude costing just Rs 2,850 per barrel or under Rs 18 per litre.
Hopes of a Fed rate cut boost gold/silver; oil rises on stalled Ukraine talks and US-Venezuela geopolitical tension.
Check the latest petrol and diesel prices in India as of7, 2025. See rates in major cities like Delhi, Mumbai, Kolkata, and Chennai. Plus, an LPG price update.
India has been snapping up discounted Russian crude for three years, but U.S. sanctions that take effect on Friday are expected to end the lucrative trade.
India's state-run ONGC is set to keep its 20% stake in the Russian Sakhalin-1 oil project after being allowed to pay its required abandonment fund contribution in rubles using its previously frozen dividends.
India’s palm oil imports are projected to rise nearly 20 per cent in 2025/26 as competitive prices revive demand, tightening supplies in Indonesia and Malaysia.
This year has seen China take advantage of lower oil prices to stock up on crude, buying about 900,000 b/d between January and August to put into storage, according to the US Energy Information Administration. Rahim estimated that China would continue to buy about 500,000 b/d to boost its strategic and commercial stocks next year.