India’s crude oil imports are declining due to stagnant demand both domestically and internationally. This raises concerns about India’s role as a key driver of global oil demand. Crude imports fell by 0.6% from April to July. Product imports also experienced a decrease of 1.5%. Weak domestic fuel consumption is contributing to this slowdown.
White House trade advisor Peter Navarro says India’s purchase of Russian crude is funding Moscow’s war in Ukraine. He adds that New Delhi is now cozying up to both Russia and China. Navarro suggests India needs to act like a strategic partner of the US if it wants to be treated as one.
Indian Oil Corporation will commence sustainable aviation fuel (SAF) production in December at its Panipat refinery, with a 35,000-tonne annual capacity. This output aims to meet India’s international airline SAF blending requirements by 2027, utilizing used cooking oil as feedstock. The company has secured ISCC CORSIA certification, positioning it as the sole certified SAF producer…