A U.S. waiver allowing countries to buy sanctioned Russian oil at sea has been extended for another month. This extension will affect an additional 100 million barrels of Russian oil. The total volume impacted by waivers now stands at 200 million barrels. Kirill Dmitriev, a special envoy, noted active political opposition to the waiver’s extension.
Iran may allow ships to pass safely through the Oman side of the Strait of Hormuz if a deal with the US prevents further conflict, a source said. The war has disrupted 20% of global oil flows, leaving hundreds of vessels and 20,000 seafarers stranded since February 28.
ONGC plans to invest over Rs 4,600 crore in Andhra Pradesh’s Konaseema District for oil and gas development, including drilling wells and establishing processing facilities. The project requires environmental clearance, with the EAC requesting a biodiversity assessment and restoration plan. This initiative is expected to create direct and indirect employment opportunities.
In March, household LPG sales experienced a notable 8 percent decline, largely attributed to state oil companies adjusting their supplies amid diminished imports due to the ongoing Iran conflict. Meanwhile, commercial LPG usage plummeted dramatically by 48 percent, and bulk LPG distribution to industries faced an alarming drop of 75.5 percent.
In a strategic alliance, ONGC has teamed up with BP to enhance the extraction of oil and gas from its aging offshore fields in the west. This partnership is aimed at revitalising production levels, drawing from the encouraging outcomes observed in their earlier collaboration at Mumbai High.
Indian oil companies face substantial losses on petrol and diesel sales. Elevated crude oil prices are squeezing marketing margins. Cooking gas LPG is projected to incur an Rs 80,000 crore under-recovery this fiscal. Fertiliser subsidies are also set to rise significantly. These pressures impact profitability across various sectors, with relief contingent on easing global tensions…
Information on Russian oil imports to India is being withheld. The Petroleum Planning and Analysis Cell cited commercial and confidential reasons. The Central Information Commission supported this, citing strategic and economic interests. Details of crude oil imports between June 2022 and June 2025 remain undisclosed. The Commission also noted issues with the PPAC website’s transparency.
As 2026 begins, oil is no longer just a traded commodity — it is once again a weapon of geopolitics. From Venezuela’s re-emergence as a strategic battleground to the Arctic’s thawing frontiers and Greenland’s growing importance, global powers are moving to secure future energy and resource dominance.
Indian Oil Corp (IOC) has purchased two million barrels of U.S. West Texas Intermediate crude for October delivery from Mercuria. The purchase occurred at a premium of $2.80-2.90 a barrel to dated Brent. This move comes as U.S. President Donald Trump increased pressure on India to buy non-Russian oil.
The global oil market is undergoing a significant shift. Demand now peaks in the third quarter, not the fourth. This change is due to factors like declining heating oil use and increased summer travel. Emerging nations’ consumption patterns also play a role. Despite current stability, a surplus is expected this winter. Increased OPEC+ production and…