Business & Economy: The move is part of the Trump administration’s maximum pressure campaign aimed at curbing Iran’s oil revenues and deterring its military ambitions

US sanctions over 20 companies for facilitating Iranian oil shipments to China

Crude oil prices experienced a significant decline, falling below $60 per barrel briefly -- this was following OPEC+'s announcement to increase production by 411,000 barrels per day starting in June. This move comes after a similar increase in May and has raised concerns about a potential oversupply in the market.

Brent trades around $60 after OPEC decision

Asian markets traded mixed with Japan’s Nikkei 225 inching up slightly as investors digested fresh inflation data.

Crude oil gains on new sanctions against Iran

World: China does not recognise U.S. sanctions and is the largest importer of Iranian oil. China and Iran have built a trading system that uses mostly Chinese yuan and a network of middlemen, avoiding the dollar and exposure to U.S. regulators.

US slaps sanctions on Chinese refinery for buying Iranian crude oil worth over $1bn

Autonews | Oil prices edged lower in Asian trading as traders assessed President Donald Trump's delayed tariff plans and his proposals to ramp up U.S. oil and gas production.  


Oil prices slip as Trump signals tariff delays and expanded U.S. energy output

South Sudan said that it would resume the production and export of crude oil to the international market through Port Sudan starting Wednesday. Watch this report for more details!

South Sudan aims to produce 90,000 barrels daily

The Russian government's earnings from the oil industry shrank by 29% in October from a year ago. This comes due to lower crude prices and increased state reimbursements to the nation's fuel producers.

Russia: Lower Crude Prices Weigh on Russia's Revenues

India's oil minister, Hardeep Singh Puri, reassured that the country was prepared to handle any potential disruptions to oil supplies due to escalations in West Asia.

Tracking Crude Oil Volatility & Impact On Economies |

Petrol and diesel prices in India could be reduced as global crude prices drop, but the situation remains uncertain due to ongoing volatility. A top oil ministry official stated that it’s difficult to predict whether rates will be cut before the Maharashtra elections, leaving consumers in suspense.

Indians See No Relief At The Pump Despite Falling Crude Oil Prices

As the seismic market events of the previous several years begin to fade, the world's leading commodities analysts are facing a more challenging climate when it comes to trading oil. While industry titans are profitable, these are no longer the blockbuster figures banked since 2020. Profits at top oil companies - like Glencore and Gunvor group - are down, and even hedge fund leader Pierre Andurand is feeling the effects of the downturn.

World's top oil traders see boom years fade

Saudi Arabia will lower the price of its premium oil grade for its primary Asian market for October due to growing fears about falling demand. State-owned Saudi Aramco will sell its Arab light oil to customers in Asia for 1.30 dollars per barrel. That is a cut of 70 cents compared to the regional norm.

Saudi cuts October crude oil price to Asia as demand wanes | World Business Watch | WION

Oil market rebounds: Surging prices amid crude inventory declines and geopolitical dynamics

Can a drop in US stockpiles hold price amid mixed market signals?

Next month's OPEC+ policy meeting will now be online. Some delegates expect the group to extend its supply cuts into the second half of the year. Watch in for more details!

OPEC to extend supply cuts into the second half of 2024

OPEC+, the group of 22-nation oil producing countries, is facing a dilemma. How much oil is too much oil? This question signifies the group's efforts to stabilise the oil market amid the geopolitical uncertainties.

Several OPEC members seek level upgrade to pump more oil in 2025

Crude oil pared gains after an initial spike on Friday. Oil rose by as much as 4 dollars earlier, on reports of Israeli strikes on Iran. However, prices began dipping as tensions eased after Iran played down the attack. The report gives a lowdown of the oil market movements on Friday.

Global oil pares gains after initial spike on Friday

Crude oil prices reached $90 per barrel at the end of last week. Elevated crude oil prices could impact economies across the globe. Watch in for more details!

Crude oil prices rise: Impact on global economy

Crude oil prices rise | How higher fuel cost will impact you?

For the first half of the year, the Organization of Petroleum Exporting Countries and its partners (OPEC+) decided to maintain oil production cutbacks. This will keep global crude markets tight and oil prices elevated. Brent crude rose to over $90 per barrel after the OPEC+ decision.

Oil nears $90 a barrel after OPEC+ sticks with supply cuts

Russia's oil and gas revenue surges, providing budget boost amid sanctions

India has put $ 37 billion into Moscow's coffers with unprecedented purchase of Russian oil at a time it is locked in a war with Ukraine. Watch in for more details!

Russia's shifting oil export trends

Saudi Arabia shelves oil production expansion plans, raising questions on future demand

India's purchases of discounted Russian crude reach 11-month low

QatarEnergy forges strategic five-year crude oil pact with Shell  

Turkey saves billions on Russian oil amid sanctions, boosting imports

The US is considering tightening sanctions on Iran's crude oil exports in response to Tehran's alleged backing of the Palestinian militant group Hamas.

US: Biden administration would consider curbing Iranian crude exports | World News | WION

Indian rupee slides to lifetime low of 83.22 against USD, crude oil breaches $90/barrel mark

Russian crude oil prices have risen over a group of seven caps, but Western trade services have not been affected. Western-owned or insured ships visiting the nation's ports had dropped marginally since early July when Urals surged over $60.

Russia’s flagship oil above $60 does little to halt G7 services

India sees 34 per cent fall in oil imports from Saudi Arabia; supplies from Russia increase

Indonesia's Coast Guard has seized an Iranian flag super tanker which has been suspected of illegal transhipment of crude oil.

Iran-flagged tanker seized over suspected crude oil transfer by Indonesia

India and China, the world's leading oil consumers, have become major buyers of heavily discounted Russian crude oil. According to the international energy agency (iea), these two economic powerhouses accounted for a staggering 80 percent of Russia's crude oil exports in may. India's imports, which were almost non-existent before, have surged to nearly 2 million barrels per day, while china has increased its liftings to 2.2 million barrels per day.

India & China lead surge in Russian crude imports

European refiners are being hit hard by a surge in prices for middle eastern crude, as the region faces limited supplies of 'medium sour' crude since imposing sanctions on Russian shipments late last year. With prices soaring to all-time highs, the pressure is on for Europe to find new sources of affordable crude to keep the wheels turning.

Barrel of woes: Europe's oil woes escalate as prices skyrocket

Sour and expensive: Europe's crude oil woes reach a boiling point

Saudi Arabia, the world's biggest oil producer, has lowered its oil prices for Asia. That is driven by concerns that a global economic slowdown could hurt oil demand. State-controlled Saudi Aramco's key Arab light-grade crude was reduced to 2.55 dollars a barrel for June.

Saudi Arabia cuts oil prices for Asia

India losing 'steep discounts' on Russian crude oil due to China: Report

Oil prices rose on Thursday, paring earlier losses. But the recovery is too little after the commodity slipped more than 4% overnight.

Crude prices slip 4% over recession fears

Pakistan purchases first cargo of discounted Russian oil

The price of crude oil dropped by more than $1 a barrel as traders booked profits after benchmarks reached multi-month highs the previous session and an OPEC report fueled concerns about summer demand. Only the second time this month did the global benchmark Brent crude finish lower, down $1.24 or 1.4% to settle at $86.09 per barrel. US West Texas Intermediate (WTI) prices fell $1.10, or 1.3%, to $82.16 per barrel at the market close.

Crude oil prices decline 1% after scaling multi-month highs

The Indian government has provided some respite to the crude oil industry. The government has slashed windfall gains tax on domestic crude oil to nil from Rs 3,500 per tonne. The government also halved the tax on diesel exports to 50 paise per litre. The levies on the export of aviation turbine fuel (ATF) and petrol continue to be nil.

Why has India slashed the windfall tax on crude oil to zero?

Russia's budget has become too reliant on oil income to cover expenses, warned economists and said that if crude prices do not rise as anticipated this year, the government may be forced to increase taxes, showed a Reuters report.

War, oil price cap to weigh on Russia's budget; Moscow likely to hike tax

According to Goldman Sachs Group, a barrel of Brent oil could reach $110 by the third quarter if China and other Asian economies fully reopen from coronavirus restrictions.

World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

President Vladimir Putin has delivered Russia’s long-awaited response to a western price cap, signing a decree that bans the supply of crude oil and oil products to nations that impose the cap. The ban will come into effect on 1 February and last for five months.

Russia bans oil exports to countries that imposed price cap

Chinese President Xi Jinping arrives in Riyadh on Wednesday, will meet Saudi and Arab leaders

Pakistan’s hopes dashed, delegation fails to get crude oil on discount from Moscow

India has taken a call to double its trade with Russia. The decision comes amidst staggering US led sanctions and Russia owing to its Ukraine invasion. The increase in trade comes mainly in the backdrop of sharply higher imports of discounted Russian crude oil by India.

India to double its trade with Russia, sharp rise in Russian crude imports

Sri Lanka power cut: Govt official blames poor oil quality, minister threatens legal action 

Suez Canal blocked again as Saudi Arabia-bound crude oil tanker Affinity V gets stuck, clogs traffic

The repeated theft of crude oil and pipeline vandalism has led to serious revenue deficit for the state. Every year Nigeria loses millions of barrels of crude oil due to theft and vandalism.

Nigeria loses millions of barrels of crude oil, ex-militant Tompolo gets contract

Ukraine's foreign minister says India is buying Russian crude oil tainted by Ukrainian blood. Foreign minister S Jaishankar defended the move as part of easing India's cost-of-living crisis. Why has the world struggled to accept India's strategic autonomy? Palki Sharma tells you.

Gravitas: Ukraine says India buying Russian oil with 'Ukrainian blood'

Oil prices edged down on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in US crude inventories as product demand weakens.

Oil falls on inflation concerns, anticipated stock builds

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