russian oil

India’s imports of Russian crude oil have declined 20 per cent month-on-month in April to 1.57 million barrels per day, easing from the sharp surge recorded in March. The spike in March had been driven by the availability of floating cargoes during the Iran conflict.

Ukrainian President Volodymyr Zelenskyy said that the forces have struck two russian oil tankers near Novorossiysk port. This action highlights Ukraine's ongoing strategy to disrupt Russia's energy sector. Drone warfare has intensified, with Ukraine increasingly targeting Russian territory. Russia has also conducted extensive drone attacks across Ukraine. Diplomatic efforts for a ceasefire are ongoing.

US Treasury Secretary Scott Bessent announced the US will not renew a waiver allowing the purchase of russian oil currently at sea. He also stated that another waiver for Iranian oil is "totally off the table." This decision comes after a recent extension of the waiver for russian oil, which was intended to stabilize global energy markets.

In March, with the US sanctions waiver in effect, India has aggressively procured Russian crude, picking up millions of barrels. India has never officially said that it will stop buying Russian crude, and even when levels dropped after sanctions, Russia was still the biggest contributor.

While the world order evolves, and UAE’s decision impacts other major oil producers around the world, India which imports around 90% of its crude needs may actually stand to benefit.

Washington isn’t interested in being a guarantor of anything, including energy supplies. New Delhi’s strategic response must centre around the one energy source it has in abundance

Ukrainian President Volodymyr Zelensky on Tuesday accused Russia of "utter cynicism" for launching deadly attacks while also seeking a truce to stage its May 9 Victory Day parade in Moscow. "It is utter cynicism to ask for a ceasefire in order to hold propaganda celebrations while carrying out such missile and drone strikes every single day leading up to it," Zelensky said in a statement in response to the attacks.

A Russian-linked superyacht, Nord, owned by sanctioned billionaire Alexey Mordashov, has successfully sailed through the Strait of Hormuz. This strategic waterway remains a flashpoint amid ongoing tensions, with maritime traffic significantly reduced. The yacht's passage highlights its defiance of sanctions and the complex geopolitical landscape.

A Ukrainian drone strike ignited a massive fire at Russia's Tuapse oil refinery on the Black Sea, prompting evacuations. This major Rosneft facility, crucial for fuel exports, had previously halted operations after an earlier drone attack. Authorities are responding to the incident, with the Kremlin confirming measures are being taken.

The US Treasury Department has issued a new license extending a waiver for global buyers to purchase russian oil shipments already at sea until May 16. This decision reverses earlier statements and aims to manage energy market volatility, despite criticism from lawmakers who argue it supports economies engaged in conflicts.

The US has extended a sanctions waiver on russian oil purchases, offering temporary relief for countries importing crude. This move allows for continued procurement of russian oil, particularly beneficial for India which relies heavily on imports and has increased its intake amid Middle East supply pressures. The waiver provides a crucial window for India to secure energy needs.

In a landmark decision, the European Union has greenlit an impressive €90 billion loan to Ukraine alongside a new wave of sanctions targeting Russia, effectively breaking a prolonged deadlock. This vital financial support, designated for military and fiscal stability, follows Hungary and Slovakia's recent agreement to resume oil flows through a major pipeline.

UAE exits Opec, impacting global oil dynamics amid regional tensions. Ukraine escalates attacks on Russia, forcing Moscow to scale back Victory Day parades. King Charles' US trip strengthens UK-US ties. Syria begins its first transitional justice trial. China pressures African nations, forcing Taiwan's President to cancel a trip.

US President Trump's second term prioritizes oil, leveraging energy dominance for global influence. Campaign funding from oil interests aligns with policies boosting domestic production and easing regulations. Sanctions on rivals and geopolitical events like the Hormuz crisis engineer demand for American exports, impacting nations like India and reshaping global energy markets.

Russia's foreign minister Sergei Lavrov has accused the US of prioritizing oil and energy dominance, alleging military actions in Iran and Venezuela are resource-driven. He claims Washington disregards international law, opting for power over rules. Lavrov urged the US towards dialogue, criticizing policy shifts that strain relations and push Europe away from Russian gas, likening it to a 'colonial era'.

In a statement, the Finance Ministry also announced that the road and infrastructure cess on diesel exports will be waived for the next fortnight starting May 1. Meanwhile, the export duty on petrol will continue to remain at zero.

The Organization of the Petroleum Exporting Countries or OPEC is a group of major oil-producing nations. This group coordinates their petroleum production policies to help effectively manage global oil supply and influence crude prices.