South Asia

The oil prices fell on Tuesday, as traders awaited a short-term outlook report from the U.S. Government following a bullish OPEC report on supply and demand. Brent crude futures fell 20 cents or 0.3% to $66.43 per barrel at 10:36 AM CDT (1536 GMT). U.S. West Texas Intermediate Crude Futures fell by 39 cents or 0.61% to $63.51. Phil Flynn is a senior analyst with Price Futures Group. He said, "We are still in a range as we await the Energy Information Administration's report this morning." Flynn stated that traders were waiting to see if EIA's report would match up...

Reliance Industries will likely return to its Middle Eastern oil sources if India succumbs to the pressure of U.S. president Donald Trump, who wants to reduce Russian imports. India is being heavily pressured by Washington to cut off its energy ties with Russia after Moscow invaded Ukraine in 2022. Reliance, India's largest buyer, operates at Jamnagar, Gujarat, the world's most advanced refining facility. It can process 1.4 million barrels of oil per day. Due to their geographic proximity, Reliance will likely switch to Middle Eastern crude suppliers if they stop buying Russian crude. Anh Pham is a senior analyst with...

The Indian rupee has dropped for the fifth consecutive week. This is its largest weekly decline in six months. Trade tensions between India, and the United States have escalated after President Donald Trump called for new tariffs to be placed on Indian products. The rupee was slightly higher on Friday, closing at 87.6550 versus the U.S. Dollar. It closed at 87.7025 last Thursday. The dollar opened at 87.5600, and reached a high intraday of 87.5350 due to the unwinding long dollar positions on the NDF. After initial lows the USD/INR rose after dollar bids from oil importers pushed it higher,...

Investors expressed concerns about the impact of tariffs on the global economy, which went into effect on Thursday, on the oil prices. Brent crude futures fell three cents at 0050 GMT to $66.40 per barrel, and are on course to fall more than 4% from week to week. U.S. West Texas Intermediate Crude Futures fell six cents or 0.1% to $63.82 per barrel. They are expected to drop more than 5% weekly. The U.S. increased tariffs on a number of its trading partners. In a note, ANZ Bank analysts expressed concern that the tariffs would lead to a weaker economy,...

U.S. president Donald Trump issued an executive directive on Wednesday imposing an extra 25% tariff on Indian products citing New Delhi’s continued imports from Russia. This sharply escalated tensions between both countries after the collapse of trade talks. The new measure increases tariffs on certain Indian goods up to 50%, making it among the highest for any U.S. trade partner. The U.S. and India relations have been deteriorating since Trump took office in January. The announcement comes at the same time that Indian Prime Minister Narendra Modi is preparing for his first trip to China in more than seven years....

It would have been a bold prediction a couple of months back to claim that OPEC+ could bring back 2,5 million barrels of crude oil production per day and keep the price of oil at $70 a barrel. This is what happened, as the eight producers of the group rolled back their voluntary reductions of 2.2 million bpd by September and allowed a separate rise for the United Arab Emirates. Eight OPEC+ member countries met virtually on Sunday and agreed to increase output by 547,000 bpd in September. This is an addition to the 548,000 bpd increases for August, the...

Indian Oil Corp. (IOC), India's largest refiner, bought 7 million barrels from United States, Canada, and Middle East crudes arriving in September via an auction, according to several sources. IOC's large purchase of spot crude comes after the arbitrage windows for U.S. oil to Asia opened, and Indian state refiners stopped buying Russian crude oil at a time when discounts were shrinking. Donald Trump, the U.S. president, has warned that countries should not purchase oil from Moscow because it is currently under sanctions for its full-scale invasion in Ukraine on February 20, 2022. The sources stated that IOC purchased 4.5...

The New York Times reported that Indian officials said they would continue to buy oil from Russia, despite the threats of sanctions that U.S. president Donald Trump had said he would impose. Could not verify immediately the report. Requests for comments were not immediately responded to by the White House, India’s Ministry of External Affairs and Ministry of Petroleum and Natural Gas. In a Truth Social posting last month, Trump said that India could face additional sanctions for purchasing Russian oil and arms. He later stated that he didn't care what India did with Russia. Trump informed reporters on Friday...

Industry sources claim that Indian state refiners stopped buying Russian crude oil last week, as the discounts have narrowed in this month. Donald Trump has also warned other countries against purchasing oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude by sea. This revenue stream for Russia, as it continues to wage war against Ukraine, has been vital for the country. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum...

Industry sources claim that Indian refineries have stopped purchasing Russian oil over the last week, as discounts are shrinking this month. Also, President Donald Trump has warned Americans against buying oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude shipped by sea. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum Corp. and Mangalore Refinery Petrochemical Ltd., have not purchased Russian crude for the last week or so. IOC, BPCL...

The energy ministry announced on Tuesday that Kazakhstan, which is one of the fastest-growing oil producing countries in the world plans to increase its fuel exports into China, India, and Central Asia. It hopes to capitalize on the growing demand for fuel in these regions. The government has approved a long-term strategy for the development of the oil refining sector between 2025 and 2040. Currently, the country has export restrictions for gasoline and diesel. After modernisation, the country now has three large oil production plants in Pavlodar, Shymkent, and Atyrau, with a combined annual output of 17 million metric tonnes...

After the latest round European Union sanctions, Indian private refiners who have used cheap Russian crude in order to boost their margins will need to find ways to work around it and depend more on traders for finding new markets for products. In recent years, refiners like Reliance Industries or Nayara Energy have benefitted from the pressure that sanctions imposed on Russia's crude oil prices due to its invasion in Ukraine. Many of these refiners have exported their refined products to European buyers. In its 18th package against Russia, which was approved on Friday by the European Union, it banned...

A source familiar with this matter has confirmed that India's state owned miner IREL wants to work with Japanese and South Korean firms to begin commercial production of rare-earth magnets as part of its efforts to reduce reliance upon China. The company is looking at both Japan and South Korea for rare earth processing technology, potentially through government-to-government channels, the source said, declining to be named as the discussions are not public. Source: The miner plans to formalise discussions with other countries about rare earth mining and technologies partnerships, and seek IREL approval for commercial magnet production in this year....

In a statement released by the State Department to mark Pakistan's Independence Day, Secretary of State Marco Rubio stated that Washington was looking forward to exploring collaboration with Pakistan in relation critical minerals and hydrocarbons. WHY IT IS IMPORTANT Washington hailed an agreement last month between Islamabad and Pakistan, which Pakistan claimed would lead to lower tariffs and more investment. Jam Kamal, Pakistan's Commerce minister, has stated that Islamabad is offering U.S. companies the opportunity to invest in mining in Balochistan and other areas of southwest Pakistan through joint ventures. Reko Diq is one of the largest gold and silver...

Indian gold loan financier Muthoot Finance announced a 90% increase in its first-quarter profits on Wednesday. This was aided by a higher demand for loans as the price of precious metals soared. Muthoot Finance has reported a profit for the quarter April-June of 20,46 billion rupees (US$233.91m), which is above analysts' estimates of 16,24 billion rupees. This was based on data compiled by LSEG. Gold prices reached multiple records during the third quarter. Gold financiers benefit from this as the higher prices allow borrowers to get larger loans with the same amount. Analysts said that tighter lending conditions in the...

Radico Khaitan will launch a premium brand of tequila in partnership with Bollywood actor Shah Rukh Khan, Zerodha cofounder Nikhil Kamath, and Zerodha founder Nikhil Kamath. This is their first foray into this category. The Indian liquor producer, well-known for its premium products such as Rampur Indian single malt and Jaisalmer Indian Craft gin, will launch the brand D'YAVOL Anejo, a premium spirit aged in wine casks about two years. D'YAVOL is a luxury brand founded by Shah Rukh Khan's Son Aryan Khan in 2022, along with Leti Blagoeva, and Bunty Sing, and headquartered in Amsterdam. It offers premium streetwear,...

The Indian state-owned mining company NMDC announced a lower profit for the first quarter on Tuesday. Higher expenses and lower prices outweighed gains from strong demand in India. In the quarter ending June 30, the country's biggest state-run iron ore company reported a profit drop of nearly 1% from a previous year to 19,69 billion rupees ($225 million). Royalties and other levies increased by 33%, to 26.8 trillion rupees. This led to a 38% increase in total expenses. Indian miners pay a royalty to the government for the right of extracting minerals from their land. NMDC stated that if a...

Donald Trump, the president of the United States, increased tariffs on Indian goods by 25% this week. He cited New Delhi's continued purchases of Russian oil. The new import tax will take effect 21 days after the 7th of August and raise duties on certain Indian goods up to 50%. This is among the highest tariffs imposed on U.S. trading partners. Some sectors, such as smartphones, pharmaceuticals, and energy, are exempted from reciprocal tariffs. However, others, like gems, jewellery, textiles, and auto components that make up the bulk of Indian exports into the U.S. will be hit. Here are the...

This week, physical gold demand in major Asian hubs declined as rising prices dampened interest in buying while higher rates encouraged others to sell their holdings. Gold isn't a popular purchase at the current prices. Some investors are selling the gold bars and coins they bought when prices were cheaper, said Ashok Jain of Mumbai's Chenaji Narsinghji. On Friday, gold prices in India were around 102.100 rupees (1,165.45 dollars) per 10 grams after reaching a record-high of 102.191 rupees. Indian dealers have this week offered a discount The discount last week was up to $7. A Mumbai-based dealer of bullion...

A Washington lobbying company has signed a $3 million-per-year agreement with Myanmar's Ministry of Information in order to help the country, which was ruled by the military for many years, rebuild its relations with the United States. Documents submitted under the U.S. Foreign Agents Registration Act, (FARA), show that the DCI Group and the Ministry signed an agreement on July 31. This was the day Myanmar's army nominally handed over power to a civilian interim government in advance of a planned elections. The military leadership of Myanmar, led by Min Aung Hlaing, seized power through a coup in 2021. That...

Gold reached a two-week-high on Thursday. The demand for safe havens was boosted by the tariffs imposed by U.S. president Donald Trump, and U.S. job data that added to expectations of rate cuts. As of 0956 am, spot gold rose 0.6% to $3388.09 an ounce. ET (13.56 GMT) after reaching its highest level in the earlier session. U.S. Gold futures increased by nearly 0.7%, to $3455.60. "Ongoing trade tensions and increased geopolitical pressures continue to support the market, with the safe-haven interest," said Peter Grant. Trump's increased tariffs on imports of a number of countries went into effect on Friday,...

Titan, an Indian jeweller and watches maker, reported a 52.5% increase in its first-quarter profits on Thursday. The company benefited from the higher gold price, even though budget-conscious customers chose lighter, low-carat designs. Titan, the company behind the Tanishq jewellery brand and CaratLane, reported a quarterly profit of 10.91 billion rupies (almost $125 million), compared to a 7.15 billion rupies profit a year ago. Gold prices in spot form rose by 5.5% during the third quarter. This continued the bullish trend fuelled, in part, by the flight of investors to safe haven assets as a result of the U.S. Trade...

Bangladesh closes clay brick kilns for environmental protection Concrete blocks, for example, are in high demand. Cost of upgrading to advanced kilns or blocks Tahmid Zami Tahmid Zami Industry insiders claim that the government is closing polluting kilns to clean up the air and achieve environmental goals. However, adoption of cleaner alternatives has been lagging behind. Other Asian countries, such as China and Vietnam, are increasingly adopting cleaner alternatives, including automated, energy-efficient brickmaking technology or production of concrete blocks. According to official statistics, the government's environment agency has closed more than 600 kilns. Approximately 3,500 of Bangladesh's 8,080 kilns will...

Two sources familiar with this matter say that JSW Steel in India has asked the government to increase the company's allocation of quotas for the importation of low-ash metallic coke, which is a fuel used to make steel, to cover shortfalls. India, the second largest crude steel producer in the world, extended its country-specific import quotas for met coke from June to December. The purchase limit was capped at 1.4 millions metric tons. Sources declined to identify themselves because the discussions were not made public. JSW Steel is India's largest steelmaker in terms of capacity. JSW Steel executives asked government...