South Asia








Energy Markets

Oil & Gas

Oil & Gas Refining

Reliance Industries reduces its stake in Indian Asian Paints

Reliance Industries, owned by billionaire Mukesh Amani, announced on Thursday that it had sold shares in Asian Paints worth 901 million dollars. India's largest Paintmaker is currently facing Potential antitrust scrutiny While its growth is being New aggressive tactics are a challenge Aditya Birla Group is one of the new entrants Birla Opus Urban consumers as well Cutting back Spending discretionary money is a good idea. Reliance Industries has announced that it sold its stake via affiliate Siddhant Commercials. This company held a 4.9% stake until March in the paintmaker. Shown Below Reliance Industries retains approximately 8,7 million shares after...

Oil & Gas Refining

Shein and Reliance plan to export Indian-made clothing abroad within one year, according to sources

Two people familiar with the situation said that fashion retailer Shein, along with partner Reliance Retail, plan to expand their Indian suppliers and begin overseas sales of India made Shein branded clothing within six to twelve months. The China-founded, Singapore-headquartered e-commerce firm has been discussing plans with the Indian retailer since before the U.S. imposed tariffs on Chinese imports that intensified the need to diversify sourcing, the people said. They said the goal is to increase Indian suppliers from 150 to 1,000 within a single year. Shein issued a statement in which it said that its trademark was licensed for...

Oil & Gas

Taliban talks with Russia and China about trade in local currency

Afghanistan's acting Commerce Minister said that the Taliban administration has advanced discussions with Russia to allow banks from both sanction-hit economies, Russia and Afghanistan, to settle trade transactions in local currency worth hundreds of millions in dollars. Haji Nooruddin, Azizi's minister, said on Thursday that the Afghan government had made similar offers to China. He said that discussions had taken place with the Chinese Embassy in Kabul. Azizi stated that technical teams in both countries were working on the proposal with Russia. As Moscow looks to use national currencies as a way to move away from the dollar, and Afghanistan...

Oil & Gas

Financial Times - May 7

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines After three years of negotiations, UK and India reach a trade agreement UK closes on US trade deal with lower tariff quotas and cars After rival complaint, a Czech court stops an $18 billion deal for nuclear reactors Brussels wants to force EU gas companies to reveal their Russian contracts View the full article Britain and India have signed a free trade agreement that has been long sought after. The tariff wars sparked by U.S. president Donald...

Crude Oil

OPEC+’s 'healthy crude oil market' looks like catching a flu: Russell

The OPEC+ group's increased supply is not the reason for which they claim it is. On May 3, the eight OPEC+ member countries who have agreed to voluntary production cuts decided to relax their curbs for June. This time, they added back 411,000 barrels a day (bpd). Calculations show that the June increase will bring the combined April, May, and June increases to 960,000 bpd. This represents a 44% reduction of the 2.2million bpd decrease. In a statement posted on the website of the Organization of the Petroleum Exporting Countries, the eight stated that the decision to increase output was...

Oil & Gas

IMF lowers its 2025 Middle East and North Africa growth forecast by 2.6% due to global risks

The International Monetary Fund announced on Thursday that it expects the Middle East and North Africa economy to grow only 2.6% by 2025, as uncertainty stemming a trade war in the world and lower oil prices are weighing on this region. The new projection was a significant downgrade from the October projection, which predicted 4% growth. This comes at a time when the region is grappling with geopolitical tensions and a softer external market. In an interview, Jihad Azour said, "Uncertainty can impact real economy, consumption and investment... All these elements have led to a softerening of projections." The direct...

Oil & Gas

Castrol India's first quarter profit climbs on stronger engine oil demand

Castrol India, a producer of engine oil and lubricants, reported a 8% increase in its first-quarter profits on Monday due to the growing demand for their products. The profit at Castrol India (majority owned by British oil giant BP) increased to $27.4 million from the 2.16 billion rupees it earned a year earlier. Revenue increased by 7.3%, to 14.22 billion Rupees. Castrol is India’s largest private retailer for engine oils. It has focused on providing premium products to sport utility vehicles, India's top-selling car category. Analysts believe the company will benefit from the rising demand for oil products, as India's...

Oil & Gas

Reliance Industries Q4 profits beat estimates due to retail and digital boost

Reliance Industries, India's largest company, beat expectations for its fourth-quarter profits on Friday as strong performances in its retail and digital business offset the weakness in its Oil-to-Chemicals (O2C), unit. According to LSEG, the Mukesh Ambani conglomerate reported a consolidated net profit of 194.07 trillion rupees (2.27 billion dollars) for the three-month period ended March 31. This was higher than analysts' expectations (188.77 trillion rupees), according to LSEG. The company reported that the EBITDA (earnings before taxes, depreciation and amortization) of its mainstay O2C businesses fell by 10% as a result of a weakness in transportation fuel cracks. The EBITDA...

Refined Products

Data shows that the share of OPEC oil in India's imports has dropped to a record low.

Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88...

Oil & Gas

India will not raise retail petrol and diesel prices despite tax increases

Oil Minister Hardeep Singh Puri announced that India raised the excise tax on petrol and diesel on Monday without passing higher costs on to consumers. This would increase government tax collections amid falling oil prices worldwide. Puri, at a recent press conference, said that the increase in excise taxes would be absorbed and not passed on to consumers. He said that higher tax collections from state-owned fuel retailers and private fuel retailers could help New Delhi partially compensate state companies who suffered a revenue loss in 2024/25 of 413.80 trillion rupees (4.8 billion dollars) on sales of local cooking gas...

Oil & Gas

India and UAE will develop an energy hub in Sri Lanka as Delhi competes against China's influence

India's Foreign Ministry announced on Saturday that India and the United Arab Emirates had agreed to build an energy hub in Sri Lanka. This comes as New Delhi's rivalry with China in the Indian Ocean Island nation grows. The three nations signed a pact to create the hub during Indian PM Narendra Modi’s visit to Sri Lanka. This was the first time a world leader visited Sri Lanka since Anura Kumara dissanayake became president in September. New Delhi and Colombo are working to strengthen their ties, as India's southern neighbor recovers from the severe financial crisis that was triggered in...

Oil & Gas Refining

Indian shares sell off alongside global stock market as US tariffs cause recession fears

Indian shares sold off on Friday amid fears of a global economic recession due to the U.S. tariffs. They had largely avoided the storm during the previous session because the duties on India were lower than those on its competitors. As of 10:51 a.m. IST the Nifty 50 was down 1.17% at 22,977.85, and the BSE Sensex fell 0.97% to 76,552. On Thursday, they fell by a very mild 0.4%. The Asian share market fell by 0.8% today, following a 0.7% drop on Thursday. This was after Trump imposed a 10% tariff on all imports as well as higher rates...

Fossil Fuels

Fossil Fuels

De Beers attracts interest from Qatari funds and billionaire Agarwal

Sources close to De Beers have confirmed that at least six consortiums are interested in the diamond giant, including Anil Agarwal and Indian diamond companies, as well as Qatari investment funds. De Beers will be carved out from Anglo American, as the London listed miner refocuses its efforts on iron ore and copper. However, the global diamond price is under pressure. Two sources confirmed that Agarwal is a member of the larger group of interested parties. Vedanta, which operates mines in Zambia, South Africa and elsewhere, has a chairman named Agarwal. Both Anglo and Agarwal declined to comment. Two sources...

Crude Oil

OPEC+'s crude production hike comes amid tepid Asian demand for oil: Russell

The crude oil markets pay attention to what OPEC+ has to say, but less so to what they actually do when it comes down to the supply of this world-famous commodity. Eight members of a wider group who had implemented voluntary production reductions met over the weekend to decide on a rise in output of 411,000 barrels per daily (bpd) for July, which would be the third consecutive month of this increase. Saudi Arabia, Russia, and the United Arab Emirates will each receive more than half the increase in production. There are still two questions to be answered. Will the...

Crude Oil

ADNOC reduces Murban export forecast from August 2025 through May 2026

The company stated that Abu Dhabi National Oil Co. (ADNOC), has reduced its monthly forecast for Murban oil from August until next May in order to increase the processing at its refinery. ADNOC's August export forecast for the light Murban grade is 1.705 millions barrels per day, according to a report published by the company on Saturday. This is 65,000 bpd less than the previous forecast of 1.77 million. ADNOC has also reduced the forecast from September 2025 through May 2026, by between 100,000 and 177,000 bpd. However, forecast volumes for July and June 2025 remain unchanged. In the report,...

Mining

Mineral Resources

Mineral Resources

Chinese data on copper demand gives rise to optimism

Prices of copper rose on Monday, after higher consumer spending raised hopes that metals demand would increase in China. By 0950 GMT, the benchmark three-month price of copper at the London Metal Exchange had risen by 0.2% to $9,660 per metric tonne. Metals investors were focused on retail sales that exceeded expectations, even though China's factory production growth in May was at a six-month minimum. You've still got all of these consumer products, like washing machines, air conditioners and electric vehicles. "As long as people continue to buy all of that stuff, it is good for base metals," Dan Smith...

Mineral Resources

Shanghai metals fall as Israel-Iran tensions and mixed China data weigh

The Shanghai Futures Exchange saw most metals trade lower on Monday as mixed Chinese economic data reinforced investor caution. Escalating tensions between Israel, Iran and other countries also weighed on investor sentiment. As of 0224 GMT the SHFE's most-traded contract for copper was unchanged at 78.390 yuan per metric ton ($10,910.69), while zinc dropped 0.8% to 21.780 yuan. Aluminum fell 0.2% to 20,375 yuan and nickel was down 0.6% at 119,370. Lead also declined 0.3%. Tin edged up 0.2% to 264,820. Metals analysts at a Beijing futures company said that the conflict has created a new level of uncertainty in...

Mineral Resources

Indian dealers offer steeper discounts on ASIA GOLD as price rally dampens demand

The gold discounts in India reached their highest level in over a month this week, due to a rise in prices that were near record highs. Meanwhile, the rising rates in other major Asian cities also dampened demand. On Friday, domestic gold prices traded at around 98.300 rupees for 10 grams, having rebounded from a monthly low of 90.890 rupees and approaching the all-time record of 99.358 rupees. Indian dealers were forced to offer discounts due to the price spike Up to $56 per ounce less than official domestic prices. This includes a 6% duty on imports and a 3%...

Mineral Resources

Thyssenkrupp executive: EU has tools available to help reduce the pain of steel tariffs

A member of the executive board of Thyssenkrupp said that the EU already has the tools it needs to mitigate the impact of Trump's tariffs and Chinese steel overcapacity. One of these is stopping Russian imports. After the invasion of Ukraine by Russia, the European Union has banned all steel imports. Shipments will be reduced gradually. Thyssenkrupp's Ilse Henne, a board member of the company, said that the EU can help the steel industry to weather Trump tariffs as well as a Chinese glut in supply by stopping those practices completely. There is still Russian steel entering Europe. How much?...

Mineral Resources

India's Vedanta says Trump's tariffs damaging, seeks import curbs

Vedanta, an Indian conglomerate that converts metals into oil, said Wednesday that President Donald Trump’s decision to double the aluminium tariffs from 25% to 50% is a threat to Indian industry which already struggles with soaring imports. The global markets have been shaken by the latest round of Trump's tariffs on steel and aluminium, which went into effect on Wednesday. Vedanta's spokesperson said that the 50% tariff announced by Trump was damaging to India's aluminium industry. The industry is already being pressured from a surge in imports, which threatens to create excess and put domestic market access at risk. The...

Mineral Resources

RPT-European auto parts suppliers stop production due to China's restrictions on rare earths

As concerns grow about the impact of China's new restrictions on exports of critical minerals, some European auto part plants have stopped production. BMW has also warned that its supply network is affected by rare earth shortages. China's April decision to suspend the export of rare earths, magnets, and other related materials has disrupted supply chains for automakers, aerospace companies, semiconductor companies, and military contractors. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. Around 90% of rare earths are produced...

Mineral Resources

Source: India's largest miner changes from global index to local pricing for iron ore

A source with first-hand knowledge of the situation said that India's largest iron ore producer NMDC was testing a new formula to price its products in order to protect its profits from global benchmarks. NMDC (the state-run company that sells its iron ore locally) releases monthly prices of iron ore based on inventories, international price and domestic market dynamics. Source refusing to identify themselves as the plan has not been made public, said that the company intends to launch its new formula following initial trials. The source continued, "We are making baby steps." Source: The new formula won't link prices...

Mineral Resources

ASIA GOLD - Indian gold demand is lagging as prices increase, and wedding purchases are cooling

The physical gold demand in India this week was tepid, due to an increase in prices at home and the end of wedding season, which kept buyers away. Premiums in China, India's top consumer, were also down. This week, Indian dealers offered a discount Last week, the discount was up to $49, but this week it is down to up to $31 per ounce, including 6% import duties and 3% sales taxes. The wedding season has ended and the monsoon is here, so jewellers expect a seasonal drop in demand. This is why people are holding off on new purchases,"...

Mineral Resources

India's Bajaj Auto warns that magnet delays in China will affect EV production by July

Indian automaker Bajaj Auto warned on Thursday that further delays in the supply of rare-earth magnets from China may "seriously" impact electric vehicle production before July. China controls over 90% of the global processing capacity in magnets for automotives, home appliances and clean energy. In April, the country implemented restrictions requiring import permits to be obtained from Beijing. On Wednesday, it was reported that Indian auto industry associations have asked Prime Minister NarendraModi's government for help in gaining access to magnets stored at Chinese ports since the beginning of April. Rakesh Sharma, Bajaj Auto’s executive director, told analysts on Thursday...

Mineral Resources

Indian miner NMDC's profit quarterly falls due to lower prices

The Indian state-owned mining company NMDC reported a decline in its fourth-quarter profits on Tuesday, due to lower product prices. Iron ore mining company's quarterly profits before tax and exceptional items came to 23.51 billion rupees (275.56 millions dollars), a 3.5% drop from the previous year. The company's profit, including taxes, increased by 2% in the quarter January-March due to lower expenses for tax. NMDC's average iron ore price was 4,206 rupees. This is lower than the 4,299 rupees average a year ago, according to JM Financial Institutional Securities. According to commodities consultancy BigMint, the company announced a reduction in...

Mineral Resources

India's top Court pauses the liquidation of $2.3 Billion JSW-Bhushan Power Deal

India's highest court on Monday halted liquidation proceedings against Bhushan Power and Steel Limited (BPSL), after rejecting JSW Steel's $2.3 Billion deal to purchase the firm. The Supreme Court ruled after JSW Steel and certain creditors of Bhushan Power and Steel informed the court that they would be filing a review against an order earlier in the month which had quashed the acquisition of Bhushan Power and Steel and which ordered the liquidation of Bhushan Power and Steel. JSW Steel shares reached a session high after the order, and last traded 2.2% higher. The National Company Law Tribunal, in New...

Mineral Resources

India's JSW Steel misses its quarterly profit forecast due to weaker prices

India's JSW Steel, the country's top steelmaker, reported a smaller-than-expected rise in fourth-quarter profit on Friday, hurt by weak steel prices. Its consolidated profit was 15.03 billion rupees (176 million dollars) for the three months ended March 31. This is below the average analyst estimate of 15.66 trillion rupees. Data compiled by LSEG. The O.P. The O.P. The results are a month after a temporary 12% duty was imposed on certain steel imports. This is known as a "safeguard duty" locally. It was imposed to protect local producers from the influx of cheap imports coming from China, Japan, and South...