South Asia

Three sources with knowledge of the situation said that the United States has informed Delhi it may resume its purchases to replace Russian?oil imports. India promised to cut its Russian crude oil purchases following Washington's tariff hikes on this activity. India is also on track to reduce its Russian oil imports in the next few months by several hundred thousands barrels per day, according to sources who declined to identify themselves. In March 2025, President Donald Trump imposed tariffs of 25% on countries that bought Venezuelan oil, including India. His administration also stepped up its campaign against Venezuelan president Nicolas...

Reliance Industries, India's operator of the largest refinery complex in the world, said it would 'buy up to 150.000 barrels of Russian oil per day' from February, for its domestic-market-focused refinery. Reliance is set to receive Russian oil that complies with sanctions in February and march after a month-long pause, it was reported earlier this month. Reliance received its last shipment of Russian crude oil in December, after it secured a one-month U.S. It was able to extend its contract with Rosneft, the Russian oil producer beyond the November 21 deadline after securing a one-month?U.S. In October, the U.S. sanctioned...

Analysts and traders said that Russia's exports of naphtha to Asia will?fall? in January. The storage volumes are increasing as U.S. Sanctions pressure key buyers such as Taiwan, India, and Venezuela, forcing Moscow to find new markets. After Washington imposed sanctions against top Russian oil producers, buyers have become more cautious. Sellers are now forced to store naphtha in foreign storage or on ships, so that it can be reexported. Armaan Ashraf is the director of Asia oil and natural gas liquids at FGENexant. He said that this would mean premiums for "legitimate barrels" of full-range heavy naphtha or discounts...

Vikas Kaushal, chairman of India's Hindustan Petroleum Corp Ltd, said that the refiner will increase the heavy oil processing in the new fiscal year starting April. Indian refiners are Consideration Importing Venezuelan crude oil, which is offered by Vitol or Trafigura as part of a U.S. mandated sale following Washington's capture of Venezuelan President Nicolas Maduro in the first half of this month. "We're trying to increase the flexibility of our system, as we have two new installations, which will allow us to process heavy crudes more efficiently,"?Kaushal said to reporters at the Indian Energy Week Conference, referring specifically to...

The price of oil fell on Tuesday, despite a major winter storm that hit the crude production in the U.S. Gulf Coast and affected refineries. Brent crude futures fell 28 cents or 0.4% to $65.31 per barrel at 0145 GMT. U.S. West Texas Intermediate Crude was $60.39 per barrel, down by 24 cents or 0.4%. Analysts and traders estimate that oil producers in the U.S. lost up to two million barrels of oil per day, or about 15% of the nation's production, over the weekend. This was due to a winter storm which swept through the country and put strain...

Trafigura, a trading house, sold a 'cargo' of Venezuelan oil, to a Spanish refiner. Vitol, a rival, was preparing to export Venezuelan fuel as shipments from the OPEC nation accelerated, according to oil industry sources. U.S. officials reported that Vitol, Trafigura and other companies obtained their first U.S. licensing to load and export Venezuelan crude oil earlier this month. Initial sales reached $500 million or approximately 11 million barrels last week, they said. U.S. officials said that other companies, such as U.S. giant Chevron, were waiting for Washington's exemptions from U.S. sanctions against Venezuela before expanding exports. According to industry...

Four sources with knowledge of the matter have confirmed that India's Reliance industries Ltd, the operator of the largest refinery in the world, will'receive' sanctions-compliant Russian crude oil between February and March, after a one month pause. Reliance received its last shipment of Russian crude in December, after it secured a U.S. concession allowing it to extend the deadline for ending business with Rosneft (a Russian oil company sanctioned by the U.S. government) beyond November 21. Sources said that Reliance, like other Indian refiners will purchase Russian oil from non sanctioned sellers. They did not elaborate on how many cargoes...

Trade data revealed that India's Russian imports in December fell to the lowest level since?two? years, as Western sanctions pushed refining companies to look for alternatives. This boosted OPEC?s?share?of imports?to an 11-month peak. The lower imports of Russian crude oil at a discounted price will likely hit the profits of refiners and consumers in the third largest oil consuming and importing nation in the world and force them to look for suppliers in the Middle East and the U.S. The data shows that tighter U.S. sanctions and European Union sanctions have slowed Russian oil exports to India. Imports dropped by...

India's stock indexes dipped on Tuesday as a decline in Reliance Industries?and profit taking in TCS and HCLT after the IT service?firms quarterly results weighed down on sentiment. As of 10:24 a.m. IST, the Nifty 50 dropped?0.1%?"to 25,766.7 while the Sensex fell 0.09%?to 83,803.86, Both benchmarks opened up about 0.4% higher. After declining for five straight sessions, they each rose by 0.4% on Monday as expectations grew about the India-U.S. Trade Talks regaining?momentum following a U.S. Envoy's statement that New Delhi would be discussing?trade matters in a phone call later that day. V.K. Vijayakumar, chief investment strategist at Geojit Investments....

British Columbia's Premier David Eby, who is on a six-day Indian trip, said that the province wants to strengthen its?commercial relations with India, particularly in the areas of liquefied gas, critical minerals, lumber, and technology. Both countries want to rebuild their trade ties following a two-year freezing and diversify supply chains as a reaction to U.S. Tariffs. "Unjustified tariffs from U.S.?impacting B.C. Eby said in an interview that it was more important than ever for workers and businesses to develop strategic relationships with international counterparts. The dates for the Canadian Premier Mark Carney's visit, which will continue until Saturday, have...

After meeting with Indian Prime Minister Narendra Modi, German Chancellor Friedrich Merz suggested that the European Union could sign a Free Trade Agreement with India as soon as this month. Merz, during a trip to Ahmedabad in western India, said that the presidents of the European Commission and European Council will travel to India to sign the agreement at the end 'January' if the deal is completed by then. Merz, who was visiting India for the first time since his appointment as chancellor, said that they would "in any case" take a major step to ensure this free-trade agreement is...

Germany is looking to work more closely with India on security matters, in order to reduce India's dependence on Russia. On Merz's maiden visit to South Asia, Merz signed a memorandum to this effect, along with agreements on critical minerals and the health sector, as well as an artificial intelligence innovation center. "India and Germany?work together to build resilient, secure and trusted supply chains. Modi said at a joint news conference that the?MoUs signed today will give a new'strength and momentum to our cooperation. India is still closely involved in the security policy of Russia, from where it gets much...

India cut tariffs on a variety of capital goods and raw material on Sunday in an effort to reduce its dependency on China for essential products?for the energy transition, and to lower costs for exporters who have been hit by?U.S. trade policies. Analysts say that customs reform is crucial to India's goal of $1 trillion in goods exports. They argue that lower input costs will help firms integrate with global supply chains, and attract investment away from China. Nirmala Sitharaman, India's Finance Minister, said that India would reduce the duty on capital goods needed to process vital minerals and manufacture...

Gold prices fell by over 8% on Friday to 'break below $5,000 mark as the dollar strengthened due to the upcoming appointment of the new U.S. Federal Reserve chair. However, the safe-haven material remained on track for its largest monthly gain since 1982 following multiple record highs. As profit-taking took hold, other precious metals have also fallen sharply. Gold spot was down 5% to $5,124.37 per ounce at 1132 GMT. It had fallen earlier in the day to $4,957.54. U.S. gold futures for delivery in February fell by 3.9% to $5118.40. Gold reached a record high of $5,594.82 Thursday, and...

Gold prices fell by over 7% on Friday, breaking?below $5,000. The dollar was strengthening on the news of the imminent appointment of a new U.S. Federal Reserve chair. However, the safe-haven material remained on track for its largest monthly gain since 1999. As profit-taking took hold, other precious metals have also fallen sharply. By 0947 GMT, spot gold had fallen 7.5% to $4.992.05 per ounce. U.S. Gold Futures for February Delivery fell 6.4% to $ 4,985. Gold reached a record high of $5,594.82 in the US on Thursday. It is on course to gain more than 15% this month. This...

ArcelorMittal is a multinational steelmaker that was the former owner Acciaierie d'Italia, an Italian steel company. On Thursday, it announced that it filed a 1.8 billion euro claim ($2.2 billion) against the Italian Government over losses?linked with its investment in ADI's factories. This filing is a 'tit-fortat' move after Italy's state appointed administrators of ADI (formerly known as ILVA) sought around 8 billion euros in damages from ArcelorMittal alleging it mismanaged ADI’s steelworks. Early in 2024, the government assumed control of ADI after ArcelorMittal. ADI has struggled to maintain its production due to high energy costs and low demand. In...

Vedanta, an Indian conglomerate that converts metals into oil, reported a rise in its third-quarter profits on Thursday due to strong base metal prices. Mumbai-based miner’s?consolidated?net profit increased to 57.10bn rupees ($621m) for the quarter ending December 31st from 35.47bn rupees one year earlier. Elara Capital analysts said that the price of aluminium was supported by higher costs for Chinese producers due to winter power cuts and stricter environmental regulations across 'the supply chain. The brokerage said that lower inventories and production disruptions at the major aluminium producer China will likely keep prices stable in the near-term. In the quarter...

According to two sources and an official presentation, India will soon offer incentives to companies to set up nickel and lithium processing plants in order to boost production and meet the rising demand for these critical minerals. India wants to speed up its energy transition by promoting initiatives such as electric vehicles. However, it does not have the technology or capacity to process vital minerals. This is a capability that is largely controlled by China. Nickel and lithium are essential to India's electric vehicle supply chain, particularly when it comes down to batteries. New Delhi is targeting 30% penetration of...

The World Gold Council (WGC), which announced the news on Thursday, said that India's demand for gold is likely to drop in 2026 after a 11% decline last year. A surge in prices will dampen jewellery sales, and offset an increase in investment purchases. Sachin Jain is the chief executive officer of the WGC Indian operations. He said that the demand for gold could be between 600 and 700 tons compared to the 710.9 tonnes last year. This was the lowest level in five years. Jain, the jeweller, said that jewellery buyers prefer stable gold prices. However, recent price increases...

The gold price surpassed $5,300 an ounce on Wednesday for the 'first time,' driven by economic uncertainties and a weakening?U.S. dollar. Investors waited for the Federal Reserve to announce its policy amid growing concerns about their independence. By 12:45 pm, spot gold had risen 1.9% to $5,289.48 per ounce. After reaching a record of $5,311.31, ET (1745 GMT), gold prices fell to $5,289.48 an ounce. The previous session saw prices rise by more than 3%. U.S. Gold Futures for February Delivery jumped by 4% to $5286.50 per ounce. Dollar-priced gold is now cheaper for foreign buyers. Peter Grant, senior metals...

Investors waited for the Federal Reserve to announce its policy, amid growing concerns about the independence of the Fed. By 11:05 am, spot gold had risen 1.7% to $5,278.28 per ounce. After reaching a record of $5,311.31, ET (1605 GMT), gold prices fell to $5,278.28 an ounce. The previous session saw prices rise by more than 3%. U.S. Gold Futures for February Delivery jumped by?3.8% to $5275.30 per ounce. Dollar-priced gold is now cheaper for foreign buyers. Peter Grant, senior metals analyst at Zaner Metals and vice president at Zaner Metals said: "The rally has taken on a new life...

The Indian statistics ministry is proposing to introduce a seasonal version of the closely monitored Index of Industrial?Production data (IIP), in order to reduce any impact that shifting festivals, such as Diwali, have on monthly readings. IIP data includes data from a variety of sectors, including manufacturing, mining and electricity generation. India publishes raw data for the month, without any adjustments. This can be seriously distorted by seasonal patterns and changes in festival dates, as well as differences in working hours. Data is frequently revised to take into account?these disruptions. In a discussion paper released by the Ministry on Wednesday,...

Gold prices rose to $5,300 an ounce on Wednesday for the first-time as a result of waning confidence in the U.S. Dollar and growing concerns about the independence of the U.S. Federal Reserve. Gold spot jumped by 1.3%, to $5,255.95 per ounce, at 1131 GMT, after reaching a record of $5,311.31. Prices rose by more than 3% during the previous session. U.S. Gold Futures for February Delivery jumped by 3.3%, to $5.250 an ounce. "Gold is not only rising because of market anxiety but also due to a shift in confidence towards a more 'cautious stance,'" said Linh Tran senior...

Gold prices surpassed $5,300 an ounce on Wednesday for the first-time as a result of waning confidence in the U.S. Dollar and growing concerns about the independence of the U.S. Federal Reserve. Gold spot jumped by 1.7%, to $5,275.68 per ounce, at 0940 GMT, after reaching a record of $5,311.31. Prices rose by more than 3% during the previous session. U.S. Gold Futures for February Delivery jumped by 3.7%, to $5,271.70 per ounce. "Gold is not only rising due to'market anxiety', but also as confidence in global monetary and fiscal order is shifting towards a more conservative stance," explains Linh...