Crude Oil | DD News

March 3, 2026 10:20 AM

India’s Petroleum Ministry assures availability, affordability of energy amid West Asia crisis

Union Petroleum and Natural Gas Minister Hardeep Puri on Monday reviewed the supply situation for crude oil, LPG, and other petroleum products with senior officials from the Ministry and PSUs, amid tensions in West Asia. The Petroleum Ministry has said it is continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure the availability and affordability of major petroleum products in the country. India is a major importer of crude oil and natural gas ...

March 2, 2026 10:14 AM

Crude oil surges over 7% amid escalating Israel-Iran conflict

Global crude oil prices surged by more than 7 per cent on Monday as tensions in West Asia escalated following US and Israeli military strikes on Iran. Brent crude futures rose to $82.37 per barrel, the highest level since January 2025. Brent was trading 7.60 per cent higher at $78.41 per barrel, while US West Texas Intermediate (WTI) crude gained 7.19 per cent to $71.86. The spike follows reports that Iran has suspended navigation through the strategically vital Strait of Hormuz, prompting gov...

September 2, 2025 7:22 PM

Iran Oil Exports Hit Record High Despite Sanctions and Conflict

Iran’s crude oil and condensate exports have reached a new high over the past 12 months despite the imposition of 14 U.S. sanction packages totaling 465 measures, including the toughest oil-related restrictions since 2018. According to the Iranian Oil Ministry’s news service, oil exports remain a critical driver of the economy, accounting for 30 to 40 percent of government revenue and supporting infrastructure, industrial development, and social programs, while also serving as a key instrume...

July 20, 2025 12:38 PM

India taking steady, confident steps towards oil self-sufficiency: Hardeep Singh Puri

India is taking steady and confident steps towards oil self-sufficiency, and under Prime Minister Narendra Modi’s leadership, the country is securing its energy future, Petroleum Minister Hardeep Singh Puri said on Sunday. With one million square kilometres of offshore area now open for oilfield exploration and 99 per cent of ‘No-Go’ areas cleared, the minister announced on social media platform X that the groundwork is being laid for major energy progress. The oil and gas blocks offered...

July 7, 2025 12:55 PM

Oil tumbles as OPEC+ hikes August output more than expected

Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over U.S. tariffs and their potential impact on global economic growth weighed on demand expectations. Brent crude futures LCOc1 fell 24 cents, or 0.35%, to $68.06 a barrel by 0642 GMT, while U.S. West Texas Intermediate crude CLc1 was at $66.31, down 69 cents, or 1.03%. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed...

June 17, 2025 1:21 PM

Oil prices continue to surge amid growing Israel-Iran tensions

Oil prices rose sharply on Tuesday after US President Donald Trump called for the evacuation of Tehran, raising fears of a wider conflict in the Middle East. The prices jumped initially but later eased, as the market stayed cautious about any major disruption in oil supplies. Brent crude oil went up by as much as 2.2 per cent before falling slightly to trade just above $73 a barrel. West Texas Intermediate (WTI) also rose and hovered near $72. This comes after oil prices had dropped on Monday...

February 10, 2025 5:39 PM

India expands crude imports to 40 countries; Argentina joins as new supplier: Hardeep Puri

India has further diversified its crude oil imports, now sourcing from 40 countries, with Argentina joining as the latest supplier, Union Petroleum Minister Hardeep Singh Puri announced on Monday. Speaking at a press conference ahead of India Energy Week 2025, Puri highlighted the country’s ongoing efforts to secure oil supplies from multiple sources to meet its growing energy demands. "From 27 suppliers, we have now expanded to 40 suppliers. We recently added Argentina to the list," Puri to...

January 31, 2025 10:39 PM

Core sector industries record 4% growth in December

India's eight core sector industries recorded a 4% year-on-year growth in December 2024, driven by increased production in coal, steel, and electricity, according to government data released on Friday. The core industries include coal, natural gas, crude oil, refinery products, fertilizers, cement, steel, and electricity, comprising 40.27% of the Index of Industrial Production (IIP). The growth rate of these industries serves as an indicator of overall industrial growth. With the exception of ...

December 2, 2024 6:56 PM

Govt withdraws windfall tax on ATF, crude, petrol, and diesel, easing burden on oil companies

The government on Monday announced the withdrawal of the windfall tax on Aviation Turbine Fuel (ATF), crude oil, petrol, and diesel through a notification introduced in the Lok Sabha. The decision comes as a major relief for oil companies like Reliance Industries and ONGC, which had been bearing the burden of the tax since its imposition in July 2022. The windfall tax was initially introduced to capture a portion of the excess revenue earned by oil companies due to soaring global crude prices a...

October 4, 2024 4:27 PM

Israel-Iran conflict will not significantly impact India’s crude oil imports

The ongoing conflict between Israel and Iran is unlikely to have a significant impact on India's crude oil imports, as analysts point out that India sources only a negligible volume of oil from Iran. The country currently imports oil from around 40 nations, including major suppliers like Russia, Iraq, Saudi Arabia, Abu Dhabi, and the USA, allowing India to effectively manage its supply needs. However, the geopolitical tensions between Israel and Iran could lead to increased price volatility in...