India to Buy More Oil From US Amid Trump’s Calls to Lower Russian Oil Purchase

The Commerce and Industry Minister Piyush Goel said that India could buy more oil from the US as Donald Trump continues to pressure India and China to lower the purchase of Russian oil, reported Times of India. Higher imports of oil and gas will help the US lower the trade deficit of over $41 billion from India. 

The government is also trying to seek the removal of 25% secondary sanctions and the officials said that they are also trying to reduce the 25% of reciprocal tariffs so that the others do not have any comparative advantage. 

Trump Resumes Pressures on Europe to Ban Russian Oil 

US President Donald Trump has renewed his pressure on the European Union to ban buying Russian oil to put pressure on Russian President Vladimir Putin to end the war on Ukraine, reported Bloomberg.

Direct purchases of Russian oil are banned in the European Union since 2022, smaller amounts of Russian oil still reach Eastern Europe and European nations also import diesel from India and Turkey where Russian crude oil is refined.

October Price of Russian Urals Crude Price Rises In India Despite Growing Sanctions Risks

The price for Russia Urals Crude Oil is up in India despite the growing sanctions risks as Ukraine attacks on ports and pipelines and prompts to tighten sanctions, reported Reuters. 

Ukrainian attacks previously disrupted exports in September which heightened the risk of production cuts and forced Russia to send oil to other ports to reduce the impact. 

Nayara Energy To Sell Russian Oil on Discount to PSUs As EU Blocks Export

Nayara Energy is in talks with the Indian public sector units (PSU) to sell the petrol and diesel at a $1-2 per barrel discount as EU blocks the entry of Russian oil, reported ET Energyworld.

The Roseneft-backed company is in talks with Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation to place its refined fuel with them. These oil companies also sought a discount from them 

India to launch ₹3,200 crore Offshore Drilling Drive to Cut Imports and Discover Hydrocarbons

State-run oil explorers, Oil India Limited and ONGC are planning to begin a ₹3,200 crore offshore drilling drive to discover new hydrocarbon reserves and cut reliance on imports, reported PTI. 

In the first phase of the drive, four wells will be drilled in deepsea of Andaman, Mahanadi, Saurashtra, and Bengal sedimentary basins. Global energy giant BP will be providing the technical expertise in identifying the location as well as drilling. 

Oil and Gas Field Output Decline Accelerates due to Reliance on Shale and Offshore Resources

Oil and gas field output have declined with a gathered speed due to higher reliance on shale and deep offshore resources, reported the International Energy Agency (IEA). The report said that without continued investment in these fields, the world could lose the equivalent of Brazil and Norway’s combined production from the global oil balance each year.

Using data from approximately 15,000 oil and gas fields, it was found that after reaching peak production, conventional oil fields experienced an average annual decline of 5.6%, while conventional gas fields saw a decline of 6.8%.

Trump Urges British PM to Explore North Sea for Oil and Gas to Cut Energy Bills

US President Donald Trump urged UK prime minister Keir Starmer to explore the North Sea for oil and gas while calling wind power an expensive joke, reported The Standard. Starmer’s government has ruled out any new licenses in the North Sea, while focusing on renewable and nuclear energy for electricity.

To ensure the price and the cost of energy comes down, they will be relying on the mix of oil and gas from the North Sea and mix it with renewable energy, which is very essential, said Starmer. 

Exxon Seeks Trump’s Help to Revoke EU’s Sustainability Law

Exxon, a major company in the oil and gas sector, is seeking help from US President Donald Trump to revoke the European Union’s sustainability law stating that it could push US businesses out of Europe, reported Reuters.

The EU earlier this year brought some changes in the sustainability laws in response to the criticism from businesses and leaders from Germany and France. The oil major’s CEO said that these changes are not enough and should be revoked entirely.

About The Author

Editorial Team

A team of handpicked and dedicated writers committed to fact check each climate-related statement. Go to the roots and intent of each policy implemented, internationally and at home to help you understand climate better

See author's posts