(By Oil & Gas 360) – The European Union is weighing a plan to permanently ban Russian oil imports and to impose a full ban on providing shipping and related services for Russian oil, escalating its efforts to tighten pressure on Moscow. EU pushes harder on Russian oil as Moscow fires back- oil and gas 360 But turning that proposal into reality would likely require coordination beyond Brussels, including backing from G7 partners that play a central role in global maritime insurance and shipping finance. ...

Croatia must allow Russian oil flows to Hungary and Slovakia, MOL says | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer [Purchase Licensing Rights, opens new tab]- Companies[Janaf dd]Follow[MOL Group]Follow[MOL Magyar Olaj es Gazipari Nyrt]FollowFeb 20 (Reuters) - Croatian pipeline operator JANAF [(JANF.ZA), opens n ...

Hungary asks Croatia for help after Russian oil flows via Ukraine halted | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]Item 1 of 2 Fuga Bluemarine crude oil tanker lies at anchor near the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. REUTERS/Tatiana Meel[1/2]Fuga Bluemarine crude oil tanker lies at anchor near the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, ...

Core Viewpoint - The United States has granted a general license to Reliance Industries, allowing the company to purchase Venezuelan oil directly, which is expected to facilitate a significant oil supply deal and reconstruction plan for Venezuela's energy sector [1]. Group 1: License and Impact - The general license permits the purchase, exportation, and sale of Venezuelan-origin oil that has already been extracted, including its refining [1]. - This license could accelerate Venezuela's oil exports and lower crude costs for Reliance, which operates the world's largest refining complex [1]. - Reliance had previously ceased Venezuelan oil purchases due to U.S. sanctions but is now positioned to resume these activities [1]. Group 2: Market Dynamics - Reliance's direct purchase of Venezuelan oil is seen as a cost-effective strategy to replace Russian oil, as Venezuelan heavy crude is sold at a discount [1]. - The company recently acquired 2 million barrels of Venezuelan oil from trader Vitol, which also received U.S. licenses to market and sell Venezuelan oil [1]. - Indian refiners, including Reliance, are avoiding Russian oil purchases for April delivery, which may facilitate a trade agreement with the U.S. [1]. Group 3: Geopolitical Context - The easing of sanctions follows the U.S. capture of Venezuelan President Nicolas Maduro, indicating a shift in U.S. policy towards Venezuela's energy sector [1]. - President Trump has encouraged India to increase oil purchases from both the U.S. and Venezuela, further influencing market dynamics [1].

Core Viewpoint - Indian refiners are avoiding Russian oil purchases for April delivery, which may facilitate a trade agreement between New Delhi and Washington [1] Group 1: Industry Impact - The decision by Indian refiners to steer clear of Russian oil is expected to extend beyond April, indicating a significant shift in sourcing strategies [1] - This move could enhance India's diplomatic relations with the United States, potentially leading to a favorable trade pact [1] Group 2: Market Dynamics - The avoidance of Russian oil by Indian refiners reflects broader geopolitical considerations affecting global oil trade [1] - The refining and trade sectors are closely monitoring these developments, as they may influence pricing and supply chain dynamics in the oil market [1]

Core Viewpoint - The recent U.S.-India trade deal, which includes India's agreement to halt Russian oil purchases, is met with skepticism regarding its actual implementation, given India's historical ties with Russia and its need for affordable oil. Group 1: U.S.-India Trade Deal - President Trump announced a trade deal with India, stating that India agreed to stop buying Russian oil and increase purchases from the U.S. and potentially Venezuela [4] - The U.S. will reduce the main tariff on India from 25% to 18% and remove an additional 25% penalty tariff imposed last summer [6] - Modi confirmed the deal, expressing satisfaction over reduced tariffs for Indian products [7] Group 2: Russia's Response - The Kremlin has not received any official communication from India regarding the cessation of oil purchases, emphasizing the importance of the strategic partnership with India [2] - Deputy Prime Minister Alexander Novak downplayed the potential loss of Indian custom, stating that energy resources remain in demand [3] Group 3: Skepticism and Analysis - Analysts express doubt that India will completely end Russian oil purchases due to its need for cheap oil and the desire to maintain foreign policy autonomy [7][8] - Evan A. Feigenbaum noted that India is unlikely to make explicit commitments against Russian oil, as it would undermine its defense relationship with Russia [9] - Farwa Aamer highlighted that India will need to balance its relations with both Russia and the U.S. while navigating its oil import structure [10] Group 4: Economic Implications - Moody's Ratings agency indicated that India is unlikely to completely turn away from Russian oil due to potential economic impacts, including increased manufacturing costs and higher consumer prices [11] - A complete shift away from Russian oil could disrupt India's economic growth and lead to tighter supply and higher inflation [12]

The oil tanker "Grinch" (R), suspected of belonging to the Russian's shadow fleet, is seen outside the coast of Martigues near the port of Marseille-Fos on January 25, 2026, as it's surveilled by the French Navy.President Donald Trump announced a U.S. trade deal with India on Monday which he said includes a promise to from India to stop buying Russian oil and buy from Venezuela, but data shows the shadow fleet of tankers moving sanctioned crude continues to unload at Indian ports.Global data and analytics f ...

Core Viewpoint - Indian refiners require a wind-down period to finalize Russian oil deals before any potential halt in imports from Russia, and the government has not yet mandated a stop to these imports [1] Group 1 - Indian refiners are currently engaged in Russian oil deals that need to be completed before any import cessation can occur [1] - The government has not issued any orders to stop imports of Russian oil at this time [1]

Core Viewpoint - The United States will reduce its punitive tariff on Indian imports from 25% to 18% as part of a new trade deal with India, which involves India ceasing its purchases of Russian crude oil and increasing imports from the U.S. [1][2][4] Trade Agreement Details - The agreement is framed as a significant geopolitical win, with India agreeing to stop buying Russian oil and to increase purchases from the U.S. and potentially Venezuela, contributing to efforts to end the war in Ukraine [2][4] - The deal is characterized by a deepening of U.S.-India trade and energy ties, marking a shift from previous tariff escalations [4][6] - The U.S. will cut its "reciprocal tariff" on Indian goods to 18%, while India will eliminate tariffs and non-tariff barriers on American products [8][10] Economic Impact - Following the announcement, India's Nifty 50 index futures surged by 3.8%, and the U.S.-listed iShares MSCI India ETF rose by 2.4%, indicating positive market sentiment [5] - The Indian rupee gained 1% against the dollar in offshore trading, reflecting investor confidence in the new trade dynamics [5] Energy Sourcing Challenges - India has been importing approximately 1.5 million barrels per day of Russian crude, and transitioning away from this sourcing will be complex and time-consuming [7] - Indian officials have previously defended these imports as essential for energy security, highlighting the challenges in shifting energy sourcing [7] Future Commitments - Modi has committed to a substantial "BUY AMERICAN" initiative, which includes over $500 billion in U.S. energy, technology, agriculture, coal, and other exports [8]

Core Insights - The United States has informed India that it can soon resume purchasing Venezuelan oil, which was previously restricted due to tariffs imposed last year [1] - This decision is aimed at helping India replace its imports of Russian oil [1] Group 1 - The U.S. imposed tariffs on India for buying Venezuelan oil last year [1] - India is now allowed to resume those purchases to mitigate the impact of reduced Russian oil imports [1]