Base Oil (N70) in Mumbai

India increased its crude oil imports from the U.S. by 67% in March, while Russian imports also increased. Meanwhile, Brent crude prices remain steady below $75 per barrel. ONGC's new crude oil discovery in Uttar Pradesh could reduce India’s import dependence in the long term. Markets are watching Trump’s tariff announcement today for potential global trade disruptions.

Oil & gas product prices remain mixed, with base oils, fuel oils, and lubricants showing grade and packaging-based variations. Global sanctions and trade shifts, particularly U.S. actions against Iranian crude, are creating supply-side uncertainty. OPEC+ production increases and stable inventory levels offer a buffer, but volatility risks remain high.

Petroleum and bitumen prices are on an upward trend in India amid geopolitical tensions, Red Sea disruptions, and strong domestic infrastructure demand. Crude discoveries and global policy shifts add to volatility. While Indian prices rise, European bitumen prices remain weak. Market outlook stays firm, though tempered by economic and geopolitical risks.

Base oil prices in India remain firm despite subdued demand, supported by tight global supply and ongoing refinery maintenance. Domestic sourcing has increased amid competitive pricing. Asia’s Group I and high-viscosity Group II grades face constraints, while Group III remains competitive. Market direction hinges on crude oil trends and refinery restarts.

Crude oil prices dipped slightly, with Brent at $71.91 and WTI at $68.02 per barrel. Indian refiners continue to prioritize discounted Russian crude despite sanctions, with March imports rising to 1.85 million bpd. Domestic petroleum product prices remain steady across key regions, while geopolitical factors continue to shape supply chains.

Crude oil prices are showing modest gains amid OPEC+ cuts and fresh U.S. sanctions on Iran. India’s crude output continues to decline, pushing import dependence to 89.4%. Global supply remains tight. Despite optimistic trends, domestic production struggles persist, reinforcing the need for upstream investment and policy reforms.

Crude oil prices rebounded amid China’s economic growth and geopolitical risks. India’s crude imports increased, with Russia emerging as the top naphtha supplier. Base oil prices remained mostly stable, though buyer sentiment remained cautious. Market volatility is expected due to global economic policies, supply chain disruptions, and geopolitical tensions.

Indian refiners continue to benefit from discounted Russian crude, driving strong fuel exports to the US. Despite sanctions, Russian oil indirectly enters global markets through refined products. Regulatory scrutiny may tighten, but demand for Indian refined fuel remains high. Future trade dynamics will depend on crude prices and policy shifts.

India is diversifying crude oil imports, increasing purchases from Africa and South America while reducing Russian intake due to U.S. sanctions. Despite falling crude prices globally, domestic fuel rates remain stable, benefiting refiners.