LubriEdge Gear Oil (Gear Oil 150) in Bhiwadi

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.

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.

Petroleum product prices remain stable, with base oil, fuel oil, and specialty oil rates varying by grade and packaging. Russian crude exports to India declined due to US sanctions, raising concerns over rising costs. Indian refiners are negotiating deeper discounts, while long-term supply agreements remain uncertain amid evolving global trade policies.

China’s crude oil imports fell 5% in early 2025 due to U.S. sanctions and port restrictions, raising freight costs and limiting supply. Refined product exports dropped 18%, while LNG imports declined 7.7%. However, imports are expected to rebound in March-April as refiners adapt, securing alternative crude and attracting more non-sanctioned tankers.

India's crude oil imports from the U.S. hit a two-year high as refiners sought alternatives to Russian supplies amid sanctions. Russian imports declined slightly, with Middle Eastern suppliers filling the gap. Fresh U.S. sanctions on Russian oil impacted revenues, reshaping global trade flows. Competitive pricing and supply diversification will continue.

India's petroleum market is witnessing a shift in crude oil supply as Russian Urals shipments to Turkey decline, increasing availability for Indian refiners. Oil prices remain volatile due to OPEC+ production hikes and geopolitical uncertainties. Despite increased supply, India's demand for Urals crude remains strong, supported by long-term contracts.

India's crude oil imports from Russia have dropped to their lowest in over a year due to fresh Western sanctions. Refiners are shifting focus to Iraq, Saudi Arabia, and African suppliers to ensure stability. Meanwhile, crude prices rise on strong Chinese manufacturing data, influencing global market trends.

India's crude oil demand is projected to rise significantly, reaching 6.5-7 million bpd. While domestic refining expansions aim to reduce import dependency, geopolitical shifts and global oil price volatility pose challenges. With energy security in focus, India's strategic investments in biofuels and refining infrastructure will shape future market dynamics.