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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
716.50
-14.00
641.00
-2.00
Oct 13
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	716.50	-14.00	641.00	-2.00	Oct 13

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
438.39	-0.39	506.19	-2.00	757.24	-1.35	Oct 16

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	400	404	-4	423	453	-30	641	641	0	Oct 16
Singapore	379	399	-20	447	489	-42	655	634	+21	Oct 16
Fujairah	373	373	0	443	478	-35	714	697	+17	Oct 16
Houston	404	380	+24	440	435	+5	645	641	+4	Oct 16

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Latest News
- 2025-10-17
  Russia's Fuel Crisis Spills into Central Asia
  Russia is grappling with fuel shortages and price hikes after a string of Ukrainian attacks on its oil refineries. To protect supplies in Russia, where long lines at gas stations have been reported in some regions, Moscow has banned or restricted the... Read more Russia is grappling with fuel shortages and price hikes after a string of Ukrainian attacks on its oil refineries.
  
  To protect supplies in Russia, where long lines at gas stations have been reported in some regions, Moscow has banned or restricted the export of gasoline and diesel.
  
  The move has triggered fuel shortages and price rises in some of the former Soviet republics of Central Asia, which are heavily reliant on Russian energy.
  
  Tajikistan Among Hardest Hit
  
  Tajikistan, which imports almost all its fuel -- mostly from Russia, has been among the hardest hit.
  
  A strategic partner and close ally of Moscow, Tajikistan still receives Russian fuel under bilateral import agreements.
  
  But prices in Central Asia’s poorest country have increased sharply since Russia first imposed restrictions on energy exports during the summer. A liter of regular gasoline in Tajikistan currently costs up to $1.30, the highest in the region.
  
  Uncertainty over Russia’s exports has forced Tajikistan to diversify its energy consumption model. Many taxis and public transportation vehicles in Dushanbe have switched to liquefied natural gas or electric power, moving away from gasoline.
  
  Still, Dushanbe says its annual gasoline imports from Russia by the end of the year will reach 500,000 tons, a significant rise from 451,000 tons in 2024.
  
  Kyrgyzstan Is Vulnerable
  
  Kyrgyzstan imports more than 90 percent of the gasoline and diesel it consumes from Russia.
  
  As a member of the Moscow-led Eurasian Economic Union, Kyrgyzstan has been shielded from Russia’s export ban.
  
  Even so, Kyrgyzstan has faced price hikes, supply delays, and temporary fuel shortages since the summer.
  
  Experts say Kyrgyzstan is vulnerable because of its almost complete dependence on Russian imports.
  
  “There are few real alternatives to Russian supplies in the short term,” economist Nurgul Akimova told RFE/RL’s Kyrgyz Service. “All these alternatives will require significant investment in infrastructure and will be more expensive than current Russian supplies.”
  
  Uzbekistan Turns To Other Suppliers
  
  Uzbekistan still imports Russian gasoline and diesel as part of government-brokered contracts with Russian companies.
  
  But wary of its overreliance on Russia, Central Asia’s most populous country has increased its fuel imports from Kazakhstan and Turkmenistan -- Central Asia’s two largest exporters.
  
  Uzbekistan has large oil reserves but lacks the infrastructure to boost production. In 2024, its output was only around 63,000 barrels per day.
  
  Tashkent is planning to boost its oil production by upgrading its aging energy infrastructure and attracting foreign investment.
  
  Kazakhstan Largely Self-Sufficient
  
  Unlike many of its neighbors, Kazakhstan is mostly self-sufficient in energy. The country has large energy reserves and possesses the technology to refine its oil.
  
  Kazakhstan annually produces about 14 million tons of petroleum products -- the most in Central Asia -- and imports another 1.2 million tons from Russia every year.
  
  But the country has still been affected by disruptions in Russia’s refining network.
  
  In May, Astana imposed a six-month ban on exports of petroleum products and cracked down on cross-border fuel smuggling.
  
  The moves were aimed at preventing shortages in Kazakhstan. The restrictions are due to expire in November.
  
  The Kazakh government has said it plans to boost fuel exports to other Central Asian countries as well as China and India by 2040.
  
  Turkmenistan Remains Largely Insulated
  
  Turkmenistan’s vast oil and gas reserves, as well as the government’s strict control over production, have kept the country’s domestic market relatively stable.
  
  Subsidized domestic prices mean Turkmen consumers have been largely protected from external disruptions.
  
  “Turkmenistan is the only country in the region that has a surplus of all types of energy resources,” economist Marat Musuraliev told the Kyrgyz Service.
  
  On October 3, the country said it had exceeded its gasoline and diesel production targets during the first nine months of 2025, a claim that RFE/RL could not independently verify.
  
  Turkmenistan produces around 275,000 barrels per day of crude oil and liquid fuels.
  
  Like neighboring Kazakhstan, the country has benefited from the shifting energy landscape -- exporting more petroleum products to markets in the region.
  
  Media reports suggest that Ashgabat is increasing exports to neighboring Uzbekistan and Afghanistan. Source: Oilprice.com
- 2025-10-17
  Oil Tanker Rates Soar as U.S. and China Escalate Port Trade War
  The latest tit-for-tat fees on port callings in the U.S.-China trade spat threaten to create additional vortexes in global oil flows. Shipowners and charterers are scrambling for clarity after China imposed this week a fee on U.S.-owned, operated,... Read more The latest tit-for-tat fees on port callings in the U.S.-China trade spat threaten to create additional vortexes in global oil flows.
  
  Shipowners and charterers are scrambling for clarity after China imposed this week a fee on U.S.-owned, operated, built, or flagged vessels, in retaliation for a similar U.S. move on Chinese ships. China-built ships are exempted from the new Chinese fee, but the impact on oil trade flows would still be significant, at least until owners and charterers find a way to move forward more smoothly in the choppy waters of renewed trade spats.
  
  In these early days of the port fee escalation, the oil tanker market is in chaos as freight rates are rising on expectations of millions of U.S. dollars in additional costs per voyage, and cargoes are being delayed or canceled.
  
  This new chaos creates inefficiencies in the tanker market, drives up freight costs, and adds to already upended flows with sanctions on Chinese crude import terminals and U.S. pressure on Russia’s buyers to halt imports of Russian oil.
  
  Tit-for-Tat Port Fees
  
  The latest turmoil in the tanker market began at the end of last week when China announced it would impose, effective October 14, a port fee of $56 (400 Chinese yuan) per ton on U.S.-flagged, built, operated, or owned vessels at Chinese ports. The fee is set to rise each year, to reach as much as $157 (1,120 yuan) per ton by April 2028.
  
  Related: Crude Oil Could Fall Below $50, BofA Warns
  
  “China's position is consistent. If there's a fight, we'll fight to the end; if there's a talk, the door is open,” a spokesperson for the Chinese commerce ministry said on Tuesday, as carried by the BBC.
  
  “The US cannot demand talks while simultaneously imposing new restrictive measures with threats and intimidation. This is not the right way to engage with China,” the spokesperson said in a statement.
  
  The Chinese retaliatory fees are equivalent to the United States Trade Representative (USTR) charges imposed on Chinese owned/operated vessels.
  
  And these have just thrown the tanker market into turmoil.
  
  “It seems that, not for the first time, the shipping industry is caught up in the geopolitical jostling between the United States and China,” U.S.-based brokers Poten & Partners said on Friday, shortly after China announced its tit-for-tat fees.
  
  This week, shipowners are scrambling to obtain all relevant paperwork, and some are reshuffling corporate structures to lower American ownership to below 25%. A U.S.-held stake below 25% does not trigger the port fees in China.
  
  Even if China-built vessels are exempted from the Chinese fees, 13% of the global crude tanker fleet will be affected by the port fees in China, according to Jefferies analyst Omar Nokta.
  
  Tanker Rates Surge, Again
  
  The result of all the tanker market chaos and uncertainty is soaring freight rates for supertankers to ship crude from the Middle East to China.
  
  The spot rate for a very large crude carrier (VLCC) – capable of transporting up to 2 million barrels of oil – on the Middle East to China route jumped this week to the highest in nearly three weeks.
  
  The previous surge in supertanker freight rates occurred last month as rising crude supply from OPEC+ and South America and a jump in longer-haul routes hiked freight rates for supertankers to levels last seen nearly three years ago.
  
  VLCC rates on the benchmark Middle East-to-China route hit the threshold of $100,000 per day in September. That was the highest in almost three years and well above the previous 2025 high during the Israel-Iran conflict in June, when fears of disruption to supply or trade flows sent charter rates soaring.
  
  Traders estimate for Reuters that a VLCC linked to the U.S. would now be hit with as much as a $15 million surcharge if it calls at a Chinese port—and no one is paying such massive fees.
  
  “It’s not just the dearth of China-compliant ships, it’s also uncertainty of what is a China-compliant ship that’s driving up freight costs in the near term,” Anoop Singh, global head of shipping research at Oil Brokerage Ltd, told Bloomberg.
  
  Due to the port fees and ongoing uncertainties, some ships were idling off China as of Wednesday, shipbrokers and traders tell Bloomberg.
  
  As shipowners and charterers scramble to ease into the new tanker market reality, a two-tier market is emerging, they added. One group of vessel owners is willing to ship cargoes to China, while the other isn’t. The former group is charging premiums to transport crude and other goods to China. The latter is seeking workarounds and is considering mid-voyage ship-to-ship transfers to avoid multi-million dollar fees at a Chinese port for a U.S.-linked vessel.
  
  The port fees are the latest in a series of sudden shifts in global crude flows.
  
  This week, supertankers have started to divert from their original destination of the Chinese port of Rizhao, after the U.S. blacklisted around 100 individuals, vessels, and companies—including the Rizhao Shihua Crude Oil Terminal, which is co-owned by Sinopec, China’s top refiner.
  
  Global crude flows are shifting again due to sanctions and trade disputes, and they could alter yet again in the near term if the U.S. succeeds in pressuring India to reduce Russian crude imports. Source: Oilprice.com
- 2025-10-17
  MABUX: No clear trend is expected in Global bunker market on Oct. 17.
  The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — posted a slight decline on Oct. 16: 380 HSFO: USD/MT 438.39 (-0.39) VLSFO: USD/MT 506.19 (-2.00) MGO: USD/MT 757.24 (-1.35) As of Oct. 16,... Read more The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — posted a slight decline on Oct. 16:
  
  380 HSFO: USD/MT 438.39 (-0.39)
  VLSFO: USD/MT 506.19 (-2.00)
  MGO: USD/MT 757.24 (-1.35)
  
  As of Oct. 16, the MABUX Market Differential Index (MDI) — which tracks the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) — reflected the following pricing dynamics across the four major global bunker hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Fujairah reached a 100 percent correlation between MBP and DBP. Rotterdam and Singapore remained underpriced, though discounts narrowed by $3 and $1, respectively. Houston was the only overcharged zone, with its premium widening by $5. MDI in Rotterdam stayed close to full MBP–DBP correlation.
  
  • VLSFO segment: Rotterdam, Singapore, and Fujairah were undercharged, with discounts narrowing by $2, $1, and $3, respectively. Houston continued to show an overcharge, with the premium unchanged. The MDI in Houston stayed near a 100 percent correlation level.
  
  • MGO LS segment: Rotterdam registered a full 100-percent correlation between MBP and DBP. Houston continued to show an overcharge, with the premium unchanged. The MDI in Houston stayed near a 100 percent correlation level.
  
  We do not expect a sustainable trend in the Global bunker market on Oct. 17: 380 HSFO – minus 2-4 USD/MT, VLSFO – minus 2-4 USD/MT, MGO LS – plus-minus 2-4 USD/MT.
  Source: MABUX
- 2025-10-17
  EIA Confirms US Crude Oil Inventories Are Rising
  Crude oil inventories in the United States increased by 3.5 million barrels during the week ending October 10, after gaining 3.7 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on... Read more Crude oil inventories in the United States increased by 3.5 million barrels during the week ending October 10, after gaining 3.7 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The increase brings commercial stockpiles to 423.8 million barrels according to government data, which is still 4% below the five-year average for this time of year.
  
  The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories grew by a massive 7.36 million barrels.
  
  Crude prices were trading down again on Thursday morning in the run-up to the EIA data release—rounding out a third day of price drops. At 11:53 a.m. in New York, Brent was trading at $61.52 per barrel—down $0.39 (-0.63%) on the day and a roughly $4.50 per barrel decrease over last week’s level. WTI was also trading down, by $0.34 per barrel (-0.58%) in mid-morning trade.
  
  For total motor gasoline, the EIA reported that inventories had contracted by 300,000 barrels, after the week prior’s 1.6-million-barrel decrease. The most recent figures showed average daily gasoline production decreasing to 9.4 million barrels. For middle distillates, inventories decreased by 4.5 million barrels, with production decreasing by 577,000 barrels daily to an average of 4.6 million barrels daily. Distillate inventories had increased 600,000 barrels in the week prior and are now 7% below the five-year average for this time of year.
  
  Total products supplied over the last four weeks slipped to 20.7 million barrels per day, down 0.5% compared to the same period last year. Gasoline demand averaged 8.7 million barrels per day over the last four weeks, while the distillate four-week average supplied rose to 4.0 million barrels—up 0.2 percent year over year.
  
  Source: Oilprice.com
- 2025-10-17
  Traders Spooked by Massive Crude Inventory Build
  The American Petroleum Institute (API) estimated that crude oil inventories in the United States increased by a large 7.36 million barrels in the week ending October 10. Analysts had forecast a much smaller 120,000-barrel build for the week. Today’s build... Read more The American Petroleum Institute (API) estimated that crude oil inventories in the United States increased by a large 7.36 million barrels in the week ending October 10. Analysts had forecast a much smaller 120,000-barrel build for the week. Today’s build comes after the IEA predicted a smaller global oil demand growth estimate for this year, along with a higher supply growth, which would, according to the agency, result in a rather large supply overhang globally.
  
  But crude oil inventories in the United States are not showing signs of an inventory overhang, with net crude oil inventories just 7.9 million barrels higher than they were at the beginning of the year, according to Oilprice calculations of API data.
  
  Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) have risen by 700,000 barrels to 407.7 million barrels in the week ending October 10 as the government attempts to replenish stockpiles that were eaten into by the previous administration.
  
  US production has reached an all-time high for the week of October 3, of 13.629 million bpd, according to the EIA.
  
  At 4:14 pm ET, Brent crude was trading down again, by $0.28 (-0.45%) on the day, reaching $62.11 $65.73. Brent prices are now down $3.60 per barrel from this time last week following a fragile ceasefire and hopes of a lasting peace deal, on top of the IEA’s gloomy predictions of a bearish market. WTI was also trading down on the day, by $0.26 (-0.44%) at $58.44.
  
  Gasoline inventories also saw a build, of 2.99 million barrels in the week ending October 10, after falling by 1.245 million barrels in the week prior. As of last week, gasoline inventories were about 1% below the five-year average for this time of year, according to the latest EIA data.
  
  Distillate inventories fell in the reporting period, losing 4.79 million barrels on top of the week prior’s 1.822-million-barrel drawdown. Distillate inventories were already 6% below the five-year average as of the week ending October 3, the latest EIA data shows.
  
  Cushing inventory data was not available at the time of writing. Source: Oilprice.com
- 2025-10-17
  EIA: North America’s LNG Export Capacity Could More Than Double by 2029
  North America’s liquefied natural gas export capacity could more than double by 2029 as new terminals across the United States, Canada, and Mexico move toward completion, according to the U.S. Energy Information Administration (EIA). The agency’s latest... Read more North America’s liquefied natural gas export capacity could more than double by 2029 as new terminals across the United States, Canada, and Mexico move toward completion, according to the U.S. Energy Information Administration (EIA). The agency’s latest forecast, reported by Reuters, projects a jump from roughly 14 billion cubic feet per day (bcf/d) in 2024 to more than 29 bcf/d by 2029.
  
  The EIA attributes the increase to seven large U.S. export terminals under construction, including Golden Pass LNG, Plaquemines LNG, and Driftwood LNG. The projects, once operational, would position North America to supply nearly 40 percent of global LNG capacity by the end of the decade.
  
  Delays, however, remain a risk.
  
  The Golden Pass venture, backed by QatarEnergy and ExxonMobil, has sought a deadline extension until 2029 after contractor Zachry Group filed for bankruptcy, forcing a partial suspension of construction earlier this year. The joint venture told regulators that labor and equipment bottlenecks have pushed first LNG production beyond 2025, though some commissioning work continues at the Texas site, according to East Daley Analytics and RBN Energy.
  
  Venture Global’s Plaquemines LNG project in Louisiana is targeting late 2026 for Phase 1 and mid-2027 for full capacity after revising its capital cost by roughly $2 billion to reflect higher construction and materials expenses, per Reuters. The developer has secured long-term supply agreements covering nearly all 20 million tonnes per year of capacity, and recently asked federal regulators for an extension to align the project’s schedule, according to the Federal Register notice.
  
  Driftwood LNG, now operating under the name Louisiana LNG Infrastructure, began site work in September 2025 following a change in ownership to Woodside Energy. The $17.5 billion project, located near Sulphur, Louisiana, has received new state and federal permits but remains in early construction with no confirmed commissioning date, according to KPLC News.
  
  Despite schedule uncertainty, the EIA said that most Gulf Coast facilities have reached final investment decisions, backed by long-term supply contracts with buyers in Europe and Asia seeking to reduce dependence on Russian gas. Source: Oilprice.com
- 2025-10-17
  Africa’s Largest Refinery Faces Setbacks in Gasoline Production
  Gasoline markets in Africa and nearby regions are tightening as the biggest refinery in Africa, the Dangote plant in Nigeria, has slashed crude oil purchases in recent weeks amid operational challenges. The refinery is set to buy fewer than 300,000... Read more Gasoline markets in Africa and nearby regions are tightening as the biggest refinery in Africa, the Dangote plant in Nigeria, has slashed crude oil purchases in recent weeks amid operational challenges.
  
  The refinery is set to buy fewer than 300,000 barrels per day (bpd) of crude oil in October, Bloomberg reported on Thursday, citing vessel-tracking data and allocation lists. That’s half compared to the over 600,000 bpd purchases in July.
  
  The gasoline unit at the plant has been a substantial supplier of the fuel in Nigeria and abroad since it began operations last year. However, issues at the refinery, including operational setbacks, unplanned outages, a strike, and suspected sabotages by workers amid restructuring, have crippled gasoline output in recent months.
  
  The three-day national strike at the end of September prompted by layoffs at the Dangote refinery has led to production losses of 600,000 barrels, the chief executive of the Nigerian National Petroleum Company said earlier this month.
  
  In the middle of this year, the Dangote refinery was buying large volumes of U.S. crude WTI, and American crude volumes exceeded local Nigerian crude in supplies for the plant in July.
  
  The 650,000-barrels-per-day Dangote refinery, which began operations last year, has just started exporting fuel to regions other than West Africa.
  
  Since July, the refinery has continued to import U.S. crude, but at lower levels, and has cut purchases of Nigerian crude, too.
  
  Dangote is estimated to have 287,000 bpd of crude supplied in October, of which 153,000 bpd of Nigerian crude and the remaining consisting of U.S. crude, per Bloomberg’s estimates.
  
  The low levels of gasoline output are set to continue into next year, analysts told Bloomberg.
  Subdued crude buying these days also signal issues at the gasoline producing unit. Reduced supply from Dangote has strengthened the European gasoline market in recent weeks.
  
  “European gasoline has been extremely strong as a result of Dangote’s issues,” Sparta Commodities analyst Neil Crosby told Bloomberg. Source: Oilprice.com
- 2025-10-17
  Saudi Aramco: Underinvestment Could Lead to Oil Supply Crunch
  The oil industry must step up exploration and investment in new supply; otherwise, the world risks a supply shortage, according to Amin Nasser, the chief executive of the Saudi state oil giant Aramco. “We had a decade . . . where people didn’t explore.... Read more The oil industry must step up exploration and investment in new supply; otherwise, the world risks a supply shortage, according to Amin Nasser, the chief executive of the Saudi state oil giant Aramco.
  
  “We had a decade . . . where people didn’t explore. It’s going to have an impact,” Nasser told the Financial Times.
  
  “If it doesn’t happen, there will be a supply crunch,” said the top executive of the world’s biggest oil firm by both production and market value.
  
  Earlier this week, Nasser said in a speech at the 2025 Energy Intelligence Forum that the energy transition faces a reality check and reality on the ground points not to an energy transition, but to “an energy addition which requires all hands on deck.”
  
  “We also see resilient demand, and the pressing need for long-term investments in supply is now widely accepted,” Nasser said.
  
  Aramco and OPEC have been warning for years that the dearth in oil exploration, also driven by net-zero policies in recent years, would come back to bite the global consumers and economies with not enough oil supply.
  
  The world needs more investment in oil and gas as they will continue to account for a large part of the energy mix in 2050, OPEC Secretary General Haitham Al Ghais said on Wednesday, reiterating the cartel’s view that investment in new supply will be needed in the foreseeable future.
  
  The world needs global oil industry investment of $18.2 trillion out to 2050, Al Ghais wrote earlier this year in a foreword to OPEC’s 2025 annual World Oil Outlook (WOO). The latest OPEC take on global energy is that oil demand is set to continue rising through 2050, with consumption expected at 123 million barrels per day (bpd) then, up from about 104 million bpd this year.
  
  Without a jump in exploration and supply investment, a shortage is looming, Aramco and OPEC say.
  
  In recent months, energy security and affordability have trumped fears of stranded assets, prompting the world’s biggest international oil and gas firms to shift focus back to exploration after years of trying to develop clean energy solutions. Source: Oilprice.com
- 2025-10-17
  India Set to Boost LPG Imports from U.S.
  In a move to help the chances of a trade deal with the United States, India intends to raise imports of U.S. liquefied petroleum gas (LPG) and reduce such purchases from the Middle East, anonymous sources familiar with the plans told Reuters on Thursday.... Read more In a move to help the chances of a trade deal with the United States, India intends to raise imports of U.S. liquefied petroleum gas (LPG) and reduce such purchases from the Middle East, anonymous sources familiar with the plans told Reuters on Thursday.
  
  State-owned refiners in India have informed their traditional large LPG suppliers from the Gulf – Saudi Arabia, Kuwait, the United Arab Emirates (UAE), and Qatar – that they should expect potentially lower nominations for their product from India, according to Reuters’ sources.
  
  Earlier this month, tender documents reviewed by Bloomberg showed that India’s biggest state-owned oil companies seek long-term supply of the cooking fuel from the United States for the first time.
  
  India has long-term deals to procure LPG from Saudi Arabia. Now it seeks U.S. LPG supply, after signaling it would look to buy more of America’s energy products to appease the U.S. Administration and prompt it to review the 50% tariffs on Indian goods.
  
  The U.S. introduced the massive tariff in early August, doubling the previous 25% tariff due to India’s continued imports of crude oil from Russia.
  
  Indian officials are currently discussing trade relations with the U.S. in Washington.
  
  In the latest development in India’s energy procurement policies, U.S. President Donald Trump said on Wednesday that India had agreed to cut imports of Russian crude oil.
  
  According to the U.S. President, India’s Prime Minister Narendra Modi had assured him that Indian refiners would stop buying Russian crude “within a short period of time”.
  
  Russian oil imports account for about a third of all crude arrivals in India, which has significantly boosted Russian crude buying in the past three years.
  
  Officially, India on Thursday neither confirmed nor denied that it would indeed cut or halt imports of Russian crude.
  
  In response to comments on India’s energy sourcing, Randhir Jaiswal, an official spokesperson for the Foreign Ministry, said “India is a significant importer of oil and gas. It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. Our import policies are guided entirely by this objective.” Source: Oilprice.com
- 2025-10-17
  India Says Consumers Are Priority Amid U.S. Pressure to Cut Russian Oil
  India is prioritizing the interest of its consumers in its policies to source energy products, the Indian Foreign Ministry said on Thursday, after U.S. President Donald Trump said on Wednesday that India had agreed to cut imports of Russian crude oil.... Read more India is prioritizing the interest of its consumers in its policies to source energy products, the Indian Foreign Ministry said on Thursday, after U.S. President Donald Trump said on Wednesday that India had agreed to cut imports of Russian crude oil.
  
  President Trump said on Wednesday that India had agreed to reduce its imports of Russian energy after months of stating it would not do so.
  
  According to the U.S. President, India’s Prime Minister Narendra Modi had assured him that Indian refiners would stop buying Russian crude “within a short period of time”.
  
  Russian oil imports account for about a third of all crude arrivals in India, which has significantly boosted Russian crude buying in the past three years.
  
  Some refiners in India have started to prepare to reduce their purchases of Russian crude, Reuters reported today, citing unnamed sources in the know. The sources said the reduction would be gradual.
  
  Officially, India on Thursday neither confirmed nor denied that it would indeed cut or halt imports of Russian crude.
  
  In response to comments on India’s energy sourcing, Randhir Jaiswal, an official spokesperson for the Foreign Ministry, said “India is a significant importer of oil and gas. It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. Our import policies are guided entirely by this objective.”
  
  The spokesperson noted that “Ensuring stable energy prices and secured supplies have been the twin goals of our energy policy. This includes broad-basing our energy sourcing and diversifying as appropriate to meet market conditions.”
  
  The only reference to the United States in the short statement from the Indian ministry was “Where the US is concerned, we have for many years sought to expand our energy procurement. This has steadily progressed in the last decade. The current Administration has shown interest in deepening energy cooperation with India. Discussions are ongoing.” Source: Oilprice.com

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