Brent crude oil prices are holding steady right now, hovering between $67 and $69 per barrel. Without any major global events shaking things up, volatility stays low, and India’s heavy purchases of Russian oil are playing a big role in keeping costs in check, according to a new report.
As one of the world’s top crude oil importers, India keeps affordable energy at the top of its list to support everyday citizens. The report from Emkay Wealth Management Ltd notes that India’s imports sit at about 1.5 million barrels per day, and that’s likely to remain stable. Russian supplies have been crucial here, helping drive down prices and ease the burden on the economy.
Looking ahead, the real game-changer could be upcoming US sanctions and tariff policies. Those moves in the next few months might shift the oil market dynamics.
China’s getting in on the action too, boosting its buys of Russian oil to fuel its own growing needs. With both India and China leaning on Russia, experts expect oil prices to stay range-bound for now—a welcome break for oil-importing countries everywhere.
For India, these lower energy costs are a lifeline. They help tame inflation and keep the overall economy on solid ground. The report highlights how India’s push for cheap crude strikes a smart balance between global politics and homegrown economic goals, especially as energy security heats up worldwide.
On the international front, US Energy Secretary Chris Wright is singing India’s praises. Speaking at a press conference in New York this week, he called New Delhi an “awesome ally” and declared himself a “huge fan of India.” Wright pointed to India’s status as the world’s largest democracy, its fast-growing economy, and booming energy demand as people build better lives and opportunities.
“A lot of my early time in this role was spent working with India,” he said. “We love India, and it’s time to deepen our energy ties.”
This comes as India’s Commerce and Industry Minister Piyush Goyal pushes for stronger India-US energy trade, aiming to expand partnerships in the sector.
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