Should India stop buying US LNG?: Former diplomat slams US over oil hypocrisy, Pakistan ties
Former Indian Foreign Secretary Kanwal Sibal fired back at U.S. criticism over Russian oil purchases, accusing Washington of hypocrisy in global trade and foreign policy, while questioning its support for Pakistan and growing ties with China. In a pointed post on X, Sibal responded to Republican Congressman Don Bacon’s call for India to “pay out the nose” for buying Russian energy. Bacon claimed that “the largest democracy in the world should stand with Ukraine.” Sibal didn’t hold back. “Since the US has invaded so many countries should India stop buying US LNG, amongst other things?” he asked. He then blasted America’s record of backing “a terror sponsoring Islamist state like Pakistan” and criticized Trump’s new push for investment in Pakistan’s “massive oil reserves.” The former diplomat also took aim at America’s deepening trade ties with China. “What is the explanation for the world’s oldest democracy building its biggest trade partnership with a communist dictatorship like China instead of India?” he asked. “Some introspection would be helpful.” Sibal’s comments come as U.S.-India tensions rise over New Delhi’s ongoing purchases of discounted Russian crude. Prime Minister Narendra Modi, facing 25% tariffs imposed by the Trump administration, recently called for bolstering domestic production and signaled that India will continue prioritizing energy security over geopolitical pressure.
IOC buys seven million barrels of U.S., West Asia crude after Russian oil pause
Indian Oil Corporation (IOC), the country’s top refiner, has bought seven million barrels of September-arrival crude from the United States, Canada and West Asia via a tender, several trade sources said on Monday (August 4, 2025). IOC’s large spot crude purchase comes after the arbitrage window for U.S. crude to Asia opened and as Indian state refiners paused buying of Russian crude oil on narrowing discounts. U.S. President Donald Trump has warned countries not to purchase oil from Moscow, which is under sanctions over its February 2022 full-scale invasion of Ukraine. IOC bought 4.5 million barrels of U.S. crude, 5,00,000 barrels of Canada’s Western Canadian Select (WCS) and two million barrels of Das oil produced in Abu Dhabi, the sources said. They declined to be named because they were not authorised to speak to the media. The higher-than-normal purchases are partly to replace Russian barrels, two of the sources said. India, the world’s third-largest oil importer, is the biggest buyer of seaborne Russian crude. Indian state refiners — IOC, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd — had not sought Russian crude in the past week or so, Reuters reported last week.
BP makes its biggest oil and gas discovery in 25 years
Bp has hailed its biggest discovery in over a quarter of a century as the oil giant renews its focus on fossil fuels. The FTSE 100 group revealed the find after drilling a well off the coast of Brazil, in the Bumerangue oil field, just over 400 kilometres offshore from Rio de Janeiro, spanning more than 300 square kilometres. It said the discovery was its tenth to date in 2025 and estimated to be its largest since the discovery of Shah Deniz gas field in the Caspian Sea in 1999. Gordon Birrell, BP’s executive vice president for production and operations said: “We are excited to announce this significant discovery at Bumerangue, BP’s largest in 25 years. “This is another success in what has been an exceptional year so far for our exploration team, underscoring our commitment to growing our upstream. “Brazil is an important country for BP and our ambition is to explore the potential of establishing a material and advantaged production hub in the country.” Shares in the group lifted around 1.5% higher in Monday trading after the announcement. It comes ahead of half-year results on Tuesday, which are expected to show a big fall in BP’s second quarter earnings. BP – like its rival Shell and other peers – has shifted away from net zero ambitions to focus on extracting more oil and gas, following pressure from some investors to boost its profits.