Indian Refiners’ January Crude Processing Fell In January
Indian refiners’ crude processing (throughput) fell by 0.2% month-on-month in January 2026, reaching 5.63 million barrels per day (bpd) or 23.81 million metric tons, marking a slight decrease after December throughput clocked in at 5.64 million bpd. India’s fuel consumption in January came in at 21.05 million metric tons, down from 21.71 million in December but was nearly 3% up compared to January 2025. India relies on imports for over 80% of its crude supply, primarily sourcing from Russia, Iraq, Saudi Arabia, the UAE, and the United States. India’s energy strategy focuses on balancing discounted Russian oil with supplies from the Middle East and the US, while also expanding its list of import partners to ensure energy security. India is actively diversifying its crude sourcing away from Russia, significantly increasing imports from Nigeria and Angola amid intensified U.S. political pressure and tariff threats. The Trump administration has also authorized India to resume direct purchases of Venezuelan oil, primarily as part of a strategy to reduce India’s reliance on Russian crude. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) issued a general license to Reliance Industries Ltd, India’s largest private refiner, allowing it to purchase, export and refine Venezuelan-origin oil directly, in the aftermath of the U.S. military capture of former Venezuelan President Nicolás Maduro in January 2026, after which Washington took control of Venezuela’s oil sales. For Indian refiners, Venezuelan heavy crude is attractive because it is sold at a discount and is compatible with complex refining facilities such as Reliance’s Jamnagar complex. India is projected to be the largest driver of global oil demand growth over the long-term. The country’s oil demand is expected to rise from roughly 5.6 million barrels per day (mb/d) in 2024 to over 6.6 mb/d by 2030 and potentially 13.7 mb/d by 2050, with India capturing nearly half of all additional global barrels produced.
India’s Oil Import Dependence Climbs to Nearly 89% as Domestic Output Lags
India is growing more dependent on imports of crude oil, with the total share of imports in its oil consumption reaching 88.6% over the first ten months of its current fiscal year, which ends on March 31. The data, from the country’s Petroleum Planning & Analysis Cell, a division of the oil ministry, reflects challenges in boosting domestic oil production despite significant government support in that direction. India last month launched a licensing round for 50 oil and gas blocks in a bid to draw more foreign investment into its energy industry as demand continues to grow steadily. It is also building out wind and solar capacity to keep up with demand growth. In January, Prime Minister Narendra Modi said that India’s energy sector offers $500 billion in investment opportunities, including in exploration, refining, and LNG. “Our energy sector is at the heart of our aspirations. It offers investment opportunities worth $500 billion. Therefore, my appeal is: Make in India, innovate in India, Scale with India, Invest in India,” Modi said in an address at the India Energy Week 2026. By the end of this decade, India aims to raise investments in the oil and gas sector to $100 billion and targets to expand the scope of exploration to one million square kilometers. The Prime Minister noted that more than 170 blocks have already been awarded, and the Andaman and Nicobar basin is emerging as the next hydrocarbon hotspot. In 2024, India surpassed China as the world’s largest oil demand driver, amid growing demand for fuel transportation in India and slowing gasoline and diesel demand in China due to the advance of electric vehicles and LNG-fueled trucks in the world’s top crude oil importer. As demand has grown, so have imports, breaking records last fiscal year and on track to break them again this fiscal year. In January, preliminary data suggested that imports were about to hit an all-time high, reaching 5.2 million barrels daily as local refiners sought to diversify away from Russian crude.
Russian Oil Shipments Climb 6% Above Pre-2022 Invasion Levels
Russia is exporting crude oil at rates higher than before its 2022 invasion of Ukraine and the barrage of Western sanctions that followed it, many targeting specifically the oil industry. Four years after those events, Russia is exporting oil at 6% higher levels than before that, Finland-based think tank Centre for Research on Clean Air said in a report, as cited by AFP. “We’ve seen a significant drop in Russian fossil fuel export earnings as a result of new measures and greater enforcement,” one of the authors of the report, analyst Isaac Levi, told the publication. However, he added, “there are still significant loopholes and areas that have been unaddressed by sanctioning countries.” “We propose a ban of imports from any refinery or storage terminal that has received a shipment of Russian oil in the previous six months,” Levi said. Imposing such a ban, though, is much easier said than done because of its potential impact on international prices and the economies of oil-importing countries, including most of Europe, India, and China—the latter two being Russia’s biggest oil customers. Despite an overall increase in Russian oil flows abroad, the Centre for Research on Clean Air also reported that in the 12 months to February 24, these flows had dipped by 6%, with oil export revenues also down, by a more sizable 18%. The total annual export volume stood at 215 million tons, while revenues came in at 85.5 billion euros, equal to some $100.73 billion. Pere CREA, as much as 93% of Russia’s oil exports went to China, India, and Turkey. India has now started to dial down its imports of crude from Russia under pressure from the United States, which slapped a 25% tariff on Indian imports as “punishment” for its continued buying of Russian oil. As a result, China has now been buying even more oil from Russia, not least because of the deep discounts that the Indian squeeze has prompted.
Scientists Develop Accelerator That Could Slash Nuclear Waste Lifespan by 99%
For decades, nuclear energy has been regarded as the black sheep of the energy universe, thanks to drawbacks such as high costs, risk of thermal runaway leading to catastrophic accidents as well as the hazardous by-products of nuclear plants. Nuclear waste is notorious for the fact that it can remain dangerously radioactive for many thousands of years. Currently, there are thousands of metric tons of used solid fuel from nuclear power plants worldwide and millions of liters of radioactive liquid waste from weapons production sitting in temporary storage containers. Thankfully, the world has just come closer to finding a permanent solution to its nuclear menace: scientists in the U.S. Department of Energy’s Thomas Jefferson National Accelerator Facility (Jefferson Lab) are currently developing an Accelerator-Driven Systems (ADS) designed to transmute long-lived nuclear waste into shorter-lived isotopes, potentially cutting the required storage time for nuclear waste by 99.7%. The Jefferson Lab particle accelerator employs high-energy proton beams to strike a heavy metal target (like liquid mercury), triggering spallation to create neutrons. These neutrons then bombard the nuclear waste (minor actinides and long-lived fission products), “burning” them up and converting them into more stable or shorter-lived elements. The fission reactions triggered by this process generate heat, which can be converted into carbon-free electricity. This process can reduce the required isolation time for nuclear waste from approximately 100,000 years to just 300 years. The Jefferson Lab project is funded the $8.17 million NEWTON (Nuclear Energy Waste Transmutation Optimized Now) program aimed at developing highly efficient, superconducting radio frequency (SRF) cavities, specifically designing niobium-tin cavities for these high-power proton linear accelerators. Traditional particle accelerators rely on expensive cryogenic cooling systems to reach superconducting temperatures. Jefferson Lab is advancing a cost-effective particle accelerator technology by coating pure niobium cavities with a thin layer of tin, forming a Niobium-Tin high-performance intermetallic compound superconductor that can be used to generate powerful magnetic fields. This innovation allows cavities to achieve superconducting states at a higher temperature of 18 Kelvin. That said, the Jefferson Lab project is still in the research and optimization phase. Back in 2024, Finland unveiled Onkalo, the world’s first permanent deep-geological repository for high-level nuclear waste. Located on Olkiluoto Island and situated over 400 meters deep in stable bedrock, Onkalo uses multi-barrier KBS-3 systems that isolates spent fuel for 100,000 years. The KBS-3 method involves placing spent fuel into copper canisters, which are then placed in tunnels, surrounded by bentonite clay, and sealed in bedrock to prevent radiation leaks. The project, operated by Posiva, has been in development for over 25 years. Onkalo is considered a major breakthrough in nuclear energy sustainability. But Finland is not alone. Last October, Sweden commenced construction of a deep-earth nuclear waste repository similar to Finland’s’ Onkalo. About a dozen European countries are also planning deep geological repositories for their nuclear waste. Here in the U.S., government officials have proposed storing the country’s nuclear waste in a repository beneath Yucca Mountain in Nevada about 300 m below ground level and 300 m above the water table. However, this idea has gone in and out of favor with changes in the presidency. For now, nuclear waste simply accumulates mainly where it’s generated–at the power plants and processing facilities, with some having been sitting in interim storage since the 1940s. In Hanford alone, more than 200 million liters of radioactive liquid waste–a mix of liquid, sediment, and sludge–has been sitting in tanks waiting to be processed. Obviously, storing this kind of high-level liquid waste indefinitely is hardly sustainable. The challenge of safely handling nuclear waste is likely to remain at the forefront of the global energy sector even as nuclear energy enjoys a renaissance. Global nuclear capacity is projected to more than double to over 1,000 GW(e) by 2050, driven by decarbonization goals, surging electricity demand primarily from AI data centers and the pursuit of energy security. Half of all global capacity expansion to 2050 is expected to come from China, with its nuclear fleet on track to overtake the U.S. as the world’s largest by 2030. China is building over 30 new reactors, representing nearly one-third of the world’s ongoing nuclear plant construction. China is investing heavily in both large-scale Gen III/IV reactors and small modular reactors (SMRS), aiming for rapid modernization. But China is not alone: roughly 50 countries including Egypt, Bangladesh and Turkey are now exploring or planning nuclear programs, which could add ~160 GWe by 2050.
Indian Refiners’ January Crude Processing Fell In January
Indian refiners’ crude processing (throughput) fell by 0.2% month-on-month in January 2026, reaching 5.63 million barrels per day (bpd) or 23.81 million metric tons, marking a slight decrease after December throughput clocked in at 5.64 million bpd. India’s fuel consumption in January came in at 21.05 million metric tons, down from 21.71 million in December but was nearly 3% up compared to January 2025. India relies on imports for over 80% of its crude supply, primarily sourcing from Russia, Iraq, Saudi Arabia, the UAE, and the United States. India’s energy strategy focuses on balancing discounted Russian oil with supplies from the Middle East and the US, while also expanding its list of import partners to ensure energy security. India is actively diversifying its crude sourcing away from Russia, significantly increasing imports from Nigeria and Angola amid intensified U.S. political pressure and tariff threats. The Trump administration has also authorized India to resume direct purchases of Venezuelan oil, primarily as part of a strategy to reduce India’s reliance on Russian crude. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) issued a general license to Reliance Industries Ltd, India’s largest private refiner, allowing it to purchase, export and refine Venezuelan-origin oil directly, in the aftermath of the U.S. military capture of former Venezuelan President Nicolás Maduro in January 2026, after which Washington took control of Venezuela’s oil sales. For Indian refiners, Venezuelan heavy crude is attractive because it is sold at a discount and is compatible with complex refining facilities such as Reliance’s Jamnagar complex. India is projected to be the largest driver of global oil demand growth over the long-term. The country’s oil demand is expected to rise from roughly 5.6 million barrels per day (mb/d) in 2024 to over 6.6 mb/d by 2030 and potentially 13.7 mb/d by 2050, with India capturing nearly half of all additional global barrels produced.
India’s Oil and Gas Block Bids Extended: New Opportunities Arise
The Indian government has announced an extension for the submission deadlines of the Special Coal-Bed Methane (CBM) and Discovered Small Fields (DSF) bid rounds, now slated for March 3 and March 18, respectively. The Directorate General of Hydrocarbons (DGH) cited a need to accommodate recent regulatory changes as a reason for this shift. This extension provides investors with additional time to align their proposals with the updated oil and gas regulations. The CBM bid round features 13 blocks across various states, offering prospects for coal seam gas extraction to be used in energy and fuel production. Meanwhile, nine contract areas with smaller discoveries are on offer in DSF-IV. In parallel, the DGH extended the deadline for the 10th Open Acreage Licensing Policy (OALP-X) round to May 29, 2026. This extension offers a large acreage for exploration, including 25 blocks spread over different water depths and sedimentary basins, aiming to unlock substantial oil and gas reserves across India, possibly exceeding those in regions like Guyana.