Azerbaijan resumes crude oil exports to India
After a 10-month hiatus, Azerbaijan has resumed crude oil exports to India, Report informs, citing Azerbaijan’s State Customs Committee. In August 2025, Azerbaijan exported 1,747.07 tons of crude oil to India, valued at $781,520, marking a sharp decline of 589 times in volume and 827 times in value compared to the same period last year. Crude oil exports to India accounted for just 0.01% of Azerbaijan’s total oil exports. According to the customs declarations, Azerbaijan exported more than 15.924 million tons of crude oil and related products obtained from bituminous rocks, valued at just over $8.396 billion in the initial eight months of 2025. Overall, Azerbaijan conducted foreign trade operations worth $32.118 billion in the first eight months of 2025. Of this, $17.065 billion came from exports and $15.053 billion from imports. India had suspended oil imports from Azerbaijan in October 2024. Overall, Azerbaijan supplied India with 1.168 million tons of oil worth $729.797 million last year.
India’s LNG demand drops in 2025 as buyers await supply wave, price drop
India’s annual liquefied natural gas demand is set to contract in 2025 for the first time in years, as buyers hold out for a surge in production that is expected to push down prices. The world’s fourth-biggest LNG importer bought about 16 million tonnes of the super-chilled gas in the eight months through August, down 10 per cent from a year earlier, according to ship-tracking data compiled by Bloomberg. Purchases slowed as elevated spot prices made LNG less competitive against alternative fuels, while monsoon rains brought cooler weather and reduced power demand. The pullback offers some relief to a global gas market that’s remained tight since Russia’s 2022 invasion of Ukraine forced Europe to pivot to LNG, boosting competition with Asia. India’s imports are expected to rebound as soon as next year, helped by a looming supply glut that should drag prices lower. Projects coming online from the US to Qatar starting in 2026 are set to add volumes that will outstrip demand growth through the rest of the decade. “We expect the dip in 2025 is a temporary price-driven phenomenon,” said Kaushal Ramesh, vice president for gas & LNG research at Rystad Energy. “The years ahead will see more contracts ramp up and also lower spot prices.” Demand for gas from industries, refineries and the fertilizer sector in the South Asian nation has plunged this year, according to oil ministry data, mainly due to high prices. Asian spot LNG has traded at more than $11 per million British thermal units this year — above the level at which price-sensitive Indian companies typically step in to buy.
Indian oil marketing companies are thriving amid global volatility: HSBC
The Indian oil marketing companies have thrived in a volatile global market, with support from the Indian government, HSBC Research said in a research note. According to HSBC, oil marketing companies have witnessed volatility in refining margins over the last six months, a potential risk in the U.S., which has prompted India to reduce its purchases of Russian crude oil and the depreciation of the Rupee against the U.S. dollar. However, the Indian government has been backing oil marketing companies by supporting decisions which are in the best interests of the companies. Even in August, India imported 1.3 mbpd of Russian crude oil and promised to pay LPG under-recovery, which was incurred in FY24. All these factors, according to HSBC, have culminated in stocks of oil marketing companies rising by 14–23% in the last six months, whereas the Nifty50 has gained 12% in the same period. The HSBC note also adds that the refining margin of oil marketing companies had expanded in the interim period, and the depreciation of the Indian rupee ate away some of the marketing margins. Despite these headwinds, the combined margins have remained steady at $22–25/bbl, higher than HSBC’s full-year estimates
Govt to push isobutanol blending with diesel after ethanol trials fail
Diesel in India will soon be blended with isobutanol instead of ethanol after initial trials with ethanol did not deliver the expected results, Union Road Transport and Highways Minister Nitin Gadkari said on Thursday. Speaking at the India Sugar and Bio-Energy Conference, the minister said that the government is committed to expanding biofuel use as part of its clean energy and farm income strategy. Gadkari acknowledged that ethanol–diesel blending trials had failed. “We tried ethanol with diesel but the results were not satisfactory. Now isobutanol will be blended with diesel,” he said. Trials with isobutanol are in progress and according to him, blending levels will be increased in the coming months.
EU-US policy divide on Russian oil sales to India to hit October trade
The growing policy divide between the United States and the European Union on Russian oil exports to India is likely to play out in a small reduction in crude flows in October, analysts and trade sources with knowledge of loading plans said. The U.S., EU and G7 allies sanctioned Russian imports after Moscow’s invasion of Ukraine, and prohibited insurers and maritime service providers from facilitating exports to third countries unless they were below a price cap. The purpose of the cap was to limit the price that importers could pay for Russian oil while keeping shipments flowing, thereby reducing Russian oil revenue and preventing a supply crunch that would push up oil prices. The scheme effectively encouraged India and China to buy the oil at discounted prices. U.S. President Donald Trump has, however, changed policy on Russian exports to India. He has demanded India stop buying Russian oil completely and then doubled tariffs to as much as 50% on Indian exports to the United States when New Delhi refused to halt the oil imports.
TotalEnergies Boosts U.S. LNG Portfolio With Rio Grande Train 4 Investment
TotalEnergies (NYSE: TTE) has secured a 10% direct stake in Rio Grande LNG’s Train 4 project in South Texas, joining partners NextDecade, Global Infrastructure Partners, GIC, and Mubadala in taking a Final Investment Decision (FID) on the 6 Mtpa expansion, set to boost the plant’s total capacity to 24 Mtpa by 2030. The French major also holds an indirect interest of nearly 7% through its 17.1% stake in NextDecade, bringing its total exposure to the new liquefaction train to about 17%. At the same time, TotalEnergies, NextDecade (40%), Global Infrastructure Partners (36.9%), Singapore sovereign fund GIC (7.9%), and Abu Dhabi’s Mubadala (5.2%) reached a Final Investment Decision on the fourth train. The $multi-billion expansion is expected to add 6 million tons per annum (Mtpa) of liquefaction capacity, taking Rio Grande LNG’s output to about 24 Mtpa by the end of the decade. Financing will be split roughly 40% equity and 60% debt. TotalEnergies will offtake 1.5 Mtpa from Train 4 under a 20-year contract, reinforcing its U.S. export position. Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, highlighted that the additional volumes will increase the company’s U.S. LNG export capacity to over 16 Mtpa by 2030. “It gives TotalEnergies access to competitive LNG thanks to low production costs,” he said. The deal builds on a long-standing partnership. TotalEnergies already holds 16.7% of Phase 1 of Rio Grande LNG—three trains now under construction and expected online in 2027—and has contracted 5.4 Mtpa offtake from that phase. In addition, its equity stake in NextDecade links it directly to the project operator’s wider ambitions. NextDecade Chairman and CEO Matt Schatzman said TotalEnergies’ expanded role underscored the project’s competitiveness and strategic importance. “LNG exported by TotalEnergies from our project will provide affordable, reliable, and secure energy to customers around the world,” he noted. The expansion comes amid strong global LNG demand growth, with Europe seeking secure alternatives to Russian gas and Asia driving long-term consumption. For TotalEnergies—the world’s third largest LNG player with a 40 Mtpa global portfolio—the move supports its strategy to raise natural gas to nearly half its sales mix by 2030 while phasing down coal and reducing methane emissions. With Train 4 advancing, Rio Grande LNG is set to cement its role as one of the largest LNG export hubs in North America, reinforcing the U.S.’s position as the world’s leading LNG supplier.
Japan’s JERA Eyes 20-Year LNG Deal With Alaska LNG
JERA is considering joining companies making commitments for purchases of liquefied natural gas from the Alaska LNG project, Reuters has reported, with a preliminary letter of intent mentioning 1 million tons annually over a 20-year period. The developer of the Alaska LNG project, Glenfarne, has been busy in the past months finding companies willing to make offtake commitments for the $44-billion project that is being actively promoted by the Trump administration. The company is yet to make a final investment decision on Alaska LNG but plans to make one for the facility’s pipeline by the end of the year, and another for its export terminal in 2026. Japanese companies have been particularly interested in the Alaska LNG project, for geographical reasons and because the government in Tokyo committed to buying $7 billion in U.S. energy per year as part of the trade deal with Trump to avoid tariffs. Energy companies are ready to commit to buying $115 billion worth of LNG from Alaska once President Trump’s pet energy project gets done, Glenfarne said in June, noting that as many as 50 companies have expressed formal interest. However, there have been reports about Japanese companies expressing worry about the price tag of the project, which may end up being too high. Earlier this month, Reuters reported that Japan had hired Wood Mackenzie to study the long-term viability of Alaska LNG with a view to reassuring Japanese investors that their investment would be safe. The Alaska LNG project involves an 800-mile gas pipeline running from Alaska’s North Slope to a liquefaction plant on the southern coast, enabling stranded reserves to reach global markets. Despite decades of planning, the sheer cost and remoteness have left the project on ice for quite a while. Now, President Trump is championing the project and 9its commercial viability appears to have improved.
India’s Petroleum and Other Liquid Fuels Consumption seen up around 3% on year in 2025
Energy Information Administration or EIA stated in a latest monthly update that India’s Petroleum and Other Liquid Fuels Consumption is expected to see a continued increase in new few quarters. It estimates India’s petroleum and other liquid fuels consumption at 5.64 million barrels per day (mbpd) in 2025, up 3.10% compared to previous year. The consumption is seen rising to 5.92 mbpd in 2026, up around 5% compared to 2025. India’s Petroleum and Other Liquid Fuels production is also seen rising around 3% on year to 1.05 mbpd in 2026.
It may not be possible to bring petrol, diesel under GST for time being: CBIC chief Sanjay Agarwal
As discussions continue to bring petrol and diesel within the ambit of Goods and Services Tax (GST), Chairman of the Central Board of Indirect Taxes and Customs (CBIC) Sanjay Kumar Agarwal said it may not be possible to bring these items under the indirect taxation for the time being. Asked if petrol and diesel should be brought under GST, Agarwal told IANS that petrol and diesel are presently subject to central excise duty and value-added tax (VAT), as these two petroleum items fetch a substantial revenue to the states by way of VAT and to the Central government by way of central excise duty. “So, looking to the revenue implications, it may not be possible to bring these items under the ambit of GST for the time being,” he added. The CBIC Chairman’s comment came as Finance Minister Nirmala Sitharaman said last week that the Central government intentionally did not include petrol and diesel in the GST Council proposal. “Legally, we are ready, but this decision must come from the states,” she said. According to her, petrol and diesel were set to figure, “even when GST was implemented, I remember my late predecessor Arun Jaitley talking about it”. “Once the states agree, they have to decide on the rate of taxation in the council. Once that decision is taken, it will be put into the act,” FM Sitharaman noted. In the GST implemented in July 2017, products like petrol, diesel, and alcoholic beverages were kept outside its ambit since then. These commodities are major revenue sources for both the Central and state governments through excise duty and VAT. For several states, these contribute over 25-30 per cent of their tax revenue. States fear losing control over taxation policy, pricing, and the ability to influence consumption patterns through excise duty and VAT.
Middle East Unrest Clouds Future of $35B Israel-Egypt Gas Deal
Over the past couple of years, Egypt has seen its ambitions to become a regional natural gas supply and LNG export hub go up in flames, with a series of setbacks turning the country from a net exporter of the vital commodity to an importer. Egypt’s natural gas production has declined rapidly over the years due to the natural depletion of mature fields, including the Zohr gas field. Coupled with a lack of significant new discoveries since 2015, surging domestic demand for electricity, and past financial issues such as hard currency shortages and payment arrears to foreign companies, Egypt now finds itself in a tenuous position, becoming a net gas importer since 2022, and relying on imported Liquefied Natural Gas (LNG) as well as pipeline gas from Israel. Last year, Egypt imported a record 981 million cubic feet per day of natural gas from Israel, good for 18.2% year-over-year increase. Egypt imports up to 20% of its gas from Israel. Last month, Egyptian Prime Minister Mostafa Madbouly announced that the $35-billion gas supply agreement signed with Israel’s NewMed Energy (OTCPK:DKDRF), a key partner in Israel’s giant Leviathan gas field, was extended until 2040. But the fate of these gas flows now hangs in the balance, with tensions in the Middle East escalating after the Israeli military ordered residents of Gaza City to evacuate. After spending more than a year constantly on the move, hundreds of thousands of people flooded back to Gaza City earlier in the year during the ceasefire. But now, Israel wants them to move out again. Last month, Netanyahu declared that he is “deeply committed to the vision of Greater Israel,’’ encompassing parts of Arab countries stretching from the Euphrates to the Nile. According to the Israel Hayom, Netanyahu has instructed officials “not to move forward with the massive gas deal with Egypt without his personal approval.” However, Egypt is now daring Israel to cancel the lucrative deal, saying that it [Egypt] has other options. “Netanyahu sees Egypt as an obstacle to his dream of Greater Israel and a danger to him, a thorn in his side, especially since Cairo is the first line of defense against Palestinian displacement,” Diaa Rashwan, head of Egypt’s State Information Service (SIS), said in televised statements. “The Egyptian administration has alternatives and scenarios for what may happen, and Netanyahu is trying to export a crisis to Egypt,” he added. But replacing Israel’s gas is likely to come at a big cost to Egypt. Under the latest deal signed in August, Israel will sell ~130 bcm of gas to Egypt through 2040, or until the contracted volume is fulfilled. The gas will be delivered via pipelines, making it considerably cheaper than LNG. According to commodity experts, LNG prices are currently averaging $13.5 per million British thermal units (mmBtu) excluding the cost of leasing floating storage (FSRUs), much higher than $7.75 for Israeli gas. On the other hand, Israel can use the impasse to negotiate higher prices for its gas, with Reuters reporting in May it intended to increase the prices of exported gas by 25%. Discovered in 2010, the Leviathan Gas Field is located approximately 130 km off the shores of Haifa. The 330-square kilometer field holds ~22.9 trillion cubic feet of recoverable gas, making it the largest natural gas reservoir in the Mediterranean, and one of the largest producing assets in the region. Production is facilitated by 4 subsea wells that are connected to an offshore platform via a subsea manifold and two 120 km long pipelines, where all processing of gas takes place. The gas is then piped to shore into the Israeli national grid and distributed to clients in Israel, Egypt, and Jordan. NewMed is Leviathan’s main operator with a 45.3% working interest; Chevron Corp. (NYSE:CVX) has a 39.7% working interest while Ratio Energies. (TASE: RATI) has 15%. Founded in 1992, Ratio Energy is one of Israel’s leading energy partnerships, with a mission to develop and produce natural gas and oil. With nearly 0.7 TCF produced by the end of 2021, the first phase of the field’s development has been a resounding success. Last year, the three companies announced plans to ramp up gas production and exports in 2025 in a bid to meet growing demand. Currently, a maximum capacity of up to 1.2 billion cubic feet of natural gas per day, or 12 billion cubic meters per year, can be piped from the Leviathan reservoir. Chevron and NewMed Energy have also partnered in the Aphrodite Gas Field, with Anglo-Dutch oil major Shell Plc (NYSE:SHEL) a third partner. Chevron and Shell each have a 35% working interest in the field, while NewMed has 30%. Discovered in 2011, the Aphrodite natural gas field is located about 170 kilometers south of Limassol in Cyprus, just 30 kilometers northwest of Israel’s Leviathan gas reservoir. An appraisal well has already been drilled to confirm assessments regarding the nature and size of the Aphrodite gas deposit, and marks a “significant step” towards its development. The well is expected to serve as a production well following the completion of the development of the reservoir.