Amid US tensions, Indian Oil, BPCL resume buying Russian oil for September as discounts widen
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New Straits Times
26 minutes ago
- New Straits Times
For oil markets, the Ukraine outcome is insignificant
UNITED States President Donald Trump's high-stakes diplomacy to resolve the war in Ukraine is unlikely to jolt oil and gas markets, no matter the outcome. Russia has faced multiple rounds of Western sanctions and restrictions since its invasion of Ukraine in February 2022, which have dealt severe blows to the country's giant oil and gas industry. These measures have sapped Moscow of vital revenue and reshaped global energy markets. Russian gas now accounts for just 18 per cent of European imports, down from 45 per cent in 2021, while the bloc's oil imports from Russia have fallen to three per cent from around 30 per cent over that time. The European Union plans to fully phase out Russian energy by 2027. Kpler data shows Russian crude made up about 38 per cent of India's total crude imports in recent months, up from 16 per cent in 2021. China and Turkiye have also ramped up their Russian oil purchases. The war in Ukraine has left over a million dead or wounded, so its conclusion would be welcomed by many. Energy markets, however, are not apt to register much of a reaction unless there is a full ceasefire along with the lifting of all US and European sanctions. And that is a long shot. Given the more probable set of scenarios, oil and gas markets are unlikely to be rattled by the fallout from either last Friday's disappointing summit between Trump and Russian President Vladimir Putin or the US president's meeting with his Ukrainian counterpart Volodymyr Zelenskyy and European leaders on Monday. Full peace in Ukraine remains highly improbable. Trump might pressure Zelenskyy into accepting a temporary or partial halt in fighting. But even then, Europe is unlikely to resume Russian energy imports while Putin remains in power. Before 2022, Europe accounted for nearly half of Russia's 4.7 million barrels per day (bpd) of oil exports and 75 per cent of its gas exports, according to the US Energy Information Administration. The Trump administration could attempt to ease some sanctions unilaterally, but this could face opposition in Congress unless a broad peace deal is reached. Perhaps the more likely scenario — Trump failing to broker a deal — also shouldn't have a major impact on energy markets. The US could tighten sanctions, particularly by targeting buyers of Russian energy, as Trump has already threatened. But the US president said on Friday he would delay so-called "secondary sanctions" on China due to what he described as "successful" talks with Putin. Of course, India already faces secondary tariffs over its Russian oil purchases. Earlier this month, Trump announced a 25 per cent tariff on Indian goods, citing the country's continued oil imports from Russia. The new tariff, effective Aug 27, will bring total tariffs on Indian imports to 50 per cent. But even though Indian buyers already appear to be reducing their Russian oil purchases, the impact on global supplies has been minimal as China has increased its intake of Russian crude. Ultimately, China matters far more in this story, not least because it considers its relationship with Moscow to be strategic. Chinese and Russian oil producers, refiners and traders have already built a sprawling network of tankers and insurers to circumvent Western sanctions on Venezuela, Iran and Russia. Additionally, US tariffs on Chinese goods already average 55 per cent, according to the Peterson Institute for International Economics. Additional tariffs could raise costs for US consumers, and Beijing could retaliate, potentially by withholding rare earths or other critical minerals, all outcomes Trump would want to avoid — and Beijing knows this. Crucially, oil and gas markets appear to be entering a period of oversupply, meaning any possible disruption in Russian volumes can easily be offset. The International Energy Agency expects oil supply to exceed demand by 1.76 million bpd this year and by three million bpd in 2026, driven by rising output from OPEC+ and the Americas. Global liquefied natural gas markets are also expanding rapidly, with new supply coming online in the coming years across the US, Qatar, Canada, and elsewhere. While Trump's foreign policy remains unpredictable, a few things seem clear. He can't, as he once claimed, end the Ukraine war in one day, and what he can do is unlikely to have much of an impact on oil and gas markets.
New York Post
26 minutes ago
- New York Post
Shocking video shows CEO holding his service dog being head butted by illegal Russian Uber driver
A Russian Uber driver working illegally in the US was caught on camera head-butting a South Carolina CEO as he held his service dog, leaving the knocked-out rider with a brain injury, according to the victim and a new lawsuit. Charleston-based CEO Bryan Kobel, 45, canceled a ride home from a French restaurant, Maison, in April because the driver refused to take his service dog, Kobel told The Post on Thursday. Disturbing surveillance footage shows the driver — identified as Vadim Uliumdzhiev, 42 — suddenly marching over and knocking out Kobel as he holds his 17-pound golden doodle in the parking lot. Advertisement 'The next thing I know, I'm waking up in a hospital bed with seven staples in my head and four stitches,' Kobel said. 'It's been a brutal experience to this day.' Uver driver Vadim Uliumdzhiev was arrested for assault. Live5 WCSC Kobel, who is the CEO of a biotech company, suffered a concussion, amnesia, and scarring— and soon learned from cops the driver had gotten the Uber job with a fake license, he said. Advertisement 'Uber has to take more accountability for its drivers,' he said. 'They're opening the door to mayhem.' Kobel said he had just asked the driver if his service dog was allowed in the car and the driver responded 'no.' When he told the driver to cancel the ride, in an interaction Kobel described as 'innocuous,' the driver attacked him — and his memory went black, Kobel said. An onlooker is shown in footage snapping a photo of Uliumdzhiev's driver's plate, and a dramatic 911 call ensued. Advertisement The driver was captured on camera head-butting and knocking out Bryan Kobel. Live5 WCSC 'He's bleeding very badly in the back of the head, we're going to need an ambulance,' the caller said, according to 911 audio. Uliumdzhiev was later arrested for assault and battery, records show. Immigration and Customs Enforcement then placed a hold on him, and he was transferred to a federal ICE processing center in Folkston, Ga., after posting a $10,000 bond for the assault, the Post and Courier noted. In the weeks that followed, Kobel struggled to remember words and stumbled over phrases due to his brain injury. Advertisement 'My job involves a lot of public speaking and I was unsure whether I would be able to do that again,' he said. 'I wondered, 'Am I ever going to be the person I was before, and that's a very scary thought,' he said. Kobel is now suing Uber for unspecified financial damage — but his ultimate goal is to get the company to better protect its riders, he said. 'Uber hides behind a thin veil of legalese to protect their riders,' he said. 'Frankly, it's fake.' 'The company needs to make substantial changes on how it protects riders,' he said. The lawsuit, filed last week in Charleston County Court, notes the Uber driver 'posed an unreasonable risk of harm' and that Uber failed 'to implement and enforce reasonable safety policy.' Uber sent a statement condemning the attack on Thursday, but didn't specify how Uliumdzhiev slipped through the cracks. 'There is no place for violence on the Uber platform,' the company said. 'While we can't comment on pending litigation, Uber is deeply committed to safety and complies with all applicable federal, state, and local laws and regulations around worker eligibility.' Advertisement Uber added that it screens drivers with a criminal background check and requiring a social security number and driver's license. The firm didn't immediately respond to The Post's questions about whether it plans to change any of its policies around the screenings.
The Wire
27 minutes ago
- The Wire
India ‘Perplexed' By US Logic Behind Steep Tariffs, China ‘Stands With India'
Diplomacy External affairs minister S. Jaishankar also said that the US had urged India to help stabilise global energy markets, including by buying Russian oil. S. Jaishankar attends a joint news conference with his Russian opposite number Sergey Lavrov in Moscow on August 21, 2025. Photo: AP/PTI. New Delhi: India on Thursday (August 21) said it was 'perplexed' by Washington's justification for slapping steep new tariffs on Indian goods over its Russian oil imports, even as China publicly backed New Delhi, with ambassador Xu Feihong warning that 'silence or compromise only emboldens the bully' and declaring that Beijing 'firmly stands with India' against the US measures. The tariffs, announced earlier this month and due to take effect next week, will raise overall duties on Indian exports to the US to as high as 50%. They were defended in recent interventions by White House trade adviser Peter Navarro, writing in the Financial Times, and US treasury secretary Scott Bessent in an interview with CNBC. Both argued that India's discounted oil imports from Russia indirectly strengthened Moscow's war effort and alleged that politically connected Indian conglomerates, rather than ordinary citizens, were profiting. However, recent data shows that India's reliance on Russian crude has already declined. According to Bloomberg, Russia's seaborne crude shipments to India have plunged nearly threefold this month, falling to about 400,000 barrels a day this month from an average of 1.18 million earlier this year. Despite the decline, Russia still remained India's top oil supplier in July, though volumes were down 24.5% compared to June, Reuters reported. Speaking in Moscow after talks with Russian foreign minister Sergey Lavrov, external affairs minister S. Jaishankar dismissed the US argument as flawed. 'Quite honestly, we are very perplexed at the logic of the argument that you had referred to,' he told reporters in response to a question about Navarro's remarks. Jaishankar stressed that India was far from being Russia's largest energy customer. 'We are not the biggest purchasers of Russian oil, that is China. We are not the biggest purchasers of Russian LNG. I'm not sure, but I think that is the European Union. We are not a country which has the biggest trade surge with Russia after 2022. I think there are some countries to the south,' he said. While China is the largest buyer of Russian oil, the US has not imposed any specific tariffs on Beijing in response to its purchases of crude from Moscow. Both countries are currently in the middle of talks for a trade deal, with Washington postponing the imposition of country-specific tariffs on China until November. India has consistently maintained that its imports are guided by market factors and cited the necessity of securing cheap energy for its large population. Jaishankar also recalled that Washington itself had urged New Delhi to help stabilise global energy markets. 'We are a country where actually the Americans said for the last few years that we should do everything to stabilise the world energy markets, including buying oil from Russia. Incidentally, we also buy oil from America and that amount has been increasing,' he added. He noted that his talks with Lavrov and first deputy prime minister Denis Manturov had focused on preparing concrete outcomes for the annual summit between Prime Minister Narendra Modi and President Vladimir Putin later this year. Discussions covered negotiations on a free trade agreement with the Eurasian Economic Union, market access, trade barriers and cooperation in energy, fertilisers, infrastructure and skilled labour mobility. The minister also called on Putin at the end of his three-day visit. He additionally raised concern over Indian nationals recruited into the Russian Army. 'While many have been released, there are still some pending cases and some missing persons. We hope that the Russian side will expeditiously resolve these matters,' he said. According to official Indian figures, 126 Indians had been enlisted, of whom 96 have been discharged, 12 were killed and 16 remain missing or unaccounted for. China, meanwhile, went beyond merely opposing the US tariffs to explicitly aligning itself with India. In a speech in New Delhi to mark the upcoming Shanghai Cooperation Organisation (SCO) summit, ambassador Xu accused the US of undermining global trade rules. 'The United States has imposed tariffs of up to 50% on India and even threatened for more. China firmly opposes it,' he said. He warned that 'in the face of such acts, silence or compromise only emboldens the bully', and pledged that 'China will firmly stand with India to uphold the multilateral trading system with the World Trade Organisation at its core'. Xu also framed Sino-Indian cooperation as essential for the wider region. Calling China and India the 'double engines of economic growth in Asia', he urged the two neighbours to 'enhance strategic mutual trust' and work together to 'safeguard international fairness and justice' in the face of tariff wars and protectionism. Modi is expected to travel to China later this month for the SCO summit, his first visit in seven years. Ties between the two countries were largely frozen for four years during the military standoff in eastern Ladakh, which was resolved in October 2024. This article went live on August twenty-first, two thousand twenty five, at twenty-eight minutes past eleven at night. 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