India's Nayara Energy ships out first gasoline exports since sanctions, sources say
Oil tanker Tempest Dream, carrying about 43,000 metric tons of gasoline, sailed out on August 4, according to the sources and shipping data.
The vessel is heading to Sohar, Oman, the shipping data showed.
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ITV News
28 minutes ago
- ITV News
Trump claims 'good chance' he could soon meet Putin after 'very good talks'
President Donald Trump could meet Russian President Vladimir Putin as soon as next week, as part of US efforts to broker an end to the Russia-Ukraine war. The announcement came hours after Trump's special envoy Steve Witkoff met with Putin in Moscow - a meeting Trump said was "highly productive" in which "great progress was made". Trump has not met Putin since his return to office in January. While it would be a significant milestone in the 3-year war and bolster Trump's attempts to be seen as a global peacemaker, there's no promise that this meeting could end the conflict. But Trump admitted he had some reservations, telling reporters on Wednesday, "I've been disappointed before with this one." A meeting between the two presidents has not been scheduled yet, and no location has been determined. Trump also announced that there could be a meeting with both Putin and Ukrainian President Volodymyr Zelenskyy, telling reporters, "there's a very good prospect that they will" meet. Zelenskyy has been willing to meet face-to-face with Putin to end the conflict, but Russia has repeatedly rejected the idea. Trump has met Zelenskyy several times this year, including a heated meeting in the Oval Office in February, which led to the Ukrainian President leaving early after Trump told him "you're gambling with World War 3". The US President hasn't met with Putin yet in his second term, but met with him five times during his first presidency. Witkoff's meeting with Putin on Wednesday came days before the White House's Friday deadline for Russia to reach a peace deal with Ukraine, or face 100% secondary tariffs. Secondary tariffs would target Russia's trading partners in an effort to isolate Moscow in the global economy, potentially including nations that rely on Russia for oil and natural gas, like China and India. Relationships between Trump and Russia have been growing strained. On August 1st, Trump announced he had ordered two nuclear submarines to be "strategically positioned" near Russia, after the deputy chairman of Russia's Security Council, Dmitry Medvedev, made "inflammatory" remarks online. He has also expressed increasing frustration with Putin over Russia's escalating strikes on civilian areas in Ukraine. The intensified attacks have occurred even as Trump has urged the Russian leader in recent months to relent. President Zelenskyy announced that he had spoken to Trump on Wednesday, alongside other European leaders. "It seems that Russia is now more inclined to agree to a ceasefire," Zelenskyy said, adding that the pressure on Moscow "is working," without elaborating. Zelenskyy stressed it was important to make sure Russia does not "deceive us or the United States' when it comes to 'the details' of a potential agreement. Kyiv proposes that Ukraine and its allies soon 'talk to determine our position, our common position, and our common view.'
Reuters
29 minutes ago
- Reuters
US energy exporters face likely letdown in any US-India trade deal
LITTLETON, Colorado, Aug 7 (Reuters) - The fresh 25% tariffs slapped on Indian goods by U.S. President Donald Trump this week are being viewed by many as a negotiating tactic designed to force India to buy more U.S. energy products and other goods going forward. But even though India's fast-growing economy is the fifth largest globally, India's energy importers may have far less room to maneuver than they might appear. Tight corporate operating margins, cost-sensitive consumer markets, binding long-term import contracts and slowing economic growth all limit India's ability to spend big on U.S. oil, LNG, coal and refined products over the near term. At the same time, India's location at the base of Asia means it is far closer to other major energy product exporters than it is to the United States, which would trigger sharply higher shipping costs if it were to switch to U.S.-origin products. 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That means that trade negotiators will remain committed to healing trade ties with Washington as quickly as possible, and will be looking at every possible means of reducing the trade imbalance. The rapid rise in India's purchases of Russian crude oil since mid-2022 has been a sore point for the U.S. and Europe, and has been a focal point during the recent trade talks. Average monthly crude oil flows from Russia to India jumped from around 3.2 million barrels a month between 2018 and 2021 to 50 million barrels a month since mid-2022, data from Kpler shows. That more than 15-fold surge in Russian oil purchases by India provided Moscow with critical import earnings while it grappled with the fallout from its war in Ukraine, and seriously undermined international efforts to cut funding to Moscow. However, while India's refusal to join Western-led sanctions drew ire from the international community, its willingness to step up imports of Russian oil ensured that its refiners and fuel consumers were shielded from any rise in global oil prices. Indeed, the opposite has occurred as Indian importers were able to extract steep discounts from Russian oil sellers who were desperate to secure sales wherever they could. Those cheap imported Russian barrels in turn allowed major Indian refiners such as Reliance ( opens new tab to expand supplies and fuel the country's economic growth since 2020. Indian authorities have stated that providing energy security for its 1.4 billion population has been the main driver of its oil import programme, and that the new tariffs are unfair given that the country is only acting in its own self-interest. What's more, any aggressive pivot away from cheap Russian oil to pricier U.S. crude would drastically change the economic outlook for Indian oil refiners and consumers, and likely result in a surge in fuel prices that would cause economic harm. Since 2022, the official prices of the main grade of Russian oil imported by India have averaged around $70 a barrel, which is around $10 cheaper than the price of the main U.S. crude for export over that same period, data from LSEG shows. As Indian importers likely secured their Russian oil supplies at even lower prices, the real discount compared to U.S. prices is likely larger. That in turn means that there is almost no prospect of Indian refiners being able to profitably switch to U.S. crude any time soon, even if pressured to do so. U.S. trade negotiators have touted U.S. liquefied natural gas (LNG) as a means of reducing trade gaps, as a single LNG cargo can cost several million dollars. However, Indian energy product importers have arguably even less scope to switch out current suppliers for the U.S. here. The primary limiting factor is that Indian gas importers are already locked into long-term purchase deals with suppliers such as Qatar and the United Arab Emirates, and face stiff penalties for breaking contracts. And even if Indian buyers were prepared to tear up those deals in favor of buying from the U.S. instead, they would face a surge in shipping costs that could make overall cargo costs uneconomical. The journey time for an LNG tanker from the U.S. to India is around 30 days, which is six times longer than the trip from Qatar. U.S. coal exporters will likely face similar difficulties in dislodging Indonesia from India's coal import pipeline. The Indonesia to India shipping time is around 11 days, compared to around 27 days for the trip from the U.S. East coast. Such a yawning gap in journey times and shipping costs means that India's trade negotiators may not be able to rely on its energy consumers to close the trade gap, and will need to look elsewhere to secure a trade deal with the U.S. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab.
The Guardian
an hour ago
- The Guardian
Trump news at a glance: president hails progress on Ukraine war and threatens India with steep tariffs
US president Donald Trump may meet with Russian leader Vladimir Putin as early as next week to discuss the war in Ukraine, White House officials have said. The development comes as senior administration officials have also warned that serious 'impediments' remain to achieving a ceasefire. Secretary of state Marco Rubio said he was hopeful the progress could lead to a meeting between Putin and Ukrainian leader Volodymyr Zelenskyy in future, but that he did not want to overstate progress made during US special envoy Steve Witkoff's visit to Moscow. 'What we have is a better understanding of the conditions under which Russia would be willing to end the war,' he said. The US would then need to compare that with 'what the Ukrainians are willing to accept'. Here are today's key stories at a glance: Donald Trump has claimed 'great progress was made' during talks on ending the war in Ukraine between his special envoy, Steve Witkoff, and Vladimir Putin in the Kremlin on Wednesday. The three-hour talks came two days before a deadline the US president set for Russia to reach a peace deal in the war or face fresh sanctions. Read the full story The White House is placing an additional 25% tariff on imports from India, bringing total tariffs up to 50%, in retaliation for the country's purchase of oil from Russia, according to an executive order signed on Wednesday morning. India has 21 days to respond to the potential tariffs before they go into effect. The tariffs will be tacked on to a 25% tariff on India Donald Trump set last week as a 'penalty' for the country's trading relationship with Russia. Read the full story Donald Trump on Wednesday celebrated a commitment by Apple to increase its investments in US manufacturing by an additional $100bn over the next four years. Apple's plan to up its domestic investment comes as it seeks to avoid Trump's threatened tariffs, which would increase the tech giant's costs as it relies on a complex international supply chain to produce its iPhones. Read the full story Donald Trump said he would impose a 100% tariff on foreign computer chips, likely raising the cost of electronics, autos, household appliances and other goods deemed essential for the digital age. Read the full story Texas Democrats who left the state say they experienced a bomb threat at their Illinois hotel amid an ongoing clash with Republicans over their effort to block a new congressional map from going into place. Read the full story A new report has found hundreds of reported cases of human rights abuses in US immigration detention centers. The alleged abuses uncovered include deaths in custody, physical and sexual abuse of detainees, denial of access to attorneys, and child separation. Read the full story The report comes on the same day that US border patrol agents carried out a raid outside a Home Depot in Los Angeles on Wednesday, with officers jumping out of an unmarked rental truck and chasing and arresting more than a dozen people. The raid raised questions about whether the US government was complying with a federal court order. Read the full story In a sweeping escalation of its attacks on institutions of higher education, Trump administration has suspended $584m in federal funding for the University of California, Los Angeles – nearly double the amount that was previously expected, the school's chancellor announced on Wednesday. Read the full story JD Vance's team had the army corps of engineers take the unusual step of changing the outflow of a lake in Ohio to accommodate a recent boating excursion on a family holiday, the Guardian has learned. Read the full story Republican senator and Trump ally Marsha Blackburn announced she will run for governor of Tennessee. Donald Trump is threatening to strip Washington DC of its local governance and place it under direct federal control after an alleged assault on a Doge employee. JD Vance was reportedly to host a meeting on Wednesday evening at his residence with a handful of senior Trump administration officials to discuss their strategy for dealing with the ongoing scandal surrounding the convicted sex offender Jeffrey Epstein. Donald Trump is threatening to strip Washington DC of its local governance and place the US capital under direct federal control, citing what he described as rampant youth crime. Catching up? Here's what happened on 5 August 2025.
