Oil Daily | India's Crude Import Surges Amid Flat Production and Rising Demand for Russian Oil

【Global Oil Supply and Demand】

India's crude oil import dependence is reaching record highs as domestic production stays flat amid rising demand. India imported 88.2% of its crude from April 2024 to February 2025. Growing demand for transportation fuels and cheap Russian oil are key drivers, with imports from Russia rebounding post-U.S. sanctions.

【Oil-Producing Countries Dynamics】

Kazakhstan's oil production hit a record high, exceeding its OPEC quota. Despite pledges to comply, expansions by international supermajors like Chevron have increased production. Tensions with OPEC arise as Kazakhstan finds it difficult to limit output due to substantial investments and oilfield growth.

【Latest Oil Policies】

President Trump invoked emergency powers to boost U.S. critical minerals production, reducing reliance on foreign sources. The Defense Production Act supports domestic production, aiming to create jobs and enhance national security. The National Mining Association supports these efforts to challenge China's influence on the minerals market.

【Company News】

U.S. firm KoBold Metals, backed by Gates and Bezos, aims to develop Congo's lithium deposits, addressing legal disputes with AVZ Minerals and China's Zijin Mining. This move may resolve a dispute over the Manono project and fast-track copper mine development in Zambia.

【Others】

Germany seized Russian tanker Eventin, previously adrift in the Baltic Sea. The vessel, linked to Russia's shadow fleet, was seized with its crude cargo. The EU sanctioned the tanker amid heightened tensions, targeting vessels contributing to Russian energy revenues.