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Western governments want to set a maximum purchase price for Russian oil on the world market to limit Moscow’s ability to raise money for its war on Ukraine.

India will continue buying Russian oil and even look for term contracts as sanctions allow purchases provided that Western services are not used.

Reliance Industries is snapping up Russian refined fuels, including rare purchases of naphtha, after some Western buyers stopped Russian imports.

Essar Group plans to set up a Rs. 40,000 cr. petrochemical complex in the eastern state of Odisha in a tie-up with a global player.

G7 nations and Australia said they had agreed a $60 per barrel price cap on Russian seaborne crude oil.

Oil prices rose by as much as $1 per barrel after dropping below key technical support levels in the previous session, as an energy standoff between Europe and Russia focused investor minds on how tight fuel supply may become.

Wolfspeed will build a new multi-billion dollar factory in Chatham County, North Carolina to make the raw materials used for chips that power things like electric vehicles.

Oil prices rose about 4% supported by real and threatened cuts to supply, although futures posted a second weekly decline.