27/04/2026

BIZ & FINANCE MONDAY | APR 27, 2026

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India plugs oil gap as Middle East supplies sink

MUMBAI: India has ramped up purchases of Russian oil and revived alternate supplies from Africa, Iran and Venezuela to blunt a sharp crude shortfall from the crisis ridden Middle East, analysts say. India, the world’s third-largest oil buyer, normally sources about half of its crude through the Strait of Hormuz, a vital waterway that has seen only a trickle of traffic since the United States and Israel launched attacks on Iran on February 28. India’s heavy import dependence, combined with modest oil reserves compared with major consumers like China, has prompted analysts to warn that India could be among the most vulnerable to a sudden oil price hike. But while India is grappling with disruptions to cooking gas supplies, it has so far avoided the petrol shortages that have hit some neighbouring nations. Ship-tracking and import data show that India has partially plugged the gap by turning to old allies, expanding promising ties and reviving suppliers it had not tapped in years. The biggest backstop has been Russian crude – a fuel source New Delhi spent much of the past year trying to pivot away from under stiff US tariffs. Indian refiners imported an average of nearly 1.98 million barrels per day (bpd) from Russia in March, according to trade intelligence firm Kpler – a sharp jump from the previous two months. Analysts say the surge was likely aided by a temporary US waiver granted in March covering Russian oil already at sea. “Imports rose from approximately one million bpd in January and February,” said Nikhil Dubey, an analyst at Kpler. “This near-doubling suggests that this additional volume was likely contracted following the sanction waiver,” he told AFP. India likely purchased an additional 60 million barrels of Russian oil that will be delivered through April, two trade analysts said.

o World’s third-largest buyer turns to Russia, Iran, Venezuela and Africa

“There are no conflicts of interest.” Last year’s meme-coin contest, at his golf club near Washington, raised similar concerns for ethics experts, as did a February conference at Mar-a-Lago hosted by the president’s sons, Eric and Don Jr., for World Liberty Financial, the Trump family’s most lucrative crypto venture, which drew top figures from Washington and Wall Street. Contest rankings were based not only on holdings of $TRUMP but also on purchases of Trump-branded merchandise – including sneakers, watches and fragrances – between March 12 and April 14. Winners are set to receive Trump-branded items including a commemorative poster, two trading cards, a “Fight Fight Fight Red Beauty” watch and a fragrance. The $TRUMP token is hovering According to Kpler, crude from both Iran and Venezuela began arriving this month. Imports from Iran averaged 276,000 bpd as of mid-April, while shipments from Venezuela stood at around 137,000 bpd, preliminary data from Kpler shows. The purchases have proven to be a fortuitous windfall for refiners who largely steered clear of both suppliers previously to avoid American ire. Despite the diversification, the road ahead looks difficult. India’s overall crude imports fell in March, sliding to 4.5 million bpd from 5.2 million in February, according to Kpler. Analysts also cautioned that oil from the African nations has limits as a substitute. “In a prolonged Iran conflict scenario, African crudes can partially backfill supply. “However, they are unlikely to fully replace Middle Eastern barrels on a structural basis due to crude slate mismatches,” said Dubey, explaining Indian refineries were configured for different grades than what comes from the African countries. Higher prices are also a problem. “The era of cheap oil is over for now, but access has been preserved. Either way, India doesn’t have the luxury of walking away,” said Choudhary. He noted that April barrels were secured at between US$5 and US$15

Washington’s exemptions have drawn criticism from Ukrainian President Volodymyr Zelensky, who says they complicate efforts to choke off Russia’s revenues more than four years into its full-scale invasion of Ukraine. But Kyiv gained little leverage after US President Donald Trump last week extended the waiver on Russian seaborne oil by another month. “The extension gives Indian refiners the runway they urgently needed,” said Rahul Choudhary, vice-president at Rystad Energy. “Indian refiners will likely move quickly to lock in the additional barrels the extension unlocks before the May 16 deadline.” Other markets have also aided India. Imports from Angola averaged 327,000 bpd in March, data from Kpler shows, nearly three times what India received in February. Industry watchers say African crude purchases were made before the United States struck Iran and have proven to be useful. “A lot of the uptick you’re seeing from Angola in March or Nigeria in April comes because we were (already) looking at sources other than Russia,” an official at a state-run refiner told AFP, requesting anonymity because they were not authorised to speak with journalists. “It’s now come in handy because shipments from Iraq and most of the Middle East have fallen heavily.”

A ‘no stock’ sign is displayed on a pump at a petrol station in the Indian city of Hyderabad. – AFPPIC

on online trends and viral cultural phenomena. Most of them exhibit parabolic price curves, with a rise in the early stage often followed by a plunge in value. Among the top $TRUMP wallets, according to blockchain data, is one linked to crypto billionaire Justin Sun, who finished first in the contest for the second consecutive year. Sun, one of the largest publicly known investors in World Liberty, sued the company last Tuesday, alleging that it froze his holdings. Investors have grown frustrated with the venture, saying it is opaque, tightly controlled and unresponsive to complaints. In a social media post, World Liberty co-founder and CEO Zach Witkoff, the son of Trump administration special envoy Steve Witkoff, called the lawsuit “meritless,“ and accused Sun of “misconduct that required World Liberty to take action to protect itself and its users”. Sun did not respond to a request for comment. – Reuters fuel companies were incurring losses but denied that a price hike was imminent. “India is the only country where petrol and diesel prices haven’t increased in the last four years,” it said. The government and state oil firms “have taken relentless steps in order to insulate Indian citizens from steep increases in international prices”. – AFP

above the Brent global oil benchmark. State-run retailers have yet to raise pump prices, with the government instead cutting excise duties on fuel. Some analysts warn prices could rise by as much as 28 rupees (RM1.19) per litre once voting in key state elections ends later this month. The Oil Ministry acknowledged last week that government-owned

Trump hosts crypto contest winners as his coin languishes PALM BEACH: US President Donald Trump hosted winners of his second annual meme coin contest at his Mar-a-Lago club in Palm Beach, Florida, on Saturday, offering top buyers of his $TRUMP cryptocurrency an audience with him even as the token’s value has plunged more than 95% from its peak last year. since Trump’s personal crypto wealth has ballooned as he reshapes US crypto policy. Trump’s appearance at the gala was not open to the public. But he later told reporters that he felt an “obligation” to support the crypto industry. “President Trump’s assets are in a trust managed by his children,“ White House spokesperson Anna Kelly told Reuters, adding that the president only acts in the best interests of the American public. near its all-time lows and is down steeply from the US$75 high hit shortly after it was introduced in January 2025. Late on Friday, $TRUMP was trading at roughly US$3. As Trump spoke, it fell to US$2.53 amid a flurry of trading on Saturday morning and remained below US$2.60 after he left Florida.

“As a president, I have to be able to make sure that all of our industries do well,“ Trump said before he boarded Air Force One on Saturday afternoon for his return to Washington. “Crypto is a big industry, it’s actually become somewhat mainstream.” While many retail buyers who piled into the token around its launch have seen most of their paper gains disappear, the Trump family and affiliated entities have continued to profit from the broader crypto ecosystem. A Reuters examination found that the family has taken in more than US$1 billion from crypto asset sales, including at least US$336 million tied to meme-coin sales in the first half of 2025 alone, with potentially billions more in unrealised gains.

The gala took place as scrutiny of the Trump family’s broader crypto ventures has intensified, with Democratic leaders calling for investigations. The 297 largest $TRUMP token holders who registered for the contest attended a gathering that Trump has billed as the “most exclusive” crypto and business conference in the world, where he gave the keynote address. The top 29 also attended a “special VIP reception and champagne toast” with the president. The day-long event is the latest example of Trump blending presidential stature with his family’s growing portfolio of speculative crypto ventures – a convergence government ethics experts say has little modern precedent, particularly

The 297 qualifying winners hold roughly US$29 million worth of $TRUMP, according to crypto analytics firm Nansen, far below the US$148 million Reuters reported they held for the inaugural May 2025 contest. “The contrast with last year’s launch is stark,“ according to a Nansen analysis prepared for Reuters. When it was launched, buyers accumulated and held the token, helping fuel a sustained rally, Nansen said. “The 2026 contest generated a moment of activity, but not the same conviction we saw in 2025. Demand just isn’t sticking.” Meme coins – a type of crypto with no utility or intrinsic value – are based