India becomes largest crude oil importer
September 30, 2025
An expected production increase from OPEC+ at this weekend’s meeting, combined with news of additional barrels being exported from Kurdistan to Turkey, has the energy market moving lower. The move downward is coming despite OPEC+ currently being roughly 500,000 barrels per day under its allowed quotas, which is supportive to prices overall.
As the threat of another government shutdown looms, gold prices hit a fresh high in yesterday’s trading.
US President Donald Trump said that it is time for the Palestinian militant group Hamas to accept a 20-point peace proposal that he outlined with Israeli Prime Minister Benjamin Netanyahu regarding the future of Gaza.
India has become the world’s largest crude importer. Its imports fell by 2.9% in August. That news has been bearish for crude.
Weekly reports on oil stored in tankers show that inventories increased by 3.7% to 81.95 million barrels for the week ending September 26, indicating a slowing indemand.
In other reports, exports from Saudi Arabia and Iraq have increased notably, but this has not been reflected in the export data. But the market is currently focused on all this increased production, pushing prices lower for now.