Energy & Petroleum News Today

The US Department of Energy authorized releasing up to four million barrels of crude to ExxonMobil and BP to counter Hurricane Isaias disruptions, requiring repayment with a premium by 2027 amid low reserves.

Power Grid Corporation acquired Lakadia C Power Transmission for ₹19.94 crore on October 12, 2026, to establish an inter-state transmission system and evacuate renewable energy in Maharashtra.

Inverter manufacturer Solis hit a 10 GW shipment milestone in India after 10 years, expanding into integrated energy storage systems with its new C&I solution, EverCore, targeting evolving regional energy needs.

Despite high global crude prices and rising current account deficits, India's petroleum product exports help offset roughly 26 to 30 percent of its total oil import bill, reducing US dollar outflows.

Crude oil prices face high volatility due to US-Iran diplomacy over the Strait of Hormuz, supply chain disruptions, and lingering geopolitical risks. Brent traded at $104.72 and WTI at $91.85 a barrel.

India defends Russian oil imports to protect energy security for its 1.4 billion population amidst stalled US trade talks, mounting tariffs, and external geopolitical pressures.

Tamil Nadu's Electricity Board has sought regulatory approval to procure 1,500 megawatts of electricity daily starting March 1, 2027, to meet rising summer power demand.

Trontek Electronics is expanding into Battery Energy Storage Systems with a Made-in-India portfolio, targeting 12 GWh of annual manufacturing capacity by 2028 to support residential, commercial, and utility-scale markets.

India and the EU agreed to strengthen technical cooperation on carbon markets and CBAM implementation. India highlighted progress, noting non-fossil sources reach 308 GW out of 558 GW total capacity.

India’s bitumen market remains firm following an estimated $50/MT weekly increase in international prices, supported by crude oil above $100/bbl, regional shipping disruptions and rising post-monsoon road-construction demand. Imported bitumen prices at Karwar and Mangalore are around ₹85,000–₹85,500/MT, inclusive of GST, with freight, vessel availability and insurance costs likely to influence regional delivered prices.