Over the next 12 months, the price cap and embargo had a significant impact on revenues, and forced Russia to find new markets and ways to transport its oil.

Indian Oil is purchasing Russian crude oil without sanctioned entities' involvement. The company anticipates a 6-7% growth in gasoline demand and 4% in diesel by 2026. However, petrochemical margins are expected to remain weak due to oversupply,

Meanwhile, the IOCL is progressing with key refinery expansion projects. the company anticipates commencing operations at its expended Panipat refinery, with a capacity of 500,000 barrels per day (BPD),

U.S. sanctions on Russia should not affect Moscow's oil trade with India, Pavel Sorokin, Russia's first deputy energy minister, said on Tuesday, while adding it was too early to assess the impact of the latest restrictions.

U.S. sanctions on Russia should not affect Moscow's oil trade with India, Pavel Sorokin, Russia's first deputy energy minister, said on Tuesday, adding that it was too early to assess the impact of the latest restrictions.

Indian Oil is buying Russian crude oil cargoes without the involvement of sanctioned entities and expects gasoline demand to grow 6-7% in the fiscal year 2026, the company's chairman said on Tuesday.