Daily News - Thursday, 12 March 2026
Iran war pushes India to source 40-45% crude oil from Russia again (CNN)
US President Donald Trump’s Iran offensive has disrupted global oil flows, undermining his earlier push to cut India off Russian crude. The Strait of Hormuz, which carries 2.5-2.7 million barrels per day of India’s imports from Iraq, Saudi Arabia, Kuwait, and the UAE, is effectively paralyzed by the conflict. Oil prices surged past USD $100 (INR ~8,300) per barrel, forcing India to turn back to Russian supplies despite months of US pressure. The US Treasury Secretary Scott Bessent granted Indian refiners a 30‑day waiver to buy stranded Russian oil, acknowledging India’s energy crunch. Data from Kpler shows India may return to 40–45% of crude imports from Russia, reversing reductions achieved under Trump’s tariff campaign, which had included 50% tariffs on Indian goods and sanctions on two major Russian oil firms. India’s Oil Ministry stated it has about 25 days of crude inventory and eight weeks of total petroleum cover, but analysts warn prolonged Middle East tensions could trigger a deeper energy crisis for import‑dependent economies like India.
India diversifies Phosphatic fertiliser sourcing to Morocco, Jordan, Russia, Belarus (ET Now)
Fertiliser Association of India (FAI) assured that despite West Asia tensions, India has adequate Urea and Phosphatic fertiliser supplies for the upcoming Kharif season. In the first ten months of FY25-26, India’s combined production and imports of fertilisers (Urea, DAP, Complex, SSP, MOP) reached 65 million tons, up from 57 million tons last year. Inventories of DAP and NPK fertilisers have surged by 70-80% year‑on‑year, providing a strong buffer against Middle East supply disruptions. The sector remains reliant on imported RLNG (Regasified Liquefied Natural Gas) for Urea production, with the Ministry of Chemicals and Fertilisers coordinating gas allocation to ensure steady output. For Phosphatic fertilisers, India has diversified sourcing from Morocco, Jordan, Saudi Arabia, Russia, and Belarus, reducing dependence on any single region. Major companies like UPL, Coromandel, and PPL have secured long‑term contracts for phosphoric acid, ammonia, and rock phosphate, while the government is adjusting Nutrient Based Subsidy (NBS) rates to absorb rising raw material costs.
US launches Section 301 probe into EU, China, India and others (BBC)
The US Trade Representative Jamieson Greer announced a Section 301 investigation into major trading partners including the EU, China, India, Japan, South Korea, and Mexico. The probe follows the Supreme Court’s ruling last month that struck down President Donald Trump’s earlier tariffs, which had imposed levies on dozens of countries. Greer stated the investigation could lead to new import taxes by July, before Trump’s temporary 10% global tariff (announced in February) expires, with plans to raise it to 15%. The US accuses partners of unfair trade practices and exporting excess capacity, threatening America’s industrial base. Other countries under review include Vietnam, Thailand, Malaysia, Cambodia, Singapore, Indonesia, Bangladesh, Switzerland, and Norway, while Canada was notably excluded despite being the US’s second‑largest trading partner. The probe coincides with upcoming US-China trade talks in Paris, laying groundwork for a possible meeting between Trump and President Xi Jinping in Beijing later this month.
Indian Prime Minister launches ₹16,450 cr (USD $1.98 Billion) EV and railway projects in Kerala, Tamil Nadu (CNBC TV18)
Prime Minister Narendra Modi in Kochi, Kerala announced India’s push to scale up electric vehicles (EVs) and accelerate railway electrification to reduce dependence on imported petrol and diesel. He launched projects worth ₹16,450 crore (USD $1.98 Billion), including ₹10,800 crore (USD $1.3 Billion) in Kochi and ₹5,650 crore (USD $680 Million) in Tiruchirappalli. Modi emphasized the government’s focus on electric buses and e‑vehicles, alongside railway electrification, as part of India’s long‑term energy security plan. He also assured support for the 9.6 million Indians living in conflict‑affected West Asia, highlighting evacuation and safety measures amid the ongoing US-Iran war. The Prime Minister criticized the Indian National Congress, accusing it of politicizing the crisis and ignoring India’s advances in drone technology, with startups in Kerala leading innovation. Modi’s remarks underline India’s dual strategy: domestic energy independence through EVs and electrification, and global resilience by protecting citizens abroad.
