{"id":86025,"date":"2026-01-07T00:00:00","date_gmt":"2026-01-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?post_type=issue&#038;p=86025"},"modified":"2026-01-07T10:30:39","modified_gmt":"2026-01-07T10:30:39","slug":"russia-crude-imports-to-fall-as-reliance-denies-january-delivery","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/mena-india\/issues\/russia-crude-imports-to-fall-as-reliance-denies-january-delivery\/","title":{"rendered":"Russia crude imports to fall as Reliance denies January delivery"},"content":{"rendered":"<section id=\"86027\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"86027\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/uttar-pradesh-has-a-fab-offer-a-cheaper-india-entry-point-for-semiconductors-3\/\">\r\n                            THIS AFTERNOON: India\u2019s north enters the chip race \u2014 with subsidies, eyeing INR 30 bn in investments                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/uttar-pradesh-has-a-fab-offer-a-cheaper-india-entry-point-for-semiconductors-3\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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We spoke to an industry expert to understand what the loss of sanctioned barrels means \u2014 and why Middle East producers are poised to gain \u2014 just as Reliance denies claims of receiving fresh Russian cargoes in January.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO-<\/strong> India is set to lap Gulf peers on growth, with GDP projected at 6.9% in FY 2027. Tax cuts, trade pacts, and domestic buffers will cushion the blow from global headwinds. In other macro news, services momentum cooled in December and inflation is tamed, for now.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">All of that and more, below.<\/p>\n<p class=\"tag-border-left\">Watch this space <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>TRADE \u2014 <\/strong><strong>State<\/strong><strong> Bank of India (SBI), the sole Indian <\/strong><strong>bank operating in Israel, has secured approval to settle bilateral trade with Israel in INR<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.ptinews.com\/story\/business\/sbi-to-promote-india-israel-trade-in-rupee\/3248731\" style=\"\" rel=\"noopener\">Press Trust of India<\/a> reports. Using the Special INR Vostro Account mechanism \u2014 the same architecture established with the UAE in 2023 \u2014 Israeli exporters can now receive direct payments in INR, effectively bypassing the USD for cross-border transactions<strong>.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This mirrors the INR settlement architecture already in place with the UAE<\/strong>, with India looking to push for a standardized INR corridor across its key MENA partners. With over 40k Indian workers in Israel, SBI is streamlining INR accounts to capture the flow of remittances.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An FTA catalyst:<\/strong> This precedes a high-stakes freetrade agreement between India and Israel, <a target=\"_blank\" href=\"https:\/\/www.newsonair.gov.in\/india-israel-sign-terms-of-reference-to-initiate-negotiations-for-free-trade-agreement\/\" style=\"\" rel=\"noopener\">negotiations<\/a> for which will take place later this month. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>SEMICONDUCTORS \u2014<\/strong> <strong>The northern state of <\/strong><strong>Uttar<\/strong><strong> Pradesh has implemented incentive<\/strong><strong>s to attract investments of INR 30 bn (USD 360 mn) or more from semiconductor manufacturers<\/strong> as part of efforts by the state to build a high-end manufacturing base, <a target=\"_blank\" href=\"https:\/\/www.thehindubusinessline.com\/news\/national\/uttar-pradesh-cabinet-clears-incentives-to-attract-3000-crore-semiconductor-investments\/article70477346.ece#google_vignette\" style=\"\" rel=\"noopener\">Hindu Businessline<\/a> reports. It also approved standard operating procedures for Global Capability Centers as it sharpens its pitch as an investment destination.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> If you are a MENA-based tech firm looking to set up a back-office or a fabrication facility in India, Uttar Pradesh just became significantly cheaper than Bengaluru or Hyderabad on an operational basis. By offering 10-year power and tax subsidies, the heartland state is trying to undercut the established tech hubs of southern India like <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/andhra-pradesh-inks-mous-that-could-unlock-projects-worth-a-combined-inr-3-65-tn\/\" style=\"\" rel=\"noopener\">Visakhapatnam<\/a> and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/?s=vinfast\" style=\"\" rel=\"noopener\">Thoothukudi<\/a>.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">YOU\u2019RE READING EnterpriseAM MENA <> India, your C-suite briefing on the movement of trade, investment, people, and ideas along one of the world\u2019s most exciting corridors. Every Monday, Wednesday, and Friday at 9am UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this briefing? <\/strong><a target=\"_blank\" href=\"https:\/\/sub.ent.news\/mena-india\/\" style=\"\" rel=\"noopener\">Tap or click here to sign up without charge for your own<\/a><a target=\"_blank\" href=\"https:\/\/sub.ent.news\/mena-india\/\" style=\"\" rel=\"noopener\">copy.<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>USD 8.5 bn \u2014 this was the value of i<\/strong><strong>nstitutional<\/strong><strong> investments in the Indian real estate<\/strong><strong> sector in 2025<\/strong>, a 29% y-o-y increase, riding a sharp year-end surge amid soaring domestic participation, as per <a target=\"_blank\" href=\"https:\/\/www.colliers.com\/en-in\/research\/india-real-estate-2026\" style=\"\" rel=\"noopener\">Colliers India<\/a>. Domestic institutions more than doubled deployments to USD 4.8 bn, amounting to 57% of inflows, while foreign inflows eased 16% to USD 3.7 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/31\/bagmane-reit-files-for-ipo-as-gulf-investor-appetite-stays-strong\/\" style=\"\" rel=\"noopener\">Gulf institutional investors<\/a> are laser-focused on Grade A, income-generating office assets, specifically those ready to be packaged into Real Estate Investment Trusts, which alone drew USD 4.5 bn in 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Happening this week<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>India<\/strong><strong> and the EU will hold high-level talks in Brussels from 8-9 January to push forward <\/strong><strong>negotiations on a long-negotiated freetrade agreement<\/strong>, as both sides look to resolve outstanding issues and accelerate closure, <a target=\"_blank\" href=\"https:\/\/www.ptinews.com\/story\/business\/india-eu-crucial-fta-talks-on-jan-8-9-in-brussels;-goyal-to-meet-maros-sefcovic=\/3253461\" style=\"\" rel=\"noopener\">Press Trust of India<\/a> reports. The agreement is likely to be signed around 26 January during a visit by European Commission President Ursula von der Leyen to New Delhi. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> The big story abroad<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uh<\/strong><strong>, did the US just *literally* steal Venezuela\u2019s oil? <\/strong>Oil tankers are moving from the US towards Venezuela to begin loading stranded Venezuelan oil after US President Donald Trump said Venezuela will hand over some 30-50 mn barrels of oil to the US. The sale of the cargoes could be worth around USD 3 bn at current prices. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What he said: <\/strong>\u201cThat money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States,\u201d Trump wrote in a post on his Truth Social platform.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ The must-read on the topic: <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2026\/01\/07\/us-oil-trump-venezuela-maduro\" style=\"\" rel=\"noopener\">Trump: Venezuela to turn over 30-50 mn barrels of oil to US<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the White House is now saying that military force is on the table in its bid to <\/strong><strong>\u201cacquire\u201d Greenland. <\/strong>\u201c\u201cPresident Trump has made it well known that acquiring Greenland is a national security priority of the United States, and it\u2019s vital to deter our adversaries in the Arctic region,\u201d White House press secretary Karoline Leavitt said. \u201cThe president and his team are discussing a range of options to pursue this important foreign policy goal, and of course, utilizing the US military is always an option at the commander-in-chief\u2019s disposal.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Her remarks came after White House Deputy Chief of Staff Stephen Miller channeled his <\/strong><strong>inner Balon Greyjoy<\/strong>, saying, \u201cNobody\u2019s going to fight the United States militarily over the future of Greenland. \u2026 We live in a world, in the real world \u2026 that is governed by strength, that is governed by force, that is governed by power. These are the iron laws of the world since the beginning of time.\u201d See more in <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2026\/01\/05\/us\/politics\/stephen-miller-greenland-venezuela.html\" style=\"\" rel=\"noopener\">the New York Times<\/a> and <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/28485ea3-68ce-4897-8b74-b728d54b5479\" style=\"\" rel=\"noopener\">the FT<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Closer to home: <\/strong><\/p>\n<ul>\n<li><strong>Saudi Arabia has opened up its capital markets to foreign investors <\/strong>in a move set to bring in more liquidity ahead of a deep 2026 IPO pipeline.<\/li>\n<li><strong>The Qatar Investment Authority participated in Elon Musk\u2019s xAI\u2019s USD 20 bn series E funding round<\/strong>, alongside Nvidia and Cisco. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/musks-xai-raises-20-billion-upsized-series-e-funding-round-2026-01-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a>) <\/li>\n<li><strong>Clashes between civilians and police in Iran amid a wave of protests that took the country by storm as of last week <\/strong>have left 29 dead and more than 1.2k people arrested. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-06\/iran-probes-hospital-raid-as-protest-crackdown-leaves-29-dead?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>) <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Market watch<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Deutsche<\/strong><strong> Bank topped the league table for arranging USD bonds for Indian borrowers in 2025<\/strong>, displacing Standard Chartered\u2019s 17-year reign, but the win comes in a declining market, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-07\/deutsche-bags-top-slot-for-arranging-india-dollar-bonds-in-2025?srnd=phx-india-v2\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Indian companies\u2019 USD bond issuance plummeted 37% to USD 8.3 bn in 2025<\/strong> as a weak INR and punishing hedging costs pushed corporate treasurers to return home. While offshore sales withered, <a target=\"_blank\" href=\"https:\/\/www.hindustantimes.com\/business\/deutsche-bank-bags-top-slot-in-india-dollar-bond-deals-in-2025-101767756941445.html\" style=\"\" rel=\"noopener\">local currency debt<\/a> hit a record USD 151 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Deutsche Bank secured its lead by leaning into high-stakes agreements <\/strong>for issuers like Vedanta Resources and Muthoot Finance. It acted as sole arranger for the country\u2019s largest private credit <a target=\"_blank\" href=\"https:\/\/m.economictimes.com\/industry\/banking\/finance\/shapoorji-group-secures-3-4-billion-in-record-deutsche-led-credit-deal\/articleshow\/121525227.cms\" style=\"\" rel=\"noopener\">financing of USD 3.4 bn<\/a> for the Mumbai-based conglomerate Shapoorji Pallonji.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this<\/strong> <strong>matters<\/strong><strong>:<\/strong> For MENA-based allocators and bankers, the standard Indian USD bond is becoming a rarity. The market is bifurcating \u2014 issuance is moving onshore to the INR market, while the offshore space is emerging as a playground for private credit plays. Deutsche Bank\u2019s ascent suggests that success in India's bond market now demands a risk appetite for complex credits that traditional incumbents appear to be ceding.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Circle your calendar<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>German<\/strong><strong> Chancellor Friedrich Merz will make his first official visit to India from 12-13 January<\/strong>, as New Delhi looks to strengthen economic engagement with Europe amid growing trade frictions with Washington. The two-day trip is expected to focus on trade, investment, defence, and technology cooperation, according to a foreign ministry <a target=\"_blank\" href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/40569\/Visit+of+the+Chancellor+of+the+Federal+Republic+of+Germany+HE+Friedrich+Merz+to+India+January+1213+2026\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/india-israel\/\">India Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/semiconductors\/\">Semiconductors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/technology\/\">technology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/uttar-pradesh\/\">Uttar Pradesh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/what-were-tracking-today\/\">WHAT WE\u2019RE TRACKING TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86029\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"86029\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE BIG STORY TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/russian-crude-to-india-set-for-deeper-cuts-icra-tells-enterpriseam-3\/\">\r\n                            ICRA sees sharp drop in Russian crude imports as Reliance denies reports about January deliveries                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" 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data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/525.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/525.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86029\" class=\"content-area-description single-story post-86029 post type-post status-publish format-standard has-post-thumbnail hentry category-the-big-story-today tag-energy tag-enterpriseam-india tag-gulf-crude tag-oil-gas tag-russian-crude tag-the-big-story-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Indian<\/strong><strong> refiners are bracing for a substantial drop in Russian <\/strong><strong>crude supplies<\/strong>, with about 60% of sanctioned barrels falling out of the market, Prashant Vashisht, VP & co-head of ICRA India told EnterpriseAM as <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/issues\/trumps-new-warning-to-india\/#85884\" style=\"\" rel=\"noopener\">US pressure and steep tariffs<\/a> linked to the trade continue. \u201cMiddle East producers would be key beneficiaries of any reduction in volumes procured from Russia,\u201d Vashisht said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Reliance Industries \u2014 India\u2019s largest importer of Russian crude \u2014 denied reports that its refinery will receive Russian cargo deliveries for January<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/x.com\/RIL_Updates\/status\/2008269570424139779?s=20\" style=\"\" rel=\"noopener\">post on X<\/a>. The Mumbai-based conglomerate was responding to a <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-02\/tankers-laden-with-russian-oil-sail-toward-reliance-refinery?\" style=\"\" rel=\"noopener\">Bloomberg report<\/a> based on Kpler data that suggested Russian oil tankers were bound for its Jamnagar refinery. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Imports under pressure:<\/strong> Stricter US and EU sanctions against Russian oil majors Rosneft and Lukoil are already slowing crude flows to India.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">A structural slowdown in Russian crude<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Russia\u2019s share of India\u2019s crude purchases has fallen from nearly 40% at its post-war peak<\/strong> to less than 25% as of early January, driven in part by Reliance halting Russian oil purchases following the latest US sanctions, <a target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/foreign-trade\/india-imported-euro-144-billion-worth-of-russian-oil-since-ukraine-war\/articleshow\/126377016.cms\" style=\"\" rel=\"noopener\">Economic Times<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How refiners are adjusting: <\/strong>The decline in Russian inflows is likely to persist as sanctioned barrels disappear from India\u2019s import basket, Vashisht said. While refiners will continue to source from non-sanctioned entities, the overall volume of Russian cargoes will remain lower even as discounts have widened to high single digits, Vashisht noted.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Russia\u2019s share in India\u2019s crude purchases rose from 22% in FY 2023 to 36% in FY 2024 and FY 2025, before easing to 34% in 1H FY 2026. <\/strong>But India\u2019s refining system is diversified, Vashisht noted. \u201cIndian refiners procure from a variety of sources globally as most refineries are able to process varieties of crudes.\u201d While India can substitute Russian barrels with supplies from the Middle East, Africa, or South America, \u201cthe import bill for crude oil would increase,\u201d adding pressure on retail prices. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>Despite the ongoing recalibration, Vashisht stressed that India\u2019s large refiners have the scale and logistical reach to adjust quickly. \u201cIndian refiners will buy from sources that make the most economic and commercial sense and are not sanctioned.\u201d While proximity has historically favoured Middle East barrels, Indian refiners also source from Brazil, Africa, and the US when commercially viable.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The near-term trend, however, points to deeper Middle East reliance.<\/strong> Any sustained reduction in Russian barrels will reinforce the Gulf\u2019s weight in India\u2019s energy security matrix, with pricing, freight dynamics, and sanctions compliance all shaping how refiners buy barrels through 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch: <\/strong>Indian authorities have asked refiners to submit weekly disclosures of Russian and US crude intake to provide primary import data to Washington amid ongoing and delayed trade discussions, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/india-asks-refiners-weekly-russian-oil-import-data-it-seeks-us-trade-deal-2026-01-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported last week. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/energy\/\">ENERGY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/gulf-crude\/\">Gulf crude<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/oil-gas\/\">Oil &amp; Gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/russian-crude\/\">Russian crude<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/the-big-story-today\/\">THE BIG STORY TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86031\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"86031\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">ENERGY WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/indias-refiners-stay-flush-as-gas-demand-tapers-a-mixed-signal-for-mena-exporters-3\/\">\r\n                            India\u2019s downstream earnings in oil and gas sector jump 17%, securing crude buying power as domestic output falters                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li 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src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/indias-refiners-stay-flush-as-gas-demand-tapers-a-mixed-signal-for-mena-exporters-3\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1620.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86032\" data-permalink=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/indias-refiners-stay-flush-as-gas-demand-tapers-a-mixed-signal-for-mena-exporters-3\/1620-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1620.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1620.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1620.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1620.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86031\" class=\"content-area-description single-story post-86031 post type-post status-publish format-standard has-post-thumbnail hentry category-energy-watch tag-city-gas-distribution tag-energy tag-energy-watch tag-enterpriseam-india tag-lng tag-oil-gas wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>India\u2019s<\/strong><strong> energy sector is flashing a two-speed signal to Middle East<\/strong><strong> suppliers:<\/strong> While refining giants are set to post strong revenues \u2014 securing their ability to pay for crude imports \u2014 the much-hyped city gas sector is seeing volume growth slow, raising questions about the pace of LNG adoption.<\/p>\n<p><strong>India\u2019s downstream players are expected to see aggregate EBITDA <\/strong>rise about 17% y-o-y in the October-December quarter (3Q FY2025\/26), <a target=\"_blank\" href=\"https:\/\/www.aninews.in\/news\/business\/oil-amp-gas-sector-set-for-strong-q3fy26-despite-upstream-pressures-report20260106115157\/?amp=1\" style=\"\" rel=\"noopener\">ANI<\/a> reports, citing a sector note by brokerage firm Nuvama.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fuel retail margins remained elevated but moderated compared to last year. <\/strong>Average diesel retail margins were around INR 5.5 per liter, down roughly 37% y-o-y, while petrol margins stood at about INR 10.7 per liter, a 17% y-o-y drop, the newswire added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> Stronger balance sheets for Indian refiners mean stability for their primary crude suppliers in Saudi Arabia, the UAE, and Iraq, even as global crude prices soften.<\/p>\n<p><strong>The gas warning:<\/strong> For Qatar and the UAE \u2014 India\u2019s key LNG suppliers \u2014 the quarter offers a reality check. While City Gas Distribution (CGD) earnings are up 5%, Nuvama flagged that volume growth, particularly in CNG, remains \u201cmodest.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The disconnect: <\/strong>The sluggish immediate growth contrasts with the government\u2019s aggressive target to expand to 18k CNG stations by 2032. If volume uptake lags behind infrastructure rollout, Indian buyers may remain price-sensitive on spot LNG cargoes, dampening hopes for a rapid demand spike.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/city-gas-distribution\/\">City Gas Distribution<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/energy\/\">ENERGY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/energy-watch\/\">ENERGY WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/lng\/\">LNG<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/oil-gas\/\">Oil &amp; Gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86033\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"86033\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/india-forecasted-to-grow-6-9-in-fy-27-outpacing-uae-and-saudi-even-as-momentum-cools-3\/\">\r\n                            India\u2019s 6.9% GDP outlook keeps it well ahead of Saudi and UAE even as domestic engine taps the brakes                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/india-forecasted-to-grow-6-9-in-fy-27-outpacing-uae-and-saudi-even-as-momentum-cools-3\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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This is a step down from the 7.4% <a target=\"_blank\" href=\"https:\/\/www.thehindubusinessline.com\/economy\/indian-economy-to-grow-69-in-fy27-amid-global-headwinds-ind-ra\/article70477010.ece\" style=\"\" rel=\"noopener\">estimated<\/a> for FY 2026, as base effects, weaker global trade, and climate risks temper momentum. Looking ahead to 2026, India significantly outstrips its primary Gulf partners, with the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/12\/31\/a-year-led-by-the-non-oil-sector-2\/\" style=\"\" rel=\"noopener\">UAE<\/a> expected to grow at 5.2% and <a target=\"_blank\" href=\"https:\/\/www.mof.gov.sa\/en\/MediaCenter\/news\/Pages\/News_3092025.aspx\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a> at 4.6%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Internal stabilizers to soften shocks: <\/strong>Domestic buffers \u2014 including GST and income tax cuts as well as new trade agreements with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\/news\/edition\/mena-india\/33f27e91-ae26-47f8-861b-529741a92923\/in-a-strategic-pivot,-india-and-oman-sign-trade-agreement\" style=\"\" rel=\"noopener\">Oman, the UK<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/india-concludes-fta-with-new-zealand-2\/\" style=\"\" rel=\"noopener\">New Zealand<\/a> \u2014 are expected to help the economy absorb external shocks, particularly from US tariffs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">In other macroeconomic news<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Near-term signals are mixed: <\/strong>HSBC\u2019s India Services <a target=\"_blank\" href=\"https:\/\/www.pmi.spglobal.com\/Public\/Home\/PressRelease\/8782af4f628d4f889bffe59a60142cb6\" style=\"\" rel=\"noopener\">Purchasing Managers\u2019 Index<\/a> slipped to an 11-month low of 58.0 in December, indicating slower expansion. Meanwhile, export orders accelerated amid steady overseas demand, a large part of which has been routed through Gulf trade and services corridors, while benign inflation kept cost pressures contained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A friction point? <\/strong>More concerning for firms looking at the talent corridor is that hiring has stalled for the first time in 42 months. While the macro story remains robust, the operational situation in high-value sectors like IT and professional services \u2014 critical to the India-UAE CEPA \u2014 is facing a period of consolidation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/data\/\">data<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/economy\/\">Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/india-focus\/\">India Focus<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/macroeconomics\/\">Macroeconomics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86035\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"86035\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/propertypistol-clocks-inr-30-bn-in-uae-home-sales-3\/\">\r\n                            Indian property advisory PropertyPistol scales UAE business                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/propertypistol-clocks-inr-30-bn-in-uae-home-sales-3\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The firm facilitated the sale of up to 800 residential units in Dubai worth INR 20 bn, as Indian buyers double down on the UAE property market.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86037\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"86037\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/what-venezuela-means-for-regional-oil-where-the-risk-actually-went-3\/\">\r\n                            What Venezuela means for regional oil + where the risk actually went                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/what-venezuela-means-for-regional-oil-where-the-risk-actually-went-3\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Brent rose only about USD 1 \/ bbl, with analysts <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/oil-prices-slip-ample-supply-despite-political-turmoil-venezuela-2026-01-04\/\" style=\"\" rel=\"noopener\">noting<\/a> that in a supplied global market, Venezuela\u2019s turmoil poses little immediate threat to output. That muted reaction reflects the reality that oil markets are in oversupply \u2014 with or without Venezuela. The International Energy Agency has been sounding the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/29\/a-tale-of-two-oil-markets\/\" style=\"\" rel=\"noopener\">glut alarm<\/a> for months, saying that supply is set to exceed demand by some 4 mn bbl \/ d this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Even under optimistic scenarios, new barrels would take years to materialize.<\/strong> JPMorgan <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/us-sanctions-policy-determine-venezuelas-oil-production-outlook-goldman-says-2026-01-04\/\" style=\"\" rel=\"noopener\">sees<\/a> Venezuelan production reaching 1.3-1.4 mn bbl \/ d within two years and up to 2.5 mn bbl \/ d over a decade, with a limited market impact \u2014 roughly USD 4 \/ bbl downside to 2030 prices. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While global markets are broadly unmoved, the outlook for our neck of the woods is <\/strong><strong>mixed.<\/strong> With uncertainty on how the long-term movements will shake out, Egypt, Saudi Arabia, and the UAE will each have different angles to watch for. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Who wins and who bleeds<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For Egypt, it\u2019s cheaper crude and fiscal breathing room:<\/strong> Every USD 5 \/ bbl drop in Brent cuts subsidy costs by roughly EGP 30 bn, easing fiscal pressure in the near term, according to CI Capital calculations. Energy subsidies still make up about 90% of total subsidies, but that share is set to fall to some 30% by this year as price liberalization continues. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A sharp drop in Brent would hit Saudi Arabia hard:<\/strong> Lower prices would squeeze fiscal capacity, drain liquidity, and weigh on sentiment. Saudi\u2019s fiscal breakeven sits around USD 87 \/ bbl, according to CI\u2019s estimates, leading to more strain on public finances and heavier reliance on <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/31\/moving-away-from-oil-can-be-tricky-for-the-kingdom\/\" style=\"\" rel=\"noopener\">external borrowing<\/a>. That\u2019s still far higher than the USD 60 \/ bbl range we\u2019re currently sitting at.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Balance for the UAE:<\/strong> The country offers stability through low breakeven and diversified revenue \u2014 the reason why it remains a credit market darling. Non-oil activity makes up roughly 75% of GDP, and the fiscal breakeven oil price sits near USD 48 \/ bbl.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> <strong>A narrow window?<\/strong> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Venezuelan barrels don\u2019t compete head-on with most Middle Eastern crude. <\/strong>They\u2019re heavy and sour, putting them in a different lane than the light and medium grades that dominate Gulf exports. Refineries that want Venezuelan crude are highly specialized, and are <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/business\/2026\/jan\/05\/venezuelan-crude-oil-appeals-to-us-refineries\" style=\"\" rel=\"noopener\">mostly in the US<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This opens the door for US refiners to take in more Venezuelan crude<\/strong> \u2014 easing reliance on pricier Canadian heavy barrels. The flipside is that barrels would likely be pulled away from China, which has taken most of Caracas\u2019 exports since US sanctions kicked in. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Those volumes are marginal in China\u2019s overall balance and easy to replace \u2014 and<\/strong><strong> replacement matters. <\/strong>If Venezuelan barrels are directed to the US, China will have to look elsewhere, and the most obvious substitute is the Middle East.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The window: <\/strong>Saudi Arabia and Iraq sell some heavier grades that can be snatched up by China, with Middle Eastern producers still having the edge on logistics, reliability, and scale. Venezuela\u2019s supply is constrained, operationally messy, and politically fragile. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> The macro view: Where the risk actually went<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Capital moved first into credit:<\/strong> After Vice President (and former Oil Minister) Delcy Rodriguez was <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-06\/venezuela-s-new-leader-is-who-global-oil-wanted-all-along\" style=\"\" rel=\"noopener\">sworn in<\/a> as interim president, investors wasted no time piling into Venezuelan assets. The government\u2019s and the state oil company\u2019s defaulted sovereign bonds <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/us-capture-maduro-could-lift-venezuela-pdvsa-bonds-by-up-10-point-jpmorgan-says-2026-01-05\/\" style=\"\" rel=\"noopener\">surged some 30%<\/a> in a single day as regime-change hedges went into overdrive. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Equities followed:<\/strong> Big refiners such as Marathon Petroleum and Phillips 66 <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/venezuela-oil-trump-maduro-opec-0068fa49b414fafe8ccd4de0818a3dd5\" style=\"\" rel=\"noopener\">jumped<\/a> 5-7%. Oilfield services \u2014 the ones who actually drill \u2014 outperformed with SLB and Halliburton surging 7-8%. Majors also moved, with ExxonMobil, Chevron, and ConocoPhillips gaining 2-4%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move effectively puts oil collateral pledged to China in \u201cUS hands,\u201d weakens <\/strong><strong>Russian oil\u2019s strategic relevance, and creates a long runway for US refiners<\/strong> and oil-services firms, Micheal Burry, the Big Short investor, <a target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/big-short-michael-burry-us-venezuela-maduro-oil-energy-china-2026-1\" style=\"\" rel=\"noopener\">said<\/a>. <a target=\"_blank\" href=\"https:\/\/www.tradingview.com\/news\/invezz:cf22ecad8094b:0-why-michael-burry-sees-valero-energy-as-a-winner-from-a-venezuelan-oil-boost\/\" style=\"\" rel=\"noopener\">Valero<\/a> \u2014 whose Gulf Coast refineries were built for Venezuelan heavy crude \u2014 jumped some 10%, with Burry doubling down on the stock. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters:<\/strong> It marks a shift in how markets price geopolitical risk, which had been largely absent from commodity markets during the glut. A decade ago, the ouster of an Opec strongman might have sent oil prices skyrocketing, but defaulted bonds are in demand and energy stocks are rallying, while oil itself yawns. Traders see Venezuela\u2019s upheaval as a credit-and-equity play \u2014 rather than a supply disruption to panic over \u2014 migrating the risk premium away from commodities and into market assets. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was a mix of red and green for Asia-Pacific markets this morning<\/strong>, weighed down by defense stocks falling after two days of gains. South Korea\u2019s Kospi was trading up, while most other markets were in the red in early trading. Meanwhile, US stocks rallied to record highs overnight but futures are currently trading flat. <\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table markets-table'>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Sensex<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">84,775<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: -0.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>NIFTY 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">26,106<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.9% (YTD: -0.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,022<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,211<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +2.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,415<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EG<\/strong><strong>X<\/strong><strong>30<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">41,543<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+2.1% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Boursa Kuwait<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,254<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: -1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>QSE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,009<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2%x% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,944<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: +1.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,072<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: +2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,918<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 60.2<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.81% <\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.48<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+4% <\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4,473<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7% <\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 91,880<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.6% <\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The values in the table above are listed according to the market position as of 3:30pm IST \/ 2pm GST.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/oil\/\">oil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86039\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/07\/86039\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86039\" class=\"content-area-description single-story post-86039 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2026<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JANUARY <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10-18 January (Saturday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nbtindia.gov.in\/ndwbf2026\/\" style=\"\">New Delhi World Book Fair<\/a><\/span><span style=\"font-weight:400;\">, Pragati Madan, New Delhi. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-13 January (Monday-Tuesday): <\/span><span>German<\/span><span> Chancellor Friedrich M<\/span><span>erz\u2019s first <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/40569\/Visit+of+the+Chancellor+of+the+Federal+Republic+of+Germany+HE+Friedrich+Merz+to+India+January+1213+2026\" style=\"\">Official India Visit<\/a><\/span><span>, <\/span><span>Ahmedabad and Bengaluru.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>19-20 January (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.tradeindia.com\/tradeshows\/145470\/international-crop-science-conference-exhibition-2026.html\" style=\"\">International Crop Science Conference and Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Le M\u00e9ridien Conference Center, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 January (Monday): Republic Day (Public Holiday). <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>27 January (Tuesday): India-EU <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/40336\/Joint_Press_Release_on_the_11th_India__EU_Foreign_Policy_and_Security_Consultations_and_the_6th_IndiaEU_Strategic_Partnership_Review_Meeting_in_Brusse\" style=\"\">Summit<\/a><\/span><span style=\"font-weight:400;\"> (to potentially finalize FTA), New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>27-30 January (Tuesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/indiaenergyweek.com\/event\/2026\/_home\" style=\"\">India Energy Week<\/a><\/span><span style=\"font-weight:400;\">, ONGC Advanced Training Institute, Goa.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30 January-1 February (Friday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/indiaagriexpo.com\/\" style=\"\">India Agri Expo<\/a><\/span><span style=\"font-weight:400;\">, Ludhiana Exhibition Center, Punjab.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">31 January (Saturday): Commencement of Budget Session 2026, Parliament of India, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FEBRUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 February (Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/dea.gov.in\/files\/announcements_documents\/Budget_Circular202627.pdf\" style=\"\">Union Budget 2026-27<\/a><\/span><span style=\"font-weight:400;\">, Parliament of India, New Delhi. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3-6 February (Tuesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.indembassydili.gov.in\/section\/upcoming-events\/52nd-year-of-chemtech-world-expo-2026-3rd-6th-february-2026-bombay-exhibition-centre-goregaon-mumbai-india\/\" style=\"\">ChemTech World Expo<\/a><\/span><span style=\"font-weight:400;\">, Jio World Convention Center, Mumbai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-10 February (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mcciapune.com\/initiatives\/pibs\/\" style=\"\">Pune International Business Summit (PIBS)<\/a><\/span><span style=\"font-weight:400;\">, SL Kirloskar Convention Center, JW Marriott, Pune.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14-18 February (Saturday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/mail.mgovcloud.in\/zm\/reUrlCheck.do?url=https%3A%2F%2Fwww.ihgfdelhifair.in&uvd=080112bc01b0ca97b3b9c382fe8695f75900007551b3edcfcc2ddb715e6c6aafa782978c518a566cb3f6f21a7ffe245f0866d9739a2e499cb927e87a01a88796ae6f12bc9f57b01a3453a8582efd9c34348988c22f6b91180b551b1f376e9f25031cfc37c4ea8c2dd794586260eb4f7ab8d4b819af61d02b8c79bca5ed6019798dfd57476ad58a6ae69453df1092abdeb0411daa73a5e4730634ee6589ce7c65e0c0d835fceb01d9978da96482e3f4d3f54cb2fbe191fc12a2a26b6fc98eaaec21\" style=\"\">IHGF Delhi Fair<\/a><\/span><span style=\"font-weight:400;\"> (Spring), New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>19-20 February (Thursday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/impact.indiaai.gov.in\/\" style=\"\">India-AI Impact Summit<\/a><\/span><span style=\"font-weight:400;\">, Bharat Mandapam, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 February (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/wsds.teriin.org\/\" style=\"\">World Sustainable Development Summit<\/a><\/span><span style=\"font-weight:400;\">, Taj Palace, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>27 February (Friday): First GDP growth data with revised 2022-23 base year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MARCH<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4 March (Wednesday): Holi (Public Holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12 March (Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/b2b.economictimes.indiatimes.com\/entrepreneur-summit?ag=events_listing&utm_source=events_listing&utm_medium=eventListing\" style=\"\">ET Entrepreneur Summit & Awards<\/a><\/span><span style=\"font-weight:400;\">, Bengaluru.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>19-22 March (Thursday-Sunday): Bharat Urja Manthan - <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.globalenergyconclave.com\/\" style=\"\">Global Energy Conclave<\/a><\/span><span>, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 March (Friday): Eid Al Fitr (Public Holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23-25 March (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/indiasoft.org\/delegates-registration\/\" style=\"\">Indiasoft: International IT Exhibition & Conference<\/a><\/span><span style=\"font-weight:400;\">, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23-25 March (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.smartcitiesindia.com\/\" style=\"\">Smart Cities Expo<\/a><\/span><span style=\"font-weight:400;\">, Bharat Mandapam, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23-25 March (Monday-Wednesday):<\/span> <span style=\"text-decoration-skip-ink:none;font-size:11.5pt;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/plastiworld.org\/\" style=\"\">PlastiWorld India<\/a><\/span><span style=\"font-size:11.5pt\">, Jio World <\/span><span>Convention<\/span><span style=\"font-weight:400;font-size:11.5pt;\"> Center, Mumbai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">31 March (Tuesday): Mahavir Jayanti (Public Holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Signposted to happen sometime in March 2026<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Election Commission of India is expected to announce polling dates for elections in the states of Tamil Nadu, Kerala, West Bengal, Assam, and the union territory Puducherry.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">APRIL<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">3 April (Friday): Good Friday (Public Holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23-25 April (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/conclave.railanalysis.com\/\" style=\"\">Rail & Metro Technology Conclave<\/a><\/span><span style=\"font-weight:400;\">, Bharat Mandapam, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29 April-2 May (Wednesday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bharatbuildcon.com\/\" style=\"\">Bharat Buildcon<\/a><\/span><span style=\"font-weight:400;\">, Yashobhoomi, Dwarka, Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>7-10 April (Tuesday-Friday), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.indiarubberexpo.in\/\" style=\"\">India Rubber Expo<\/a><\/span><span style=\"font-weight:400;\">, ITPO, Pragati Maidan, Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 May (Friday): Buddha Purnima (Public Holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 May (Tuesday): Eid Al Adha (Public Holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>24-25 June (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/homelandsecurityexpo.in\/datesvenue.php#\" style=\"\">India Homeland Security Expo<\/a><\/span><span style=\"font-weight:400;\">, Bharat Mandapam, Pragati Maidan, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 June (Friday): Muharram (Public Holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Signposted to happen sometime in 1H 2026:<\/span><\/p>\n<ul>\n<li><span>Signing of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/india-qatar-trade-deal-by-q3-next-year-piyush-goyal\/articleshow\/124350957.cms\" style=\"\">India-Qatar Freetrade Agreement<\/a><\/span><span style=\"font-weight:400;\"> (details yet to be announced);<\/span><\/li>\n<li><span>India-EU Trade and Technology Council <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/40336\/Joint_Press_Release_on_the_11th_India__EU_Foreign_Policy_and_Security_Consultations_and_the_6th_IndiaEU_Strategic_Partnership_Review_Meeting_in_Brusse\" style=\"\">Ministerial Meeting<\/a><\/span><span style=\"font-weight:400;\">, Brussels, Belgium.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AUGUST <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 August (Saturday): Independence Day (Public Holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 August (Wednesday): Prophet Mohammad\u2019s Birthday (Public Holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2 October (Friday): Gandhi Jayanti (Public Holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 October (Tuesday): Dussehra (Public Holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">NOVEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">24 November (Tuesday): Guru Nanak Jayanti (Public Holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>8-11 December (Tuesday-Thursday), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/expandnorthstar.com\/\" style=\"\">Expand North Star<\/a><\/span><span style=\"font-weight:400;\">, Dubai. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25 December (Friday): Christmas Day (Public Holiday).<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>INR trade with Israel | 6.9% GDP forecast | Strong revenue for Indian refiners | Incentives for chip manufacturers<\/p>\n","protected":false},"featured_media":86026,"menu_order":0,"template":"","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-86025","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"4714bfa5-df11-4d85-b092-0ceeae874112","teaser":"INR trade with Israel | 6.9% GDP forecast | Strong revenue for Indian refiners | Incentives for chip manufacturers","photo_url":"https:\/\/ent.news\/2026\/1\/208.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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