US Treasury has imposed sanctions on an Indian petrochemical firm and groups in the UAE and Hong Kong for secret deals that funded the shipping of Iranian oil products to South and East Asia

Mashreq Bank in Dubai declined a request to take payments from at least Indian two refiners in Emirati dirhams, forcing the buyers to pay for crude in US dollars, sources say

The unit aims to capture and store 3 million tonnes annually of CO2 and utilise 2 million tonnes a year by 2025, Sinopec said

"We're raising runs next month in preparation for a possible opening in exports," a state-run refiner official said.

The proposed legislation would impose penalties on countries that increase their imports of Russian oil, provoking tensions with India and China, The Economic Times said.

China's purchases have climbed in order to reap the benefits of a plunge in European buying as sanctions push Moscow in search of alternative markets.

Traders expected China's exports of gasoline, diesel and jet fuel to rebound in August after Beijing issued more export quotas in June and July.

Covid lockdowns could lead to China's oil demand contracting for the first time in two decades

Indonesia may join India and China in buying cheap Russian crude because of pressure of rising costs, President Joko Widow has said

India's crude oil flows from Russia have soared from 2% of its total imports to more than 12% since February – when Russia invaded Ukraine

China's demand for gasoline, diesel and jet fuel could fall by 380,000 barrels a day this year - the first decline in 20 years, largely because of Covid curbs

India’s fast-rising Russian oil imports are being matched by its rising oil exports suggesting it may be reselling Russia’s oil to the West.