Russia’s President Vladimir Putin (R) speaks with India’s Prime Minister Narendra Modi (L) during a visit to the shipyard Zvezda, as Rosneft Russian oil giant chief Igor Sechin (C) accompanies them, outside the far-eastern Russian port of Vladivostok on September 4, 2019, ahead of the start of the Eastern Economic Forum hosted by Russia.
Alexander Nemenov | Afp | Getty Images
India’s days of buying cheap Russian oil could be over.
Sweeping sanctions by the U.S. against Russia’s energy companies and operators of vessels that transport oil will complicate Indian efforts to keep importing cheap Russian crude and could push up inflation in Asia’s third-largest economy, analysts said.
The country could be looking at a potential oil shock, said Bob McNally, president of Rapidan Energy Group.
“India will be more affected than China by sanctions, since India imports much greater amount of its oil from Russia than China,” he told CNBC.
The South Asian nation imported a significant 88% of its oil needs between April and November 2024, little changed from a year earlier, according to government data. Around 40% of those imports came from Russia, data from trade intelligence firm Kpler showed.
Out of the newly sanctioned 183 tankers, 75 of them have transported Russian oil to India in the past, according to data provided by Kpler. Just last year alone, the 183 sanctioned tankers transported around 687 million barrels of crude, of which 30% were shipped to India.
“Most of these barrels went to Indian refiners and, hence, the impact will likely be largest there,” BNP Paribas’ senior commodities strategist Aldo Spanier said in a research note following the sanctions.
The new U.S. sanctions were deeper and broader than foreseen by markets, and the disruptions are expected to amplify, Spanier added.
India’s Ministry of Petroleum and Natural Gas did not respond to a CNBC request for comment.
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Oil prices year-on-year
The sanctions are also coming at a time when India is tipped to surpass China as the number one oil consumer in the world in 2025, accounting for 25% of total oil consumption growth globally.
Increasing demand for transportation fuels and home cooking fuels is set to spur this growth of 330,000 barrels per day this year — the most of any country, forecasts by the U.S. Energy Information Administration showed.
India consumed 5.3 million barrels per day in 2023, EIA’s most recent data showed. This consumption is expected to have increased by 220,000 barrels per day last year.
India wasn’t always this dependent on Russian oil.
As recently as 2021, Russian oil accounted for just 12% of India’s oil imports by volume. By 2024, that share had spiked to 37.6%, Muyu Xu, senior oil analyst at Kpler told CNBC.
The catalyst for increased oil imports was the Ukraine war, which prompted some Western countries to impose sanctions against Russia and curtail their purchases of Russian crude. As prices of Russian oil fell, India was able to hoover up supplies cheaply from companies that were not under sanctions.
The discount of Russia’s crude, Urals, to the global benchmark Brent has averaged around $12 per barrel from last August to October, according to S&P Global’s most recently published data last November. In 2024, Russia’s Urals were also cheaper by $4 per barrel compared to oil from Iraq, one of India’s main sources of crude oil imports, data from Kpler showed.
“If India were to fully comply with U.S. sanctions, we could see a sharp decline in Russian crude arrivals in February and potentially March,” Xu added.
Supply disruptions to India could be as high as 500,000 barrels per day, Rystad Energy’s senior analyst Viktor Kurilov shared via email.
No more cheap alternatives?
While the impact may eventually be mitigated as affected importers scramble to source alternative suppliers in the Middle East, some industry watchers say that the relief might still take a few weeks to months to materialize.
Even then, the price of oil from these alternative sources will not be as cheap. The world’s crude benchmark Brent recently advanced to a five-month high to around $80 per barrel following the announcement of the sanctions, after a year of languishing from oversupply and weak demand.
Prices of Middle Eastern crude, which are amongst India’s alternatives, have also surged this week, data provided by Kpler suggested.
“Depending on how quickly Russia resolves its logistical challenges and how cooperative India and China remain with the sanctions, oil prices could spike for a few weeks,” Kpler’s Xu said.
Additionally, as Donald Trump’s inauguration draws closer, the world’s supply of cheap Iranian crude, is also facing the risk of tighter sanctions. Iran made up 4% of the world’s oil production in 2023, according to an EIA report released last year.
“It is [also] a bit of a double whammy for the key importer [India] as Iran will likely face new sanctions pressure with the incoming Trump administration,” Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC.
If the new sanctions are coupled with a potential curb on Iranian crude, Brent prices could rise even higher to $90 per barrel, Goldman Sachs wrote in a note published after the announcement of the sanctions.
An Indian economy pain point
The Indian economy is “significantly vulnerable” to fluctuations in oil prices, a research paper published in 2023 established. Domestic retail prices of gasoline and diesel surge “like rockets” in response to rising crude oil prices, Abdhut Deheri, assistant economics professor at the Vellore Institute of Technology and M. Ramachandran from Pondicherry University’s department of economics said in the research paper.
“High oil prices, if passed to consumers, could further hurt their purchasing power at a time when income and GDP growth have slowed,” Dhiraj Nim, an economist at ANZ.
However, weak consumer demand could deter producers from passing on the cost burden to consumers, which means it could dent companies’ profits instead, Nim added. Although if the government chooses to shoulder the additional costs, it would strain its finances.
Not only will China and India have to pay more for the oil they consume, they will need to pay more to have it delivered to their shores because oil tanker rates have also risen, said Andy Lipow, president of energy consultancy Lipow Oil Associates.
Combined with a stronger U.S. dollar and weaker rupee, the impact on the India economy will be magnified, said Lipow.
The country is no stranger to protests over high fuel prices. In 2018, widespread protests across the country against record-high petrol and diesel prices led to the closure of businesses and schools in several regions.
A wheel loader operator fills a truck with ore at the MP Materials rare earth mine in Mountain Pass, California, January 30, 2020.
Steve Marcus | Reuters
The Defense Department will become the largest shareholder in rare earth miner MP Materials after agreeing to buy $400 million of its preferred stock, the company said Thursday.
MP Materials owns the only operational rare earth mine in the U.S. at Mountain Pass, California. The company said it will use the proceeds of the Pentagon’s investment to expand its rare earths processing capabilities and its magnet production capacity.
Shares of MP Materials jumped more than 40% premarket on the news.
The Pentagon is buying a newly created class of preferred shares that are convertible into MP Materials’ common stock. It is also buying a warrant that allows it to purchase additional common stock in the rare earth miner. The convertible shares and the warrant for common stock would represent about a 15% stake in MP Materials as of July 9.
Interior Secretary Doug Burgum said in April that the Trump administration was considering making direct equity investments in critical mineral companies to break U.S. dependence on China.
This is a developing story. Please check back for updates.
Porsche is rolling out three new Taycan Black Edition models. The 2026 Porsche Taycan Black Edition brings more than just a sporty new look. All three are equipped with Porsche’s Performance Battery Plus, delivering more power and a longer driving range.
Meet the 2026 Porsche Taycan Black Edition
With the new electric Macan stealing the show, Porsche is introducing new Taycan variants for the 2026 model year.
Porsche has already introduced significant upgrades for the 2025 model year, adding more driving range, faster charging, higher performance, and a sleek new design.
The new Black Edition variants will be available for the 2026 Porsche Taycan, Taycan 4, and Taycan 4S models.
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Featuring its SportDesign package, the new models include high-gloss black exterior accents on the window trims and mirrors.
Other standard design elements include a rear light strip with an illuminated, blacked-out Porsche logo. Inside, the new variants include Porsche’s black interior accent package, storage package, and black brushed illuminated door sill guards.
2026 Porsche Taycan Black Edition (Source: Porsche)
All three Black Edition models are equipped with the larger Performance Battery Plus, which is typically offered as an option.
With a gross energy capacity of 105 kWh, Porsche says the new variants offer a longer driving range and more power. The 2025 Taycan, with the Performance Battery Plus pack, offers an EPA-estimated range of 318 miles.
On the European WLTP scale, the 2025 Porsche Taycan with the Performance Plus battery is rated with up to 679 km (421 miles) range.
2026 Porsche Taycan Black Edition (Source: Porsche)
The new Black Edition models are loaded with added features. Highlights include Lane Change Assist, Surround View, including Active Parking Assist, 21″ wheels with center caps featuring the full-color Porsche crest, and HD-Matrix Design LED headlights. There are even puddle light projectors that show the Porsche logo when the doors open.
2026 Porsche Taycan Black Edition interior (Source: Porsche)
On the inside, the premium features continue. The Black Edition interior features 14-way comfort seats with a memory function, a Porsche crest on the headrests, and a BOSE Surround Sound System, including Dolby Atmos, to create an immersive sound experience.
You’ll also get Porsche Electric Sport Sound, a Storage package, and the Porsche crest stitched into the leather trim. To top it off, there’s an added “Black Edition” badge in the center console, exclusive to the new variants.
Although it’s called the Black Edition, you can choose from several different colors, such as Jet Black Metallic, Volcano Grey Metallic, Dolomite Silver Metallic, and Ice Grey Metallic, at no extra cost.
Porsche will reveal prices for the 2026 Taycan Black Edition models “in due course.” Deliveries in the US are expected to begin in Fall 2025.
What do you think of the new blacked-out Taycan variants? Do you dig it? Drop us a comment below and let us know your thoughts.
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Aventon is giving its popular fat tire e-bike a serious upgrade. The company just unveiled the Aventure M, a new mid-drive version of its best-selling Aventure model. With more torque, smarter shifting, and a boost in connectivity and control, Aventon says this is the “most advanced” bike it has ever produced.
The new Aventure M swaps out the rear hub motor for a 100 Nm mid-drive motor, offering more efficient power delivery and a more natural ride feel thanks to its double-sided torque sensor. And in case that 100 Nm doesn’t exactly place it for you, just know that we’re talking about more power (or more accurately, torque) than nearly any other e-bike in this class.
The Aventon A100 motor, which is rated at 750W and runs on a 36V system, takes full advantage of its Class 3 category with pedal assist speeds up to 28 mph (45 km/h) and a throttle top speed of 20 mph (32 km/h). The throttle is sold separately, probably as a nod to being even more compliant with California’s new stricter laws regarding Class 1 and Class 3 e-bikes, which can’t have mounted throttles.
Aventon also gives riders the option to set the bike to Class 1 or 2 limits using the companion app. We’ve always been pretty impressed with Aventon’s app, as it’s quite easy to use and makes it simple to control those types of modifications to the bike.
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That app pairs with Aventon’s newly developed ACU (Aventon Control Unit), a custom IoT system that adds a wide range of smart features. Riders get GPS tracking, theft detection, geofencing, remote locking, and over-the-air (OTA) firmware updates. Aventon even built in a passcode-locked on-switch for added security, as well as a physical rear-wheel lock and alarm.
We’ve previously seen Aventon use that OTA update system to give its e-bike more power via a boost feature, so the company doesn’t appear shy about pushing out new features when they’re ready.
But it’s not just about motor placement and connectivity. The Aventure M introduces electronic shifting, powered by a 10-speed Shimano CUES drivetrain and paddle shifters. Riders can shift manually or let the system take over with Auto Shift, Aventon’s torque and cadence-sensing automatic shifting mode. A new Uphill Start Assist feature gives riders an extra torque boost when starting from a stop on steep grades –perfect for off-road adventures or fully loaded cargo rides.
As for range, Aventon claims up to 85 miles (137 km) from the removable 36V 20Ah (720 Wh) battery, which itself weighs around 8.7 lbs (3.9 kg). That figure is in the lowest power level, and real-world range will depend heavily on terrain and assist level, but riders can likely expect something in the 40–60 mile (65-100 km) ballpark under typical pedaling usage when enjoying moderately higher power levels, and a bit less if leaning hard into that optional throttle.
Rounding out the build are 4-inch wide fat tires, a suspension seatpost, and an 80 mm front suspension fork. The total weight of the bike is around 73 lbs (33 kg), which is actually surprisingly reasonable for a full-featured fat tire e-bike with a mid-drive, believe it or not. Hey, these are heavy bikes when you stuff all that power, range, and tech in there.
The price at launch is US $2,899, which places the Aventure M above the hub motor version of the company’s existing Aventure model but below some other mid-drive fat tire options on the market. Aventon is clearly positioning this as a higher-performance alternative that’s still (hopefully) accessible to the average rider. It’s available now online and through Aventon’s network of over 1,800 partner dealers across the U.S.
Electrek’s Take
It’s about time we saw a major direct-to-consumer brand bring a smart tech, mid-drive fat tire e-bike to market that doesn’t require taking out a second mortgage. The Aventure M feels like a natural progression for Aventon – taking what made the Aventure 2 so popular and layering on meaningful performance and tech upgrades. The mid-drive motor brings real climbing power and smoother pedal assist, and features like auto shifting and built-in GPS tracking give this bike some serious smart credentials.
Of course, at nearly $3,000, this isn’t exactly budget territory anymore. But considering the Aventure M includes high-end components, a full-fat-tire adventure build, and an impressive level of integration, it still looks like a solid value for someone who wants their e-bike to go above and beyond the basic level of componentry and features. If the real-world range holds up and the automatic shifting works smoothly, this could easily become a category leader for anyone wanting an all-terrain e-bike that feels as refined as it is rugged. Aventon of course didn’t reinvent the wheel here — they just made a smarter, better one. I look forward to getting on one soon for a review and letting you know what I think of the ride.
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