India’s oil minister says ‘we play by the rules,’ as markets weigh U.S. energy sanctions
India will cooperate with international sanctions, the country’s oil minister told CNBC on Tuesday, as markets eye future U.S. policy under the new administration of President Donald Trump.
“We play by the rules. If there is an international sanction, which is anchored, we would not want to go around it or anything,” India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri told CNBC’s Sri Jegarajah on the sidelines of the annual India Energy Week conference.
“On Russia, yes, there was a price cap, and we adhered strictly to the price cap. Going forward, if there are issues, we will address them.”
India’s refiners have been snapping up discounted Russian oil since Western and G7 energy sanctions barred many consumers from Moscow’s supplies, in an effort to whittle down Russia’s war coffers after its invasion of Ukraine. Countries not subject to the measures have been able to use insurance and shipping providers to facilitate the acquisition and transport of Russian crude procured under a price threshold.
New Delhi has repeatedly defended its purchases as a matter of national interest.
“There is no sanctioned country, first of all. It’s a lot of misrepresentation that’s taking place. Today, Europe still buys 25% of its gas from Russia. They buy other critical energy from there. So there’s no sanction,” the energy minister said Tuesday.
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He also signaled that the government of Trump’s predecessor, President Joe Biden, had endorsed India’s bolstered intake of Russian oil.
“I’ve had a chat with the Americans, the previous administration. They said, please buy as much as you like. Just make sure that you buy it within the price cap. And that’s what we did,” Puri said. CNBC has reached out to the U.S. State Department for comment.
India met about 88% of its oil needs via imports between April and November 2024, little changed from a year earlier, official data showed. As of January, about 40% of those imports came from Russia, data from trade intelligence firm Kpler suggests.
In 2021, Russian oil accounted for just 12% of the country’s oil imports by volume. By 2024, that share had surged to over 37%, according to Kpler data.
Sanctions in focus
The U.S. has been key in shaping global energy policy through sanctions over the past decade. In January, the U.S. imposed sweeping measures targeting Russia’s energy firms and the operators of vessels transporting oil — a move that analysts believe will make it harder for buyers like India to continue importing cheap Russian crude.
Investors have been waiting to see whether the newly installed Trump will pursue a ramp-up or relaxation of U.S. energy restrictions — critical to markets because the U.S. dollar denominates crude and oil product commodities.
Trump imposed sanctions affecting the Iranian and Venezuelan energy sectors during his first mandate and has taken an “America First” approach that could further incentivize domestic output — amid questions over the impact that threatened U.S. tariffs could have on global supply elsewhere.
Puri signaled his country would not be adverse to additional acquisitions of U.S. volumes. “If Americans are putting in more energy onto the global market, somebody asked me: ‘Are you going to buy more? I said: ‘I’d be surprised if we don’t.’ Because it’s in the natural flow,” he added.
The sanctions and trade developments are coinciding with a period when India’s oil consumption growth has outpaced that of China, contributing to 25% of the global increase in oil consumption.
“I am convinced that geopolitical tensions need to be managed,” Puri said Tuesday, noting current characterizations of supply-demand fundamentals in the oil market are “depending on whom you’re talking to and depending on where they stand on the equation,” as producers or consumers.
“A country like India, with a robust demand and a current consumption of 5.5 million barrels [per day] has a contribution to make in terms of which way the market goes. And we… we plan to use that leverage,” the oil minister added.
London-based Rho Motion just dropped the latest numbers on global EV sales for January 2025, and here’s the headline: 1.3 million electric vehicles were sold worldwide. That’s down by more than a third from December’s record-breaking numbers, but don’t let that fool you – January 2025 still saw an 18% jump compared to the same month last year.
The global picture
Global EV sales are off to a solid, if not spectacular, start in January 2025. While China’s numbers took a predictable dip post-holiday rush, Europe is picking up steam, and North America is seeing steady growth. Here’s how the major markets shook out in January:
- Global: 1.3 million EVs sold (+18% year-over-year, -35% from December 2024)
- China: 0.7 million (+12% y-o-y, -43% m-o-m)
- EU, EFTA & UK: 0.25 million (+21% y-o-y, -19% m-o-m)
- US & Canada: 0.13 million (+22% y-o-y, -28% m-o-m)
- Rest of the world: 0.13 million (+50% y-o-y, -4% m-o-m)
Rho Motion data manager Charles Lester weighed in on what’s behind these numbers:
With emission standards coming into force for European manufacturers this year, all eyes are on the opening month for the region, which shows encouraging growth at 21% compared to the same time last year.
The Chinese market, as expected, shrunk 43% from the previous month as drivers tend to go all in at the end of the year before the Chinese New Year public holidays fall in January and February.
The US and Canada market hasn’t yet been impacted by the new occupant of the White House and is showing a consistent year-on-year increase of 22%. All in all, an uncontroversial start to the year for the EV market globally, though this is not going to remain that way for long.
Europe: A strong start, but challenges ahead
The EU, EFTA, and the UK kicked off the year with a solid 21% increase, selling over 250,000 EVs in January. That’s the kind of momentum European automakers need to keep up to avoid hefty fines under the 2025 emission standards.
Germany led the charge, with EV sales jumping over 40% year-over-year, and BEVs specifically saw over 50% growth. But not every country had a smooth start. France, for example, took a big hit, with sales dropping 52% compared to December and 15% year-over-year. The reason was a new weight tax on plug-in hybrids (PHEVs) that went into effect in January, triggering a rush to buy in December before the new rules kicked in.
China: A predictable dip, but still growing
China’s EV sales were up 12% compared to last January, thanks in part to the ongoing national car trade-in scheme. However, sales dropped 43% compared to December, which is typical for this time of year. The Chinese New Year holiday always slows down vehicle sales in January and February, and with the holiday falling mostly in February this year (just like in 2024), expect another weak month before numbers pick up again.
US & Canada: A steady climb with uncertainty ahead
North America saw a solid 22% jump in EV sales compared to January 2024, with 130,000 units sold. However, that’s still a 28% drop from the December 2024 rush.
Despite concerns over Trump’s return to the White House, the federal EV tax credit – up to $7,500 – is still available for many BEVs and one PHEV. However, the requirements got tougher in 2025, with stricter sourcing rules for critical EV battery materials. Some EV models lost their eligibility, and that’s expected to put some pressure on the market as the year unfolds.
Read more: BYD’s overseas sales surged to a new record as its global EV plans kick into high gear
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Kia’s electric sports car will smoke a Ferrari and Lamborghini off the line, and it’s already less than half the cost. Now, Kia’s 576 horsepower EV6 GT is even cheaper to drive with nearly $20,000 in lease savings. Here’s how you can get your hands on one.
The EV6 GT arrived in 2022 as the “most powerful Kia production vehicle ever.” With up to 576 horsepower, Kia’s electric sports car can sprint from 0 to 60 mph in just 3.4 seconds.
Kia went all out, adding fun features and different drive modes, such as “GT” and “drift.” The GT drive mode adjusts the vehicle’s motor, brakes, steering, suspension, and more for better performance.
To prove its power, Kia put its EV sports car up against a Ferrari Roma and Lamborghini Huracan EVO Spyder. Certified by an independent test from AMCI, the Kia EV6 GT beat both off the line. Not only is the Kia faster, but it’s also about half the cost.
The 2024 Kia EV6 GT starts at $61,600. A 2024 Ferrari Roma will run you about $245,000, while a new 2024 Lamborghini Huracan EVO Spyder starts at just over $300,000.
According to online car research firm CarsDirect, the 2024 Kia EV6 GT now features $19,050 in lease cash (24-month lease). With the option of Single Pay leases, you can also score lower lease rates.
If you’re looking for something with a little less performance (and a lower price), Kia is offering $10,000 in Customer Cash on all 2024 EV6 models. The EV6 Light Long Range RWD ($45,950 MSRP) is listed for lease at just $179 for 24 months, with $3,499 due upfront.
The discounts come with the new 2025 model year arriving, which has an even longer driving range (319 miles Kia-est) and an NACS port for charging at Tesla Superchargers. The new EV6 GT trim will also pull additional features from Hyundai’s IONIQ 5 N, including a Virtual Gear Shift (VGS) function.
Want to get behind the wheel of Kia’s electric sports car and test it out for yourself? You can use our link to find the best deals on the 2024 Kia EV6 (including the GT model) near you.
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