India may raise Saudi oil purchases after pulling away from Russian crude (Business Standard)
India is set to take more Saudi Aramco oil next month as it pulls back from Russian crude under sanctions pressure, but the additional five million barrels still leave a large shortfall of up to 1.2 million barrels a day that traders doubt can be easily filled even as only one Indian refiner remains willing to buy limited non sanctioned Russian supplies. China has unexpectedly cut its Saudi purchases by nearly four million barrels, partly due to refinery maintenance and partly because it is sourcing more crude from regions like the Americas, which has reshaped demand patterns just as other Asian buyers including Japan, South Korea and Taiwan collectively sought up to twenty million extra barrels for December thanks to more attractive Saudi pricing. The broader jump in Saudi sales comes at a moment when the kingdom is leading OPEC and its allies in cautiously raising output to regain market share, though traders remain uncertain about how much new supply will actually reach the market even as the group plans to pause increases after reviving 137,000 barrels a day for three straight months.
India, Israel to expedite FTA plan, boost economic ties (Financial Express)
Piyush Goyal’s three day visit to Israel signals a renewed push to revive the proposed free trade agreement and deepen economic ties at a time when bilateral trade has fallen sharply since the start of the Israel Hamas conflict, with India’s exports dropping from over ten billion dollars in 2022 to barely three and a half billion dollars in 2025. The trip, which follows unprecedented business delegations from both countries, will focus on strengthening cooperation across sectors like technology, agriculture, water management, defence, life sciences and advanced manufacturing while also connecting major companies and start ups through business forums and CEO level meetings. The visit arrives just ahead of a potential trip by the Israeli President and aims to rebuild momentum by positioning India and Israel as strategic partners working together in innovation, investment and long term economic collaboration.
IMF cuts G20 outlook: World’s biggest economies to see weakest growth since 2009 (Financial Express)
The IMF warned that the world’s biggest economies are heading toward their weakest medium term outlook since 2009, as protectionism, aging populations, and stretched public finances push G20 growth toward just 2.9 percent by 2030 while advanced economies slow sharply and emerging markets remain the main drivers. It noted that inflation is easing globally but is likely to stay higher than desired in 2025, especially in countries raising tariffs like the United States, where core inflation may not fall back to the Federal Reserve’s target until 2027. The report also highlighted rising trade tensions ahead of a G20 meeting that several major leaders will skip, and it urged countries to cooperate by lowering trade barriers and adopting clearer policy road maps to reduce uncertainty that is weighing on global growth.
