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Oil refiners on the U.S. Gulf Coast are grappling with a surge in Venezuelan crude shipments following a $2 billion supply deal between Caracas and Washington, which has led to unsold volumes and price pressures. This influx poses challenges for President Donald Trump’s ambitions to increase Venezuelan oil imports, especially as U.S. demand remains soft. Trading firms Vitol and Trafigura, alongside Chevron, have secured licenses to market Venezuelan oil, but competition for buyers has intensified, with refiners hesitant due to relatively high prices compared to Canadian heavy grades. Venezuelan oil exports to the U.S. nearly tripled to 284,000 barrels per day in January, yet refiners like Phillips 66 require competitive pricing to process more. Meanwhile, China, previously a major buyer, has halted imports amid the U.S. takeover of Venezuela's oil sales, although India may emerge as a potential market following a recent trade deal with the U.S. 
Published: Feb 04 2026, 12 pmeznews.inIn a statement to the Lok Sabha during the Budget session, Union Minister Piyush Goyal assured that sensitive sectors such as agriculture and dairy are fully protected in the forthcoming India-US trade deal. He announced a significant reduction in US tariffs on Indian goods from 50% to 18%, positioning India favorably against competitor nations. Goyal emphasized that this agreement will bolster initiatives like ‘Make in India’ and ‘Design in India’, enhancing self-reliance and boosting exports in labour-intensive sectors. He highlighted the potential for increased opportunities for skilled workers and Micro, Small and Medium Enterprises (MSMEs) as both nations work to finalize the technical aspects of the deal. Additionally, Goyal underscored the government's commitment to energy security, noting the importance of US goods in sectors such as aviation and nuclear. He concluded that the trade deal aligns with India's national interests.
Published: Feb 04 2026, 12 pmeznews.inIndia has successfully safeguarded its agriculture and dairy sectors in the recent India-US trade agreement, reflecting the critical role these industries play in the nation's economy. With over 700 million people reliant on agriculture for their livelihoods, India views this sector as sensitive, particularly in light of the potential influx of subsidized agricultural products from developed nations like the US. The US, which exported $1.6 billion in agricultural goods to India in 2024, seeks greater market access, but India's protective tariffs, ranging from zero to 150 percent, aim to shield domestic farmers from unfair competition. Furthermore, India's agricultural exports have risen to over $51 billion, with aspirations to reach $100 billion in the coming years. The World Trade Organization allows member countries to protect sensitive sectors, and India’s tariffs comply with these commitments, ensuring food security and rural employment remain priorities.
Published: Feb 04 2026, 1 pmeznews.inIndia's crude oil import bill could potentially decrease by up to $3 billion annually if the country transitions some of its crude sourcing from Russia to Venezuelan heavy crude, according to a report by State Bank of India (SBI) Research. The report suggests that a discount of $10-12 per barrel on Venezuelan crude would make this shift economically viable, even after considering logistics and handling costs. Currently, Venezuelan heavy crude is priced at approximately $51 per barrel. However, the analysis highlights that the feasibility of this transition depends on various factors, including shipping distances, insurance costs, and India's refining capacity for heavy crude. While the potential savings are significant, analysts warn that any easing of tensions in Ukraine could diminish the current discounts on Russian crude, impacting the economic advantage of Venezuelan imports. Ultimately, India's crude import strategy will likely reflect a blend of various sources based on market conditions.
Published: Feb 04 2026, 12 pmeznews.inThe Indian government is set to offer a tax exemption to foreign companies providing cloud services through data centres in India, as announced by Finance Minister Nirmala Sitharaman during her budget speech. This tax holiday, effective from the 2026-27 tax year until 2046-47, is contingent upon four conditions: the foreign company must be notified, the data centre must be an Indian entity, it must be recognized by the Ministry of Electronics and Information Technology (MeitY), and services must be provided to Indian customers via an Indian reseller. Additionally, a safe harbour margin of 15% on costs will apply if the data centre is a related entity. This initiative aims to enhance investment in critical infrastructure while ensuring that foreign companies are not taxed on their global income derived from these services, thereby fostering a competitive environment for Indian data centres.
Published: Feb 04 2026, 11 ameznews.inIn early September, following a meeting with Vladimir Putin and Xi Jinping, Indian Prime Minister Narendra Modi sent National Security Adviser Ajit Doval to Washington to mend strained US-India relations. Doval conveyed to Secretary of State Marco Rubio that India sought to move past recent tensions, particularly after President Trump imposed 50% tariffs on Indian goods and criticized India’s economy. Despite facing insults, Doval emphasized India's resilience and desire for a trade deal, urging the US to temper its public criticism. Shortly after, Trump praised Modi on his birthday, signaling a thaw in relations. A trade agreement was announced, reducing tariffs on Indian goods and eliminating punitive duties on Russian oil purchases. While India is diversifying its trade partnerships, including recent deals with the EU and UK, the US remains a vital economic ally, with significant investments in technology and manufacturing sectors.
Published: Feb 04 2026, 11 ameznews.inBilateral trade between India and China reached a record high of USD 155.6 billion in 2025, marking a year-on-year growth of over 12%, according to Chinese Ambassador Xu Feihong. Speaking at a Chinese New Year event, Xu highlighted the successful meeting between Prime Minister Narendra Modi and President Xi Jinping in Tianjin last August, which he described as a turning point in improving relations, including increased people-to-people exchanges. India's exports to China rose by 9.7%, reflecting the potential for deeper economic cooperation. Xu emphasized the alignment of China's self-reliance strategy with India's Atmanirbhar Bharat initiative and expressed a commitment to collaborate on global development goals. The recent thaw in relations follows a period of tension after the 2020 Galwan Valley clashes, with military stand-offs concluding in October 2024. The ambassador reiterated the importance of mutual cooperation for shared benefits.
Published: Feb 04 2026, 11 ameznews.inCochin International Airport Limited (CIAL) is set to transform into a comprehensive aviation hub with the launch of a 36-acre Aero Park, aimed at enhancing technical capabilities and knowledge development. The project, which involves an investment of ₹101 crore, will feature six initiatives, including aircraft hangars, parking facilities, and specialized training centres. Kerala Chief Minister Pinarayi Vijayan is scheduled to inaugurate Phase I on February 9, which includes the CIASL Business Centre, a Technical Services Facility, and the largest Aviation Breathing Apparatus Training Gallery in India. Notably, the park will also house the country’s first Aviation Pressure-Fed Fire Fighting Facility and an underwater rescue training centre. CIAL's Managing Director, S. Suhas, emphasized that the Aero Park will elevate safety training standards and position Kochi as a global aviation hub, with future phases including the CIAL IT Park and Aero City project.
Published: Feb 04 2026, 11 ameznews.inUS Secretary of State Marco Rubio and Indian External Affairs Minister S. Jaishankar have expressed their support for a newly reached trade deal between President Donald Trump and Prime Minister Narendra Modi. During Jaishankar's three-day visit to Washington, DC, the two officials discussed formalising cooperation on critical minerals exploration, mining, and processing, as highlighted by US Principal Deputy Spokesperson Tommy Pigott. The leaders underscored the significance of their democracies collaborating to create economic opportunities and enhance energy security. They also reaffirmed their commitment to expanding bilateral and multilateral cooperation through the Quad, emphasizing the importance of a prosperous Indo-Pacific region. Following a phone conversation between Trump and Modi, it was announced that the US would reduce tariffs on India from 50% to 18%, while India would work towards eliminating its tariffs and non-tariff barriers against the US. Details of the agreement are still being finalised by negotiating teams.
Published: Feb 04 2026, 10 ameznews.inThe Indian government has announced the establishment of the Policyholders’ Education and Protection Fund to enhance awareness about insurance, alongside new regulations to safeguard policyholder data in compliance with the DPDP Act 2023. Set to take effect on February 5, 2026, the 'Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025' introduces significant reforms, including raising the foreign direct investment (FDI) cap in the insurance sector from 74% to 100%. While this change aims to boost investment, it mandates that top executives of insurance firms must be Indian citizens. The act also facilitates mergers between non-insurance and insurance companies and streamlines regulatory processes to promote ease of doing business. Additionally, the Insurance Regulatory and Development Authority of India (IRDAI) will gain enhanced powers to enforce compliance and penalize misconduct within the sector.
Published: Feb 04 2026, 10 am
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