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  • Trump defends Russia diesel deal as lawmakers from both parties complain

    Trump defends Russia diesel deal as lawmakers from both parties complain

    US President Donald Trump is defending a diesel supply deal with Russia amid bipartisan criticism over sanctions and its potential impact on support for Ukraine.
    US President Donald Trump is defending a diesel supply deal with Russia amid bipartisan criticism over sanctions and its potential impact on support for Ukraine.

    President Donald Trump on Monday defended a diesel oil deal he made with Russia as lawmakers from both parties complained the agreement appears to violate US law barring imports of Russian energy until Moscow ends its aggression against Ukraine.

    Trump has said the deal to lift sanctions on Russian oil exports would help bring down high fuel prices. However, some analysts doubted the amount of diesel Trump has said Russia would provide over the next three months would do much to bring down prices, since it is equal to about 12 hours of global consumption of the fuel.

    On Friday, Trump said Russia had agreed to supply ​diesel to global markets, and his administration temporarily lifted US sanctions on Russian fuel designed to deprive Moscow of revenue for its ‌war on Ukraine. On Monday, Trump said the deal would help American farmers and ranchers.

    The price of diesel has surged more than 60 per cent since Trump launched a war against Iran seven months ago, and high prices have jeopardised Republican chances to maintain thin majorities in the US Congress in the November 3 midterm elections.

    On Sunday a group of Republican and Democratic US senators called on Trump to “reverse course” on the diesel supply deal with Russia. They said his deal may violate a 2022 law designed to support Ukraine in its bid to repel Russian invaders.

    “We should be tightening sanctions further, not undercutting them by allowing the import of Russian diesel and risking erasing our leverage, damaging our credibility with allies, and emboldening our adversaries,” said Republican Senator Jerry Moran in a social media post.

    Trump has blamed Ukraine’s attacks on Russian oil refineries as a leading factor for higher diesel prices.

    “I made the right choice for the American People – ALWAYS, AMERICA FIRST! President DONALD J. TRUMP,” Trump said in a social media post.

    On Monday, Trump rejected criticism of the deal from members of his own party, in comments to reporters as he departed the White House on a trip to Ohio.

    “Well, I think these are Republicans that can’t really be serious,” he said. “We can do a restriction on oil, but the rest of the world would be greatly, greatly affected if we do that.”

    Trump and Ukrainian President Volodymyr Zelenskiy bickered over the weekend about the Ukrainian attacks on Russian refineries. Trump said Ukraine needs a new president and Zelenskiy promised to hold elections if Russia would agree to a 60-day ceasefire.

    Trump on Sunday declared that Russia and Ukraine agreed to halt attacks on each other’s energy infrastructure. Whether such a deal will hold was unclear.

    “Well, they agreed,” Trump told reporters. “They agreed because I said they agreed. … That war has to be over with.”

    Kremlin spokesman Dmitry Peskov said talks were underway about a possible energy ceasefire, as Trump announced. He declined to comment on whether the ceasefire would apply only to oil refineries.

    Ukrainian President Volodymyr Zelenskiy said Kyiv favoured a ceasefire, but both sides had to observe it. He said it was “increasingly clear” that Russia was unwilling to accept it as Moscow hit six Ukrainian energy facilities on Monday

    Zelenskiy told Fox News’ “America’s Newsroom”programme on Monday that Ukraine’s attacks on Russian refineries were not the leading cause of rising fuel prices.

    “Everybody understands that the prices on diesel – it doesn’t depend on our attacks on diesel in Russia. Everybody understands that it depends on the blocking… the Strait of Hormuz,” he said.

    • Published On Oct 13, 2026 at 09:43 AM IST

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  • Russia eyes diesel exports of up to 3.5 million tonnes a month under Trump deal

    Russia eyes diesel exports of up to 3.5 million tonnes a month under Trump deal

    • Published On Oct 13, 2026 at 09:14 AM IST
    Russia plans to raise diesel exports to global markets as US President Donald Trump announces a deal to boost supplies and ease pressure on fuel prices.
    Russia plans to raise diesel exports to global markets as US President Donald Trump announces a deal to boost supplies and ease pressure on fuel prices.

    Russia, which has seen diesel exports collapse due to Ukrainian attacks on oil refineries and self-imposed overseas sales restrictions, will be able to return them near former levels and above amounts US President Donald Trump has outlined, Deputy Prime Minister Alexander Novak said on Monday.

    Trump announced on Friday that Russia had agreed to supply diesel to global markets, and his administration temporarily lifted US sanctions on Russian fuel designed to deprive Moscow of revenue for its ‌war on Ukraine.

    “We will see how the situation develops further, but Russia has the capacity to increase diesel fuel exports,” Novak, President Vladimir Putin’s pointman on oil, said on Rossiya-24 state TV channel.

    “By the end of the year, exports could reach 3.0-3.5 million metric tons per month, returning to the levels seen before the crisis,” he said.

    Before Ukraine launched a barrage of drone attacks on Russian oil refineries in 2024-2025, Russian diesel exports amounted to more than 3 million metric tons per month.

    Despite a self-imposed export ban, Moscow has continued to supply diesel to countries, mostly in Central Asia, under government deals. Russian diesel exports to Central Asia last month amounted to 427,000 tons, according to industry sources.

    Soaring US diesel prices are hurting US truckers and farmers, and are a concern for voters and political parties ahead of US midterm elections on November 3.

    Novak also said that under the deal with Trump, Russian diesel supplies will partially balance global supply and demand.

    “We are already seeing this effect, including in global diesel markets, where prices have fallen by around 5-6%,” Novak said.

    Trump said on Friday that Russia will immediately supply more than 300,000 metric tons (2.25 million barrels) of diesel to US and global markets.

    That is less than a day’s supply for the US transport sector alone, according to US Energy Information Administration data, which shows daily use of around 2.94 million barrels per day.

    Trump also said Russia would supply another 500,000 tons in November and a further 1 million tons “immediately thereafter”.

    • Published On Oct 13, 2026 at 09:14 AM IST

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  • Copper producers seek 10% import duty on solar PV ribbons, busbars

    Copper producers seek 10% import duty on solar PV ribbons, busbars

    Indian copper producers are seeking higher import duties on solar PV ribbons and busbars to protect domestic manufacturers from Chinese imports.
    Indian copper producers are seeking higher import duties on solar PV ribbons and busbars to protect domestic manufacturers from Chinese imports.

    A domestic copper producers’ association has written to the government seeking an increase in customs duty on copper products used in solar modules while retaining the existing duty on certain other products.

    The Indian Primary Copper Producers Association (IPCPA), in its pre-budget representation letter last week, requested retaining the 5 per cent basic customs duty on refined copper and semis products, and a 7.5 per cent duty on copper pipes and tubes without any exemption or concession for countries under free trade agreements. ET has reviewed a copy of the letter.

    The industry body is also seeking an increase in the basic customs duty on solar photovoltaic (PV) ribbon and busbars to 10 from 5%. While India has a 30,000-tonne capacity for these products against an annual demand of around 25,000-28,000 tonnes, plants are underutilised because of imports from China, the association said.

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  • Oil prices hold near $105 per barrel as Trump eases sanctions on Russian fuel

    Oil prices hold near $105 per barrel as Trump eases sanctions on Russian fuel

    Oil prices fell on Tuesday
    Oil prices fell on Tuesday

    Oil prices edged lower on Tuesday after rising by nearly $2 a barrel in the previous session, as traders weighed the risks to supplies from attacks on Saudi Arabia against the prospect of additional diesel supplies from Russia.

    West Texas Intermediate (WTI) crude was trading at $92.84 a barrel, down $0.90, or 0.96 per cent, while Brent crude fell $1.01, or 0.95 per cent, to $105.60 a barrel. This comes after Brent futures had settled at $106.65 a barrel on Monday, their highest level since September 15.

    Oil markets have found some relief after US President Donald Trump said that Russia has agreed to supply diesel to global markets. The US administation temporarily lifted US sanctions on Russian fuel, which were designed to deprive Moscow of revenue for its war on Ukraine.

    These additional supplies could ease tightness in global fuel markets and temper some of the supply concerns that have supported crude prices in recent weeks.

    However, lawmakers from both parties in the US complained that Trump’s agreement with Russian President Vladimir Putin appeared to violate US law barring imports of Russian energy until Moscow ends its aggression against Ukraine.

    Concerns about the vulnerability of energy infrastructure and shipping lanes in the Gulf continued to weigh on market sentiment after Iran-aligned Houthis struck Riyadh’s international airport over the weekend. Attacks on tankers were also reported near the Strait of Hormuz.

    The incidents threatened to derail the recovery in West Asia supplies seen in September, reinforcing concerns about further disruptions along one of the world’s most important energy transit routes.

    Ministers of OPEC and non-OPEC Participating Countries in the Declaration of Cooperation said shipping and insurance costs had surged to unprecedented levels, exceeding one-third of the commodity value. The higher costs were impeding the efficient movement of crude oil and petroleum products.

    OPEC has also lowered its forecast for oil demand growth this year to 400,000 barrels per day (bpd), from 1.4 million bpd at the start of the year, reflecting developments throughout the year, the organisation’s secretary general, Haitham Al Ghais, said on Monday, as cited by Reuters.

    Meanwhile, Goldman Sachs said that Brent crude prices could fall to the $60s per barrel in 2027 if oil production in the Persian Gulf recovers faster than expected. However, the investment bank warned that further escalation in the region could push prices significantly higher.

    The bank said Brent could decline to the $60s if average oil output in the Gulf in 2027 rises by 1 million bpd above February 2026 levels.

    “A faster recovery in Mideast output and/or a faster erosion of the risk premium are the most likely potential triggers of price downside,” Goldman Sachs said.

    Continued adjustments in West Asia oil supplies would eventually bring crude prices down but renewed escalation in the region remained a significant risk that could push prices higher.

    Now, the West Asia conflict has continued disrupt energy supplies for over seven months now, rattling oil markets and pushing prices high. However, even with the ongoing tensions, the spike is far lower than the $126 per barrel seen earlier during the crisis.

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  • Small modular nuclear reactors could power India’s steel decarbonisation, says Sitharaman

    Small modular nuclear reactors could power India’s steel decarbonisation, says Sitharaman

    • Published On Oct 13, 2026 at 08:03 AM IST
    Sitharaman invites Worldsteel to open office in India as steel demand shifts
    Sitharaman invites Worldsteel to open office in India as steel demand shifts

    New Delhi: India’s steel industry is expanding even as global output declines, with domestic demand supported by infrastructure spending keeping pace with production, finance minister Nirmala Sitharaman said on Monday, highlighting the country’s growing role in the global steel market.

    Speaking at the World Steel Association‘s (Worldsteel) General Assembly here, Sitharaman said India raised crude steel output by 10 per cet in 2025 to 165 million tonnes and by 6 per cent in January-August 2026, even as world output declined. India’s share of world steel production has risen to about 9 per cent from 5.2 per cent in 2014, she added. Demand has expanded alongside production, making India the fastest-growing major steel market in the world, with a public investment programme and a green steel framework in place, the finance minister said.

    Finished steel consumption in the country more than doubled over a decade to 164 million tonnes in FY26. For two successive years, consumption has exceeded production, she added. Sitharaman invited Worldsteel to “consider establishing an office in India” to strengthen its presence in the country. Investments in infrastructure such as railway, national highways, ports and high-speed rail networks create sustained demand for steel across construction, transport, energy and industrial infrastructure, she said.

    The task is to ensure that the growth in steel production is matched by advances in raw-material security, specialised manufacturing, technological sophistication, and environmental performance, the finance minister said.

    “Small modular reactors, being developed under our Nuclear Energy Mission, also hold promise for the steel sector,” she said. As these technologies mature and are deployed, they can provide reliable, round-the-clock, low-carbon electricity, complementing renewable energy and supporting the steel industry’s decarbonisation, Sitharaman said. A practical priority is to expand scrap-based steelmaking and use renewable electricity to power it, she said.

    • Published On Oct 13, 2026 at 08:03 AM IST

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  • Russian strikes put Trump's energy ceasefire in doubt

    Russian strikes put Trump's energy ceasefire in doubt

    • Published On Oct 13, 2026 at 08:00 AM IST
    Ukraine has accused Russia of continuing drone attacks on energy infrastructure despite a proposed ceasefire announced by US President Donald Trump.
    Ukraine has accused Russia of continuing drone attacks on energy infrastructure despite a proposed ceasefire announced by US President Donald Trump.

    Russia struck at least six energy targets during overnight and morning attacks across Ukraine, President Volodymyr Zelenskyy said on Monday, arguing that the strikes showed Moscow had no intention of observing an energy ceasefire announced by US President Donald Trump.

    Under pressure over high energy prices ahead of next month’s US midterm elections, Trump blindsided Kyiv and its European allies over the weekend by declaring that Russia and Ukraine had agreed to stop attacking each other’s energy infrastructure.

    “It is increasingly evident that Russia is unwilling to accept an energy ceasefire proposed by the United States and intends to continue its terrorist air attacks against our people and communities,” Zelenskyy said on X. “This is what happens when Russia sees the prospect of higher revenues for its war machine.”

    Speaking by video link to a conference in Poland earlier, Zelenskiy identified two targets as a gas facility and a petrol station, both struck by Russian drones.

    Trump announced the purported ceasefire days after unveiling a deal to buy diesel from Russia, which Zelenskyy criticised as a reversal of years of Western efforts to isolate the Russian economy.

    Trump has also urged Ukrainians to remove Zelenskyy through an election, marking an unusually sharp exchange in a relationship strained since Trump returned to power in 2025.

    It was the second time in a few weeks that Trump had announced an energy ceasefire without confirmation from either side.

    Ukraine’s European allies voiced scepticism on Monday, reaffirmed their support for Kyiv and approved the largest single package of European Union sanctions since Russia’s full-scale invasion in 2022.

    • Published On Oct 13, 2026 at 08:00 AM IST

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  • Cabinet nod sought to extend power fund for 5 years

    Cabinet nod sought to extend power fund for 5 years

    Shilpa Samant

    The Power System Development Fund supports grid reliability, protection systems and transmission upgrades as India expands renewable energy capacity.
    The Power System Development Fund supports grid reliability, protection systems and transmission upgrades as India expands renewable energy capacity.

    The power ministry has sought Cabinet approval for the continuation of the Power System Development Fund (PSDF) in the 16th finance commission cycle of FY27-FY31, people familiar with the matter said.

    The fund finances projects that support the reliability, security and stability of India’s electricity grid. It is mainly used to support investments important to secure power-system operations that may not be commercially viable for utilities. The union budget for FY27 earmarked around ₹1,103 crore for the PSDF.

    The ministry did not respond to an email seeking comment until press time Monday. The Cabinet approval for the 15th finance commission cycle of FY22-26 period came in July 2023, with an allocation of ₹11,000 crore. As per regulations, regional power committees, electricity generation companies, transmission licensees, distribution licensees, load dispatch centres and public sector undertakings need to give details of the projects and schemes for funding from the PSDF.

    Categories eligible for funding include transmission systems of strategic importance, reactive energy generators, standard and special protection schemes, pilot and demonstration projects, and renovation and modernisation of transmission and distribution systems. As India’s renewable energy capacity increases, the grid needs additional voltage support, storage and protection systems to manage variable generation.

    According to a Crisil Ratings report in March, addition of renewable energy capacity amid slower deployment of transmission infrastructure poses a risk of grid curtailment for more than 35 GW of capacity in fiscal 2027. This is largely because of a lack of long-term grid access. Curtailment for prolonged duration can impact the equity internal rate of return and the debt service coverage ratio of projects, the report said.

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  • India weathers LNG supply shock better than neighbours as South Asia demand outlook weakens: Report

    India weathers LNG supply shock better than neighbours as South Asia demand outlook weakens: Report

    ETEnergyWorld Desk

    In 2025, nearly 90 per cent of LNG shipments from Qatar and the UAE passing through the Strait of Hormuz were destined for Asia, leaving the region particularly vulnerable to supply disruptions, said the report.
    In 2025, nearly 90 per cent of LNG shipments from Qatar and the UAE passing through the Strait of Hormuz were destined for Asia, leaving the region particularly vulnerable to supply disruptions, said the report.

    India weathered one of the most severe LNG supply shocks in global gas trade relatively better than its South Asian neighbours, maintaining uninterrupted city gas distribution while restricting supplies to fertiliser, refinery and industrial sectors in March and April.

    Despite the disruptions, daily urea production increased by 12,000–15,000 tonnes, with monthly output reaching record highs of 25.19 lakh tonnes in May and 25.37 lakh tonnes in June, supported by government subsidies, according to Wood Mackenzie’s latest analysis.

    The war in West Asia and the closure of the Strait of Hormuz disrupted LNG supplies from Qatar and the UAE to South Asia, a region heavily dependent on imports from both countries.

    South Asia’s demand dip

    According to Wood Mackenzie’s latest analysis, LNG demand across South Asia, previously projected to grow by 2.7 million tonnes (Mt), or 7 per cent, in 2026, is now expected to decline by around 6 Mt. The consultancy has also significantly downgraded its demand outlook beyond 2026.

    In 2025, nearly 90 per cent of LNG shipments from Qatar and the UAE passing through the Strait of Hormuz were destined for Asia, leaving the region particularly vulnerable to supply disruptions, said the report.

    The resulting surge in spot LNG prices relative to contracted prices put pressure on government finances and reduced gas demand by more than 3 million tonnes (Mt) in Bangladesh and approximately 1.5 Mt each in India and Pakistan.

    “The Middle East conflict has exposed the structural vulnerabilities of South Asian LNG markets in stark terms,” said Johnson Quadros, Head of Gas and LNG Research at Wood Mackenzie.

    Highlighting the importance of supply diversification, Quadros added, “Countries that had diversified their supply sources and established multiple pricing mechanisms came through this crisis in far better shape than those that had not.”

    The report warns that the conflict’s duration remains the key uncertainty and hostilities continue, current policy tools will prove inadequate, forcing governments to choose between energy security and fiscal stability.

    “Affordable LNG is critical to the 60 per cent demand growth expected by 2040. Buyers must diversify supplies, adopt flexible pricing and strengthen infrastructure to avoid future disruptions,” said Quadros.

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  • First Look: Alpine PS1 concept looks refreshingly different

    First Look: Alpine PS1 concept looks refreshingly different

    The Alpine PS1 concept, officially named A310 VISION, made its world premiere at the 2026 Paris Motor Show, where we got a closer look at this retro-futuristic reinterpretation of the original A310 and how the 1971 sports car might look if reimagined for the modern era.

    Design

    The A310 VISION’s dramatic proportions, sharp detailing, and contrasting silver and black surfaces give it a futuristic look that brings cyberpunk imagery to mind.

    Ultra-slim headlights sit deep within sharply cut recesses, creating what Alpine calls a “pop-down” effect and giving the concept an intense expression above its prominent splitter and sculpted lower intake. The bonnet incorporates an “S-duct,” while a central “Y zero” blade draws the eye toward the rear. 

    Alpine PS1 Concept front three quarter
    Alpine PS1 Concept side
    I particularly like the central lighting theme, with aligned strips on the front intake, bonnet, dashboard and rear deck creating a visual thread that ends in two vertically stacked red lights below the tail.

    A low, sweeping roofline flows into pronounced rear shoulders, while muscular wheel arches and deeply sculpted lower bodywork give the A310 VISION a powerful stance. The bodywork combines aluminium panels with a black lower section featuring an organic treatment inspired by Formula 1. 

    Triangular three-spoke wheels bring a retro-futuristic touch to the A310 VISION, contrasting with the more intricate wheel designs common on contemporary concepts. Their triangular shape references the full-metal wheels fitted to early Alpine A310 models. I noticed a staggered setup with 245/35 R20 tyres at the front and wider 275/35 R21 tyres at the rear.

    Alpine PS1 Concept rear three quarter
    The concept’s extensive wraparound glazing is its most captivating feature to me, with a curved divider splitting each door window and adding to the cockpit-like appearance

    The smooth rear deck contrasts with a dramatically sculpted lower section, where sharp fins, deep channels and partially exposed rear tyres give the A310 VISION a race-car-inspired finish.

    A broad rear wing sits above segmented red lights and illuminated Alpine lettering, adding another striking layer to the concept’s wide, low tail. Alpine says the two-part split rear wing uses transparent detailing inspired by ice and mountains, while its blade-shaped rear lights incorporate an aerodynamic downforce function. 

    Interior

    Getting inside, the cockpit feels like a visual extension of the exterior design. The floating instrument display combines three circular readouts with red illuminated accents, complementing the cabin’s sci-fi appearance and sporting character.

    Alpine PS1 Concept interior
    Alpine PS1 Concept instrument cluster steering
    Alpine PS1 Concept seat
    My favourite interior detail is the sports seats’ wide, cylindrical headrests, whose large circular end pieces remind me of the speakers on a portable boombox. 

    The interior is built around bold colour blocking, organic forms and physical controls inspired by high-fidelity audio equipment. My favourite interior detail is the sports seats’ wide, cylindrical headrests, whose large circular end pieces remind me of the speakers on a portable boombox. 

    Specifications

    The Alpine A310 VISION measures 4,550 mm (179.1 inches) long, 1,180 mm (46.5 inches) high and 2,030 mm (79.9 inches) wide at its broadest point at the rear, with a 2,450 mm (96.5-inch) wheelbase. 

    Alpine PS1 Concept rear three quarter
    Alpine A310 VISION showcases the creative possibilities of the new Alpine Performance Platform (APP), which is designed to support different sports-car proportions and layouts.

    Pricing & Availability

    Alpine PS1 Concept rear

    The A310 VISION is a one-off design study celebrating the original A310’s heritage and is not intended to become a production model.

  • Bonfiglioli Transmissions IPO to open on October 15, sets price band at ₹558-₹586 per share

    Bonfiglioli Transmissions IPO to open on October 15, sets price band at ₹558-₹586 per share

    ETEnergyWorld Desk

    The company proposes to list its equity shares on the BSE and the National Stock Exchange. Axis Capital, BNP Paribas, ICICI Securities and Jefferies India are the book-running lead managers to the issue.
    The company proposes to list its equity shares on the BSE and the National Stock Exchange. Axis Capital, BNP Paribas, ICICI Securities and Jefferies India are the book-running lead managers to the issue.

    Bonfiglioli Transmissions’s initial public offering (IPO) on Monday will open for subscription on October 15, with the price band set at ₹558-586 per share, according to an exchange filing.

    According to the official press release, the issue will close on October 19, while bidding for anchor investors will take place on October 14. Investors can bid for a minimum of 25 shares and in multiples of 25 thereafter.

    The IPO comprises an offer for sale of up to 43.24 million equity shares by the company’s promoter, Bonfiglioli.

    Since the issue is entirely an offer for sale, the proceeds will go to the selling shareholder, and the company will not receive funds from the share sale.

    Bonfiglioli Transmissions manufactures mechanical and electro-mechanical power transmission equipment and industrial drive solutions, including gear motors, gearboxes and drive systems.

    As per the filing, the company operates in India under the Bonfiglioli brand, which has a global presence of nearly 70 years and more than 25 years of operations in the country.

    The company proposes to list its equity shares on the BSE and the National Stock Exchange. Axis Capital, BNP Paribas, ICICI Securities and Jefferies India are the book-running lead managers to the issue.

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