31 C The Economic Times
Elections 2026Asia / The Economic Times
China's crude oil processing in June reached its lowest point since the pandemic began. This decline occurred as global supply tightened and domestic demand weakened significantly. Refinery throughput fell substantially from the previous year, impacting overall production levels. Crude oil output also saw a slight decrease year-on-year during the first half. Natural gas production, however, experienced a modest increase over the same period.
US Senate unveiled a revised Russia sanctions bill with softened oil tariff penalties. Major buyers like India and China will face up to 100% tariffs instead of 500%. The bipartisan legislation targets Russian officials and financial institutions while discouraging oil purchases. It includes exemptions for countries reducing their natural gas imports from Russia. This revised measure aims to increase pressure on Moscow and honor Senator Lindsey Graham's legacy.
India has called for upholding freedom of navigation and unimpeded commerce in the South China Sea. New Delhi also backed a 2016 international tribunal ruling rejecting China's territorial claims. This statement follows similar remarks from the US, UK, and twelve other nations. Maritime disputes must be resolved peacefully according to international law and UNCLOS. The award rendered by the arbitral tribunal is a significant milestone for dispute resolution.
China's exports to India grew significantly in early 2026. Indian exports to China also saw substantial percentage increases during this period. Bilateral trade between the two nations reached over ninety-one billion dollars. India's trade deficit with China widened to sixty-seven billion dollars. India seeks greater access for its pharmaceuticals and IT products to China.
A Chinese-born American seismologist is detained in China for nearly two years. He faces spying charges after publishing U.S.-funded work on nuclear tests. U.S. lawmakers and advocacy groups call his detention wrongful. The U.S. administration seeks his release through diplomacy and high-level talks. China denies wrongful detention and states its judicial organs follow law.