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Russia’s Putin Discusses Bilateral Ties, BRICS with India’s Modi in Phone Call

India's Prime Minister Narendra Modi greets as he leaves after attending the third day of the three-day B20 Summit in New Delhi on August 27, 2023. (AFP)
India's Prime Minister Narendra Modi greets as he leaves after attending the third day of the three-day B20 Summit in New Delhi on August 27, 2023. (AFP)
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Russia’s Putin Discusses Bilateral Ties, BRICS with India’s Modi in Phone Call

India's Prime Minister Narendra Modi greets as he leaves after attending the third day of the three-day B20 Summit in New Delhi on August 27, 2023. (AFP)
India's Prime Minister Narendra Modi greets as he leaves after attending the third day of the three-day B20 Summit in New Delhi on August 27, 2023. (AFP)

Russian President Vladimir Putin discussed bilateral ties including trade, energy and space cooperation with Indian Prime Minister Narendra Modi by phone, the Kremlin said on Monday.

The two leaders also discussed the planned expansion of the BRICS group of emerging economies - comprising India, Russia, China, Brazil and South Africa - as well as a summit of the G20 club of major economies that New Delhi will host next month.

Russia has sought to further strengthen already warm ties with India after its invasion of Ukraine in February 2022 triggered sweeping Western sanctions on Moscow. India is a major buyer of Russian oil.

"Topical issues of Russian-Indian relations, which are progressively developing in the spirit of a particularly privileged strategic partnership, were considered (in the call)," the Kremlin said in a statement.

"The positive dynamics of trade and economic cooperation was affirmed," it added.

Last week Modi and Putin both took part in the BRICS summit in South Africa, though the Russian leader attended only via video link because of an International Criminal Court (ICC) arrest warrant for him over alleged war crimes in Ukraine.

The Kremlin, which strongly denies the ICC allegations, has said Putin will also not attend the G20 gathering in India.

Both Russia and India launched lunar probes this month, but only the Indian one landed successfully on the moon while the Russian craft crashed.

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Oil Slumps More than 4% after Iran Downplays Israeli Strikes

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
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Oil Slumps More than 4% after Iran Downplays Israeli Strikes

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo

Oil prices tumbled more than $3 a barrel on Monday after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East.
Both Brent and US West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at the open. By 0750 GMT, Brent was at $72.92 a barrel, down $3.13, or 4.1%, while WTI slipped $3.15, or 4.4%, to $68.63 a barrel, Reuters said.
The benchmarks gained 4% last week in volatile trade as markets priced in uncertainty around the extent of Israel's response to the Iranian missile attack on Oct. 1 and the US election next month.
Scores of Israeli jets completed three waves of strikes before dawn on Saturday against missile factories and other sites near Tehran and in western Iran, in the latest exchange in the escalating conflict between the Middle Eastern rivals.
The geopolitical risk premium that had built in oil prices in anticipation of Israel's retaliatory attack came off, analysts said.
"The more limited nature of the strikes, including avoiding oil infrastructure, have raised hopes for a de-escalatory pathway, which has seen the risk premium come off a few dollars a barrel," Saul Kavonic, a Sydney-based energy analyst at MST Marquee, said.
"The market will be watching closely for confirmation Iran won't counter attack in the coming weeks, which could see the risk premium rise again."
Commonwealth Bank of Australia analyst Vivek Dhar expects market attention to turn to ceasefire talks between Israel and Iran-backed militant group Hamas that resumed over the weekend.
"Despite Israel’s choice of a low aggression response to Iran, we have doubts that Israel and Iran’s proxies (i.e. Hamas and Hezbollah) are on track for an enduring ceasefire," he said in a note.
Citi lowered its Brent price target in the next three months to $70 a barrel from $74, factoring in a lower risk premium in the near term, its analysts led by Max Layton said in a note.
Analyst Tim Evans at US-based Evans Energy said in a note: "We think this leaves the market at least somewhat undervalued, with some risk OPEC+ producers may push back the planned increase in output targets beyond December."
In October, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, kept their oil output policy unchanged including a plan to start raising output from December. The group will meet on Dec. 1 ahead of a full meeting of OPEC+.