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India has raised windfall tax on petroleum, crude oil and aviation turbine fuel, according to a government order dated Jan. 2. It raised windfall tax on crude oil to Rs 2,100 ($25.38) per tonne from Rs 1,700 ($20.55), effective Tuesday, the order said.

Guyana expects to soon receive a proposal from India for long-term purchases of the South American country’s oil, President Irfaan Ali said on Tuesday, a new attempt to reach a government-to-government deal potentially leading to better sale terms for Guyana.

Refiners in India, the world’s third-biggest oil consumer and importer, have been gorging on Russian oil sold at a discount after some Western companies shunned buying from Moscow following its invasion of Ukraine last February.

China’s gross domestic product expanded 3 per cent in 2022, missingthe official target of “around 5.5 per cent” and marking its second-worst performance since 1976. But the data still beatanalysts’ forecasts after China rolled back its zero-COVIDpolicy in December.

Germany’s economy minister accused the U.S. and other “friendly” gas supplier states of astronomical prices for their supplies, suggesting they were profiting from the fallout from the war in Ukraine.

Output from India’s oil and gas fields overseas has fallen 22% in two years as sanctions on Russia hurt operations, Covid dragged down capex, and purchases of new producing fields stalled even as existing assets matured.

After signing a free trade agreement in May, India and the UAE are exploring ways to carry out bilateral trade in national currencies, the commerce and industry ministry said on Tuesday. This comes as central banks globally are witnessing a depletion in forex reserves owing to the appreciation in the US dollar and rising oil prices in the backdrop of the Russia-Ukraine war.