Russia could face a sharp drop in oil revenues if US President Donald Trump succeeds in pushing India to scale back or halt purchases of Russian crude, potentially forcing Moscow to cut prices to attract alternative buyers, analysts and traders told Reuters.The development comes after Trump said a recent US-India trade deal included provisions linked to India halting Russian oil imports, even as Washington increases pressure on Moscow amid ongoing Ukraine peace negotiations.India has not officially halted purchases, citing energy security needs and the importance of access to cheaper crude. However, recent data indicates Indian refiners have adopted a more cautious approach, already affecting Russia’s earnings.According to Reuters calculations, India’s imports of Russian oil fell 22% to 1.38 million barrels per day in December from November — the lowest level since January 2023. Russia’s share in India’s oil imports dropped to 27.4%, while OPEC’s share rose to 53.2%. This follows a peak of nearly 2 million barrels per day in June 2025.“Any further reduction would already be meaningful, because there is only one relevant alternative buyer — China — which has also its limitations in taking in sanctioned crude,” David Wech of Vortexa consultancy told Reuters.Analysts said widening discounts and shrinking buyer pools are already pushing Russian oil prices to record lows, while Moscow’s budget is facing strain due to weaker energy revenues.

Sanctions pressure and supply re-routing risks

Russia has faced nearly 30,000 Western sanctions linked to the Ukraine war since 2014 but has managed to redirect oil flows from Europe towards China, India and Turkey. However, Turkey has also reduced purchases in recent months.Russia’s total oil exports stood at 4.91 million barrels per day in December, with China accounting for about 2.3 million barrels per day, according to the International Energy Agency.If India were to sharply cut imports, Russia would likely need to divert supplies to China at deeper discounts or cut production, said Igor Yushkov of Russia’s government-run Financial University.“Output and export cuts would lead to an oil shortage. Hence we are not seeing a full US ban on Russian oil imports — they would suffer themselves from higher oil prices,” Yushkov said.

Short-term flows may fall further

Indian refiners have not received formal instructions to stop buying Russian oil and would require time to wind down existing contracts, sources told Reuters.Imports could decline further in April when Nayara Energy, a Russian-backed refinery with capacity of 400,000 barrels per day, undertakes scheduled maintenance for one month, traders said.Beyond April, trade flows will likely depend on the trajectory of Russia-Ukraine peace talks and India’s broader strategic stance.Trump has suggested India could increase purchases from the US or Venezuela to replace Russian crude. However, US crude differs in quality and cannot directly substitute Russian grades, while Venezuela’s export capacity remains limited, Alexandra Hermann of Oxford Economics told Reuters.Instead, crude from Saudi Arabia, the UAE and Iraq may emerge as more practical alternatives. However, analysts said steep discounts may continue to make Russian oil attractive for Indian buyers despite geopolitical pressure.

With the 10th edition set to be jointly hosted by India and Sri Lanka, the big question remains — will a host finally break the jinx? (Image credit: ICC)

Since the ICC Men’s T20 World Cup was launched in 2007 in South Africa, nine editions of the marquee tournament have been completed, producing six different champions and countless unforgettable moments. India, West Indies and England have each lifted the trophy twice, while Pakistan, Australia and Sri Lanka have tasted success once.India scripted history in the inaugural edition under Mahendra Singh Dhoni, edging past arch-rivals Pakistan by five runs in a nerve-shredding final at Johannesburg’s Wanderers Stadium. The Men in Blue had to wait nearly 17 years to reclaim the crown, finally doing so in 2024 when Rohit Sharma’s side defeated South Africa by seven runs in a thrilling summit clash at Kensington Oval in Bridgetown, Barbados.

India enter the upcoming tournament as defending champions after their triumph across the Caribbean and the United States. Playing in familiar conditions, they start as strong contenders, although T20 cricket’s inherent unpredictability promises another gripping contest.A curious trend has also defined the competition so far: none of the host nations have ever won the T20 World Cup. South Africa (2007), England (2009), West Indies (2010), Sri Lanka (2012), Bangladesh (2014), India (2016), UAE & Oman (2021), Australia (2022), and USA & West Indies (2024) all staged the event, yet the trophy always travelled elsewhere.With the 10th edition set to be jointly hosted by India and Sri Lanka, the big question remains — will a host finally break the jinx?Here’s a look back at the finals from the first nine editions:2007 T20 World CupChampions: IndiaRunners-up: PakistanHosts: South AfricaIndia sealed a thrilling five-run victory over Pakistan to lift the inaugural ICC World Twenty20 title in front of a frenzied crowd at the Wanderers, producing what many still regard as one of the greatest finals in major tournament history. With six needed off four balls, Misbah-ul-Haq attempted a risky scoop over short fine leg off Joginder Sharma, only to send the ball straight up in the air. Sreesanth settled under it and completed the catch, triggering wild celebrations as India were crowned champions.“It’s one of the things I will treasure for the rest of my life,” Dhoni said after the match.The five-run victory handed India their first T20 World Cup crown.2009 T20 World CupChampions: PakistanRunners-up: Sri LankaHosts: EnglandAfter missing the World Cup by a whisker in 2007, Pakistan didn’t let the chance slip this time. The side, which had fallen agonisingly short two years earlier, lifted the trophy at the iconic Lord’s Cricket Ground.After Abdul Razzaq’s three-wicket burst restricted Sri Lanka to 138/6 in 20 overs, Pakistan’s swashbuckling batter Shahid Afridi guided his team home in the 19th over with an unbeaten 54. Pakistan captain Younis Khan raised the trophy in front of a roaring Lord’s crowd.

T20 World Cup winners list

2010 T20 World CupChampions: EnglandRunners-up: AustraliaHosts: West IndiesAfter failing to reach the knockouts in 2009 as hosts, England learned from their mistakes and turned the tables in the 2010 edition. They defeated Australia in the final to lift their maiden T20 World Cup trophy under Paul Collingwood’s captaincy.Electing to field first, England, riding on Ryan Sidebottom’s two wickets and tight bowling from Graeme Swann (1/17), limited Australia to 147/6 in 20 overs.In reply, Craig Kieswetter scored 63, while Kevin Pietersen smashed 47 to help England chase down the target in 17 overs and win the title.2012 T20 World CupChampions: West IndiesRunners-up: Sri LankaHosts: Sri LankaMarlon Samuels and Darren Sammy helped West Indies clinch their first world title since 1979. The wait was long, and tears of joy flowed for the Men in Maroon. West Indies elected to bat first against Sri Lanka in Colombo. Ajantha Mendis (4/12) did the job for Sri Lanka, restricting West Indies to 137/6. Samuels blasted 78 off 56 balls, while Sammy scored an unbeaten 26 off 15.Despite posting a modest total, West Indies, riding on Sunil Narine’s 3/9 and Darren Sammy’s 2/6, bowled Sri Lanka out for 101 to win the final by 36 runs.2014 T20 World CupChampions: Sri LankaRunners-up: IndiaHosts: BangladeshIndia entered the final as favourites to repeat their 2007 success. Sri Lanka elected to field first and restricted India to 130/4. Virat Kohli top-scored with 77 off 58 balls. In reply, Kumar Sangakkara struck a brilliant unbeaten 52 off 35 balls to take Sri Lanka home in Dhaka.2016 T20 World CupChampions: West IndiesRunners-up: EnglandHosts: IndiaThe 2016 final is regarded as one of the greatest in T20 World Cup history. West Indies were pushed all the way and eventually prevailed in trademark fashion. The hero was Carlos Brathwaite.After England posted 155/9, West Indies suffered a poor start, losing Johnson Charles, Chris Gayle and Lendl Simmons with just 11 on the board. Marlon Samuels’ brilliant unbeaten 85 kept them in the hunt.The final over equation read: Windies needed 19 off six balls. Brathwaite was on strike, Ben Stokes had the ball — and the rest is history. Brathwaite smashed four consecutive sixes to seal the title.2021 T20 World CupChampions: AustraliaRunners-up: New ZealandHosts: UAE and OmanBoth New Zealand and Australia were chasing their first T20 World Cup title, and it was Australia who emerged victorious. New Zealand, put in to bat, scored 172/4, with Kane Williamson making 85 off 48 balls. In reply, David Warner hit 53 while Mitchell Marsh smashed an unbeaten 77 to guide Australia to their maiden crown.2022 T20 World CupChampions: EnglandRunners-up: PakistanHosts: AustraliaBoth England and Pakistan were aiming for a second T20 World Cup title. England prevailed by five wickets. After electing to field, England rode on fine spells from Sam Curran (3/12), Adil Rashid (2/22) and Chris Jordan (2/27) to restrict Pakistan to 137/8. Ben Stokes then scored an unbeaten 52 to steer England to victory.2024 T20 World CupChampions: IndiaRunners-up: South AfricaHosts: USA and West IndiesIt was a pulsating final between India and South Africa, with India snatching victory from the jaws of defeat. The Men in Blue won by seven runs to reclaim the T20 crown and end India’s 11-year trophy drought. Following the triumph, Virat Kohli, Rohit Sharma and Ravindra Jadeja announced their retirement from the shortest format of the game.

Saudi Aramco Just Raised $4 Billion And Global Investors Are Rushing In

Saudi Arabia’s oil giant, Saudi Aramco, has successfully completed a major $4 billion bond issuance, underscoring strong investor confidence in the company’s financial stability and its strategic capital management approach. The multi-tranche bond sale, a part of Aramco’s Global Medium Term Note Programme, was priced on January 26, 2026 and formally completed in early February 2026, with the notes listed on the London Stock Exchange.This development has attracted attention not just within the energy sector but also among global investors and market watchers, as it reflects broader trends in risk appetite, corporate financing and the evolving role of oil majors in capital markets.

What Saudi Aramco’s $4 billion bond deal entails

Saudi Aramco issued bonds across four tranches, each with different maturities and coupon rates, creating a diversified debt structure designed to appeal to a wide range of investors:

These USD-denominated notes were marketed under both Rule 144A and Reg S offerings, broadening interest across US, European and other global investors. The varied maturities offer investors options across short, medium and long time frames, potentially enhancing liquidity and appeal across different investment strategies. Listing the bonds on a major exchange like London also boosts their visibility and tradability in global fixed-income markets.

Investor confidence and attractive pricing of Saudi Aramco

One of the standout aspects of the transaction was the pricing conditions achieved by Aramco. According to company statements, three of the four tranches were priced with negative new issue premiums, a technical indicator that suggests bonds were issued at yields slightly below comparable secondary market levels. This is generally interpreted as strong investor demand and trust in the issuer’s credit quality.

Ziad T Al-Murshed, Aramco’s Executive Vice President and Chief Financial Officer, described the issuance as part of a focused strategy to optimise the company’s capital structure while enhancing shareholder value over the long term. He further noted that the “attractive pricing achieved reflects global investors’ continued confidence in Aramco’s financial strength and resilient balance sheet.”

Saudi Aramco’s strategic financial management at a time of market uncertainty

Aramco’s decision to tap the international debt markets for $4 billion comes at a time when global energy markets are in flux. While oil price volatility persists, with prices having earlier been pressured by weaker demand signals and lower pricing environments, large and credit-strong corporates like Aramco are still able to secure financing on favourable terms compared with sovereign and many corporate peers.Despite occasional pressure on oil prices, Aramco’s robust balance sheet and dominant market position as the world’s largest crude exporter help sustain investor interest in its debt. Its ability to secure funding at such pricing speaks to both its investment grade profile and the perceived safety of dollar-denominated issuances from non-sovereign entities in the Middle East.

More broadly, bond markets have remained receptive to high-quality credits, even amid macroeconomic uncertainties, as global investors seek stable returns in an environment of shifting interest rate expectations and geopolitical risk. Aramco’s successful issuance is thus both a reflection of company credibility and broader market dynamics.

Implications for Aramco and Saudi Arabia’s economy

The proceeds from the bond issuance are expected to support Aramco’s ongoing capital expenditure, including investments in upstream oil and gas capacity, downstream refining and chemicals projects and future business diversification efforts. They also provide the company with strategic liquidity as it navigates a transition toward cleaner energy opportunities and broader industrial growth ambitions.For Saudi Arabia, Aramco’s strong performance in debt markets also signals the kingdom’s continued integration with global capital markets, a priority under its broader economic transformation strategies, which aim to reduce reliance on oil revenues while expanding industrial and technological sectors. Large, well-capitalised issuances contribute to enhanced financial market depth and investor confidence in the region.

Looking ahead: Debt markets and energy transition finance

Aramco’s successful bond issuance may set a precedent for other Middle Eastern corporates and sovereign entities looking to access debt markets for strategic funding, especially as the energy sector increasingly intersects with transition finance, funding initiatives that support lower-carbon projects and diversified energy portfolios.

As global investors continue to seek yield amid tightening monetary conditions and competitive credit landscapes, well-priced, high-quality issuances like Aramco’s $4 billion bonds are positioned to remain attractive, reinforcing the role of bond markets in fuelling long-term industrial and economic strategies.Saudi Aramco’s completion of a $4 billion multi-tranche bond issuance offers a clear signal. Even in times of broader energy market volatility, capital markets still place strong confidence in major energy producers with stable financial fundamentals. By leveraging global debt markets under attractive terms, Aramco not only strengthens its financial position but also contributes to shaping investment flows and economic confidence across Saudi Arabia and the broader Middle East, a trend with implications for investors, policymakers and energy markets alike.

The sell-off in IT stocks was triggered by an announcement from US-based AI startup Anthropic. (AI image)

IT stocks crash! Shares of Indian IT majors Infosys, Wipro, HCL Tech, Tata Consultancy Services (TCS), and Persistent Systems tanked in opening trade on Wednesday, dragging Sensex down by over 100 points. The decline was due to concerns about the growing impact of artificial intelligence which intensified following Anthropic’s launch of new workplace productivity tools. The negative sentiment mirrored weakness on Wall Street, where the technology-heavy benchmark Nasdaq declined 1.4 per cent, erasing nearly $300 billion in market capitalisation across the sector.Shares of major IT companies, including Infosys, Wipro, HCL Tech and Persistent Systems, slid as much as 6 per cent in early trade.

Why are IT sector stocks crashing?

International brokerage Jefferies said in a February 2 report that it has cut back its allocation to the information technology sector as part of a reshuffle of its India model portfolio. Following the revision, the IT sector now carries a weight of 5.6 in Jefferies’ India portfolio, well below the 9.7 weighting assigned to the sector in the MSCI India index. The brokerage’s guarded approach comes amid persistent foreign portfolio investor selling, with overseas funds having withdrawn about $34 billion from Indian equities over the last 16 months, a period during which IT stocks have faced some of the heaviest pressure.

US IT sector stocks crash

US equities also reflected the technology-led weakness. The S&P 500 declined 0.84 per cent to settle at 6,917.81, while the Nasdaq Composite dropped 1.43 per cent to 23,255.19. The Dow Jones Industrial Average proved relatively more stable, closing 0.34 per cent lower at 49,240.99. Among major stocks, Nvidia and Microsoft fell by nearly 3 per cent each. Alphabet slid 1.2 per cent ahead of its earnings announcement on Wednesday, and Amazon slipped 1.8 per cent before releasing its quarterly results on Thursday.

What Anthropic has said

Addressing market concerns, Anthropic clarified that its newly launched plugin is not intended to offer legal advice. “AI-generated analysis should be reviewed by licensed attorneys before being relied upon for legal decisions,” the company said. In addition to the legal-oriented tool, Anthropic unveiled a series of open-source offerings designed to automate a wide spectrum of professional activities, ranging from sales functions to customer service operations.Anthropic, established in 2021, was founded by chief executive Dario Amodei along with several former employees of OpenAI, the developer of ChatGPT.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)