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India has emerged as the largest buyer of Russian seaborne crude, with imports reaching 1.8 to 2.0 million barrels per day, accounting for over a third of its crude needs. This surge in trade has enabled Russia to sell record oil volumes to India at the smallest discounts since 2022, while still offering prices lower than U.S. and Middle Eastern grades.
India's GDP growth moderated to 5.4% in Q2, down from 8.1% a year earlier and 6.7% in Q1, reflecting reduced household spending. Passenger vehicle sales declined, indicating weaker consumer demand, while commercial vehicle sales fell 11%, suggesting muted economic activity. Inflation remains a significant concern for the recovery outlook.
The IMF has approved the third review of Sri Lanka's $2.9 billion bailout, releasing approximately $333 million, which brings total funding to around $1.3 billion. While signs of economic recovery are emerging, the country must still address a $12.5 billion bondholder debt restructuring and a $10 billion debt rework with bilateral creditors, including Japan, China, and India. The World Bank projects a 4.4% growth for Sri Lanka this year, marking the first increase in three years.
COP29 talks on fossil fuel transition faced near collapse due to opposition from Saudi Arabia and some developing nations, prompting the presidency to intervene. Despite setbacks, countries emphasized the need for strong emission-cutting measures and financing for energy transitions, with consultations led by Norway and South Africa set to conclude soon.
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