International oil deals and sanctions create complex global energy landscape

Several major developments are happening in the global oil market at the same time. Chevron is moving to acquire a major oilfield in Iraq from Russia's Lukoil, while the European Union has failed to get support from the US and other G7 nations for new restrictions on Russian oil.

Separately, there is significant focus on India's oil purchases. Some reports say Indian refiners are avoiding Russian oil to help secure a trade deal with the US, while a US fact sheet states India is committed to stopping these purchases. However, other reports and commentary question whether India can realistically replace the large volume of oil it gets from Russia. An Indian official has stated that energy security is the country's supreme priority.