OIL explores options to bring back millions stuck in Russia
1 year, 2 months ago

OIL explores options to bring back millions stuck in Russia

Live Mint  

NEW DELHI : Oil India Ltd has appointed legal and tax consultants to explore ways to repatriate its $150 million in dividend stuck in Russia, the state-run firm’s chairman and managing director Ranjit Rath said. Mint has reported that OVL, Bharat Petroresources Ltd, Indian Oil Corp, and Oil India Ltd have around $400 million in stuck dividend payments from from CSJC Vankorneft and LLC Taas-Yuryakh. In total Indian oil and gas companies currently have dividends of around $600 million stuck in their investments in Russian oil assets. In FY22, Russian oil accounted for only 2% of India’s total oil imports; in FY23, it made up around one-fourth of the 235.52 million tonnes of crude oil imported by India.

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History of this topic

India’s crude oil imports from Russia drop 55% in November, lowest since June 2022
1 week, 1 day ago

India’s crude oil imports from Russia drop 55% in November, lowest since June 2022

Live Mint  

India's import of Russian crude dropped to its lowest level since June 2022 in November this year, reported the news agency PTI on Sunday, December 15, citing a Centre for Research on Energy and Clean Air report. “India's imports of Russian crude oil dropped by a massive 55 per cent in November - the lowest figure since June 2022,” the …

Rosneft, Reliance agree biggest ever India-Russia oil supply deal: Reports
1 week, 4 days ago

Rosneft, Reliance agree biggest ever India-Russia oil supply deal: Reports

Deccan Chronicle  

Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day of crude to Indian private refiner Reliance in the biggest ever energy deal between the two countries, three sources familiar with the deal said.The 10-year agreement amounts to 0.5% of global supply and is worth roughly $13 billion a year at today's prices. The company declined …

Exclusive-Rising costs squeeze intermediaries out of thriving Russian oil trade with India
2 weeks, 4 days ago

Exclusive-Rising costs squeeze intermediaries out of thriving Russian oil trade with India

Live Mint  

By Nidhi Verma NEW DELHI/MOSCOW - Three trading houses have become dominant sellers of Russian oil to India as many smaller players dropped out of the business due to high funding costs in Russia and lack of access to Western funds, according to data and six trading sources. Traders such as Dubai-based Starex Trading and Pontus Trading, which were large …

India saved USD 13 billion by importing discounted Russian crude
7 months, 3 weeks ago

India saved USD 13 billion by importing discounted Russian crude

New Indian Express  

NEW DELHI: India has saved around $13 billion by importing discounted crude oil from Russia in the past two years, according to a study by ICRA, the rating agency. According to energy cargo tracker Vortexa, India received 1.36 million barrels of crude oil per day from Russia in March 2024, compared to 1.27 million barrels per day in February 2024. …

US has not asked India to reduce Russian oil imports: Officials
8 months, 2 weeks ago

US has not asked India to reduce Russian oil imports: Officials

Hindustan Times  

NEW DELHI: The US has not asked India to reduce its imports of Russian oil and the price cap and sanctions regime imposed by the G7 are aimed at squeezing Moscow’s profits from crude sales and impeding its ability to finance the war in Ukraine, two US officials said on Thursday. Russian oil is priced above $60 a barrel The …

’My friend...’: Russian FM lauds Jaishankar’s response on oil import
9 months, 2 weeks ago

’My friend...’: Russian FM lauds Jaishankar’s response on oil import

Live Mint  

Russian foreign minister Sergey Lavrov has praised an old remark made by India's External Affairs Minister S Jaishankar at the United Nations. Lavrov at the World Youth Forum in Russia's Sochi called Jaishankar "My friend" and heaped praises on the Indian minister for navigating bilateral ties between New Delhi and Moscow amid the Ukraine war. Russian oil import According to …

The dominant dollar faces a backlash in the oil market
11 months, 3 weeks ago

The dominant dollar faces a backlash in the oil market

Live Mint  

Some major emerging economies are dabbling in trading commodities without using the dollar, as they seek to reduce their reliance on the U.S. currency. And in November, Saudi Arabia and China set up a roughly $7 billion currency-swap line, which the Chinese central bank said would strengthen financial ties and expand the use of local currencies. The tight links between …

Russia minister says oil supplies to India increased to 40 percent since Ukraine war
11 months, 3 weeks ago

Russia minister says oil supplies to India increased to 40 percent since Ukraine war

Hindustan Times  

Moscow: Russia's deputy prime minister Alexander Novak said on Wednesday his country has redirected most its oil supplies towards India and China after the West enforced economic sanctions against it over the Ukraine war. "China -- whose share has grown to 45-50 percent -- and India have become our main partners in the current situation," Novak was quoted as saying …

Buy ships to transport energy: Govt to oil cos
1 year, 3 months ago

Buy ships to transport energy: Govt to oil cos

Live Mint  

NEW DELHI : India’s public sector oil and gas companies are looking at purchasing ships to transport oil and gas following a Union government directive aimed to ensure energy security, two people aware of the development said. The move comes at a time of rising crude prices, a price cap on Russian oil, and a bar on the use of …

Indian oil firms explore using $600 million stranded in Russia to buy oil
1 year, 3 months ago

Indian oil firms explore using $600 million stranded in Russia to buy oil

Firstpost  

Soon after Russia’s invasion of Ukraine in February last year, several major Russian banks were banned from the Society for Worldwide Interbank Financial Telecommunication financial transaction processing system, constricting Moscow’s ability to access the global payments system. Indian oil firms are exploring the possibility of using approximately $600 million of their stranded dividend income in Russia to buy oil from …

Is India's Reliance on Russian Oil Imports Reaching a Limit
1 year, 5 months ago

Is India's Reliance on Russian Oil Imports Reaching a Limit

News 18  

India’s imports of oil from Russia reached a new height as New Delhi’s daily volumes climbed to 2.2 million barrels a day in June. News18 takes a look at India’s oil trade with Russia and the future possibilities: Rapid Rise of Russian Oil India, the world’s third largest consumer of crude, bought nearly 2 million barrels per day of Russian …

India's import of Russian oil scales new high in May
1 year, 6 months ago

India's import of Russian oil scales new high in May

The Hindu  

India's import of cheap Russian oil scaled another record in May, 2023 and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the U.S., industry data showed. Organisation of the Petroleum Exporting Countries, mainly in the Middle East and Africa, made up for as much as 90% of all crude oil India imported at one …

India’s oil trade has undergone a seismic shift
1 year, 7 months ago

India’s oil trade has undergone a seismic shift

Live Mint  

From where it buys crude oil to where it sells finished petroleum products, India has seen massive changes in its oil trade since the Ukraine war began, propelling profits for Indian oil companies. Russia is now India’s largest supplier of crude oil, ahead of West Asian countries, accounting for 27% of India’s crude imports this February, up from 6% in …

Russian oil slashes OPEC's share of Indian market to 22-year low
1 year, 7 months ago

Russian oil slashes OPEC's share of Indian market to 22-year low

The Hindu  

OPEC's share of India's oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged, data obtained from industry sources show, and the major producers' share could shrink further this year. OPEC's share shrank as India, which in the past rarely bought Russian oil due to high …

Russian oil slashes OPEC’s share of Indian market to 22-year low
1 year, 7 months ago

Russian oil slashes OPEC’s share of Indian market to 22-year low

Live Mint  

OPEC's share of India's oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged, data obtained from industry sources show, and the major producers' share could shrink further this year. OPEC's share shrank as India, which in the past rarely bought Russian oil due to high …

OPEC's share of Indian oil imports down to 22-year low. Here's why
1 year, 8 months ago

OPEC's share of Indian oil imports down to 22-year low. Here's why

India Today  

OPEC's share of India's oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged, data obtained from industry sources show, and the major producers' share could shrink further this year. OPEC's share shrank as India, which in the past rarely bought Russian oil due to high …

India may buy Russian crude past cap if cut by OPEC+ boosts costs - What FM said
1 year, 8 months ago

India may buy Russian crude past cap if cut by OPEC+ boosts costs - What FM said

Live Mint  

As the Ukraine-Russia war continues, much has been said about India's ongoing import of Russian oil. Now, Finance Minister Nirmala Sitharaman has indicated that the country will explore buying Russian crude oil near or past the price cap imposed by the G-7 if necessary. While India has not signed any agreement with the Western powers to impose a price cap …

India's Russian oil imports now double that of Iraq
1 year, 8 months ago

India's Russian oil imports now double that of Iraq

The Hindu  

India's imports of crude oil from Russia touched a new high of 1.64 million barrels per day in March and is now double of the purchases from Iraq — the nation's traditional top oil supplier. The purchases from Russia in March were double of 0.82 million barrels per day of oil bought from Iraq, which has been India's top oil …

Forget dollar, India, Russia must create digital rupee or ruble to boost trade relations: Top Moscow official
1 year, 8 months ago

Forget dollar, India, Russia must create digital rupee or ruble to boost trade relations: Top Moscow official

India TV News  

Russia-India Business Forum: Amid the ongoing Russia-Ukraine war, the former has emphasised the "event" as an opportunity for Moscow to explore more Indian markets and vice-versa with an aim of promoting a "common currency". Speaking at the two-day St. Petersburg International Economic Forum event in New Delhi, Deputy Chairman of the State Duma Alexander Babakov, on Thursday, stressed that both …

Russia announces deal to boost oil supplies to India
1 year, 8 months ago

Russia announces deal to boost oil supplies to India

The Hindu  

Russian energy giant Rosneft announced a deal on Wednesday to ramp up oil sales to India, as Moscow seeks new buyers in the wake of tensions with the West over the Ukraine conflict. "Rosneft Oil Company and Indian Oil Company signed a term agreement to substantially increase oil supplies as well diversify the grades to India," Rosneft said in a …

Russia tightens grip on India's oil mkt in Feb.; Africa's share lowest
1 year, 9 months ago

Russia tightens grip on India's oil mkt in Feb.; Africa's share lowest

The Hindu  

The share of African crude oil in India's total crude imports in February dropped to its lowest level in at least 22 years as refiners took record volume of discounted Russian oil and raised purchases from Middle Eastern producers under annual deals, shipping data obtained from sources show. More than a third of India's total 4.94 million barrel per day …

India's Russian oil imports highest ever in February at 1.6 million barrels a day
1 year, 9 months ago

India's Russian oil imports highest ever in February at 1.6 million barrels a day

Hindustan Times  

India's imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict in February 2022, Russia's share of India's …

India's Russian oil imports hit record high in February; now more than Iraq, Saudi put together
1 year, 9 months ago

India's Russian oil imports hit record high in February; now more than Iraq, Saudi put together

The Hindu  

India's imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia. From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine conflict in February 2022, Russia's share of India's imports rose …

U.S. will not sanction India for buying Russian oil, say senior American officials
1 year, 10 months ago

U.S. will not sanction India for buying Russian oil, say senior American officials

The Hindu  

The United States does not intend to sanction India over its continued purchase of Russian oil, senior American officials have said, calling New Delhi one of their most “consequential” partners. Ahead of a week-long visit to India by U.S. Assistant Secretary for Energy Resources Geoffrey Pyatt, where the response to the war in Ukraine will be on the agenda, the …

India's unwavering appetite for Russian crude lifts Jan. inflows to record high
1 year, 10 months ago

India's unwavering appetite for Russian crude lifts Jan. inflows to record high

The Hindu  

India's appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional Middle-Eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine conflict, …

India's unwavering appetite for Russian crude lifts January inflows to record high
1 year, 10 months ago

India's unwavering appetite for Russian crude lifts January inflows to record high

The Hindu  

India's appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine …

India's Russian oil imports highest ever, makes up for 25% of all oil import
1 year, 11 months ago

India's Russian oil imports highest ever, makes up for 25% of all oil import

Hindustan Times  

India's import of crude oil from Russia increased further in December 2022, topping 1 million barrels per day for the first time ever as Moscow remained its top oil supper for the third month in a row, according to data from energy cargo tracker Vortexa. Russia, which made up for just 0.2 per cent of all crude oil India imported …

Jaishankar defends India’s move to import Russian oil; says Europe imported 6 times more than India since February 2022
1 year, 11 months ago

Jaishankar defends India’s move to import Russian oil; says Europe imported 6 times more than India since February 2022

The Hindu  

External Affairs Minister S. Jaishankar has defended India's move to import crude oil from Russia notwithstanding the growing disquiet over it by Western powers, saying that Europe has imported six times the fossil fuel energy from Russia than India has done since February 2022. I also need energy, and I am not in a position to pay high prices for …

Russian oil said to be sold to India below price cap
2 years ago

Russian oil said to be sold to India below price cap

The Hindu  

Russia's flagship Urals crude has been sold at deeper discounts this month following a European ban on Russian oil imports, and dominant buyer India has bought barrels at well below a $60 price cap agreed by the West, four market sources said. Reuters calculations showed discounts for Urals oil at Russia's western ports for sale to India under some deals …

Russia remains India's top oil supplier for second month in a row in Nov: Report
2 years ago

Russia remains India's top oil supplier for second month in a row in Nov: Report

Hindustan Times  

Russia has for the second month in a row remained India's top oil supplier in November, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa. As per Vortexa, India imported just 36,255 barrels per day of crude oil from Russia in December 2021, compared to 1.05 million bpd from Iraq and 9,52,625 bpd from …

Russia remains India's top oil supplier for second month in a row in November
2 years ago

Russia remains India's top oil supplier for second month in a row in November

The Hindu  

Russia has for the second month in a row remained India's top oil supplier in November, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa. According to Vortexa, an energy intelligence firm, India imported 8,61,461 bpd of oil from Iraq in November and 5,70,922 bpd from Saudi Arabia. As per Vortexa, India imported just …

India to make Russia its number one oil supplier this month in move that could scupper impact of price cap
2 years ago

India to make Russia its number one oil supplier this month in move that could scupper impact of price cap

The Independent  

Russia is on its way to becoming India’s top oil supplier this month in a move that will likely undermine the impact of a price cap imposed by G7 countries and their Western allies. Rajeev Jain, additional director-general at India’s petroleum ministry, told The Independent that India’s ranking in Russia’s energy trade is “not a matter for our calculations” as …

Russia biggest oil supplier to India second month in a row in November, surpasses Iraq, Saudi Arabia
2 years ago

Russia biggest oil supplier to India second month in a row in November, surpasses Iraq, Saudi Arabia

Firstpost  

Russia remained the top oil supplier to India, ahead of Iraq and Saudi Arabia, both in October and November New Delhi: Russia continued to be India’s largest oil supplier for the second consecutive month in November with Moscow supplying 909,400 barrels per day of crude during the month, according to energy cargo tracker Vortexa. Countries from which India imports crude …

India signals it will continue to buy oil from Russia
2 years ago

India signals it will continue to buy oil from Russia

Associated Press  

NEW DELHI — India will prioritize its own energy needs and continue to buy oil from Russia, its foreign minister signaled Monday, as Western governments press Moscow with a price cap to squeeze its earnings from oil exports. India has so far not committed to the $60-per-barrel price cap on Russian oil set by the Group of Seven major industrialized …

India-Russia Ties And Jaishankar’s Strong Bid to Achieve National Security Goals
2 years, 1 month ago

India-Russia Ties And Jaishankar’s Strong Bid to Achieve National Security Goals

The Quint  

All this was formed with Russia seen as a ‘major’ trade partner with a volume of USD 8.9 billion in 2011. It has now crossed USD 18 billion which is not necessarily a good thing since the rise is due to the import of desperately needed oil and fertilizers, with its share of oil rising from a mere one per …

India to continue buying oil from Russia as ties deepen
2 years, 1 month ago

India to continue buying oil from Russia as ties deepen

Al Jazeera  

India’s foreign minister says buying oil from its ‘steady and time-tested partner’ is economically advantageous. India will continue buying Russian oil as it is advantageous for the country, Foreign Minister Subrahmanyam Jaishankar has said during his first visit to Russia since it invaded Ukraine, in a move counter to Western efforts to cripple Russia’s economy with sanctions. India, which has …

Russia becomes India's top oil supplier in October
2 years, 1 month ago

Russia becomes India's top oil supplier in October

The Hindu  

November 06, 2022 04:47 pm | Updated 04:47 pm IST - New Delhi Russia has become India's top oil supplier in October, surpassing traditional sellers Saudi Arabia and Iraq, according to data from energy cargo tracker Vortexa. India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its …

Russia becomes India's largest oil supplier, jumps from 0.2% in March to 22% of imports in October – Firstpost
2 years, 1 month ago

Russia becomes India's largest oil supplier, jumps from 0.2% in March to 22% of imports in October – Firstpost

Firstpost  

Russia, which made up for just 0.2 per cent of all oil imported by India in the year to 31 March 2022, supplied 935,556 barrels per day of crude oil to India in October, the highest ever New Delhi: Russia has become India’s top oil supplier in October, surpassing traditional sellers Saudi Arabia and Iraq, according to data from energy …

India Not G7 Member, Our Crude Oil Procurement from Russia Not Under Govt-to-govt Framework: Delhi
2 years, 3 months ago

India Not G7 Member, Our Crude Oil Procurement from Russia Not Under Govt-to-govt Framework: Delhi

News 18  

Brushing aside the G7 price cap on Russian oil, India on Thursday said crude purchases are based on the country’s energy security needs. Addressing a media briefing on PM Modi’s Uzbekistan visit, Foreign Secretary Vinay Kwatra said India’s procurement of Russian crude oil is not under any government-to-government framework and Indian entities make the purchase from the market to respond …

India eases Russian oil buying in July, boosts Saudi imports
2 years, 4 months ago

India eases Russian oil buying in July, boosts Saudi imports

The Hindu  

India's crude oil imports from Russia in July fell for the first time since March along with its overall purchase while supplies from Saudi Arabia rebounded for the first in five months, data obtained from trade and industry sources showed. Overall India, the world's third biggest oil importer and consumer, shipped in 3.2% less oil in July at 4.63 million …

India has never been defensive about its stand on buying Russian oil: EAM Jaishankar
2 years, 4 months ago

India has never been defensive about its stand on buying Russian oil: EAM Jaishankar

Deccan Chronicle  

Bangkok: The US and other nations in the world may not appreciate India buying Russian oil, but they have accepted it as New Delhi has not been defensive about its stand but made them realise the obligation the government has to its people amidst "unreasonably high" oil and gas prices, External Affairs Minister S Jaishankar has said. In an interaction …

Russia seeking oil payments from India in dirhams- Reports
2 years, 5 months ago

Russia seeking oil payments from India in dirhams- Reports

Live Mint  

Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the U.S. dollar to insulate itself from the effects of Western sanctions. Russian oil major Rosneft is pushing crude through trading firms including Everest Energy and Coral Energy into India, now its …

Russia's share of India's June oil imports surges to record
2 years, 5 months ago

Russia's share of India's June oil imports surges to record

The Hindu  

India's oil imports from Russia surged to a record of about 9,50,000 barrels per day in June, accounting for almost a fifth of overall imports by the world's third largest oil consumer, data provided by trade sources showed. The higher oil intake from Russia raised its share of India's overall imports to 19.8% from 16.4% in May, and that of …

India's Russian oil imports jump 50 times; now accounts for 10% of all import: Official
2 years, 6 months ago

India's Russian oil imports jump 50 times; now accounts for 10% of all import: Official

India TV News  

Highlights Govt had earlier said energy purchases from Russia remain minuscule in comparison to consumption Russian-origin crude accounted for 10% of India's total seaborne imports in April for 1st time After US & China, India is world's third-largest consumer, over 85 per cent of which is imported India's crude oil imports from Russia have jumped over 50 times since April …

India tells oil companies to load up on discounted Russian crude
2 years, 6 months ago

India tells oil companies to load up on discounted Russian crude

Live Mint  

The Indian government has asked state oil companies to scoop up huge volumes of cheap crude from Russia, according to industry executives, strengthening commercial ties with the country even as the West tightens sanctions on Moscow. An Indian government official said that the government wasn’t directing companies to buy Russian oil. The policy is reminiscent of India’s stance on Iran, …

Russia becomes India's second-biggest oil exporter, trade sources
2 years, 6 months ago

Russia becomes India's second-biggest oil exporter, trade sources

Hindustan Times  

Russia rose to become India's second biggest supplier of oil in May, pushing Saudi Arabia into third place but still behind Iraq which remains No. In May Indian refiners received about 819,000 barrels per day Russian oil, the highest thus far in any month, compared to about 277,00 in April, the data showed. The share of African oil in India's …

Russia jumps to fourth position as oil supplier to India: tanker data
2 years, 7 months ago

Russia jumps to fourth position as oil supplier to India: tanker data

The Hindu  

Russia became the fourth-largest oil supplier to India in April, with volumes set to rise further in coming months as low prices spur demand from the world's No. The share of African oil in India's overall oil imports declined to about 6% in April from 14.5% in March, while that of U.S. almost halved to 3%. India's oil imports from …

Govt asks state-run petroleum firms to consider buying Russian oil assets
2 years, 7 months ago

Govt asks state-run petroleum firms to consider buying Russian oil assets

The Hindu  

The Union government has asked the state-run energy companies to evaluate the possibility of buying European oil major BP’s stake in sanctions-hit Russian firm Rosneft,” two people familiar with the matter said. The oil ministry last week conveyed its intent to ONGC Videsh Limited, Indian Oil Corporation, Bharat Petro Resources Limited, Hindustan Pertoleum’s subsidiary Prize Petroleum Limited, Oil India Limited …

India's oil crisis rises: ONGC struggles to move Russian oil as sanctions bite
2 years, 7 months ago

India's oil crisis rises: ONGC struggles to move Russian oil as sanctions bite

Hindustan Times  

India's Oil and Natural Gas Corp is struggling to find a vessel to ship 700,000 barrels of crude from Russia's Far East, in a growing sign that complex trades involving one of Moscow's biggest partners are being interrupted by Western sanctions, sources say. Several Indian companies including ONGC have stakes in Russian oil and gas assets, and India has been …

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