India resumes buying Russian Sokol oil after 2-month hiatus, sources say
10 months, 1 week ago

India resumes buying Russian Sokol oil after 2-month hiatus, sources say

The Hindu  

India has resumed imports of Russian Sokol oil after a two-month gap with at least two refiners so far taking deliveries of the light sweet crude in February, four trade sources said and ship tracking data showed. India did not receive Sokol oil in December and January, data from trade sources and the ship tracking data shows. In February, private refiner Nayara Energy, majority-owned by Russian entities including oil major Rosneft, also took a delivery of Sokol oil, the data shows. LSEG data also shows that three vessels carrying Sokol oil — NS Lion, NS Antarctic and Raven — are expected to arrive at the eastern ports of Paradip and Visakhapatnam later this month.

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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, 2 days 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, 5 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, 5 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 …

Russia wants to become the second-largest oil producer in the world
1 month, 1 week ago

Russia wants to become the second-largest oil producer in the world

China Daily  

Russia is reportedly considering a major oil-sector shakeup by merging three of its largest oil companies: state-backed Rosneft and Gazprom Neft and privately-held Lukoil. Notably, the consolidation could allow Russia to command higher prices for crude oil exports to major buyers like India and China. This shift is driven by Russia’s substantial discounts on crude oil, which have made it …

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU
1 month, 2 weeks ago

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU

The Hindu  

India's export of fuels like diesel to the European Union jumped 58% in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. "In the 13 months since the oil price cap took effect, over one-third of India's exports of oil products to sanctioning countries was …

’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 …

Petroleum exports drop sharply as West tightens squeeze on Russia
10 months ago

Petroleum exports drop sharply as West tightens squeeze on Russia

Live Mint  

NEW DELHI: Earnings from petroleum shipments fell steeply in April-January FY24 due to the global economic slowdown, a rise in domestic consumption, and shrinking discounts on Russian oil. According to data from the government’s Niryat portal, earnings from exports of chemicals and petroleum products stood at $67.11 billion in the April-January FY24 period, down 11.29% from $75.65 billion in the …

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 …

US newly sanctioned tankers shipped Russian oil to India
1 year, 1 month ago

US newly sanctioned tankers shipped Russian oil to India

Firstpost  

In the short-term, sanctions may reduce the number of ships carrying Russian oil and prompt India to seek supplies elsewhere, but they are unlikely to stop the trade altogether due to its lucrative nature, several traders who declined to be named, said. Three oil tankers, recently sanctioned by Washington, have regularly transported Sokol crude from Russia’s Far East to Indian …

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 …

Russia Uses Little-Known Traders to Sell Oil to the World
1 year, 4 months ago

Russia Uses Little-Known Traders to Sell Oil to the World

Live Mint  

Russia struck deals to sell a substantial portion of its petroleum output to a group of previously little-known oil traders, locking in a stream of cash from its lifeblood industry. All three have been active exporters of crude and refined products since sanctions on Russian oil took effect in December, according to Russian customs data and industry executives. Representatives for …

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 …

Russia oil discount to India shrinks to $4, delivery charges remain opaque
1 year, 5 months ago

Russia oil discount to India shrinks to $4, delivery charges remain opaque

India TV News  

The steep discounts on Russian crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continue to remain 'opaque' and higher than normal, sources said. The discounts could have been higher if state controlled units, who account for roughly 60 per cent of the 2 million barrels per day of …

Explained | Why are India-Russia trade payments in crisis?
1 year, 5 months ago

Explained | Why are India-Russia trade payments in crisis?

The Hindu  

July 09, 2023 03:45 am | Updated 04:21 pm IST The story so far: As India continues to import oil from Russia, it is getting tougher for the country to pay for it. On the one hand, it faces repercussions of breaching the oil price cap of $60 a barrel put in place by the U.S. and European nations as …

India, China bought 80% of Russia's oil in May: International Energy Agency
1 year, 6 months ago

India, China bought 80% of Russia's oil in May: International Energy Agency

The Hindu  

India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80% of the oil that Moscow exported in May, the International Energy Agency said in a report. India has increased purchases from almost nothing to close to 2 million barrels per day, while China has raised liftings by 5,00,000 …

India, China bought 80% of Russia's oil in May: Report
1 year, 6 months ago

India, China bought 80% of Russia's oil in May: Report

India TV News  

India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80 per cent of the oil that Moscow exported in May, the International Energy Agency said in a report. Russia-origin seaborne crude exports averaged 3.87 million barrels per day in May, the highest since Russia invaded Ukraine in February …

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 …

China, India receive record Russian crude oil in May: data
1 year, 6 months ago

China, India receive record Russian crude oil in May: data

The Hindu  

Russian crude oil imports by China and India in May hit an all-time high as buyers gorged on discounted supplies, reducing demand for oil from the Middle East and Africa, according to preliminary assessments from ship trackers. 3 crude importers and top buyers of Russian oil imported about 110 million barrels in May, data from Vortexa and Kpler showed, up …

EU’s top diplomat wants to increase scrutiny on European buyers of Indian products based on Russian oil
1 year, 7 months ago

EU’s top diplomat wants to increase scrutiny on European buyers of Indian products based on Russian oil

The Hindu  

May 19, 2023 09:10 pm | Updated 10:34 pm IST - London Days after saying the European Union had to curb the import of refined petroleum products from India, the EU’s top foreign affairs and security official, Josep Borrell, suggested that EU entities buying refined products from India were primarily accountable for the leakage of Russian oil-based products into the …

EU to curb Indian fuel imports made with Russian oil: Report
1 year, 7 months ago

EU to curb Indian fuel imports made with Russian oil: Report

Al Jazeera  

The EU’s foreign policy chief has called for a crackdown of Russian oil into Europe as refined fuel, including diesel. Josep Borrell, the European Union’s foreign policy chief, has said that the bloc will act against the importation of Indian petroleum products that use Russian oil, in rare explicit criticism of India’s role in helping Russia evade Western sanctions amid …

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 …

India leads ‘Laundromat’ countries buying Russian crude and selling oil products to Europe: report
1 year, 7 months ago

India leads ‘Laundromat’ countries buying Russian crude and selling oil products to Europe: report

The Hindu  

India leads five countries named as the “Laundromat” countries that buy Russian oil and sell processed products to European countries, thus sidestepping European sanctions against Russia, says a Helsinki-based group that cited the latest figures for the first quarter of 2023. The report accused Indian sellers and European buyers of possibly “circumventing sanctions” by selling crude products from a refinery …

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 …

Russian oil exports back above pre-Ukraine war levels as India and China buy 90%
1 year, 8 months ago

Russian oil exports back above pre-Ukraine war levels as India and China buy 90%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

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 …

Fuels from Russian oil gets backdoor entry into Europe via India
1 year, 8 months ago

Fuels from Russian oil gets backdoor entry into Europe via India

Live Mint  

Record high imports of crude oil from Russia in fiscal 2022-23 helped India's refiners boost exports of diesel and jet fuel to Europe as the continent shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa showed. India's imports of Russian crude in March rose for the seventh straight month to end out the fiscal year as top supplier to …

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 says oil sales to India soared 22-fold last year
1 year, 8 months ago

Russia says oil sales to India soared 22-fold last year

Al Jazeera  

Sales to India surged in 2022 as European buyers turned to other markets after the Ukraine war, Russian deputy PM says. Russian oil sales to India surged more than 22-fold last year as European buyers turned to other markets following the conflict in Ukraine, Russia’s deputy prime minister has said. Russia shifted its oil exports to India and China last …

India’s Russia exports in Feb up 25% to hit pre-Ukraine war level
1 year, 9 months ago

India’s Russia exports in Feb up 25% to hit pre-Ukraine war level

Live Mint  

India’s exports to Russia have exceeded the levels before the war outbreak in Ukraine, even as the conflict in Europe drags down global trade growth. Led by engineering goods, drugs and pharmaceuticals, and organic and inorganic chemicals, India’s exports to Russia in February surged 25% from the preceding month to touch $337.58 million, commerce ministry data showed. Russia’s invasion of …

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 …

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 …

Discounts make Russia third-largest oil supplier to India
1 year, 11 months ago

Discounts make Russia third-largest oil supplier to India

Al Jazeera  

Refiners in India, the world’s third-biggest oil consumer and importer, have been gorging on discounted Russian oil. Russia became the third-largest oil supplier to India in 2022, making up about 15 percent of total purchases, dragging down OPEC’s share to the lowest in more than a decade, the Reuters news agency has reported, citing data from industry sources. Refiners in …

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 …

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 …

Why India has been buying Russian oil
2 years, 1 month ago

Why India has been buying Russian oil

Live Mint  

External affairs minister S Jaishankar on Tuesday said that India will continue to buy oil from Russia as it was to the former's advantage. Taking these factors into account, India decided to buy oil from Russia, even though this didn’t go down well with the US and many countries in Europe. In fact, Russia is now India’s third largest import …

Saudi Arabia overtakes Russia to be India's No. 2 oil supplier in August
2 years, 3 months ago

Saudi Arabia overtakes Russia to be India's No. 2 oil supplier in August

Hindustan Times  

Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from industry and trade sources showed. 2 oil buyer after China India, the world's third biggest oil importer and consumer, shipped in 863,950 barrels per day of crude from Saudi Arabia, …

Trend of oil exports to India will continue, will strike new trade records: Russia
2 years, 3 months ago

Trend of oil exports to India will continue, will strike new trade records: Russia

Deccan Chronicle  

New Delhi: The trend of crude oil supply to India will continue, and bilateral trade will strike new records, said Russian Ambassador to India, Denis Alipov, in an interview with ANI. "India being a consumer, quite naturally is looking for the cheapest offers and Russia being deprived of its traditional markets in Europe, for example, is looking for new markets, …

BPCL plans to load Sokol cargo in Sept: Report
2 years, 3 months ago

BPCL plans to load Sokol cargo in Sept: Report

Live Mint  

Indian state-refiner Bharat Petroleum Corp is re-attempting to charter a ship to load 700,000 barrels of Russia's Sokol crude oil this month, sources familiar with the deal said. The Sokol cargo had been one of two sold by ONGC Videsh, the overseas investment arm of and Natural Gas Corp to refiners Hindustan Petroleum Corp and BPCL in March. India recognises …

India’s future crude oil supplies will mostly come from Gulf: Oil Minister
2 years, 3 months ago

India’s future crude oil supplies will mostly come from Gulf: Oil Minister

The Hindu  

India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri said most of his country’s crude oil supplies in the near future will come from the Gulf countries, including Saudi Arabia and Iraq, as it seeks a secure and affordable energy base. “As far as India is concerned, I see for the foreseeable future much of our crude oil supplies …

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 …

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