India should reduce or stop crude oil import from Iran, increase dependence on Saudi Arabia, Iraq: Moody's
6 years, 3 months ago

India should reduce or stop crude oil import from Iran, increase dependence on Saudi Arabia, Iraq: Moody's

Firstpost  

Indian refiners will either have to significantly reduce or completely stop importing crude oil from Iran over the next month, increasing their dependence on other West Asian suppliers like Saudi Arabia and Iraq, Moody’s Investors Service said. New Delhi: Indian refiners will either have to significantly reduce or completely stop importing crude oil from Iran over the next month, increasing their dependence on other West Asian suppliers like Saudi Arabia and Iraq, Moody’s Investors Service said on Thursday. “As a result, Indian refiners will increase dependence on the remaining West Asian crude oil suppliers, aside from Iran,” Moody’s said. “Thus we expect the impact on the refiners’ credit metrics to be limited.” Iranian crude oil is imported into India by refiners including Indian Oil Corp, Bharat Petroleum Corp Ltd, Hindustan Petroleum Corp Ltd, Reliance Industries, Nayara Energy and Mangalore Refinery and Petrochemicals Ltd. “The sanctions on Iranian oil are credit negative for Indian refiners because their supplier concentration will increase after the sanctions take effect.

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History of this topic

China, India seek new supplies as U.S. sanctions tighten grip on Russian oil
Trending News
2 days, 10 hours ago

China, India seek new supplies as U.S. sanctions tighten grip on Russian oil

The Hindu  

Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions on Russian producers and tankers that are designed to curb the revenues of the world’s second-largest oil exporter. Analysts said the new sanctions were likely to reduce Russian oil exports in the short term, but Russia could adapt by using the vessels in …

Fresh US sanctions on Russian oil unlikely to have immediate impact on India
2 days, 19 hours ago

Fresh US sanctions on Russian oil unlikely to have immediate impact on India

Live Mint  

New Delhi: US’s fresh sanctions on two Russian oil producers along with tankers are unlikely to have an immediate impact on India for about the next two months as the crude required for this period has already loaded on vessels and is in transit, a top government official said. Strategic oil sourcing Russia has emerged as the top supplier of …

Stricter US sanctions threaten Russia's oil trade with India and China: Report
Top News
3 days, 13 hours ago

Stricter US sanctions threaten Russia's oil trade with India and China: Report

India Today  

New US sanctions on Russian oil producers and ships are expected to disrupt Russia’s oil trade with India and China, two of its largest customers, according to a report by news agency Reuters. The US Treasury announced tougher sanctions on Friday, targeting major Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 ships involved in transporting Russian oil. …

US sanctions on Russian oil to push China, India to seek supply from US, West Asia and Africa
4 days ago

US sanctions on Russian oil to push China, India to seek supply from US, West Asia and Africa

Firstpost  

Many of the tankers have been used to ship oil to India and China as Western sanctions and a price cap imposed by the Group of Seven countries in 2022 shifted trade in Russian oil from Europe to Asia. Russian oil exports will be hurt severely by the new sanctions, which will force Chinese independent refiners to cut refining output …

Tougher U.S. sanctions to curb Russian oil supply to China and India, says analysts
4 days, 4 hours ago

Tougher U.S. sanctions to curb Russian oil supply to China and India, says analysts

The Hindu  

Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new U.S. sanctions on Russian producers and ships curb supplies to Moscow's top customers, traders and analysts said. Russian oil exports will be hurt severely by the new sanctions, which will force Chinese independent refiners to cut refining …

Oil Sanctions Concern Spurs Asian Buyers to Seek Alternatives
6 days, 3 hours ago

Oil Sanctions Concern Spurs Asian Buyers to Seek Alternatives

Live Mint  

-- Oil refiners in India and China have increased crude purchases from the Middle East and other regions amid concern that further restrictions on imports from Russia and Iran may crimp access to supplies. This week, two Indian state refiners bought up to 6 million barrels of Oman and Abu Dhabi’s Murban crude for prompt loading in February, according to …

Iranian minister on visit to Delhi to pitch for resuming energy trade
2 weeks ago

Iranian minister on visit to Delhi to pitch for resuming energy trade

Hindustan Times  

NEW DELHI: Iran’s deputy foreign minister Majid Takht Ravanchi is on a visit to India for talks aimed at resuming energy trade, which stopped in 2019 because of US sanctions, and exploring options for ramping up non-oil trade. Majid Takht-Ravanchi, the deputy foreign minister for political affairs, is heading the Iranian side in India- Iran political consultations India and Iran …

Iran Asks India To Resume Oil Trade, Relax Visas
2 weeks ago

Iran Asks India To Resume Oil Trade, Relax Visas

ABP News  

The new Iranian administration under President Masoud Pezeshkian is planning to give a renewed push for resumption of oil trade with India even as Tehran is seeking expansion of people-to-people ties with New Delhi by way of visa relaxation, according to a senior Iranian official. We understand why India has to follow the sanctions but trade is falling year-on-year which …

India’s petroleum exports plunge amid weak global demand, Red Sea disruptions
2 weeks ago

India’s petroleum exports plunge amid weak global demand, Red Sea disruptions

Live Mint  

New Delhi: Exports of petroleum products took a hit in November, weighed down by sluggish demand in developed economies, a rise in domestic consumption and a significant decline in cheap petroleum imports from Russia. Compounding the issue, India’s imports of Russian crude oil in November fell to their lowest levels since June 2022, according to a recent report from the …

Indian state refiners may buy Mideast spot oil to replace Russian shortfall
3 weeks, 2 days ago

Indian state refiners may buy Mideast spot oil to replace Russian shortfall

Live Mint  

* State refiners look to Middle East crude * Russian oil exports drop on domestic demand, OPEC * Three state refiners may tap stocks to cover processing in March By Nidhi Verma NEW DELHI, Dec 24 - Indian state refiners are considering tapping the Middle East crude market as spot supply from their top supplier Russia have fallen, three refining …

Middle East share of India’s Nov oil imports at 9-month high; Russia down
3 weeks, 3 days ago

Middle East share of India’s Nov oil imports at 9-month high; Russia down

Live Mint  

By Nidhi Verma NEW DELHI - India's November crude imports showed Middle Eastern oil at a 9-month high while Russia accounted for its smallest share in three quarters, ship tracking data obtained from sources showed. The world's third biggest oil importer and consumer in November shipped in 13% less Russia oil compared with October at 1.52 million barrels per day, …

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

US Considers New Russia Oil Sanctions to Weaken Putin Ahead of Trump
1 month ago

US Considers New Russia Oil Sanctions to Weaken Putin Ahead of Trump

Deccan Chronicle  

The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump returns to the White House.Details of the possible new measures were still being worked out, but President Joe Biden’s team was considering restrictions that might target some Russian oil exports, according to …

US sanctions 35 entities & ships for transporting Iranian oil, including 2 Indian firms
1 month, 1 week ago

US sanctions 35 entities & ships for transporting Iranian oil, including 2 Indian firms

Firstpost  

Two Indian companies are among 35 entities and vessels sanctioned by the United States for transporting Iranian oil In the latest tranche of sanctions on Iran, the United States has imposed sanctions on 35 entities and ships for transporting Iranian oil. The firms sanctioned for transporting Iranian oil include two Indian firms as well. The Treasury said the two companies …

US imposes new sanctions on Iran’s ‘shadow fleet’ of oil tankers
1 month, 1 week ago

US imposes new sanctions on Iran’s ‘shadow fleet’ of oil tankers

Al Jazeera  

The latest US sanctions are part of an effort to disrupt Iran’s use of oil revenue to finance its nuclear programme. The United States has piled on additional sanctions against Iran targeting 35 entities and vessels that it says are part of a “shadow fleet of vessels” transporting cargoes of Iranian petroleum to foreign markets. The sanctions are similar to …

Saudi Arabia boosts crude oil share in Asia at Russia’s expense: Russell
1 month, 2 weeks ago

Saudi Arabia boosts crude oil share in Asia at Russia’s expense: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, - Saudi Arabia clawed back market share of Asia's crude oil imports in November, while Russia surrendered some of its barrels in what may be an early sign of a shift in market dynamics. Asia's imports from Saudi Arabia, the world's biggest crude exporter, rose to 5.83 million barrels per day in November, up from …

Chinese Buyers Soak Up Unsold Oil as Iranian Crude Flows Slow
1 month, 2 weeks ago

Chinese Buyers Soak Up Unsold Oil as Iranian Crude Flows Slow

Live Mint  

-- China’s independent refiners have snapped up barrels from across the Middle East and Africa as offers of Iranian oil remain scarcer and more expensive than usual, in part due to broadening US sanctions. China’s independent refiners, known as teapots, typically favor cheaper Iranian crude and take around 90% of the OPEC producer’s exports, but a slowdown in the amount …

week high as Russia, Iran tensions support prices
1 month, 3 weeks ago

week high as Russia, Iran tensions support prices

Live Mint  

* Iran to hold nuclear talks with European powers on Nov 29 * China's crude imports to rebound in Nov * India refining throughput up 3% year-on-year for Oct By Florence Tan SINGORE, - Oil prices hovered near two-week highs on Monday following 6% gains last week, as geopolitical tensions heightened between western powers and major oil producers Russia and …

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

Iran cancels all flights until October 7 due to 'operational restrictions'
3 months, 1 week ago

Iran cancels all flights until October 7 due to 'operational restrictions'

Hindustan Times  

All flights from Iran’s airports have been cancelled from 9 pm on Sunday until 6am local time on Monday, state media reported, citing a spokesperson for Iran's Civil Aviation Organisation. Amid concerns of potential Israeli strikes on Iran’s energy infrastructure, oil minister Mohsen Paknejad visited Kharg Island, home to the country’s largest oil export terminal, on Sunday. According to the …

Reliance Industries gets US approval to continue crude oil import from Venezuela amid sanctions
5 months, 3 weeks ago

Reliance Industries gets US approval to continue crude oil import from Venezuela amid sanctions

Op India  

In a significant development, Reliance Industries Ltd., India’s largest privately held oil refiner, has obtained US approval to resume importing oil from Venezuela amid White House sanctions against the country. Notably, when President Nicolas Maduro and the opposition inked a deal to ensure free and fair elections last year, the United States temporarily lifted sanctions on the South American country’s …

India saved USD 13 billion by importing discounted Russian crude
8 months, 2 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. …

Israel-Iran tensions threaten to send oil, LNG prices soaring, experts warn of volatility in Indian markets
8 months, 3 weeks ago

Israel-Iran tensions threaten to send oil, LNG prices soaring, experts warn of volatility in Indian markets

Live Mint  

The ongoing conflict between Iran and Israel has intensified in recent days and is threatening to disrupt the crucial oil and liquified natural gas imports to India through the Strait of Hormuz. Iran has threatened to block the vital passage of sea, which can create oil/LNG supply bottlenecks for countries like India which import crude oil from Saudi Arabia, Iraq, …

India's crude oil import bill drops 16% in FY24, import dependence soars to 87%
8 months, 4 weeks ago

India's crude oil import bill drops 16% in FY24, import dependence soars to 87%

Live Mint  

India's crude oil import dropped 16 per cent in the fiscal year ended March 31 as lower international rates but the dependency on overseas suppliers rose to a new high, official data showed. {{^adFree}} {{/adFree}} But it paid USD 132.4 billion for the imports in FY24 as against USD 157.5 billion import bill in 2022-23, oil ministry's Petroleum Planning and …

Oil prices decline as risk premium eases following Iran attack; brent crude at $89.64/bbl
9 months ago

Oil prices decline as risk premium eases following Iran attack; brent crude at $89.64/bbl

Live Mint  

Oil prices saw a downward drift on Monday, as the market seemed to minimize concerns about a wider regional conflict following Iran's weekend attack on Israel. “Crude oil dipped around $85 after Israel successfully defended itself from Iran's large-scale air attack over the weekend, and the US underlined its desire to prevent a larger Middle East conflict. The attack, labeled …

Oil prices subdued, energy security concerns escalate on West Asia tensions
9 months ago

Oil prices subdued, energy security concerns escalate on West Asia tensions

Live Mint  

Global crude oil prices ticked lower on Monday as traders assessed the extent of damage and associated risks following Iran’s attack on Israel's military facilities. However, higher US crude oil stocks and strength in the dollar index limits gains of crude oil…If tensions further escalate in the Middle East, could certainly disturb global supply conditions and oil prices could boil …

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials
9 months, 1 week ago

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials

The Hindu  

April 04, 2024 07:55 pm | Updated 09:51 pm IST - NEW DELHI Striking a conciliatory note on India’s imports of Russian oil, U.S. Treasury department officials visiting Delhi said on April 4 that the aim of U.S. sanctions and the oil “price cap” was not to limit the purchase of Russian ‘Ural’ oil, but to limit the revenues made …

US has not asked India to reduce Russian oil imports: Officials
9 months, 1 week 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
10 months, 1 week 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 …

India's crude oil output up 0.7% to 2.5 MMT in January, imports rise 5.7% YoY: PPAC
10 months, 3 weeks ago

India's crude oil output up 0.7% to 2.5 MMT in January, imports rise 5.7% YoY: PPAC

Live Mint  

India produced a total of 2.5 million metric tonnes of crude oil in January 2024 - registering a growth of 0.7 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. Crude oil imports increased by 5.7 per cent and 0.9 per cent during January 2024 and April-January 2023-24 respectively, compared to the corresponding period of …

Petroleum exports drop sharply as West tightens squeeze on Russia
10 months, 4 weeks 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 …

Oil prices extend over 1% drop ahead of US Fed policy verdict; Brent at $81
11 months, 2 weeks ago

Oil prices extend over 1% drop ahead of US Fed policy verdict; Brent at $81

Live Mint  

Oil prices edged lower on Tuesday, January 30, extending a more than one per cent drop in the previous session on China's economic outlook, however the losses were kept in check by supply fears driven escalating tensions in the Middle East. Back home, on the Multi Commodity Exchange, crude oil futures due for a February 16 expiry, was last trading …

India's crude oil output down 1.03% to 2.5 MMT in December, imports rise 1.1% YoY: PPAC
11 months, 3 weeks ago

India's crude oil output down 1.03% to 2.5 MMT in December, imports rise 1.1% YoY: PPAC

Live Mint  

Crude oil imports increased by 1.1 per cent and 0.4 per cent during December 2023 and April-December 2023 respectively, compared to the corresponding period of the previous year. The cumulative natural gas consumption for the current financial year till December 2023 stood at 49,540 MMSCM, which was higher by 9.4 per cent compared with the corresponding period of the previous …

India to allow edible oil imports at lower duty until March 2025
1 year ago

India to allow edible oil imports at lower duty until March 2025

The Hindu  

India will extend the import of edible oil at a lower duty by another year until March 2025, the Government said in a notification issued late on January 15 as the world's biggest importer of vegetable oil moves to limit local prices. The lower import duty structure on crude palm oil, crude sunflower oil and crude soyoil was set to …

Europe buying Russian oil via India at record rates in 2023 despite Ukraine war
1 year ago

Europe buying Russian oil via India at record rates in 2023 despite Ukraine war

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 Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. India became the world’s leading importer of Russian crude …

India reduces import of Russian crude oil over pricing
1 year ago

India reduces import of Russian crude oil over pricing

Hindustan Times  

Indian refiners have significantly cut Russian crude imports and plan to further decrease shipments from the sanctions-hit country after Moscow steeply reduced discounts from about $10 a barrel to around $2 in recent months, at least four people directly aware of the development said. Indian oil companies have decided to cut crude imports from Russia because of only one reason, …

India's crude oil output down 0.4% to 2.4 MMT in November, imports decrease 2.3% YoY: PPAC
1 year ago

India's crude oil output down 0.4% to 2.4 MMT in November, imports decrease 2.3% YoY: PPAC

Live Mint  

India produced a total of 2.4 million metric tonnes of crude oil in November 2023 - registering a de growth of 0.4 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. Crude oil imports decreased by 2.3 per cent and increased by 0.4 per cent during November 2023 and April-November 2023 respectively, compared to the …

The turning tides of US sanctions: India caught between a rock and a hard place
1 year ago

The turning tides of US sanctions: India caught between a rock and a hard place

Live Mint  

The recent escalation of US sanctions against Russia seems to have significant consequences for the Indian market. In the context of the US' secondary sanctions targeting Russia, India too can resort to such countermeasures to provide an avenue of insulation for its fiscal priorities and market interests. Forms of countermeasures Bilateral negotiations and conditional waivers The US government can authorize …

India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: PPAC
1 year, 1 month ago

India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: PPAC

Live Mint  

India produced a total of 2.5 million metric tonnes of crude oil in October 2023 - registering a growth of 1.3 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. According to PPAC data, crude oil imports increased by 2.2 per cent and by 0.6 per cent during October 2023 and April-October 2023 respectively, compared …

America would struggle to break Iran’s oil-smuggling complex
1 year, 2 months ago

America would struggle to break Iran’s oil-smuggling complex

Hindustan Times  

In February, Dilro, an obscure company based in Dubai, bought the Ocean Kapal, an 18-year-old tanker. Although America retains harsh sanctions that target anyone helping to produce, ship or sell Iran’s petroleum, the superpower’s officials last year eased enforcement. Yet following Hamas’s attack on Israel on October 7th, the Biden administration has come under pressure to shut loopholes, as Iran …

Oil prices jump more than $4 as Middle East violence rattles markets
1 year, 3 months ago

Oil prices jump more than $4 as Middle East violence rattles markets

The Hindu  

Oil prices jumped more than $4 a barrel in early Asian trade on Monday, as dramatic military clashes between Israeli and Hamas forces over the weekend deepened political uncertainty across the Middle East. The surge in oil prices reversed last week's downward trend - the largest weekly decline since March - in which Brent fell about 11% and WTI retreated …

India tells OPEC it must be sensitive to needs of oil consuming nations
1 year, 3 months ago

India tells OPEC it must be sensitive to needs of oil consuming nations

Live Mint  

New Delhi: With oil prices on the boil, union petroleum and natural gas minister Hardeep Singh Puri has asked the Organisation of the Petroleum Exporting Countries to be sensitive to the needs of oil-consuming nations and curb output cuts. In another tweet, the minister wrote, "During the pandemic, when crude oil prices crashed, the world came together to stabilize the …

Saudi cuts Asian Premium after India taps Russian oil
1 year, 3 months ago

Saudi cuts Asian Premium after India taps Russian oil

Live Mint  

NEW DELHI : Saudi Arabia, the world’s second largest oil producer, has slashed the premium charged on exports to India while many others have discontinued it altogether, a person aware of the matter said, after India began sourcing the bulk of its energy requirements from Russia. Top Asian buyers China and India, the second and third largest importers of crude …

Explained: Why surging oil prices is bad for Indian rupee
1 year, 3 months ago

Explained: Why surging oil prices is bad for Indian rupee

India Today  

The Indian rupee could come under pressure and decline significantly in comparison to the US dollar, analysts have warned. Analysts quoted in a Reuters report fear that a combination of factors, including surging crude oil prices and a rally of the US dollar index, could lead to a significant decline in the Indian currency’s value. Oil on the boil Brent …

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 …

Crude import costs down 35%, creates room to cut fuel prices
1 year, 4 months ago

Crude import costs down 35%, creates room to cut fuel prices

Live Mint  

NEW DELHI : India’s oil import bill declined 35.3% during the first four months of FY24 due to easing crude oil prices over the past year. This fall in the import bill will likely see oil marketing companies, which operate most of the refineries in the country, increase their refining and marketing margins—and profits too —as retail fuel prices have …

Russia oil discount to India shrinks to $4, delivery charges remain opaque
1 year, 6 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, 6 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 …

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