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 oil purchases last month came from Russia. "India's intake of Russian low-sulphur grades like Sokol increased last month and that displaced purchases of sweet grades from west Africa," said Ehsan Ul Haq, analyst with Refinitiv. Higher purchases of Russian oil dragged down Indian crude imports from member nations of Organization of Petroleum Exporting Countries to the lowest level in the 22 years of records.

India Europe Russia Oil Indian Iraq Russian Russian Oil Feb Indian Refiners  africas  data  tightens  crude  feb  russia  oil  russian  nations  imports  grip  share  mkt  indias  refiners  purchases  african  lowest

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 …

Saudi Arabia boosts crude oil share in Asia at Russia’s expense: Russell
3 weeks, 1 day 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 …

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 …

‘India did entire world a favour’: Hardeep Singh Puri on India’s stance to buy Russian oil, ‘if we had not done so…’
1 month, 2 weeks ago

‘India did entire world a favour’: Hardeep Singh Puri on India’s stance to buy Russian oil, ‘if we had not done so…’

Live Mint  

Union Petroleum and Natural Gas minister Hardeep Singh Puri said that India's decision to buy oil from Russia amid global uncertainties helped prevent a potential spike in global oil prices. In an interview with CNN's Becky Anderson in Abu Dhabi, Union minister Puri explained that if the Indian government hadn't bought Russian oil, global oil price would have gone up …

'India did the entire world a favour': Union Minister Puri on India's stance to buy Russian oil
1 month, 2 weeks ago

'India did the entire world a favour': Union Minister Puri on India's stance to buy Russian oil

New Indian Express  

India's decision to purchase oil from Russia amidst global uncertainties has played a crucial role in preventing a potential spike in global oil prices, said Union Petroleum and Natural Gas Minister Hardeep Singh Puri. In an interview with CNN's Becky Anderson on the sidelines of the annual ADIPEC energy industry event in Abu Dhabi, the Union Minister stated that without …

Russia was China’s top oil supplier for the twelfth month in April
7 months ago

Russia was China’s top oil supplier for the twelfth month in April

The Hindu  

Russia was China’s top oil supplier in April for a 12th month, with volumes rising 30% from a year earlier, official data showed, as refiners continued to cash in on discounted shipments, while supplies from Saudi Arabia fell a quarter on higher prices. China’s crude-oil imports from Russia, which include supplies sent via pipelines and the sea, were 9.26 million …

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. …

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials
8 months, 2 weeks 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
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 …

US to tell event in India that price cap on Russian oil working
8 months, 2 weeks ago

US to tell event in India that price cap on Russian oil working

Hindustan Times  

The G7 price cap on Russian oil shipments is cutting the revenue that Moscow has available to support its invasion of Ukraine, and the mechanism's effectiveness is helped by the recent actions of Indian refiners, U.S. officials will tell an event in New Delhi on Thursday, according to prepared remarks. "We know that the Indian economy has much at stake …

Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl
9 months, 1 week ago

Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl

Live Mint  

Oil prices declined on Friday, March 16, a day after topping the $85 per barrel-mark for the first time since November, but prices settled almost three per cent higher for the week on higher demand from US refiners and the oil demand projections for 2024 by the International Energy Agency. Coming to domestic prices, crude oil futures last settled 0.15 …

’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 …

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 …

No disruption in oil flows to India, only freight up: HPCL head
10 months, 3 weeks ago

No disruption in oil flows to India, only freight up: HPCL head

The Hindu  

The ongoing attacks on shipping vessels by Houthi militants in the Red Sea have not impacted the flow of crude oil to India but freight has gone up due to rerouting via the Cape of Good Hope, Hindustan Petroleum Corporation Limited Chairman Pushp Kumar Joshi said. OPINION | The larger message to New Delhi from the Red Sea In a …

India reduces import of Russian crude oil over pricing
11 months, 1 week 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, …

Why India's oil purchase from Russia declined: Hardeep Singh Puri explains
11 months, 2 weeks ago

Why India's oil purchase from Russia declined: Hardeep Singh Puri explains

Hindustan Times  

Union minister of petroleum and natural gas Hardeep Singh Puri said crude oil supply in India from Russia has not dropped because of the payment-related issues. Union Minister of Petroleum and Natural Gas Hardeep Singh Puri India is one of the largest importers of crude oil in the world, but its imports from Russia significantly decreased over the past few …

'No payment problem': Hardeep Singh Puri on declining oil imports from Russia
11 months, 3 weeks ago

'No payment problem': Hardeep Singh Puri on declining oil imports from Russia

India Today  

The reduction in India's oil imports from Russia is primarily due to unattractive prices and not any payment issues, clarified Minister of Petroleum and Natural Gas Hardeep Singh Puri on Wednesday. He mentioned that, on average, India purchases 1.5 million barrels per day of Russian oil, and there have been no complaints from oil companies about facing payment settlement issues …

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 …

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 …

US checks if foreign banks followed cap on Russia oil
1 year, 2 months ago

US checks if foreign banks followed cap on Russia oil

Live Mint  

A US government office is checking whether foreign banks operating in the US conformed to the G7 price cap of $60 a barrel for Russian oil, a person aware of the matter said. The US treasury department’s Office of Foreign Assets Control has sought details of Russian oil purchases by including those by Indian entities in the last few months, …

India tells OPEC it must be sensitive to needs of oil consuming nations
1 year, 2 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 …

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 …

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 …

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 …

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 …

Cheap Russian oil helps India widen petro product exports
1 year, 5 months ago

Cheap Russian oil helps India widen petro product exports

Live Mint  

New Delhi: India has massively expanded export markets for its refined petro products in the last one year, commerce ministry data for April showed, thanks to discounted Russian oil that came gushing in the wake of the Ukraine war. The rise in oil exports to European countries could be attributed to the European Union’s decision to place a ban on …

What to know about India's ties with Russia
1 year, 6 months ago

What to know about India's ties with Russia

The Hindu  

June 22, 2023 12:38 pm | Updated 02:06 pm IST - NEW DELHI Prime Minister Narendra Modi's visit to Washington in June was expected to reduce India's dependence on Moscow for arms, economic ties and technology as New Delhi and Washington try to strengthen the Quad partnership, which also includes Japan and Australia, to contain growing aggression from China. Here's …

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 …

Eye on oil: on oil prices and India
1 year, 6 months ago

Eye on oil: on oil prices and India

The Hindu  

The world’s largest grouping of crude oil producers, commonly known as OPEC+, agreed on Sunday to extend ongoing production cuts into 2024 as it seeks to keep oil prices from falling amid concerns about a global economic slowdown. OPEC major and leading producer Saudi Arabia also voluntarily vowed to reduce output by an extra 1 million barrels per day in …

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 …

Russia pressurising India to avoid being placed on FATF's blacklist; Will India take any steps to save Moscow?
1 year, 6 months ago

Russia pressurising India to avoid being placed on FATF's blacklist; Will India take any steps to save Moscow?

India TV News  

In a major development, the Financial Action Task Force which leads global action to tackle money laundering, terrorist and proliferation financing, is mulling to put Russia on the "black list" amid the ongoing war against its neighbouring country, Ukraine. Although it sounds quite familiar amid the fact the intergovernmental organisation had removed Moscow from the list of member counties in …

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 …

India hits back at EU’s criticism over Russian oil: ‘Look at your regulations’
1 year, 7 months ago

India hits back at EU’s criticism over Russian oil: ‘Look at your regulations’

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’s foreign minister Subrahmanyam Jaishankar, who was in Brussels …

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 …

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia
1 year, 7 months ago

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia

ABC  

Russia launched an exceptionally intense air attack on Kyiv in the early hours of Tuesday, using drones, cruise and probably ballistic missiles, city officials said, as the Ukrainian capital suffered its eighth air raid this month. Key points: Russia fired six ballistic missiles from aircraft, nine cruise missiles from ships in the Black Sea and three missiles from land Ukraine …

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’s imports from OPEC at all-time low as demand for Russian oil goes up
1 year, 7 months ago

India’s imports from OPEC at all-time low as demand for Russian oil goes up

Live Mint  

Oil producers cartel OPEC's share in India's oil imports fell to an all-time low of 46 per cent in April as purchases of cheaper Russian oil peaked, industry data showed. Organization of the Petroleum Exporting Countries nations, mainly in the Middle East and Africa, had a 72 per cent share of all crude oil India imported in April 2022. OPEC …

Data | Russia’s exports to India rise further, trade deficit balloons
1 year, 7 months ago

Data | Russia’s exports to India rise further, trade deficit balloons

The Hindu  

In February 2023, Russia sur­passed Saudi Arabia to be­ come the second biggest ex­porter of crude oil to India in FY23. In the four­-month period between November 2022 and Febru­ary 2023, Russia took over the top spot, while the shares of Saudi Ara­bia and Iraq in India’s oil imports are fast decreasing. Chart 1 | The chart shows the share …

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 is now Europe's largest supplier of refined fuels: Kplr
1 year, 7 months ago

India is now Europe's largest supplier of refined fuels: Kplr

The Hindu  

India has become Europe's largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude, according to data from analytics firm Kpler. Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler's data show. It also means that more competition for Europe's …

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