Iran sanctions: Indian Oil is stepping up imports of US and Saudi crude
5 years, 6 months ago

Iran sanctions: Indian Oil is stepping up imports of US and Saudi crude

CNN  

London CNN Business — US sanctions have forced a leading purchaser of Iranian crude exports to buy more oil from Saudi Arabia and the United States. Sanjiv Singh, head of state-run refiner Indian Oil Corporation, told CNN Business that “whatever supplies were coming from Iran, they were well distributed amongst other countries.” Iran had been the third largest supplier of crude to India, which imports huge amounts of energy to fuel its growing economy. While India had said it would only recognize sanctions imposed by the United Nations, the country’s petroleum minister said in April that it would source “additional supplies from other major oil producing countries.” A spokesperson for India’s Ministry of Petroleum and Natural Gas confirmed to CNN Business on Wednesday that the country has now ceased all imports of oil from Iran. F. Carter Smith/Bloomberg/Getty Images US Secretary of State Mike Pompeo, who is currently on a visit to India, said the sanctions were aimed at countering what he called Iran’s “terror regime.” “I think there is a shared understanding of threat and a common purpose to ensure to keep energy at the right price and deter this threat,” he told reporters in New Delhi on Wednesday. India’s foreign minister Subrahmanyam Jaishankar said that Pompeo was “very receptive” to India’s concerns about global energy supplies.

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History of this topic

Iran Asks India To Resume Oil Trade, Relax Visas
1 week 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
1 week, 1 day 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
2 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
2 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
3 weeks, 4 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 …

US Considers New Russia Oil Sanctions to Weaken Putin Ahead of Trump
4 weeks, 1 day 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 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 …

week high as Russia, Iran tensions support prices
1 month, 2 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 …

Reliance Industries gets US approval to continue crude oil import from Venezuela amid sanctions
5 months, 2 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 …

Chabahar: India’s Balancing Act Against China, West Asia and the West
7 months, 3 weeks ago

Chabahar: India’s Balancing Act Against China, West Asia and the West

News 18  

Geostrategy is increasingly becoming a process of increasing a nation’s options. While Russia has been encountering sanctions from Western Europe and the US ever since the war with Ukraine, Iran has endured them for far longer. The US, Israel and others in West Asia are aware of India’s cordial relationship with Iran. India’s sea and land route via Chabahar in …

US warns of 'potential risk' of sanctions after India-Iran sign Chabahar port deal
7 months, 3 weeks ago

US warns of 'potential risk' of sanctions after India-Iran sign Chabahar port deal

Op India  

Right after India signed a 10-year contract with Iran to manage operations at the Chabahar Port on the 13th of May, the United States has ‘warned’ that any country considering any business deal with Iran is exposing itself to the “potential risks of sanctions”. During a daily press briefing on Monday, State Department Deputy Spokesperson Vedant Patel said: “We are …

Why Iranian envoy thinks US won’t impose sanctions on India over Chabahar port
7 months, 3 weeks ago

Why Iranian envoy thinks US won’t impose sanctions on India over Chabahar port

Hindustan Times  

NEW DELHI: After India and Iran signed a long-term agreement for expanding Indian operations at Chabahar port, the US warned that all entities engaging in business deals with Iran face the “potential risk of sanctions”. Iranian ambassador Iraj Elahi said the importance of India would prevent any side from imposing sanctions on India over the Chabahar port deal Responding to …

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials
9 months 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 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 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, 3 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 …

Europe buying Russian oil via India at record rates in 2023 despite Ukraine war
11 months, 4 weeks 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
11 months, 4 weeks 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, …

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 …

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 …

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 …

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 …

Eye on oil: on oil prices and India
1 year, 7 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 …

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, 8 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, 8 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 …

India is now Europe's largest supplier of refined fuels: Kplr
1 year, 8 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 …

India becomes Europe's largest supplier of refined fuels after Russian oil ban
1 year, 8 months ago

India becomes Europe's largest supplier of refined fuels after Russian oil ban

Hindustan Times  

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 …

India is largest supplier of refined fuels to Europe: Report
1 year, 8 months ago

India is largest supplier of refined fuels to Europe: Report

Live Mint  

India has become Europe's largest supplier of refined fuels this month, 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, according to Kpler's data. It also means that more competition for Europe's oil refiners which can't access cheap Russian …

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 …

OPEC+ output cut could lead to higher oil prices and increase India’s import expense: IEA
1 year, 8 months ago

OPEC+ output cut could lead to higher oil prices and increase India’s import expense: IEA

India TV News  

The International Energy Agency called OPEC+’s move to limit oil production “risky for the global economy”, saying it could push up already high prices, resulting in greater import costs for countries like India. In response to an inquiry on the potential impact of Saudi Arabia’s reduction in oil production on countries such as India, Fatih Birol, Executive Director of the …

OPEC+ output cut may lead to higher oil prices, push up India's import bill: IEA
1 year, 8 months ago

OPEC+ output cut may lead to higher oil prices, push up India's import bill: IEA

The Hindu  

The International Energy Agency on April 11, 2023 termed the decision of OPEC+ to cut oil production as "risky for the global economy", saying it may push up already high prices, leading to higher import bills for nations like India. Global oil markets were already set to tighten in the second half of 2023, with the potential for a substantial …

India's Russian oil imports now double that of Iraq
1 year, 9 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, 9 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 …

Why OPEC's crude oil production cut is bad news for India
1 year, 9 months ago

Why OPEC's crude oil production cut is bad news for India

India Today  

The surprise cut in crude oil production by the Organization of Petroleum Exporting Countries on April 2 has shocked commodity markets worldwide, with Brent crude prices climbing $5 a barrel. OPEC’s decision to cut 1.16 million barrels of oil per day to shore up prices has put the world economy, which is already looming under the threat of a recession, …

US has replaced Russia as Europe’s top crude oil supplier
1 year, 9 months ago

US has replaced Russia as Europe’s top crude oil supplier

CNN  

London CNN — The United States is now the biggest supplier of crude oil to the European Union. Russia’s share of Europe’s natural gas imports has fallen sharply, from 31% in the first quarter of 2022 to nearly 19% by the end of the year, Eurostat data shows. US crude exports to Europe were rising before the war, though Russia’s …

India’s oil deals with Russia dent decades-old dollar dominance
1 year, 10 months ago

India’s oil deals with Russia dent decades-old dollar dominance

Live Mint  

U.S.-led international sanctions on Russia have begun to erode the dollar's decades-old dominance of international oil trade as most deals with India - Russia's top outlet for seaborne crude - have been settled in other currencies. After a coalition opposed to the war imposed an oil price cap on Russia on Dec. 5, Indian customers have paid for most Russian …

India's Russian oil imports hit record high in February; now more than Iraq, Saudi put together
1 year, 10 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 …

How China and India’s appetite for oil and gas kept Russia afloat
1 year, 10 months ago

How China and India’s appetite for oil and gas kept Russia afloat

Al Jazeera  

Despite Western-led sanctions aimed at punishing Russia over its war in Ukraine, growing demand for Russian energy imports has helped keep the country’s besieged economy afloat. China and India, both of which have declined to condemn Russia or impose sanctions over the war, became the biggest buyers of Russian crude oil last year as Western countries restricted imports and imposed …

U.S. will not sanction India for buying Russian oil, say senior American officials
1 year, 11 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 …

'US won't impose sanctions on India for purchasing Russian oil despite oil price cap': Top Energy official
1 year, 11 months ago

'US won't impose sanctions on India for purchasing Russian oil despite oil price cap': Top Energy official

India TV News  

The United States on Wednesday confirmed that it was not planning to impose any sanctions on India, amid the fact New Delhi exporting record-high Russian oil irrespective of the European Union and West imposed price cap on energy resources. EU, G7 partners agree on price cap on Russian petroleum products Notably, both the EU and the US adopted further price …

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 …

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

Iran offers China-style strategic deal for India
2 years ago

Iran offers China-style strategic deal for India

Live Mint  

Iran has offered India a strategic cooperation pact on the lines of a deal it signed with China in 2021, two people aware of the matter said, as the sanctions-hit country tries to attract investments in its energy and infrastructure sectors. Iran has offered a similar deal to India to attract Indian investments and develop its transport and energy infrastructure, …

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 …

Russia biggest oil supplier to India second month in a row in November, surpasses Iraq, Saudi Arabia
2 years, 1 month 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 …

Ukraine slams India for buying Russian oil, calls it 'morally inappropriate'
2 years, 1 month ago

Ukraine slams India for buying Russian oil, calls it 'morally inappropriate'

New Indian Express  

A day earlier India's top diplomat had defended the purchases of discounted Russian crude, saying Europe's imports still dwarfed those of his country despite the continent's efforts to reduce its dependence. But Ukraine's Dmytro Kuleba told NDTV it was "completely wrong" to justify buying oil from Russia "by arguing that Europeans were doing the same." India has increased its purchases …

India signals it will continue to buy oil from Russia
2 years, 1 month 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 …

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