Indian crude basket likely to reflect imports from Russia
1 year, 7 months ago

Indian crude basket likely to reflect imports from Russia

Live Mint  

New Delhi: With Russia emerging as one of the top oil suppliers to India, the Indian crude basket price is likely to factor in the cheaper Russian imports going ahead. The Indian basket of crude oil broadly represents the cost of India’s oil imports, and it has so far not accounted the oil imported from Russia at discounted prices. The Indian basket of crude oil represents a derived basket comprising of sour grade, sweet grade of crude oil processed in Indian refined in the ratio of 75.62 : 24.38. As of April 27, the Indian crude oil basket stood at $78.45 per barrel, according to data from Petroleum Planning & Analysis Cell.

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History of this topic

Oil prices up in thin pre-Christmas trade
16 hours, 27 minutes ago

Oil prices up in thin pre-Christmas trade

Live Mint  

By Katya Golubkova TOKYO, Dec 24 - Oil prices were up on Tuesday in thin trade ahead of the Christmas Day holiday, with prices supported by U.S. economic data and rising oil demand in India, the world's third-largest oil importer. In the shorter term, traders are looking for indications of U.S. demand from the crude oil and fuel stockpiles data …

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 …

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 …

Fuel Prices In Delhi, October 16: Remain Stable With Petrol At Rs 94.72 & Diesel Priced At Rs 87.62
2 months, 1 week ago

Fuel Prices In Delhi, October 16: Remain Stable With Petrol At Rs 94.72 & Diesel Priced At Rs 87.62

ABP News  

As of today, the fuel prices in Delhi remain relatively stable, with minor fluctuations due to global crude oil prices and other factors like supply chain dynamics. Fuel prices in India are revised daily based on the 15-day average of global oil prices, which is a dynamic pricing model. Despite the global fluctuations in oil supply and demand, especially due …

India's crude oil imports soar 7% YoY in April, net oil & gas import bill hits $12.3 billion-mark: PPAC
7 months ago

India's crude oil imports soar 7% YoY in April, net oil & gas import bill hits $12.3 billion-mark: PPAC

Live Mint  

India's crude oil imports increased by seven per cent year-on-year in April 2024 and the net import bill for oil and gas hit $12.3 billion, compared to $10.1 billion in the corresponding period last year. India's domestic crude oil production stood at 2.4 million metric tonnes in April 2024 - registering a growth of 1.6 per cent compared to the …

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. …

India's crude oil consumption up 4.6% in FY24, output rises marginally at 0.6%, imports steady: PPAC
8 months ago

India's crude oil consumption up 4.6% in FY24, output rises marginally at 0.6%, imports steady: PPAC

Live Mint  

India's total consumption of crude oil or petroleum products rose 4.6 pent in fiscal 2023-24 to 233.3 million metric tonne, while domestic production of crude oil rose marginally at 0.6 per cent. But the world's third largest oil importing and consuming nation paid $132.4 billion for the imports in FY24 as against $157.5 billion import bill in 2022-23, so crude …

India's crude oil import bill drops 16% in FY24, import dependence soars to 87%
8 months, 1 week 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 …

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 …

India's crude oil output rises 7.9% to 2.3 MMT in February, imports decline 6.6% YoY: PPAC
9 months ago

India's crude oil output rises 7.9% to 2.3 MMT in February, imports decline 6.6% YoY: PPAC

Live Mint  

India produced a total of 2.3 million metric tonnes of crude oil in February 2024 - registering a growth of 7.9 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. Crude oil imports decreased by 6.6 per cent and increased by 0.4 per cent during February 2-24 and April-February 2024 respectively, compared to the corresponding …

’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 …

India's crude oil output up 0.7% to 2.5 MMT in January, imports rise 5.7% YoY: PPAC
10 months 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 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's crude oil output down 1.03% to 2.5 MMT in December, imports rise 1.1% YoY: PPAC
11 months 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 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, …

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 …

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 …

Domestic crude oil production at 2.4 MMT in September, imports rise 6.1% YoY: PPAC
1 year, 2 months ago

Domestic crude oil production at 2.4 MMT in September, imports rise 6.1% YoY: PPAC

Live Mint  

India produced a total of 2.4 million metric tonnes of crude oil in September 2023 - registering a steady growth compared to the year-ago period, according to Petroleum Planning & Analysis Cell. {{^adFree}} {{/adFree}} Crude oil imports increased by 6.1 per cent and by 0.4 per cent during September 2023 and April-September 2023 respectively, compared to the corresponding period of …

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, …

Oil prices soar on Israel-Hamas conflict; India watching situation closely
1 year, 2 months ago

Oil prices soar on Israel-Hamas conflict; India watching situation closely

Live Mint  

New Delhi: International crude oil prices surged on Monday amid the military clash between Israel and Hamas forces of Palestine. Sharad Chandra Shukla, director at Mehta Equities said the recent escalation in the Israel-Palestine conflict has injected uncertainty into global markets, leading to a surge in crude oil prices and a hardening of US Treasury yields. “Oil prices rose more …

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 …

ECONOMIC PERSPECTIVES | On oil’s slippery slope: India’s goods exports struggle to stem decline
1 year, 4 months ago

ECONOMIC PERSPECTIVES | On oil’s slippery slope: India’s goods exports struggle to stem decline

The Hindu  

Published : Jul 27, 2023 11:00 IST - 6 MINS READ At first look, the evidence is worrying. The value of the country’s goods exports in June dropped to an eight-month low of $33 billion, having fallen sharply by 22 per cent year on year. The value of the country’s oil product exports rose from $25.8 billion in the 2020-21 …

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 …

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 …

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’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 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 …

India becomes Europe's largest supplier of refined fuels after Russian oil ban
1 year, 7 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, 7 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 …

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

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

India Today  

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

India and China snap up Russian oil in April above ‘price cap’
1 year, 8 months ago

India and China snap up Russian oil in April above ‘price cap’

Al Jazeera  

Russia is enjoying stronger revenues via sale of oil despite the West’s attempts to curb funds for its war in Ukraine. India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations. The latest data from Refinitiv Eikon …

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

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

Live Mint  

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

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

India's Russian oil imports now double that of Iraq

The Hindu  

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

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 …

Why OPEC's crude oil production cut is bad news for India
1 year, 8 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, …

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 …

Why Petrol, Diesel Prices Won't Fall in India Despite Cheaper Crude Oil?
1 year, 9 months ago

Why Petrol, Diesel Prices Won't Fall in India Despite Cheaper Crude Oil?

News 18  

Even as crude oil prices have fallen significantly following the bank collapses in the US, including Silicon Valley Bank and Signature Bank, the prices of petrol and diesel are unlikely to come down in India. According to a CNBC-TV18 report quoting sources, prices of petrol and diesel in India are unlikely to be reduced anytime soon as oil marketing companies …

Petrol, Diesel Prices In India Unlikely To Be Cut Despite Cheaper Crude Oil: Report
1 year, 9 months ago

Petrol, Diesel Prices In India Unlikely To Be Cut Despite Cheaper Crude Oil: Report

News 18  

Prices of petrol and diesel in India are unlikely to be reduced anytime soon as oil marketing companies have to recover accumulated losses of Rs 18,000 crore due to high crude prices in earlier quarters, according to a CNBC-TV18 report quoting sources. Petrol prices in India have been stagnant since May 2022, when Finance Minister Nirmala Sitharaman reduced the prices …

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