Articles for Russian Crude

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

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Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU
1 month, 1 week 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 …

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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. …

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Russian Ukraine conflict: CNN claims India is helping Putin get richer. Here's how it is wrong
9 months, 2 weeks ago

Russian Ukraine conflict: CNN claims India is helping Putin get richer. Here's how it is wrong

Op India  

The Russian oil industry is “booming despite war, sanctions” and CNN is livid with disbelief, to put it mildly. They have demanded to “close the “refining loophole”, which allows EU and G7 countries to import oil products — mainly diesel, jet fuel and gasoline — produced from Russian oil at refineries in third countries like India, Turkey or UAE.” India …

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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, …

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Sanctions on Russian oil have failed. Were they ever meant to succeed?
1 year ago

Sanctions on Russian oil have failed. Were they ever meant to succeed?

Al Jazeera  

Last December, the European Union banned imports of Russian crude oil in a bid to starve the Russian war machine into submission over its invasion of Ukraine. Sanction-proof tankers Anticipating this, the EU, along with the G7, last year placed a $60-per-barrel price cap on Russian oil sold to third parties. “It’s basically a sanction-proof tanker.” Western protection-and-indemnity-insured tankers dropped …

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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, …

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G20 Summit: Is India breaking up with Russia?
1 year, 3 months ago

G20 Summit: Is India breaking up with Russia?

Al Jazeera  

As Putin stays in Moscow, India-Russia ties are in decline, while New Delhi’s bond with the West gets tighter. If Modi’s government has refused to join Western sanctions against the Kremlin over the war in Ukraine, there is a history behind that decision: Russia opposed sanctions imposed by the US, Japan and a few other countries on India following New …

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G7 said to shelve regular Russian oil cap reviews as prices soar
1 year, 3 months ago

G7 said to shelve regular Russian oil cap reviews as prices soar

The Hindu  

The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices. The Group of Seven countries along with the European Union and Australia imposed the price cap mechanism on Russian oil …

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Abhijit Bhattacharyya | Why allow yuan payments for import of Russian oil?
1 year, 5 months ago

Abhijit Bhattacharyya | Why allow yuan payments for import of Russian oil?

Deccan Chronicle  

The “globalised village economy” has suddenly cast a magical spell over the vast Eurasian landmass. In March 2023 came the first sign of India’s discomfort when the government reportedly issued an advisory to banks, merchants and traders dealing with crude oil imported from Russia, to avoid making any payments in the Chinese currency, the yuan. If India, the fifth-largest economy …

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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 …

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First shipment of discounted Russian crude oil arrives in Karachi, announces Pakistan PM Shehbaz Sharif
1 year, 6 months ago

First shipment of discounted Russian crude oil arrives in Karachi, announces Pakistan PM Shehbaz Sharif

Firstpost  

Pakistan Prime Minister Shehbaz Sharif said on Sunday that the first shipment of discounted Russian crude oil has arrived at the port city of Karachi, a development that is likely to bring relief to people hit by increasing inflation Pakistan Prime Minister Shehbaz Sharif said on Sunday that the first shipment of discounted Russian crude oil has arrived at the …

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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 …

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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 …

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US gives a ‘free pass’ to India as worry over China rivalry deepens
1 year, 7 months ago

US gives a ‘free pass’ to India as worry over China rivalry deepens

Live Mint  

The Biden administration has decided to remain publicly quiet on India’s democratic backsliding, according to senior US officials, as the US intensifies efforts to keep New Delhi on its side in the rivalry with China. While Biden might press Modi to take a more explicit stance on Ukraine, one US official said it’s doubtful New Delhi would publicly rebuke Russia, …

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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 …

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EU is still largest importer of Russian oil due to loophole in sanctions, report claims
1 year, 8 months ago

EU is still largest importer of Russian oil due to loophole in sanctions, report claims

The Independent  

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

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

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

The Independent  

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

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Pakistan wanted 'cheap Russian crude oil like India…': Imran Khan’s praise
1 year, 8 months ago

Pakistan wanted 'cheap Russian crude oil like India…': Imran Khan’s praise

Hindustan Times  

Former Pakistan Prime Minister Imran Khan once again praised India's foreign policy saying that Islamabad "wanted to get cheap Russian crude oil just like India" but was not able to do so as his government collapsed. “We wanted to get cheap Russian crude oil just like India but that could not happen as unfortunately, my government fell due to a …

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Pak plans to procure Russian crude oil at $50 per barrel
1 year, 9 months ago

Pak plans to procure Russian crude oil at $50 per barrel

Firstpost  

As Pakistan continues to suffer from a severe shortage of foreign exchange reserves, any short or long-term deals with Russia to take crude and oil products at low prices would help reduce the nation’s financial burden Islamabad: Cash-strapped Pakistan is making concerted efforts to procure Russian crude oil at USD 50 per barrel, at least USD 10 per barrel less …

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Russian oil becomes more pricey with pool of Asian buyers expands
1 year, 9 months ago

Russian oil becomes more pricey with pool of Asian buyers expands

Live Mint  

The price of Russian crude and fuel is rising for buyers in Asia as a pool of bigger customers from China and India expands, putting pressure on smaller refiners that have eagerly consumed the cheap oil. The larger refiners have muscled in to a patch typically dominated by China’s smaller independent processors, known as teapots, which have been consistent consumers …

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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 …

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India's unwavering appetite for Russian crude lifts Jan. inflows to record high
1 year, 10 months ago

India's unwavering appetite for Russian crude lifts Jan. inflows to record high

The Hindu  

India's appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional Middle-Eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine conflict, …

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India's unwavering appetite for Russian crude lifts January inflows to record high
1 year, 10 months ago

India's unwavering appetite for Russian crude lifts January inflows to record high

The Hindu  

India's appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine …

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