INDIA CRUDE IMPORT
Share of Russian oil in imports up at 42% in June, Iraq supplies fall
Indian imports of Russian crude surged in June, outpacing other major suppliers. Refiners find the discounts on Urals grade appealing, with private sector involvement rising.
India's June palm oil imports rise to 6-month high on lower prices
India's palm oil imports rose in June due to strong demand before festivals. Refiners played a key role, potentially impacting Malaysian palm oil futures. Sunvin Group highlighted palm oil's competitive pricing. The country's edible oil imports increased, with significant purchases from Indonesia, Brazil, Russia, and Ukraine.
India raises windfall tax on petroleum crude
The Indian government has increased the windfall tax on petroleum crude to Rs 6,000 per metric ton from Rs 3,250, effective July 2, as stated in a notification issued on Monday. This tax is reviewed every two weeks. In July 2022, India began taxing crude oil production and the export of gasoline, diesel, and aviation fuel.
BPCL sees nearly flat annual crude processing, executive says
Bharat Petroleum Corp (BPCL) anticipates no major changes in its annual crude processing for the current fiscal year despite a planned maintenance shutdown. BPCL will temporarily close a 120,000 bpd crude unit at its 310,000 bpd Kochi refinery for a month starting mid-September, stated Sanjay Khanna, BPCL’s head of refineries. Last fiscal year, BPCL processed nearly 800,000 bpd across its three refineries. BPCL is also expanding its Bina refinery to 220,000 bpd by mid-2027 and constructing a petrochemical plant to be operational by mid-2028.
India allows imports of corn, vegetable oils at concessional duty
India has decided to permit restricted imports of corn, milk powder, crude sunflower oil, and refined rapeseed oil with concessional duty. As the largest global importer of vegetable oils, India will allow imports totaling 150,000 metric tons each of sunflower oil or safflower oil and refined rapeseed oil in the ongoing marketing year, according to the notification.
India eyes oil deals with nations including Russia, minister says
Indian Oil Minister Hardeep Singh Puri announced Bharat Petroleum Corp's plan to build a new refinery. The nation aims to sign more oil import deals with countries, including Russia, at discounted rates. Prime Minister Narendra Modi seeks to provide energy at affordable rates to cushion customers from volatile oil markets.
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Rupee opens flat against US dollar in early trade
The rupee is expected to swing within a range of 82.90 to 83.70, influenced by Foreign Institutional Investors, capital markets, and anticipated inflows like Reliance Infrastructure raising USD 350 million.
India's May fuel use inches up on month on strong industrial activity
India's fuel consumption in May increased due to strong industrial activity and elections, as per data from the PPAC. The country's oil demand and consumption trends are reflected in the data provided by the PPAC.
Refined Russian petro goods imports rise 14% in May
India's import of refined products from Russia increased by 14% in May, with naphtha imports tripling. State-run refiners brought in 77% more Russian products, but imports were lower than China and Europe.
Reliance signs deal with Russia's Rosneft to purchase oil in roubles
Reliance Industries has signed a one-year deal with Russia's Rosneft to purchase at least 3 million barrels of oil monthly in roubles. This agreement, following President Putin's push for alternative financial systems amid Western sanctions, secures discounted oil for Reliance and underscores India's role as a major buyer of Russian crude.
India, Egypt top destinations for Russian seaborne fuel oil, VGO exports in April, LSEG data shows
Crude oil Import: In April, India and Egypt were key destinations for Russian seaborne fuel oil and vacuum gasoil exports, with a total 10% decrease in exports due to maintenance and outages. The EU's embargo redirected Russian exports to Asia. Shipments to India rose while those to China decreased. Egypt saw increased fuel oil supplies for power generation.
India's Russian oil imports rise to nine-month high in April
India's Russian oil imports surged to a nine-month peak in April as shipments resumed on non-sanctioned tankers, largely operated by Sovcomflot. Indian refiners imported nearly 1.8 million barrels per day of Russian oil, expanding Russia's share to 38%. The rise affected overall purchases from Iraq and Saudi Arabia, reducing Middle Eastern oil imports.
Share of Russian crude in India's imports rises to nearly 40% in April
In April, Russia's share in Indian crude oil imports rose to nearly 40%, up from 30% in March, driven by higher global oil prices. Indian refiners imported 1.78 million barrels per day (mb/d) of crude oil from Russia, surpassing imports from China and Europe. Russia supplied more oil to India than its next three top suppliers combined. Overall, Indian crude imports dropped 8% in April, with declines from Iraq, Saudi Arabia, the UAE, and the US.
India's oil import bill could swell to USD 101-104 bn in FY25: ICRA
India's oil import bill could rise to USD 101-104 billion in FY2025. Lower Russian oil imports increased savings. Middle East conflict impacts oil routes. LNG imports from Qatar via the Strait of Hormuz. CAD/GDP ratio compressed in FY2023-24.
Need to be watchful about steel imports: Tata Steel's T V Narendran
Tata Steel CEO T V Narendran has urged caution amid a surge in steel imports in India, which has risen 38% to 8.319 million tonnes in the 2023-24 financial year. He said the situation would be a "pity if the situation continues in the long run" and called for the government to address unfair imports. Steel consumption is expected to grow 8-10% in the 2024-25 fiscal year. India's crude steel production increased 14% in FY24.
Crude import bill down 16% in FY24; dependence increases marginally to 87.7%
India's crude oil import bill decreased by 16% YoY to $132 billion in 2023-24 due to lower oil prices, according to the country's oil ministry data. Domestic crude oil production remained constant, while refined petroleum product imports fell by 13% to $23 billion. Despite a 17% increase in volumes, imports of LNG fell by 22% to $13 billion.
Crude oil’s climb towards $90 per barrel is a matter of anxiety for India, oil secretary Pankaj Jain says
Rising crude oil prices are a cause for concern for the world's third-largest importer of the commodity, India's oil secretary Pankaj Jain said on Wednesday. As a consuming nation any increase in prices will cause concern and anxiety, Jain said at an industry event, referring to the "geopolitical premium" in crude prices.
Government allows UAE's Adnoc to export oil from Indian strategic storage
In an order, the ministry said the condition of export being allowed only through IOC will continue, but "AMI (Adnoc Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their commercial stockpile at Mangalore strategic petroleum reserve, at their own cost".
India stops taking Russian oil delivered on Sovcomflot tankers
Amid US sanctions, all Indian refiners, including major ones like Indian Oil, Bharat Petroleum and Hindustan Petroleum are rejecting Russian crude transported by PJSC Sovcomflot tankers. Scrutiny extends to vessel ownership to avoid ties with sanctioned entities. Other oil ships carrying Russian cargo also are facing delays off the South Asian coast.
India's Russian oil imports edged up in February from January
India's import of Russian oil in February increased slightly compared to January, following a trend of fluctuating imports due to geopolitical events. Despite challenges such as payment issues and sanctions, Indian refiners received shipments of Russian oil, making up a significant portion of the country's overall oil imports.
BPCL: Bharat Petroleum signs 4-month US oil purchase deal with BP, sources say
Bharat Petroleum Corp has made a significant agreement with BP to purchase 1 million barrels per month of U.S. West Texas Intermediate crude for a four-month period, according to trade sources. The deal involves the refiner commencing the receipt of the oil starting from June.
Share of Russian crude in India's imports up at 32% in February
State-run refiners accounted for 61% of total 1.41 million barrels per day (mbd) of crude India received from Russia in February, according to energy cargo tracker Vortexa. These companies' combined share expanded from 52% in January as their daily import volume jumped by a quarter in a month while private sector refiners' intake fell by 12%.
India talking to Guyana, Suriname, Namibia for oil import: Hardeep Singh Puri
India has been talking to Guyana, Suriname and Namibia regarding oil cooperation, informed Union Petroleum Minister Hardeep Singh Puri on Monday while asserting that there is no shortage of crude oil globally.
India looks elsewhere for oil as US sanctions crimp Russia trade
India's oil trade with Russia is being impacted by the tightening of US sanctions, prompting refiners to explore alternative supplies. While Russia remains the dominant supplier, Indian refiners are increasingly buying more from Saudi Arabia. Refiners are eager to increase purchases of Russian oil, but require US approval to do so.
Russia’s disrupted oil trade crimps margins for Indian refiners
India's state-run refiners are facing challenges as Russian oil becomes more expensive and less accessible due to higher freight rates and US sanctions. The attacks in the Red Sea by Houthi rebels have disrupted fuel trade, impacting Indian refiners and potentially eroding their competitive edge.
India stands firm on buying Russian oil amidst sanctions; EAM Jaishankar says Moscow has never hurt New Delhi
India's External Affairs Minister S Jaishankar reaffirmed India's stance on buying Russian oil. During his visit to Germany for the Munich Security Conference, he stated that Europe should understand that India cannot have a view of Russia that is identical to the European one.
Indian diesel floods to Asia as Houthis imperil flows to Europe
Shipments of diesel from India to Europe hit a 2-year low due to Houthi attacks, diverting cargoes to Asia. Higher freight costs and refinery maintenance in Asia shifted trade economics in favor of sending cargoes east. No imports of diesel in EU, only one in UK. Arrivals of diesel-type fuel from India to Asian destinations surged.
Russian oil: India’s state oil refiners in talks with Rosneft to secure Russian crude for long term
Indian state oil refiners, Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp, are in talks with Rosneft Oil Co PJSC for long-term supplies of Russian crude. The refiners aim to secure about 500,000 barrels per day of Russian crude supplies to diversify their sources.
India's crude oil imports from Russia hit 12-month low but long-term appetite remains intact
India's crude oil imports from Russia dropped for the second consecutive month in January, reaching their lowest level in a year. However, experts believe that India's long-term demand for Russian crude remains strong. The decline in Russian imports was offset by increased sourcing from Iraq, while supplies from Saudi Arabia also decreased.
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