INDIA CRUDE PURCHASES
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.
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.
Rupee rises 6 paise to 83.37 against US dollar in early trade
Rupee remains steady at 83.37 against the US dollar driven by various factors including foreign capital inflow, equity market performance, and positive economic indicators.
Russia boosts oil revenues as shipping and trading network grows
Russian oil exporters are selling oil to India at higher prices than at any time since the start of the Ukraine war, as more shippers and traders participate in the trade, weakening the impact of Western sanctions. The exporters have had to offer deep discounts to encourage shipping companies to move their crude since the invasion of Ukraine. Despite this, deals struck this month for Urals oil delivery to Indian refiners are at discounts of $3 to $3.50 per barrel to the global Brent crude benchmark, the narrowest since 2023.
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.
Rupee surges 38 paise to 83.04 against US dollar in early trade
The rupee strengthened to a three-month high of 83.04 against the US dollar on Monday, supported by positive sentiment in domestic equity markets fueled by strong macroeconomic data and exit poll results favoring PM Narendra Modi's government.
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Rupee falls 9 paise to 83.27 against US dollar in early trade
Rupee depreciates 9 paise to 83.27 against USD on negative equities and high oil prices, influenced by domestic market sentiment and USD strength. Rupee opened at 83.22, traded at 83.27. Dollar index at 104.72, Brent crude at USD 84.40. Sensex down by 0.30%.
Rupee falls 9 paise to 83.27 against US dollar in early trade
The rupee declined to 83.27 against the US dollar on Wednesday, driven by negative equities trend and elevated crude oil prices, with interventions from RBI and anticipation of Lok Sabha election results.
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.
Sovereign yield falls to near 1-year low post RBI's dividend payout
The yield on the 10-year benchmark government security closed at 6.978%, its lowest level since June 6, 2023, LSEG data showed. The 10-year bond yield had closed at 6.98% on Friday. Bond prices and yields move inversely.
Oil prices stable as markets believe major stakeholders don't want hostilities to escalate: Hardeep Singh Puri
Global oil prices holding at $82/barrel despite OPEC supply cuts, wars, and uncertainties. Oil minister Hardeep Singh Puri believes major stakeholders don't want hostilities to escalate, maintaining supply-demand equilibrium. OPEC and allies control market by keeping 7 million barrels/day off the market.
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.
Reliance faces many hurdles in getting crucial crude delivered as global market struggles
Reliance Industries Ltd., India’s largest private refiner, faces challenges in getting shipments of heavy crude delivered due to sanctions and OPEC+ cuts. To secure needed barrels, it purchased 2 million barrels of Canada’s Access Western Blend crude, embarking on a complex journey involving ship-to-ship transfers and a long voyage to India via the Pacific.
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.
India receives oil cargo in Russian SCF tanker after brief halt, sources say
A ship operated by Sovcomflot (SCF), a Russian shipping giant sanctioned by the U.S., discharged fuel oil at a western Indian port, signaling a resumption in the use of SCF vessels for supplying oil to Moscow's key market. The SCF Baltica, carrying 90,000 metric tons of fuel oil for Reliance Industries, was expected to depart after full discharge. Indian refiners, including Reliance, had been cautious about receiving cargoes on Sovcomflot vessels following U.S. sanctions imposed on the company.
US hasn't asked India to cut Russian oil imports: Official
The US has not asked India to cut Russian oil imports, stating that oil refined in India isn't technically Russian. US officials emphasized limiting Putin's profit by curbing Russia's oil sales avenues. They noted that refined Russian oil sold to Western nations does not violate sanctions. India has informed the US of its intent to continue buying Russian oil for its energy needs and to stabilize global oil prices. Sanctions aim to restrict Russia's oil sales and incentivize deeper discounts for buyers avoiding Western services.
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.
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.
New sanctions threaten Russian oil sales to India
The sanctions target Russia's leading tanker group, Sovcomflot, which Washington accused of being involved in violating the G7's price cap on Russian oil, as well as 14 crude oil tankers tied to Sovcomflot. Sources said Indian refiners are concerned the latest sanctions will create "challenges" in getting vessels for Russian oil and could drive up freight rates. That may narrow the discount for the oil, which is bought from traders and Russian companies on a delivered basis.
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.
BPCL avoiding Russian Sokol crude oil purchases due to payment issues: Source
Urals oil, Russia's flagship export blend loaded from its western ports, is mostly supplied to Asia due to a European Union embargo on Russian oil, with India becoming its top buyer for seaborne oil. Meanwhile, there have been no disruptions in BPCL receiving Russian crude due to the Red Sea crisis and the company will buy crude from any source as long as it is financially viable, head of refineries Sanjay Khanna said on the sidelines of the India Energy Week event in Goa.
India wants multi-year oil purchase deal with Guyana: Guyana minister
India is considering a multi-year oil purchase agreement with Guyana and aims to acquire stakes in the South American nation's exploration areas, according to Guyana's minister for natural resources, Vickram Bharrat. This decision is part of India's efforts to diversify its sources of crude oil. The potential deal with India would need approval from Guyana's cabinet.
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.
Asia crude oil imports start 2024 strongly as India leads: Russell
Asia's imports of crude oil saw robust growth in January, reaching an eight-month high of 28.57 million barrels per day (bpd), led by top buyers China and India. China imported 11.31 million bpd, slightly below December's figure but well above the same month in 2023. China's imports from Russia surpassed those from Saudi Arabia, although Saudi Arabia increased its exports to regain market share in China. India, Asia's second-biggest importer, is on track for record imports in January, with arrivals of 5.33 million bpd.
India will renew oil purchases from Venezuela: Oil minister Hardeep Puri
India plans to resume crude oil purchases from Venezuela, now free from US sanctions, announced Oil Minister Hardeep Puri. With Indian refineries capable of processing Venezuelan heavy oil, the country aims to resume imports, emphasizing its growing oil needs and welcoming Venezuelan supply. Despite having vast oil reserves, Venezuela's production remains low due to sanctions, but with lifted restrictions, re-engagement in global oil markets is anticipated, aiding its gradual production recovery.
Oil Imports: India’s splurge on cheap Russian crude may be over
India's reliance on cheap Russian crude oil is expected to decrease as traditional Middle Eastern suppliers offer more attractive conditions. Since Russia's invasion of Ukraine last year, India's consumption of Russian crude has increased significantly, surpassing Saudi Arabia and Iraq as the top supplier. However, rising prices have reduced the discount on Russian crude, making other sources, including those with term contracts, more appealing.
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