INDIA RUSSIAN OIL
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.
The train from Russia: How a new route can change things for India
A multimodal route that includes a railway, roadway network and seaports, the INSTC spans 7,200km (4,500 miles) from St. Petersburg to the port of Mumbai in India. The corridor is part of Russia’s push to find new transport routes in light of Western sanctions, which have forced it to shift trade flows from Europe to Asia and the Middle East.
India and China top buyers of Russian fuel oil in May, LSEG data shows
In May, Russian seaborne fuel oil and VGO exports peaked at 4 million metric tons, with India and China as top destinations. The surge followed the European Union's embargo on Russian oil products, redirecting supplies to Asia. Notably, ship-to-ship loadings near Greece and Malta facilitated the transfer of cargoes destined for Asia.
India's May oil imports: Russia at record high, Saudi lowest in 10-month
India's oil imports from Russia hit a record high of 2.1 million bpd in May as discounts widened due to lower demand from China. Some European nations avoided Russian oil after the Ukraine invasion, making Russian oil cheaper than similar grades from the Middle East.
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.
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.
- Go To Page 1
Hardeep Singh Puri, face of India's oil diplomacy, takes oath
Born in Delhi, the 1974 batch Indian Foreign Service (IFS) officer, Puri claims to be affiliated to ABVP - the students' body aligned to BJP, during his student days at Hindu College of the Delhi University (DU), where he received his bachelor and master's degrees in history.
ONGC cuts offshore helicopter sorties during monsoon to avoid accidents
India's top oil and gas producer, ONGC, has reduced helicopter sorties to its offshore installations in the Arabian Sea for three months to prevent deadly accidents during the monsoon season. The temporary measure, which is only in effect from June to August, aims to reduce the number of helicopters needed to transport personnel and material to the installations. ONGC does not respond to an email asking why it is following a 21-day cycle when internationally the 28-day cycle is followed.
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.
PSBs ask US to route advisories via finance ministry
Executives from some of the top lenders, including State Bank of India, Punjab National Bank and Canara Bank, met with a six-member US Treasury delegation last month. The discussions focused on Russian payments and a possible breach of the internationally imposed $60 a barrel purchase price on Russian crude.
Bank curbs hit ONGC's plans to gain 20% stake in Russia oilfield
ONGC, hindered by banking restrictions, faces challenges in paying its share to the abandonment fund for Russia's Sakhalin-1 field, obstructing its efforts to regain a 20% stake in the oilfield. Banking constraints prevent the repatriation of dividends from another Russian field, Vankor, leaving funds inaccessible outside Russia. ONGC Videsh, ONGC's subsidiary, aims to transfer the abandonment fund, necessary for project closure and environmental safety, but discussions with Russian authorities seek alternatives amid banking limitations.
India has a rare request for Reliance & state refiners on Russia oil deal
India has urged state-run oil refiners and Reliance Industries Ltd. to negotiate a long-term supply deal with Russia to shield the economy from volatile prices. While the government wants collaboration, Reliance's reluctance to share sensitive information poses a challenge. India seeks discounted oil amid tighter US sanctions.
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 buys more Russian, less Saudi oil in April
In April, India increased imports of Russian oil while decreasing imports from Iraq and Saudi Arabia, according to preliminary data from Kpler and LSEG. Despite geopolitical tensions, Russia remained India's top oil supplier. Indian refiners boosted overall oil purchases by 13-17% but reduced imports from Iraq by 20-23%. Russia's oil imports are projected to decrease in May.
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.
Share of Russian oil in India's imports rises to 35% in FY24
The share of Russian oil in India's total imports rose to 35% in 2023-24 from 23% in the previous year, according to energy cargo tracker Vortexa. During the year, all other key suppliers, including Iraq, Saudi Arabia, UAE, and the US lost share in the Indian market. Iraq's share fell to 20% (from 21%). Similar drops were noted for Saudi Arabia (15% from 17.5%), UAE (6% from 9%), and the US (3.5% from 5.5%).
When Russian oil stops being Russian
US involvement in foreign affairs questions India's Russian oil connection. Anna Morris implies the refined oil loses its identity. She compares it to a health food transformation during puri cooking.
Senior US treasury officials to urge India to maintain implementation of Russian oil price cap
Two US officials are coming to India to urge India to maintain the implementation of oil price cap. In 2023, Russia had emerged as India's top oil supplier. India has strong economic and defence ties with Russia and has refrained from criticising Moscow over its war with Ukraine.
China pips India in buying sea-borne Russian crude
China imported 1.82 million barrels a day (mb/d) of Russian crude by sea in March, a third more than India's 1.36 mb/d, according to energy cargo tracker Vortexa. China also receives Russian oil through pipelines.India's monthly imports of seaborne Russian crude exceeded that of China for about one and a half years. In February, however, China's 1.3 mb/d of imports from Russia, marginally surpassed India's 1.27 mb/d. In March, the gap substantially widened.
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.
US trying to help India get lower prices for Russian oil, Joe Biden envoy says
Washington imposed sanctions late last month on Russia's leading tanker group Sovcomflot on the two-year anniversary of Moscow's full scale invasion of Ukraine. It also designated 14 crude oil tankers as property in which Sovcomflot had an interest.
India turns cautious on contracted Russian oil as US sanctions bite
The biggest state-owned refiner Indian Oil Corp. will likely reduce the amount of crude received under so-called term supply, while Bharat Petroleum Corp. and Hindustan Petroleum Corp. have decided against making firm commitments to take contracted oil next financial year, Bloomberg reported citing sources.
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.
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.
Load More
