INDIA RUSSIAN OIL IMPORT
After a stop in Cuba, 2 Russian ships dock in Venezuelan port as part of 'show the flag' exercises
Two Russian naval ships, the frigate Admiral Gorshkov and the oil tanker Akademik Pashin, have docked in Venezuela's La Guaira port after conducting exercises in the Atlantic Ocean and a previous stop in Cuba. The visit, part of Russia's efforts to assert its naval presence in remote oceanic regions, underscores the strong ties between Moscow and Venezuelan President Nicolas Maduro's government. This move follows a pattern of close relations established by Maduro's predecessor, Hugo Chavez, and comes ahead of upcoming elections in Venezuela. The presence of Russian vessels has drawn attention amidst ongoing global geopolitical tensions.
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.
No new duty concessions for milk, milk products imports: DGFT
India has strictly limited milk and milk product imports under tariff rate quotas (TRQs) in accordance with WTO commitments. Santosh Sarangi, director general of foreign trade, confirmed that no TRQ imports are planned for the current year. TRQ imports have occurred only three times in recent years, managed exclusively by cooperatives and state-owned entities, following guidelines that balance producer and consumer interests.
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 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.
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Oil prices steady as markets weigh supply tensions, China economic recovery
Oil prices remained steady on Tuesday, balancing concerns over China's economic recovery, tensions in the Middle East, and Ukrainian attacks on Russian refineries.
EU slaps fresh curbs on Russia gas shipments
The new restrictions on gas aim to reduce Russia's revenues from liquefied natural gas (LNG) exports by banning trans-shipments off EU ports and a clause allowing Sweden and Finland to cancel some LNG contracts. The measures stop short of an EU ban on LNG imports, which have risen since the start of the war.
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's May Palm oil imports jump 74 pc on rising demand
India's palm oil imports surged 74% to 7,63,300 tonnes in May from 4,39,173 tonnes as the world's largest vegetable oil buyer stocked up to meet rising domestic demand, according to Solvent Extractors Association.
India's May palm oil imports hit 4-month high on competitive prices
India's palm oil imports surged by 11.6% in May compared to the previous month, reaching the highest level in four months, driven by its competitive pricing relative to rival oils, according to a statement by the Solvent Extractors' Association of India (SEA). The increased palm oil purchases by India, the world's largest importer of vegetable oils, could bolster benchmark Malaysian palm oil futures.
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.
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.
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.
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.
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.
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.
India's oilmeal exports start 2024-25 on a weak note, drop 6% in April
According to the Solvent Extractors' Association of India, which has put out the trade data, said the country harvested a record crop of soybean in Kharif season last year and mustard in Rabi season which encouraged higher crushing and increased availability of meals, both for the domestic consumption and exports.
India's April palm oil imports jump 34 pc on lower global prices
India's palm oil imports rose 34.11% to 6,84,000 tonnes in April, led by lower global prices. Vegetable oil imports, including RBD palmolein and CPO, surged. Soybean and sunflower oil prices also fell, driving higher 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.
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%).
India's March Russian oil imports rose over 7% from Feb, trade flows show
In March, India's imports of Russian oil increased by over 7% compared to February, as refiners opted for cheaper options amidst geopolitical tensions. Despite ongoing sanctions, Russia remained India's top oil supplier, followed by Iraq and Saudi Arabia. India reduced monthly purchases from Saudi Arabia while increasing those from Iraq.
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.
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