OIL IMPORT DEALS

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 fro...

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 de...

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...

If you have been planning to add a chimney to your kitchen, then today is the right day to do so because Amazon is back with its grand deals on chimneys from leading appliance brands including Faber, Glen, Hindware, Elica, and many others. So grab y...

The OPEC+ cartel appears to be shifting away from its pursuit of $100-a-barrel oil, announcing a deal to gradually increase production through 2025. This move could lower oil prices and ease global inflation, impacting market dynamics and Saudi Arab...

Oil prices fell on Friday due to concerns over inflation risks, U.S. crude inventories, and OPEC+ negotiations to extend oil production cuts.

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...

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...

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 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 We...

The development adds to oil export problems for Russia as its oil firms may face difficulties finding ships to sell surplus oil after recent Ukrainian drone attacks on the state's refineries. Russian companies are already struggling to collect payme...

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 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 ...

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...

Increase in international prices of palm oil and the upcoming harvest of mustard crop are some of the other reasons that led to cut in the country’s cooking oil imports. According to SEA, import of cooking oil in January 2024--reported at little mor...

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...

The two sides were engaged in intense negotiations over the last few months. There were heightened tensions when a Qatar court sentenced eight former Indian Navy officials to death in October for allegedly spying for Israel. At December-end, their s...

India's Petronet LNG is expected to sign a deal to extend its long-term liquefied natural gas imports from Qatar beyond 2028. The deal, which includes a 7.5-million metric ton per year deal with Qatar and a 1 million tpy deal with Indian Oil Corp, B...

India's first payment in rupees for oil bought from the UAE marked a step toward making the local currency more global. Officials noted this push but clarified that there are no specific goals. With over 85% oil dependency, India aims to buy afforda...