RUSSIA INDIA CRUDE SUPPLY
Modi's Moscow summit with Putin seen as key for ties in China's shadow
No dates have yet been set for the visit, although it has been confirmed by both sides. Indian media said Modi will be in Moscow next week, around the time of a NATO summit in Washington, at which Ukraine will be one of the main issues.
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.
Narendra Modi is shoring up Russia ties as Vladimir Putin deepens China embrace
India, the world’s third-largest crude consumer, has become a major buyer of Russian oil, and is reliant on its military hardware supplies. At the same, relations between China and India have been at a low point since land-border clashes in 2020.
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.
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.
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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 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.
Oil prices climb as OPEC+ reassures markets, ECB cuts interest rate
Oil prices rose as OPEC+ members Saudi Arabia and Russia hinted at output adjustments. Brent crude futures reached $80.03 per barrel, and U.S. West Texas Intermediate crude futures hit $75.71. Europe's interest rate cut raised expectations of a similar move in the U.S. Analysts await Chinese commodity trade data for insights into global oil demand.
Oil drops over $1 as OPEC+ decision spotlights shaky demand
Oil prices fell more than $1 on Tuesday on scepticism about an OPEC+ decision to boost supply later this year into a global market where demand has already shown signs of weakness.
Oil prices extend losses on worries of supply rising later in 2024
Oil prices fell with Brent crude at $78.16 and U.S. West Texas Intermediate at $74.05. OPEC+ extended output cuts into 2025. GasBuddy data indicated a decline in U.S. gasoline prices.
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.
What is OPEC+ and how does it affect oil prices?
OPEC+, a coalition of OPEC and its allies, is set to meet on June 2 to discuss their joint oil production policy. OPEC was founded in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela to coordinate petroleum policies and secure fair prices. It now includes 12 countries, mainly from the Middle East and Africa, accounting for about 30% of the world's oil. OPEC+ crude output represents about 41% of global oil production and aims to regulate the supply of oil to the global market.
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 use of crude tankers to export diesel slows in May
Indian refiners reduce diesel shipments to Europe in May due to rising inventories and weak price spreads. April saw high exports, mostly from Reliance Industries' Jamnagar refinery, using Aframax and Suezmax vessels. Cost factors and ample European supply prompt refiners to shift focus back to Asia, exacerbating regional supply glut.
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 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.
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.
Oil prices slide 1% to 11-week low on weaker IEA 2024 demand forecast
Crude prices slid about 1% to an 11-week low on Wednesday after data from the International Energy Agency (IEA) showed oil demand in developed countries likely would flag this year.
Oil prices tick up on tighter supply outlook
The market is watching wildfires in remote western Canada that could disrupt the country's oil supply, Tony Sycamore, market analyst with IG, said in a note.
Brent hovers above $83 as inflation data takes centre stage
Though prices were supported by a few factors last week, including a lack of progress in the latest round of negotiations to halt hostilities in Gaza, economic factors are back in the spotlight.
OPEC switches to 'call on OPEC+' in global oil demand outlook, sources say
OPEC will stop publishing a calculation of the world's demand for its own crude in its monthly oil report, two sources close to the matter said, focusing instead on forecasts for demand for oil from the wider OPEC+ group.
Russia says there is no problem with payment for its oil shipments to India
Foreign Ministry spokeswoman Maria Zakharova assured that Russian oil shipments to India are progressing smoothly without any payment issues.
Oil benchmark Brent nears $86 on heightened supply concerns
Brent near $86 due to Russia-Ukraine tension. U.S. crude at $81.09. Both benchmarks up 11% and 12.5%. OPEC+ extends supply curbs. Global concerns intensify with recent attacks on oil facilities.
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.
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.
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