RUSSIAN SEA BORNE OIL
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.
After a 13% rally so far this year, is upside in MCX crude oil futures capped?
European Union's sanctions and China's economic concerns pose challenges for oil demand. Amidst the ongoing rally, uncertainties like a potential ceasefire in Gaza and China's economic health could influence oil prices. Expert projections hint at sustainability hurdles for the current uptrend in crude oil prices.
More than meets the eye in Russian President Vladimir Putin’s Asia trip
Russian President Vladimir Putin’s recent visits to North Korea and Vietnam carry a dual message: reinforcing Moscow’s presence in East and Southeast Asia and signaling to Beijing that Russia is not a subordinate partner. Putin aims to show that Russia has strategic options, countering China's influence. Prof. James Curran notes that Putin's engagement with nations having complex relations with China, like North Korea and Vietnam, highlights his intent. In Hanoi, Russia proposed joint energy projects and nuclear power development, reaffirming its longstanding ties and countering Beijing’s dominance.
New China rules allow detention of foreigners in South China Sea
New Chinese coast guard rules came into effect on Saturday, allowing for the detention of foreigners trespassing in the disputed South China Sea, where Beijing's actions have drawn criticism from its neighbors and the G7. China asserts dominance in the region despite competing claims, leading to tensions and confrontations with countries like the Philippines.
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.
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.
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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.
Traders are bracing for a record-smashing summer that will shake up commodities
Prices for some of the world’s most vital commodities — natural gas, power and staple crops like wheat and soy — are climbing.
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.
Putin says Russia wants a buffer zone in Ukraine's Kharkiv but has no plans to capture the city
Russian President Vladimir Putin stated during a visit to China that Russia's offensive in Ukraine's Kharkiv region aims to create a buffer zone without capturing the city. The offensive began on May 10 and led to intense fighting, displacing thousands. Ukrainian drone attacks on Crimea damaged infrastructure, including an airbase and power plant. Ukraine signed laws to increase troop numbers, allowing prisoners to join the army and imposing higher fines for draft dodgers. The conflict has resulted in casualties and damage on both sides, with Russia pushing for territorial gains.
Massive Ukrainian drone attack on Crimea leaves Sevastopol without power
In a retaliatory move, Ukraine launched a massive drone attack on Crimea, causing a power outage in Sevastopol and setting a refinery ablaze in southern Russia. Russian authorities reported downing 101 drones and repelling Ukrainian advances in northeastern Ukraine. The conflict continues with both sides strategizing and testing defenses along the front line.
Ukrainian troops pull out of some areas and Zelenskyy postpones foreign trips amid Russian offensive
U.S. Secretary of State Antony Blinken announced a $2 billion arms package for Ukraine during a visit to Kyiv, aimed at supporting Ukraine in its defense against a new Russian offensive. The package includes funds for medium- and long-term foreign military financing, with most of the money coming from a package approved last month by Congress. Blinken's visit comes as Ukrainian forces face increased pressure from Russian troops in the east. President Zelenskyy has postponed all his upcoming foreign trips in response to the escalating conflict.
Zelenskyy postpones all upcoming foreign visits as Ukraine faces a new Russian offensive
Ukrainian President Zelenskyy delays foreign trips amid clashes with Russian forces. U.S. Secretary of State Blinken reassures Ukrainian support during Kyiv visit. Zelenskyy cancels plans, citing ongoing battles and Russia's incursions. Blinken lauds Ukrainian resilience, while Russia shoots down Ukrainian missiles and drones in border regions.
Consumption down, but Vanaspati weightage in WPI still high
The share of vanaspati in the basket of different types of cooking oils consumed by Indians has nearly halved in the past decade to 2.88%. However, it still holds the second-highest weightage of 14.35% in the wholesale price index (WPI) after palm oil, whereas sunflower and soybean oils, which are now consumed more, get a lower weightage in the WPI of 2011-12, an anomaly which may lead to erroneous data about inflation.
China, India top buyers of Russian seaborne fuel oil, VGO in Feb, LSEG data shows
In February, China and India remained primary destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports, as they sought alternatives to crude oil. Russia redirected most of its fuel oil and VGO to Asia following the EU's oil embargo. Seaborne exports to India and China increased, while shipments to Turkey declined.
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.
Haldia Petrochemicals seeks local Indian naphtha supplies amid Red Sea disruption: CEO
The company, which owns a naphtha cracker producing 700,000 metric tons per year in the eastern state of West Bengal, sources 50% of its feedstock from the Middle East and relies on local refiners like Indian Oil, HPCL and BPCL for the rest of its feedstock needs.
Ukrainian navy says a third of Russian warships in the Black Sea have been destroyed or disabled
Ukraine's navy has dealt a significant blow to Russia, sinking or disabling a third of its warships in the Black Sea over the past two years of conflict. The latest strike targeted the Russian amphibious landing ship Kostiantyn Olshansky in Sevastopol, Crimea, using Ukraine-built Neptune missiles. The attack also hit port facilities and an oil depot. The successful strikes have boosted morale in Ukraine, demonstrating their ability to challenge Russia's naval superiority and secure their Black Sea ports for exports.
Oil steadies as markets weigh Russian supply woes
Oil prices were little changed on Tuesday as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks while a slightly weaker U.S. dollar offered some support.
Oil prices extend upward momentum on expectations of tighter supply
Russia told its oil companies to reduce output to meet an Organization of Petroleum Exporting Countries (OPEC) target of 9 million barrels per day (bpd). In late February, Russia had been producing about 9.5 million barrels per day.
Ukraine hits Russian city and oil refinery
The Ukraine war has cast a shadow over voting in the three-day presidential election, which is all but certain to hand Putin six more years in the Kremlin but has been marked by scattered acts of protest. The head of the electoral commission, Ella Pamfilova, said there had so far been 20 incidents of people trying to destroy voting sheets by pouring various liquids into ballot boxes, as well as eight cases of attempted arson and a smoke bomb.
Russian strikes kill 14, including rescuers, in Odesa
Local officials said Russian aerial bombardments struck residential buildings and cars leaving at least 14 people dead and wounding another 46 people, including rescuers. "Russian terror in Odesa is a sign of weakness of the enemy, which is fighting Ukrainian civilians at a time when it cannot guarantee security for people on its territory," said Andriy Yermak, a senior government official in Kyiv.
Ukraine says destroyed another Russian warship in Black Sea
Ukraine said on Tuesday its forces destroyed a Russian military patrol ship in the Black Sea near annexed Crimea, the latest naval attack on Moscow's fleet in the key waterway. Ukraine's GUR military intelligence unit on Tuesday released a black and white video of what it said was the overnight attack on the Sergei Kotov, a 94-metre (308-foot) Russian military patrol ship.
Russia diverts LNG supplies for Asia around Africa to avoid Red Sea, LSEG data shows
Russia diverted LNG cargoes to China via Cape of Good Hope to avoid Houthi attacks in the Red Sea. The Suez canal route is risky, so they are taking an extended route around Africa, adding 10 days to the journey. Insurance premiums for ships are also increasing due to the conflict.
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.
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.
Russian crude oil share in imports dips to 25% in January
Russian oil's share in India's crude imports dropped to 25% in Jan from 31% in Dec due to narrower price discounts, US sanctions impacting shippers, and increased freight costs due to Red Sea attacks. India imported 1.2 mbd of Russian crude in Jan, the same as China's import. Indian state refiners reduced imports by 21% while private sector refiners increased imports by 10%.
Eastern Maritime Corridor could benefit India amid Red Sea crisis
Indian Minister for Ports, Shipping and Waterways Sarbananda Sonowal highlights the Eastern Maritime Corridor (EMC) as an effective alternative for goods movement due to the geopolitical situation in the Red Sea and Suez Canal. He emphasizes the importance of India's commitment to freedom of navigation and commerce, with measures taken for maritime security. Sonowal envisions a Russia-India Maritime Partnership, including the possibility of building Russian icebreakers in Indian shipyards. He also discusses prospects for bilateral maritime cooperation, skill development, shipbuilding, and clean energy investments.
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