URALS MARKET
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.
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.
Russian oil exports from its western ports revised up 10% in March amid refinery outage, sources say
Russia will increase oil exports through its western ports in March by almost 200,000 barrels per day (bpd) against the monthly plan to 2.15 million bpd, and market participants expect a further increase in exports amid ongoing drone attacks on Russian refineries.
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 oil sold to India at 30% above Western price cap: Traders
Russia is selling oil to India at a price of nearly $80 per barrel, which is $20 above the Western price cap. This is due to tight global oil markets and strong demand for Russian exports. India has become the top buyer of Russian oil since 2022, and the country's low inventory levels and production cuts have contributed to the increase in prices.
India continues as top buyer of Russian Urals oil in August despite price hikes
Russia's high dependence on India as its main oil buyer is a rising concern for its oil companies this month, as an expected rise in loadings from Primorsk, Ust-Luga and Novorossiysk port in September coincides with a decrease in demand in India amid seasonal maintenance.
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Share of Russia crude in oil imports falls to 34 per cent in August
Supplies from Russia fell 23% month-on-month to 1.47 million barrels per day (mbd) in August, even as India's overall crude imports fell 5% to 4.35 mbd, according to energy cargo tracker Vortexa. Russia's seaborne crude exports to China, however, increased to 1.4 mbd in August from 1.3 mbd in July.
Low discount? No problem. India has no plans to stop binging on Russian oil
India’s consumption of Russian crude has soared since last year, with the country becoming a leading supplier, ousting Saudi Arabia and Iraq from the top spots. Officials at four major refiners in India said they would continue purchasing Russia’s flagship Urals blend, arguing similar-quality barrels from the Middle East remain significantly more expensive
Russia to avoid buying FX under budget rule this year
Russia will not use excess oil revenues to purchase foreign currency on the open market this year, as prescribed by its budget rule. On Thursday, the finance ministry will announce its forex interventions plan for the year ahead. Uncertainty hurt the rouble on Wednesday as it tumbled to a more than 16-month low past 94 against the dollar.
India remains top destination for Russian Urals oil in April
Attractive prices for Urals mean good margins for Indian refiners while term contracts between Russian and Indian companies and lower freight rates are also helping keep supplies elevated, one of the sources said. Last month Russia's Rosneft and Indian Oil Corp announced a supply deal for up to 1.5 million tonnes of Russian oil (11 million barrels) per month from April 1.
India's Russian oil imports now double of Iraq
India's crude oil imports from Russia have doubled over the past year, reaching a new high of 1.64 million barrels per day in March. The increase has made Russia the single largest supplier of crude oil to India, accounting for over a third of all oil that India imports. However, purchases from Russia appear to have plateaued as growth has slowed, according to energy cargo tracker Vortexa. While Russia will continue to remain a key supplier, refiners still have room to diversify crude oil sources, said Vortexa's head of Asia-Pacific analysis.
Russia shifts to Dubai benchmark in Indian oil deal: Sources
Russia's top oil producer, Rosneft, and India's leading refiner, Indian Oil Corp (IOC), have abandoned the Brent benchmark in favour of using the Asia-focused Dubai oil price benchmark in their latest deal. The move is part of Russia's shift towards Asia following European rejection of Russian oil after the annexation of Ukraine. The deal means that Rosneft will double oil sales to IOC, according to sources, with Russia becoming India's largest oil supplier in the past months.
Indian demand for Urals crude keeps Russia's exports up
In March, India's purchases of Urals oil accounted for more than 65% of total seaborne exports of Urals, Refinitiv data showed. Traders said the rising demand from Indian refineries is forcing Russia to support exports despite Moscow's pledge to cut oil output.
Commodity Talk: Brent crude may fall to $68 in near term amid supply glut, weak demand
A pause or rate cut will be positive for commodities especially gold and silver which are considered as a hedge against inflation. A weaker dollar will reduce import bills for countries.
Putin signs law setting discount on Urals crude oil for tax calculations
The law, passed by parliament last week, changes the oil price assumptions that Moscow uses to calculate its multi-billion rouble tax levy on oil exports, as it scrambles to cover a widening budget deficit due to Western sanctions.
Russian crude oil imports create another record in January
Russia remained the top crude supplier to India for the fourth month in a row in January, improving its market share from 26% in December. Iraq, Saudi Arabia and the UAE also expanded their share in a month by one percentage point each to 20%, 17%, and 8%, respectively. The share of the US rose from 7% to 9% while that of Africa fell from 9% to 6% in January.
India to remain top buyer of Russia's Urals crude in Dec -sources, data
Volumes and India's share of the exports are expected to rise month on month despite a shorter loading plan for Russia's Western ports, traders said.
Exclusive-Russian oil sold to India below price cap in buyers' market
Also on Dec. 5, the Group of Seven leading economies implemented a $60 price cap on Russian seaborne oil to try to limit Moscow's ability to finance its war in Ukraine.
India may get Russia oil at below $60 per barrel
Multiple government officials and industry executives said domestic refineries will continue to buy cheap Russian oil with no major shipping or insurance trouble expected as the market rate for the key grade has fallen below the cap. The US and its allies have barred the use of its shipping, insurance and financial services for any Russian oil deal struck above the cap of $60.
Russian oil price cap put to the test
The cap is due to take effect alongside an EU embargo on maritime deliveries of Russian crude oil, which comes several months after an embargo imposed by the United States and Canada.
EU tentatively agrees $60 price cap on Russian seaborne oil
The agreement still needs approval from all EU governments in a written procedure by Friday. Poland, which had pushed for the cap to be as low as possible, had as of Thursday evening not confirmed if it would support the deal, an EU diplomat said.
U.S. urges caution on low-quoted Russian oil prices as EU debates price cap
The official cited outside estimates showing that over the last two months, the Urals discount to benchmark Brent crude has recently been close to $23 a barrel, falling as low as $17 a barrel. With Brent trading at $85.36 a barrel on Wednesday, a $23 discount implies a Urals price of around $62, much closer to the proposed cap level.
EU split on Russian oil price cap level, talks to resume Thursday
Earlier on Thursday representatives of the EU's 27 governments met in Brussels to discuss a G7 proposal to set the price cap in the range of $65-$70 per barrel, but the level proved too low for some and too high for others.
Oil freight at $100,000 piles pressure on crude markets
With sanctions on Russia now forcing ships to take longer routes -- drying up the pool of available vessels -- oil companies and traders are having to pay ever-higher prices to transport cargoes.
Record GRMs offset fuel under-recoveries for oil companies
On Tuesday, crude was trading at $114.84 a barrel, up 0.52%. Crude oil price has jumped 12.8% since April 6, 2022. Petrol and diesel prices were hiked 14 times in March 22 to April 6 period after which there has been no fuel price hike.
Russian crude aid Reliance Industries' O2C margins
The Russian invasion of Ukraine is helping India's largest private refiner, Reliance Industries Ltd (RIL), minimise its feedstock cost by sourcing arbitrage barrels and exploit its O2C (oil-to-chemicals) operational flexibilities to maximize value.
IndianOil excludes Russian oil from crude basket in its tender
India's top refiner informed market participants that Das, Eugene Island, Thunder Horse and Urals crude were no longer on the list of grades under its latest tender, which closes on Tuesday, the sources said.
There's a flipside to buying Russian oil with a $35 discount
The stance won’t exactly please the Americans. However, it’s no more opportunistic than Europe continuing to buy Russian gas more than a month into President Vladimir Putin’s invasion of Ukraine.
Russia offers discounts on oil to India, one of Putin's few fuel buyers
Asia’s No. 2 oil importer is among a handful of nations that have been doubling down on Russian crude, defying international pressure and sanctions. Russian barrels have been flowing to Asia in greater volumes as buyers across Europe and the U.S. shun the supply following the invasion of Ukraine. India and China have been the key buyers.
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