India Crude Oil

India, a sovereign nation, is free to buy oil from sources it considers beneficial, the Kremlin said on Monday, while expressing confidence that New Delhi will stick to the policy of ensuring its economic interests. On August 6, the US imposed additional 25 per cent tariffs on India for its purchase of oil and petroleum products from Russia. At the end of August, US tariffs on imports of Indian goods and services were increased to 50 per cent. "India, being and remaining a sovereign nation, carries out foreign trade operations and purchases energy resources where it is beneficial for itself," the Kremlin spokesman, Dmitry Peskov, told reporters in the wake of last Friday's Summit talks between President Vladimir Putin and Prime Minister Narendra Modi in New Delhi. Speaking after his talks with Prime Minister Modi, the Russian leader assured that Moscow will remain India's reliable energy supplier. "And, as far as we understand, our Indian partners will continue this line to ensure

European think tank CREA has claimed that these shipments made India the largest national destination for crude moved by Russia's growing 'shadow fleet'

India's reduced Russian oil orders come after the US raised tariffs on Indian imports to 50% and imposed sanctions on Russian oil giants Rosneft and Lukoil

On a yearly basis, crude oil imports rose 6.1%, from 18.79 million tons in September 2024, data from the Petroleum Planning and Analysis Cell shows

India's state oil companies plan to import up to three large US LPG cargoes per month in 2026, marking the country's first long-term US supply deal

India is guided solely by economics when sourcing oil and LNG rather than geopolitics, and the government does not interfere in decisions by state-oil companies, September data shows

A sanctioned Russian oil ship headed for Adani's Mundra port has changed course to Vadinar after the group barred blacklisted vessels, putting India's crude imports under fresh scrutiny

India became a major importer of Russian crude after the start of the war in Ukraine in 2022, but the South Asian nation was recently slapped with crushing US tariffs for the trade

MEA defends India's oil purchase policy as US President Donald Trump accuses India of 'financing' Russia's war, escalates tariff threats and stalls trade talks

Indian Oil Corporation had a term deal with Russia, which expired in March 2023 and has not been renewed since

India became a top buyer of Russian seaborne oil after the European Union shunned purchases and imposed sanctions on Moscow following its invasion of Ukraine in 2022

India's import of Russian crude oil dropped in November to its lowest level since June 2022 but the Kremlin continues to be the biggest source of oil for India, according to a monthly tracker report of a European think tank. India became the second biggest buyer of Russian crude oil since Moscow invaded Ukraine in February 2022, with purchases rising from less than one per cent of the total oil imported to almost 40 per cent of the country's total oil purchases. The rise was primarily because the Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow. "India's imports of Russian crude oil dropped by a massive 55 per cent in November - the lowest figure since June 2022," the Centre for Research on Energy and Clean Air (CREA) said its latest report. Russia remained India's top oil supplier, followed by Iraq and Saudi Arabia. "China has bought 47 per cent of Russia's crude exports,

Crude oil imports amounted to 120.5 million tonnes between April and September, representing a 4 per cent increase from the 115.9 million tonnes imported during the corresponding period last year

India may have bought over $1 bn of US oil in August; increasing such shipments helps it to trim trade surplus with the US

The government has cut windfall tax on domestically-produced crude oil to Rs 1,850 per tonne, from Rs 2,100 per tonne with effect from Saturday. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at nil'. The new rates are effective from August 31, 2024, an official notification issued late Friday said. India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

Volatility in crude oil markets threatens macro stability

Washington on Friday imposed sanctions to mark the second anniversary of Moscow's invasion of Ukraine and retaliate for the death of opposition leader Alexei Navalny

India's oil imports hit 5.24 million barrels per day (bpd) in January, up 17% from December and 3.5% higher than in the corresponding month a year earlier, according to the data

Crude oil imports in January rose 9.5% month-on-month to 21.39 million metric tons, and were up 5.7% on year-on-year basis, Petroleum Planning and Analysis Cell (PPAC) data showed on Thursday

Urals and Sokol accounted for every 4 out of 5 barrels of Russian supplies to India last year