India Oil Import

A modest rise in Saudi imports leaves India facing a sizable shortfall as it cuts back on Russian crude

In a 'Coalition of the Willing' call, US President Donald Trump urged European leaders to stop buying Russian oil that funds the war in Ukraine and called for stronger security support

Russia said Indian goods are welcome in its market as the US raises tariffs; a top Russian diplomat defended India's oil imports and called Western sanctions unfair and one-sided

India imported 1.5 million barrels per day of Russian crude in July, down 24.5 per cent from the previous month, the data showed

In July, negotiators from India and US had discussed the visit of the American team for sixth round of bilateral trade negotiations during the week starting Aug 25. That visit has now been called off

After US President Trump announced an extra 25% tariff on Indian goods over Russian oil imports, Congress leader Shashi Tharoor called it a 'double standard', while economists warned of a hit to India

US President Donald Trump has imposed an additional 25% tariff on Indian goods, citing India's continued import of Russian oil, effective August 27

A second vessel, the Sard, is currently at the western Indian port of Vadinar used by Nayara, set to lift about 43,000 tons of diesel

The Global Trade Research Initiative (GTRI) stated that China-not India-is the largest purchaser of Russian oil. In 2024, China imported $62.6 billion worth, compared to India's $52.7 billion

On Wednesday, the US President said that he would impose a tariff rate of 25 per cent on India's exports to the US starting on Aug 1

Addressing a press conference in the national capital, MEA spokesperson Randhir Jaiswal said, 'We have seen reports on the subject and are closely following the developments'

India's import of crude oil from Russia rose to an 11-month high in June as refiners topped up tanks amid the Israel-Iran war, analysts said. India imported 2.08 million barrels per day (bpd) of Russian crude in June, the highest since July 2024, according to vessel tracking data from global commodity market analytics firm Kpler. "While India's global imports of crude oil dropped by 6 per cent in June, Russian volumes saw an 8 per cent month-on-month rise to their highest levels since July 2024," European think tank Centre for Research on Energy and Clean Air said. "More than half of these imports from Russia were made by three refineries in India, which also export refined products to G7+ countries." India imports more than 85 per cent of its requirement of crude oil, which is turned into fuels like petrol and diesel in refineries. Traditionally, the Middle East was the main source, but Russia has been the mainstay supplier for nearly three years now. After much of the West shunn

Iran has proposed closing the Strait of Hormuz after US strikes, threatening to disrupt global oil flows and raise prices amid the ongoing Israel-Iran conflict

India's strong demand has led to a rebound in spot premiums for ESPO cargoes delivered to China, the biggest buyer of the crude exported from the Far East port of Kozmino

India's vegetable oil imports fell 32 per cent to 8.91 lakh tonnes in April from a year earlier, industry body Solvent Extractors Association (SEA) said on Wednesday, as shipments of both palm and refined oils declined. Vegetable oil imports, comprising edible and non-edible oils, stood at 13.18 lakh tonnes in the year-ago period. "The import in the last three months was at a very low level due to reduced demand for palm oil coupled with increased crushing of mustard in the country," SEA said in a statement. Import of refined edible oils from Nepal, estimated at 60,000 to 70,000 tonnes monthly, also affected overall imports and stock positions, it added. For the first six months of the 2024-25 oil year (November-October), total vegetable oil imports decreased to 65.02 lakh tonnes, from 70.69 lakh tonnes a year earlier. Palm oil imports plunged 53 per cent to 3.21 lakh tonnes in April, from 6.84 lakh tonnes a year ago, with crude palm oil shipments down 55 per cent to 2.41 lakh ...

India, the No 2 importer of crude from Russia, has said it would buy Russian oil only if it is supplied by companies and ships that have not been sanctioned by the United States

India's palm oil imports rose more than 37 per cent in July from previous month to about 1.1 million metric tonnes, highest since Aug 2023 and in line with traders' estimates, SEA of India said

Can the country's refining capacity keep up?

In an interview with the German economic daily, Handelsblatt, Jaishankar stated that Europe should understand that India cannot have a view of Russia that is identical to the European one

The Union Cabinet on Friday approved signing of a 5-year memorandum of understanding with Guyana for cooperation in the hydrocarbon sector including sourcing of crude oil. "The proposed MoU covers the complete value chain of the hydrocarbon sector, including sourcing of crude oil from Guyana, participation of Indian companies in exploration and production (E&P) sector of Guyana, (and) cooperation in areas of crude oil refining," a government statement said. It also covers capacity building, strengthening bilateral trade, collaboration in the natural gas sector, collaboration in developing regulatory policy framework in the oil and gas sector in Guyana; cooperation in the area of clean energy including biofuels as well as renewables sector including solar energy. India, the world's third largest energy consumer and importer, is looking to diversify its sources of oil imports and the South American nation is one of the countries it is tapping for that. The MoU, which has been in ...