Russia Oil Production

While New Delhi has 'made a lot of progress' on curbing buys of Russian crude, "it's hard for them" to completely wean off the supplies, said US Trade Representative Jamieson Greer

India will continue to look out for the best prices and best margins for its refiners, strategically changing its buying slate while also dropping Russian imports slightly, a Kpler analyst said

Shipping and production data show Russian crude exports since November exceeding available non-sanctioned supply, with Indian and Chinese refiners absorbing most of the excess flows

Indian refiners are recalibrating their strategies to shift away from top supplier Russia and boost imports from the Middle East

In a sign of the overall trend, Russia's oil exports recently fell to the lowest since August, as Moscow faced mounting difficulties in delivering barrels to key buyer India

Reliance last received Russian crude in December after securing a one-month US concession that allowed it to wind down dealings with the sanctioned Russian oil producer Rosneft

The Trump administration is weighing a Russia sanctions bill by Senator Lindsey Graham that would allow the US to impose tariffs of at least 500 per cent on countries that continue buying Russian oil

The US in October sanctioned Russia's two largest oil producers - Rosneft and Lukoil - giving companies until November 21 to wind down dealings with them

India is diversifying its crude slate by stepping up purchases from traditional suppliers such as Iraq and Saudi Arabia

The country imported about 1.3 million barrels a day of Russian crude in December, according to data from ship-tracking firms Vortexa Ltd. and Kpler

RIL has cut Russian oil imports by 49 per cent, while the state-run refineries reduced it by 15 per cent in the month, said CREA

This despite West sanctions on Russian oil and Suez Canal hurdles

India on Friday said it is closely following developments relating to a proposed American legislation that seeks to impose up to 500 per cent tariff on countries procuring Russian crude oil. India and China are among a handful of countries which are procuring a significant volume of crude oil from Russia. US Senator Lindsey Graham, the author of the bill, said this week that President Donald Trump has green-lighted the proposed legislation. "We are aware of the proposed bill. We are closely following the developments," External Affairs Ministry Spokesperson Randhir Jaiswal said at his weekly media briefing here. "Our position on the larger question of energy sourcing is well known." "In this endeavour, we are guided by the evolving dynamics of the global market and by the imperative to secure affordable energy from diverse sources to meet the energy security needs of our 1.4 billion people," he said.

In order to avoid tracking, many of these ships turn off their automatic identification system, disappearing from standard maritime monitoring

Donald Trump has 'approved' a bipartisan sanctions bill that proposes duties of up to 500 per cent on countries buying Russian oil, raising pressure on India, China and Brazil

There has been a sharp rise in shadow fleet tankers switching to the Russian flag in the past month, with at least 17 vessels having done so in recent weeks

India imported about 144 billion euros' worth of crude oil from Russia since the start of the Ukraine war, a European think tank said on Tuesday, estimating the Kremlin's cumulative earnings from global oil sales since February 2022 at around 1 trillion euros. India has been the second-largest buyer of Russian oil behind China, according to the Centre for Research on Energy and Clean Air (CREA). China bought Euro 210.3 billion worth of Russian oil since the start of the Ukraine war in February 2022, and another Euro 42.7 billion worth of coal and Euro 40.6 billion worth of gas. China's total buy from the beginning of the war until January 3, 2026, was Euro 293.7 billion. India, on the other hand, bought Euro 162.5 billion worth of fossil fuels - Euro 143.88 billion worth of oil and Euro 18.18 billion worth of coal - from Russia, CREA said. The European Union spent Euro 218.1 billion on buying Russian fossil fuels - Euro 106.3 billion in oil, Euro 3.5 billion on coal and Euro 108.2

The stock of Reliance Industries declined 4.5 per cent and ended the session at ₹1,508.90, its biggest one-day decline since June 4, 2024

India's imports of Russian crude are likely to dip below 1 million barrels per day ‌as New Delhi seeks to clinch a trade deal ​with Washington

Reliance Industries said its Jamnagar refinery has not received Russian crude in three weeks and expects no deliveries in January