Russia Oil Production

At least five vessels carrying about 3.4 million barrels were idling in the Yellow Sea as of Wednesday, double the volume of last week and the highest level for the grade in that region

Ties between the two countries have remained strong despite pressure from Western sanctions after Russian President Vladimir Putin met with Prime Minister Narendra Modi

Unless wider secondary sanctions are introduced, India is expected to continue sourcing from non-sanctioned Russian suppliers, say experts

Emergence of new sellers reflects the importance of the $60 bn Indo-Russian trade to oil producers and refiners of both nations

By contrast, oil cargoes arriving in India from Russia next month could fall as far as 600,000 barrels a day, the weakest level since early 2022

Putin's first visit to India in four years aims to increase sales of Russian oil, missile systems and fighter jets and widen business links beyond energy and defence equipment

With the November 21 deadline now past, India's Russian crude inflows are easing but not collapsing as refiners pivot to non-sanctioned suppliers, tap alternatives and benefit from soft global prices

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 oil-buying patterns are in the spotlight as Washington raises the pressure against Moscow over the war in Ukraine, while at the same time promoting talks aimed at ending the conflict

This month, India is expected to receive 1.87 million bpd of Russian crude, provisional data from Kpler showed

India's imports of Russian crude oil - the feedstock for fuels like petrol and diesel - are expected to drop sharply in the near term but not halt entirely as new US sanctions on Moscow's top oil exporters take full effect, analysts said. US sanctions on Rosneft and Lukoil, and their majority-owned subsidiaries, took effect on November 21, effectively turning crude linked to these firms into a "sanctioned molecule". India's crude oil imports from Russia, averaging 1.7 million barrels per day (bpd) this year, remained firm ahead of the cutoff, with November arrivals projected at 1.8-1.9 million bpd, as refiners maximise discounted purchases. But flows are expected to drop noticeably in December and January, with analysts estimating near-term declines to around 4,00,000 bpd. Traditionally, reliant on Middle Eastern oil, India significantly increased its imports from Russia following the February 2022 Ukraine invasion. Western sanctions and reduced European demand made Russian oil ...

Washington's move last month to blacklist top oil producers Rosneft PJSC and Lukoil PJSC is arguably its most aggressive to date under the current administration

Russian lawmakers approved a new bill Thursday boosting taxes for those labelled foreign agents by the government. The bill, which passed its third and final reading in the lower house of parliament, outlines an income tax rate of 30 per cent for individuals with the designation and takes away their right to government tax breaks. Income tax for most residents ranges between 13 per cent and 22 per cent, depending on their earnings. The 30 per cent tax rate previously only applied to nonresidents who were working for foreign companies. The bill also bars organisations labelled as foreign agents from applying for reduced corporate income tax rates. Those who betrayed our country should not receive tax breaks, lawmaker Vyacheslav Volodin said in a social media post announcing the bill's passage. They will pay higher taxes to the state budget. The legislation must be approved by the upper house and then signed by President Vladimir Putin before it becomes law. The changes are just on

India has been snapping up discounted Russian crude for three years, but US sanctions that take effect on Friday are expected to end the lucrative trade

Fitch Ratings says sanctions on Rosneft and Lukoil - which supply around 60% of India's Russian crude - may not materially affect OMC margins, though compliance challenges

US sanctions on Rosneft and Lukoil, along with the EU's ban on refined products derived from Russian crude, are unlikely to materially dent the margins or credit profiles of India's state-run oil marketing companies, Fitch Ratings said. The ratings agency warned, however, that the eventual impact will hinge on how long the sanctions last and how strictly they are enforced. Russian crude made up about a third of India's oil imports between January and August 2025, and its discounted rates have been a key boost to OMC profitability. Fitch expects the companies to adhere to sanctions, though some refiners may continue sourcing unsanctioned Russian barrels. Traditionally reliant on Middle Eastern oil, India significantly increased its imports from Russia following the February 2022 Ukraine invasion. Western sanctions and reduced European demand made Russian oil available at steep discounts. As a result, India's Russian crude imports surged from under 1 per cent to nearly 40 per cent of

India, the second biggest buyer of Russian oil, spent as much as 2.5 billion euros on purchases of crude oil from Moscow in October ahead of new sanctions being slapped on Russian entities, a European think tank said. India's spend in October was unchanged from 2.5 billion euro spent on buying Russian oil in September. India remained the second-largest buyer of Russian fossil fuels in October behind China, according to the Centre for Research on Energy and Clean Air (CREA). On October 22, US imposed sanctions on Rosneft and Lukoil, two of the largest oil producers in Russia, to cut off Kremlin's resources for funding Ukraine war. The sanctions have resulted in companies like Reliance Industries, HPCL-Mittal Energy Ltd and Mangalore Refinery and Petrochemicals Ltd halting imports for now. Russia shipped 60 million barrels of crude oil in October, with Rosneft and Lukoil together accounting for 45 million barrels. "India remained the second-largest buyer of Russian fossil fuels, ...

The US set a November 21 deadline to wind down all dealings with Rosneft and Lukoil, in the first direct sanctions imposed on Russia by President Donald Trump since the start of his second term

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

India and Russia are expected to sign a bilateral mobility agreement during President Vladimir Putin's visit to New Delhi in the first week of December. This accord will establish a framework for legal migration, protection of workers' rights and expansion of skilled Indian manpower in Russia as the post-Communist nation is feeling an acute shortage of qualified and skilled workers in its expanding economy. According to reports, the agreement will ensure legal protection for existing Indian workers and open pathways for thousands of new professionals in industries such as construction, textiles, engineering and electronics. By the end of the year, over 70,000 Indian nationals are expected to be officially employed across Russia under the quotas managed by the Russian Ministry of Labour. The Moscow-based Indian Business Alliance (IBA) has welcomed the forthcoming India-Russia Mobility Agreement and considers this initiative a strategic milestone in expanding India-Russia ...