Page 15 - Crude Oil

India buying more oil from US as fresh sanctions stifle Russian flows

Russian crude flows to India surged after the invasion of Ukraine and the OPEC+ producer is still the biggest supplier to the South Asian nation, but tighter US sanctions have stranded cargoes

Two tankers with Russia's Urals oil idle for weeks off West Coast of India

It remains unclear why they have been idling but there are growing signs that western sanctions are disrupting the fleet of tankers moving Russian oil

Iraq to curb crude oil exports to compensate for exceeding OPEC+ quota

OPEC+, whose de facto leader is Saudi Arabia, has highlighted the importance of compliance with the pledged cuts even as oil prices have rallied this year

Reliance's fuel supply to Europe avoids Red Sea to keep clear from Houthis

Globally fuel producers are avoiding the Red Sea and go around Africa to avoid Iran-aligned Houthi attacks despite the Suez canal being the shortest route between Asia and Europe

US leads global crude oil production for sixth year in a row: EIA

"The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row," the EIA added

Nation first policy helped manage oil prices despite global conflicts: Puri

The Union Minister for Petroleum and Natural Gas said 85 per cent of India's crude requirements are met by imports, with the price of crude in the international market being the benchmark

India remains cautious on contracted Russian oil as new US sanctions bite

The three refiners had been in talks with Russia's Rosneft PJSC to secure about 500,000 barrels a day - equivalent to a third of India's daily imports

Crude oil steadies on Opec+ supply restraint, underwhelming China reforms

Brent crude was up 15 cents, or 0.2%, to $82.95 a barrel by 0911 GMT, while U.S. West Texas Intermediate (WTI) fell 21 cents, or 0.3%, to $78.53. Brent has gained almost 8% this year

Reduced refining capacity, sanctions force Russia to cut crude oil output

Russia has declared plans to cut its oil output and exports by an additional 471,000 barrels per day (bpd) in April-June in coordination with some OPEC+ participating countries

India looks elsewhere for oil as latest US sanctions crimp Russia trade

India's refiners are keen to take more Russian oil, but there would need to be US approval for buying to ramp up again, the executives said, asking not to be identified because the information is priv

Crude oil falls 1% as Fed caution, stocks build offset Opec+ expectations

Brent crude futures fell 90 cents, or 1.08%, to $82.75 a barrel by 0902 GMT. U.S. West Texas Intermediate futures (WTI) were down 92 cents, or 1.17%, at $77.95

Shipping rates volatile in February amid Red Sea crisis, shows data

Very large crude carrier (VLCC) rates up compared to January

India's oil imports hit record high in Jan on Red Sea delays, shows data

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

January crude imports hit 21-month high due to strong Industrial demand

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

India exported $6.65 bn oil products derived from Russian oil: Report

Over one-third of India's export of oil products to the G7-led coalition countries was derived from Russian crude, a European think-tank said, highlighting how the partners shunned buying Russian crude and imposed price caps but a loose policy on refined product allowed third countries to use Russian oil and legally export products to them. While there are no restriction or sanctions on buying/using Russian crude oil and exporting fuels such as diesel derived from it, the Group of Seven (G7) rich nations, the European Union and Australia - called the price cap coalition countries - first set a crude price cap of USD 60 per barrel starting December 5, 2022 and later on products like diesel to keep market supplied while limiting Moscow's revenue. This was aimed at punishing Russia for its February 2022 invasion of Ukraine by depriving it of oil revenues while averting a surge in prices that could occur if Russian oil stopped flowing to global markets. "In the 13 months since the oil .

Russian crude oil traders come up with ways to sidestep US sanctions

Russian barrels are not sanctioned for countries like India, but if the ships they are delivered on come under sanctions then India cannot buy such shipments

Crude oil hovers near 3-week high on tensions in West Asia, China demand

There was no settlement for WTI on Monday due to a U.S. public holiday

Jaishankar reaffirms India's stance on buying Russian oil despite sanctions

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

Crude oil steadies as demand jitters counter conflict in West Asia

The March contract for U.S. West Texas Intermediate (WTI) crude, which expires on Tuesday, was up 7 cents at $79.26 in tepid trade while the WTI April contract slipped 13 cents to $78.33

Houthis rebels fired missiles at India-bound British oil tanker: US

The United Kingdom Maritime Trade Operations (UKMTO) confirmed the incident late on Friday, reporting that an attack took place on the Pollux