Page 7 - Crude Oil

India's crude oil supplies from Russia and US drop, West Asia rise

Imports of Russian oil were 280,000 barrels per day (bpd) more than Iraqi oil in February, according to Paris-based market intelligence agency Kpler

Oil on track for first monthly drop since Nov on Trump tariff concerns

Uncertainty surrounding OPEC's production resumption plans in April and ongoing talks to end the war in Ukraine also weighed on investor sentiment

India imports Russian oil worth 49 bn euro in 3rd year of Ukraine invasion

India, the world's third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow's invasion of Ukraine, a global think tank said. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022. This is primarily because Russian oil was available at a significant discount to other international benchmarks due to western sanctions and some European countries shunning purchases. This led to India's imports of Russian oil seeing a dramatic rise, growing from less than 1 per cent of its total crude oil imports to a staggering 40 per cent in a short period. "Russia's stronghold over new markets has solidified in the third year of the invasion. The three biggest buyers, China (EUR 78 billion), India (EUR 49 billion) and Turkey (EUR 34 billion) were responsible for 74 per cent of Russia's total revenues from fossil ..

Oil steady as Russia-Ukraine peace deal may ease supply chain disruptions

Brent crude futures ticked up 5 cents, or 0.07 per cent to $74.79 a barrel at 1003 GMT, while US West Texas Intermediate crude was up 8 cents, or 0.11 per cent at $70.82 a barrel

US imposes sanctions on individuals, tankers shipping Iranian oil to China

The move comes after US President Donald Trump earlier this week vowed to bring Iran's oil exports to zero as the US tries to prevent the country from obtaining a nuclear weapon

Govt widens approvals for Russian insurers after US oil sanctions

As Soglasie isn't blacklisted by any western nation, the new permit provides a safe option for tanker operators that haul Russian barrels to India

Blending dilemma: Conflicting priorities on flex-fuel need clear policy

Ethanol in India is derived primarily from sugarcane, a crop that is not only water-intensive but is also being increasingly diverted to ethanol production

Refiners ask Abu Dhabi NOC to offer 'oil delivered price' as freight spikes

Russian oil accounted for more than a third of India's imports last year, but US sanctions are tightening supply, pushing the buyer back to traditional Middle East sources

India's fraying Gulf oil ties get a fillip on US' sanctions on Russia

State-run refiners plan to renew or enhance optional volumes under existing contracts, struck on a fiscal basis, despite higher sourcing costs

IOC buys 7 million barrels of Middle Eastern, African crude oil via tenders

Indian refiners are increasing Middle Eastern crude purchases from the spot markets after Washington last Friday announced sweeping sanctions targeting Russian producers

New US energy sanctions to destabilise global markets, says Russian govt

The move was meant to cut Russia's revenues for financing the war with Ukraine. A US official said the sanctions could cost Russia billions of dollars per month if sufficiently enforced

Latest sanctions on Russia may cut off access to discounted crude

Govt hopes there will be no shortage, no disruption for 6-8 weeks, say official sources

Best of BS Opinion: How much change and continuity can we expect this year?

The best of Business Standard's opinion pieces for today, curated for you

Tougher US sanctions to curb Russian oil supply to China and India

Russian oil exports will be hurt severely by the new sanctions, which will force Chinese independent refiners to cut refining output going forward, two Chinese trade sources said

Crude prices jump more than 3% on concerns over more US sanctions on Russia

The document, purported to be from the U.S. Treasury, was being circulated among traders in Europe and Asia. Reuters could not verify the veracity of the document

China's Shandong Port bans US-sanctioned tankers from calling into its port

The province imported about 1.74 million barrels per day (bpd) of oil from Iran, Russia and Venezuela last year, accounting for about 17 per cent of China's imports

Opec oil output falls in December on drop in UAE, Iran production: Report

The Organization of the Petroleum Exporting Countries pumped 26.46 million barrels per day last month, down 50,000 bpd from November

MRPL signs MoU with ISPRL to utilise underground caverns for crude storage

Mangalore Refinery and Petrochemicals Limited (MRPL) signed a Memorandum of Understanding on Tuesday with Indian Strategic Petroleum Reserves Limited to utilise ISPRL's underground caverns for crude oil storage. The partnership aims to enhance MRPL's crude storage capacity, ensuring supply security and mitigating risks arising from global market volatility. The agreement was signed at MRPL's office in Mangaluru by Executive Director (Refinery), MRPL, B Sudharshan and ISPRL Deputy CEO Atul Gupta, in the presence of MRPL Managing Director Mundkur Shyamprasad Kamath and ISPRL CEO & MD L R Jain. Under the agreement, MRPL will lease storage at ISPRL's facilities, reducing capital expenditure while improving operational flexibility. Officials stated that the strategic location of ISPRL's storage sites, close to MRPL's refinery and the coast, would help cut transportation costs and facilitate smoother logistics. The collaboration is expected to support India's energy security efforts ...

Oil prices edge up to 12-week high on US winter storm, weaker dollar

Brent futures rose 27 cents, or 0.4 per cent, to $76.78 a barrel by 11:33 a.m. EST (1633 GMT), while US West Texas Intermediate crude rose 27 cents, or 0.4 per cent, to $74.23

Oil set for weekly gains as market eyes US, Chinese policy support

Signs of Chinese economic fragility heightened expectations of policy measures to boost growth in the world's top oil importer