India Crude Oil

Indian Oil pauses Russia oil deal talks, says not related to US sanctions

Indian Oil Corporation had a term deal with Russia, which expired in March 2023 and has not been renewed since

BPCL buys Middle East crude oil to replace declining supply from Russia

India became a top buyer of Russian seaborne oil after the European Union shunned purchases and imposed sanctions on Moscow following its invasion of Ukraine in 2022

India's import of Russian oil drops in Nov to lowest level since June 2022

India's import of Russian crude oil dropped in November to its lowest level since June 2022 but the Kremlin continues to be the biggest source of oil for India, according to a monthly tracker report of a European think tank. India became the second biggest buyer of Russian crude oil since Moscow invaded Ukraine in February 2022, with purchases rising from less than one per cent of the total oil imported to almost 40 per cent of the country's total oil purchases. The rise was primarily because the Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow. "India's imports of Russian crude oil dropped by a massive 55 per cent in November - the lowest figure since June 2022," the Centre for Research on Energy and Clean Air (CREA) said its latest report. Russia remained India's top oil supplier, followed by Iraq and Saudi Arabia. "China has bought 47 per cent of Russia's crude exports,

India's crude oil import bill surge 12% in H1 FY25 amid domestic slump

Crude oil imports amounted to 120.5 million tonnes between April and September, representing a 4 per cent increase from the 115.9 million tonnes imported during the corresponding period last year

India's US crude imports rebound as Washington tightens screws on Russia

India may have bought over $1 bn of US oil in August; increasing such shipments helps it to trim trade surplus with the US

Windfall tax on domestically-produced crude oil cut to Rs 1,850 per tonne

The government has cut windfall tax on domestically-produced crude oil to Rs 1,850 per tonne, from Rs 2,100 per tonne with effect from Saturday. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at nil'. The new rates are effective from August 31, 2024, an official notification issued late Friday said. India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

Looming oil risk

Volatility in crude oil markets threatens macro stability

India's oil imports from Russia threatened after US imposes new sanctions

Washington on Friday imposed sanctions to mark the second anniversary of Moscow's invasion of Ukraine and retaliate for the death of opposition leader Alexei Navalny

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

New US sanctions target India's biggest crude grades from Russia

Urals and Sokol accounted for every 4 out of 5 barrels of Russian supplies to India last year

India to sign MoU with Guyana to buy crude oil for a period of 5 years

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 ...

Eight core industries growth up at 7.8% in November vs 5.7% year-ago

The output of eight key infrastructure sectors increased by 7.8 per cent in November 2023 against a 5.7 per cent expansion in the year-ago period, according to the official data released on Friday. All sectors except crude oil and cement recorded healthy production growth in the month under review. The core sector (coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity) growth in October was 12 per cent. Coal and refinery products output recorded double-digit growth. The output growth of eight sectors was 8.6 per cent in April-November 2023-24 against 8.1 per cent in the year-ago period.

Smooth sailing for US-sanctioned vessel carrying Russian crude oil

According to reports, the vessel, NS Century, is one of the three that has regularly been shipping Russian crude oil to India. It is expected to reach India's Vadinar Port in Gujarat on Saturday

Russian supply cuts, low discounts top India's woes from soaring oil prices

That leaves Indian state oil companies caught in the crosshairs of higher oil prices, supply cuts, impending elections and growing losses

Indian purchases of Russian crude slump by record 25% in August

Shipments of Russian oil to India dropped to around 1.5 million barrels per day (bpd) in the first 12 days of August from around 2 million bpd in entire July, according to data

Surging prices: Indian refiners push the envelope on Russia crude oil

With Urals crude prices on the rise, refiners are negotiating for bigger discounts and alternative currencies for payment

Indian refiners stock up Urals crude oil before Russian supply cut

Import of this grade of crude jumps 14% in a month to record high

Slight pause: India's crude oil imports from Russia decline in June

India paid around $70 per barrel in May for Russian crude on a delivered basis, according to Indian Customs data

India's crude steel output grows 4% to over 125 MT in FY23: SteelMint

India's crude steel production rose by 4.18 per cent to 125.32 million tonnes (MT) in 2022-23, according to research firm SteelMint. In the preceding 2021-22 fiscal, the country produced 120.29 MT of steel, the research firm stated. The production of finished steel was 121.29 MT, up 6.77 per cent from 113.60 MT a year ago. Domestic consumption of steel rose by 12.69 per cent to 119.17 MT against 105.75 MT in 2021-22. A SteelMint analyst attributed increasing infrastructure activities to higher production and consumption of steel in India. Steel exports fell by 50 per cent to 6.72 MT from 13.49 MT a year ago. Imports surged about 29 per cent to 6.02 MT in FY23 from 4.67 MT in 2021-22. The production of pig iron was at 5.85 MT in FY23, down 6.53 per cent from 6.26 MT in the preceding year.