Page 2 - India Oil Import

'Cautions against double standards': MEA hits back at Nato chief's warning

Addressing a press conference in the national capital, MEA spokesperson Randhir Jaiswal said, 'We have seen reports on the subject and are closely following the developments'

India's oil imports from Russia hit 11-month high in June amid war fears

India's import of crude oil from Russia rose to an 11-month high in June as refiners topped up tanks amid the Israel-Iran war, analysts said. India imported 2.08 million barrels per day (bpd) of Russian crude in June, the highest since July 2024, according to vessel tracking data from global commodity market analytics firm Kpler. "While India's global imports of crude oil dropped by 6 per cent in June, Russian volumes saw an 8 per cent month-on-month rise to their highest levels since July 2024," European think tank Centre for Research on Energy and Clean Air said. "More than half of these imports from Russia were made by three refineries in India, which also export refined products to G7+ countries." India imports more than 85 per cent of its requirement of crude oil, which is turned into fuels like petrol and diesel in refineries. Traditionally, the Middle East was the main source, but Russia has been the mainstay supplier for nearly three years now. After much of the West shunn

Iran to block Strait of Hormuz: What it means for India and oil trade

Iran has proposed closing the Strait of Hormuz after US strikes, threatening to disrupt global oil flows and raise prices amid the ongoing Israel-Iran conflict

India's Russian oil imports hit 10-month high on strong ESPO crude demand

India's strong demand has led to a rebound in spot premiums for ESPO cargoes delivered to China, the biggest buyer of the crude exported from the Far East port of Kozmino

India's vegetable oil imports dip 32% in April on lower palm oil demand

India's vegetable oil imports fell 32 per cent to 8.91 lakh tonnes in April from a year earlier, industry body Solvent Extractors Association (SEA) said on Wednesday, as shipments of both palm and refined oils declined. Vegetable oil imports, comprising edible and non-edible oils, stood at 13.18 lakh tonnes in the year-ago period. "The import in the last three months was at a very low level due to reduced demand for palm oil coupled with increased crushing of mustard in the country," SEA said in a statement. Import of refined edible oils from Nepal, estimated at 60,000 to 70,000 tonnes monthly, also affected overall imports and stock positions, it added. For the first six months of the 2024-25 oil year (November-October), total vegetable oil imports decreased to 65.02 lakh tonnes, from 70.69 lakh tonnes a year earlier. Palm oil imports plunged 53 per cent to 3.21 lakh tonnes in April, from 6.84 lakh tonnes a year ago, with crude palm oil shipments down 55 per cent to 2.41 lakh ...

Russian oil supplies to India may recover in March after 3-month decline

India, the No 2 importer of crude from Russia, has said it would buy Russian oil only if it is supplied by companies and ships that have not been sanctioned by the United States

India's July palm imports surge, near one-year high on festive demand

India's palm oil imports rose more than 37 per cent in July from previous month to about 1.1 million metric tonnes, highest since Aug 2023 and in line with traders' estimates, SEA of India said

Refining reality: World expects India to go past China in global oil demand

Can the country's refining capacity keep up?

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

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 ...

India may see lower savings from Russian oil in 2024 as discounts dip

Russian imports accounted for 39% of India's overall crude imports last year from 16% in 2022

Indian refiners seek to boost Middle East supplies as attack delays cargoes

Shippers turned cautious about entering the Red Sea in recent weeks due to multiple attacks by Yemen's Iran-backed Houthi rebels

India to resume Venezuelan oil purchases, says Hardeep Singh Puri

India is willing to buy oil from any country that is not sanctioned, the minister added

India plans strategic reserves by storing gas in depleted wells: GAIL

The strategic facilities would be built in phases in India's western and northeastern regions with an initial capacity to store three to four billion cubic meters (bcm) of gas

India's palm oil imports hit 27-month low, buyers pick cheaper soft oils

India buys palm oil mainly from Indonesia, Malaysia - the top two producers - and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine

Crack down on 'resale' of Russia oil: EU foreign policy chief Josep Borrell

India has emerged in the past year as a top buyer of Russian oil following the war

SEA requests govt to clear shipments held up at ports due to customs issues

Edible oils body SEA on Wednesday said crude sunflower and soyabean oil shipments are held up at ports due to customs clearances issues and requested the government to address the matter immediately, else it may lead to shortages and rise in retail prices. The government had permitted tariff rate quota (TRQ) during the 2022-23 financial year for import of crude sunflower and soyabean oil at nil duty and the shipments were allowed for clearance till June 20, 2023, provided the 'bill of lading date' was March 31, it said. "Unfortunately, the Customs is insisting for 'Bill of Entry' and not accepting 'Bill of Lading date', hence shipments are held up since 1st April 2023," Solvent Extractors Association (SEA) President Ajay Jhunjhunwala said, and cautioned that this "may also lead to shortage and also rise in the price of edible oils." The Association has strongly taken up the issue with the food and commerce ministries and requested them to allow the shipments of these two edible oils

Making enough effort to ensure economy remains buoyant: FM Sitharaman

'Weakness in demand for goods, services activity could be a drag on recovery'

Oil and Natural Gas Co to bet on deepwater oil as India seeks to cut import

India, with a fast-growing appetite for crude, is eager to reduce its fuel import bill and bolster energy security, and has encouraged companies like state-controlled ONGC to do more

India's Feb crude oil imports jump 8% as demand hits over 2 decade high

India's imports of crude oil in February rose about 8% from a year earlier, government data showed on Wednesday, as fuel demand hit over 2-decade highs in the world's third-biggest oil importer