India Oil Imports

Venezuelan crude turns costly for India as discounts shrink, freight surges

Delivered cost of Venezuela's Merey grade surges to $95 bbl, while Russian grade has flipped from a discount to a premium over Dated Brent

India's US crude imports head for lowest level since Dec 2024: Here's why

India's US crude imports may fall to around 75,000 bpd in August, near 70,000 bpd in December 2024; imports had peaked at about 565,000 bpd in October 2025

US Senate Russia sanctions vote threatens Indian crude supplies: Kpler

A US Senate vote to advance tougher sanctions on Russia raises the risk of disruption to Russian crude supplies but is unlikely to immediately alter oil flows to India and China, according to Kpler analyst Sumit Ritolia. The US Senate on Friday passed a bipartisan Russia sanctions bill that would give President Donald Trump authority to impose tariffs of up to 100 per cent on imports from countries that are among the world's largest buyers of Russian oil and gas. The Lindsey O. Graham Sanctioning Russia Act of 2026 targets the five biggest purchasers of Russian energy and is aimed at cutting Moscow's revenues from oil and gas sales. The measure still needs to clear the US House of Representatives and faces further legislative and administrative steps before it could take effect. According to Ritolia, the measures still face further legislative and administrative hurdles, while their impact will depend largely on how aggressively the US administration implements them, including wheth

India's July edible oil imports hit 10-month peak on higher palm oil buying

Palm oil imports jumped 50% from a month ago to 733,000 metric tons in July, the highest in five months, dealers' average estimates showed

Govt to fund offshore oil and gas exploration to cut import dependence

India is embarking on what could be one of the world's first large-scale programmes to fund high-risk offshore oil and gas exploration directly from the national budget, wagering that the country's largely untapped deepwater reserves can help curb its growing dependence on imported crude and gas. The Union Cabinet last week approved the Rs 84,084-crore Samudra Manthan National Offshore Exploration Scheme, under which the government will fund half of the the cost of drilling a deepsea and ultra-deep water exploration well or Rs 650 crore, whichever is lower, directly from the budget, officials said. "This perhaps is the first time that any government in the world is funding risk exploration from the budget," an official said, adding that in all, 60 deepwater and ultra-deepwater exploration wells over the next five years will be funded from the budget. Besides underwriting part of the cost of drilling exploration wells, the government will part-fund common infrastructure, including ..

India, China fuelling 'Putin's war machine': US Senator on sanctions bill

The US Senate moved a step closer to passing a bipartisan bill that would allow Trump to impose sanctions on countries, including India and China, that continue to buy Russian oil.

MRPL asks crude suppliers to avoid Red Sea, Strait of Hormuz routes

Red Sea traffic ‌has been disrupted off the ​coast of Yemen ​since last week by the Tehran-aligned Houthis, who want to ​blockade Saudi exports

US cuts India tariff threat from 500% to 100% under Russia sanctions bill

The revised US Senate bill cuts tariffs on buyers of Russian oil-India, China, Slovakia, Hungary and Azerbaijan-from 500% to 100%, while expanding sanctions on Russia

India's June vegetable oil imports fall 29% on shrinking palm oil discount

India's vegetable oil imports fell 29 per cent year-on-year in June to 11.46 lakh tonne, the lowest level since the start of the current oil year, as palm oil was available on less discount as compared to others like soybean, the Solvent Extractors' Association of India (SEA) said on Tuesday. India, the world's biggest importer of edible oils, had bought 16.16 lakh tonne in June 2025. Oil year runs from November to October. Despite the decline in June, the cumulative import in the first eight months of the 2025-26 oil year (November 2025-June 2026) rose to 105.7 lakh tonne, from 99.55 lakh tonne a year earlier. "The latest figures indicate that while vegetable oil imports have remained higher overall during the current oil year, the substantial decline in June has moderated the pace of cumulative growth," the SEA said in a statement. The June decline was driven mainly by a 10.5 per cent month-on-month drop in palm oil imports to 487,000 tonne. Crude palm oil imports fell to 488,86

India's Russian crude imports jump 34% in June as Moscow's revenues slip

India's imports of Russian crude oil surged to a record high in June, rising 34 per cent from the previous month despite a decline in Russia's overall oil export revenues, according to a report by the Centre for Research on Energy and Clean Air (CREA). India bought Russian crude worth EUR 4.5 billion in June, accounting for 83 per cent of its total Russian fossil fuel imports of EUR 5.5 billion, making it the second-largest buyer of Russian hydrocarbons after China, the report said. The sharp increase came as India's overall crude imports rose 5.4 per cent month-on-month, with Russian supplies to key refineries posting steep gains. Deliveries to Reliance Industries' Jamnagar refinery jumped 150 per cent from May, while imports at Indian Oil Corp's Paradip refinery rose 126 per cent. BPCL's Kochi refinery and Nayara Energy's Vadinar refinery recorded increases of 83 per cent and 45 per cent, respectively, CREA said. The surge in Indian purchases helped lift Russia's crude export ...

Explained: Why India is expanding its strategic oil reserves after Iran war

ONGC has approved a 1.75-million-tonne expansion of India's strategic oil reserves at Mangaluru, as the government moves to strengthen energy security after the Iran war exposed supply risks

Indian state refiners ready for Iranian oil if US extends waivers

The companies, however, have little room to buy Iranian oil immediately, having fully contracted shipments required through August after they sought to secure supplies in advance during the war

MRPL first state refiner to charter Iraqi crude cargo since Hormuz blockade

MRPL has booked the Aframax tanker Jasmin Joy to load crude from Iraq's ‌Basrah oil terminal on July 19-20

Economics of energy: India needs transparent pricing and a fiscal strategy

India's dependence on oil imports and its climate commitments require that petroleum consumption is replaced, to the extent possible, by electricity, preferably renewable

Russian crude oil imports reach record high in June as discounts widen

Russian crude imports rose to a record 2.58 million barrels a day in June as discounts widened and refiners diversified sourcing amid supply constraints from West Asia

India imported record crude volumes in June despite West Asia tensions

India imported 4.93 million barrels per day (bpd) of crude oil in June, the highest volume for the month on record, despite geopolitical tensions in West Asia, according to data and analysis from energy intelligence firm Kpler. Russian crude imports rose to around 2.6 million bpd during the month, reinforcing Russia's position as India's largest oil supplier, Kpler analyst Sumit Ritolia said. Russian supplies made up for more than half of the country's overall imports in June, up from 36.5 per cent in May when it had imported 2.13 million bpd from Moscow, according to Kpler data. Russia has been India's largest crude supplier since 2022-23, as Indian refiners increased purchases of discounted Russian oil after many European buyers reduced imports following Moscow's invasion of Ukraine. The record import volumes underscore India's ability to maintain crude supplies through diversified sourcing even as conflict in West Asia raised concerns over global energy shipments and briefly pus

Iran to accept oil payments in any currency: What it could mean for India

Iran's central bank said oil export payments are not limited to the US dollar, highlighting greater flexibility as negotiations with Washington move forward

Russian oil imports may hit record high in June on discounts, supply curbs

Until June 20, Russia contributed to nearly 50 per cent of India's total crude oil imports in the month, showed data from maritime intelligence firm Kpler

India boosts Russian, UAE oil purchases in June ahead of Hormuz reopening

India's crude oil imports from Russia surged in June, while shipments from the United Arab Emirates were near-record levels as refiners sought to secure supplies ahead of the full restoration of flows from Gulf producers following the reopening of the Strait of Hormuz, analysts said. India imported an average of 2.66 million barrels per day of crude oil from Russia in June, through June 19, compared to 1.91 million bpd in May, data from maritime and commodity intelligence firm Kpler showed, cementing Moscow's position as the country's largest oil supplier. Imports from the United Arab Emirates stood at 6,36,000 barrels per day (bpd) in June, through June 19, marginally below the record 6,44,000 bpd imported in May, while Venezuela emerged as India's fourth-largest crude supplier with shipments of 2,09,000 bpd, behind Saudi Arabia's 384,000 bpd. Imports from the United States fell sharply to 91,000 bpd from 2,52,000 bpd in May, according to Kpler data. The purchases underscore India

Crude oil import bill surged 81.5% in May on elevated energy prices

India's crude oil import bill rose sharply in May as higher global energy prices outweighed stable import volumes amid supply disruptions linked to the West Asia crisis