Page 10 - India Oil Imports

Russia oil discount to India shrinks to $4, delivery charges remain opaque

The steep discounts on Russia crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continues to remain 'opaque' and higher than normal, sources said. Russia bills Indian refiners at a price shade less than the USD 60 per barrel price cap imposed by the West but charges anything between USD 11 to USD 19 per barrel, twice the normal rate, for delivery from the Baltic and Black Sea to the west coast, three sources with knowledge of the matter said. The USD 11-19 per barrel shipping costs from the Russian ports to India - some of it on the 100+ tankers reportedly acquired by Russian actors for a shadow fleet - are higher than rates for comparable distances, such as a voyage from the Persian Gulf to Rotterdam. Following Moscow's invasion of Ukraine in February last year, Russian oil was sanctioned and shunned by European buyers and some in Asia, such as Japan. This led to Russian Urals crude being traded at a disco

Indian refiners start yuan payments for Russian oil imports: Report

China has also shifted to the yuan for most of its energy imports from Russia, which overtook Saudi Arabia to become China's top crude supplier in the first quarter this year

India's oil imports from Russia climb to new peak as buying limit nears

Daily volumes climbed to 2.2 million barrels a day in June, rising for a 10th month, according to Viktor Katona, the head of crude analysis at Kpler

A crude shock from Moscow: Testing times for India's energy security

Russia now accounts for a little less than half of India's oil imports but the current political instability raises serious questions about the long-term reliability of supply

Russian oil import scales new high of 1.95 mn barrels per day in May

India, the world's third biggest oil consumer and importer, buys more than 80% of its oil from overseas markets

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

Russian crude oil imports by China, India hit all-time high in May

However, they are unlikely to deepen supply cuts at the Sunday meeting despite lower prices, four sources from the alliance told Reuters

OPEC+ output cut may cause higher prices, push up India's import bill: IEA

The International Energy Agency (IEA) on Tuesday termed the decision of OPEC+ to cut oil production as "risky for the global economy", saying it may push up already high prices, leading to higher import bills for nations like India. Global oil markets were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge, said Fatih Birol, head of the Paris-based energy watchdog. Talking to reporters after a bilateral meeting with India's Commerce and Industry Minister Piyush Goyal here, he said, "The cut of the additional production would mean that we have all the reasons to believe that there could be an upward pressure on the prices". "At this juncture of time when the global economy is still very fragile and many emerging countries have difficulties with economic performance, I found this decision risky for the global economy," he noted. Asked if oil prices could go past USD 100 per barrel again, he said, "I think we are all the da

India's edible oil imports up 12% to 1.098 million tonnes in February

India's edible oil imports rose 12 per cent year-on-year in February to 10.98 lakh tonnes on higher imports of crude palm oil, according to industry body SEA. In a statement, the Solvent Extractors' Association of India (SEA) on Wednesday said that edible oil imports rose to 10,98,475 tonnes in February from 9,83,608 tonnes in the year-ago period. Imports of non-edible oil fell to 16,006 tonnes in February from 36,389 tonnes in the same month last year. Total imports of vegetable oils (edible oils and non-edible oils) went up 9 per cent to 11,14,481 tonnes in February this year from 10,19,997 tonnes a year ago. During November 2022 to February 2023 period, imports of edible oils rose to 58,44,765 tonnes from 45,91,220 tonnes in the corresponding period of the previous oil marketing year. Oil marketing year runs from November to October. Imports of non-edible oils fell to 43,135 tonnes in the first four months of 2022-23 oil year from 99,938 tonnes in the year-ago period. Total i

India's Russian oil imports hit record high in Feb; more than Iraq, Saudi

India's imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a fifth straight month by supplying more than one-third of all oil India imported, according to energy cargo tracker Vortexa. Refiners continue to snap up plentiful Russian cargoes available at a discount to other grades. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict in February 2022, Russia's share of India's imports rose to 1.62 million barrels per day in February, taking a 35 per cent share. India, the world's third-largest crude importer after China and the United States, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow

India defies US curbs: Russian oil imports at record high in February

American shipments to India plummeted 58% from a year earlier

Western sanctions against us a catalyst for trade with India: Russia

Last year, bilateral trade and economic cooperation between the two countries received a powerful impetus and mutual trade reached almost USD 30 billion

India's soaring Russian oil imports making rupee payment mechanism futile

New Delhi's imports from Russia in eight months to November were almost 16 times its shipments to the nation, trade ministry data show

Indian refiners may buy Russian oil for domestic demand, export own: Report

With these imports, India can maintain a domestic inventory of refined products like petrol and diesel

Russia becomes India's fourth-largest trading partner, imports jump 5-fold

Amid the rising bilateral trade, India has been exploring a rupee trade settlement mechanism with Russia

India now buying 33 times more Russian oil than a year earlier

The country is now easily India's biggest source of oil after overtaking Iraq and Saudi Arabia several months ago.

EAM defends India's move to import Russian oil; says Europe imports more

External Affairs Minister S Jaishankar has defended India's move to import crude oil from Russia notwithstanding the growing disquiet over it by Western powers, saying that Europe has imported six times the fossil fuel energy from Russia than India has done since February 2022. Jaishankar, who arrived here from Cyprus on the second leg of his two-nation tour, also said that if the European political leadership would like to soften the impact of the ongoing Russia-Ukraine conflict to their population, it's a privilege they should extend to other political leaderships as well. "Europe has managed to reduce its imports while doing it in a manner that is comfortable. If at a (per capita income) of 60,000 euros, you are so caring about your population, I have a population at USD 2,000. I also need energy, and I am not in a position to pay high prices for oil," Jaishankar said during an interview to Austria's national public broadcaster ORF on Monday. Jaishankar also pointed out that Euro

Russia remains India's top oil supplier for second month in a row in Nov

Russia has for the second month in a row remained India's top oil supplier in November, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa. Russia, which made up for just 0.2 per cent of all oil imported by India in the year to March 31, 2022, supplied 9,09,403 barrels per day (bpd) of crude oil to India in November. It now makes up for more than a fifth of India's oil supplies. According to Vortexa, an energy intelligence firm, India imported 8,61,461 bpd of oil from Iraq in November and 5,70,922 bpd from Saudi Arabia. The United States was India's fourth largest supplier at 4,05,525 bpd. India's imports from Russia in November were lower than the volumes bought in October. India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine. As per Vortexa, India imported just 36,255 barrels per day of crude oil from Russia in December 2021, .

Sensible to get best deal in interest of people: Jaishankar on oil imports

The government does not ask Indian companies to buy oil from Russia but it is a sensible policy to get the best deal in the interest of Indian people, External Affairs Minister S Jaishankar said in Rajya Sabha on Wednesday. Responding to questions from members in the Upper House, the minister said it is his duty to put the interest of the Indian people first to ensure that they do not pay the cost of some other countries' actions or some other region's actions for fertilizer, food, etc. "We do not ask our companies to buy Russian oil. We ask our companies to buy oil what is the best option that they can get. Now it depends on what the market throws up. "If tomorrow the market gives us more competitive options. Again, please do understand. It's not just that we buy oil from one country. We buy oil from multiple sources, but it is a sensible policy to go where we get the best deal in the interest of the Indian people and that is exactly what we are trying to do," Jaishankar said.

India's existing deep discounts on Russian crude oil will stay: Officials

A record 24.8 percent of India's crude oil imports came from Russia in the April-September period