Page 12 - India Oil Imports

Russia continues hold on Indian oil supplies; West's price cap threat looms

India will be unable to use Western tankers and insurance if it refuses to adhere to price cap

Top Headlines: India-UAE trade deal; crude import basket at 10-month low

The price of the Indian basket of crude oil has hit a 10-month low of $88.6 a barrel in November, government data showed

India continues with Russian oil buys, cuts shipments from Saudi

Saudi Arabia's decline in India's oil market has coincided with Russia's rise, and ironically occurred amid growing diplomatic ties between Riyadh and New Delhi

India's Sept crude oil imports fall 6.7% to 16 mn tonnes; 5.8% YoY decline

Oil product imports came in lower for a second straight month, falling about 4% from a month earlier to 3.48 million tonnes in September, while exports dropped 4.8%

Better for Indian policymakers to understand what makes oil prices move

India imports more than 85% of its crude, half of its gas, and 60% of the cooking fuel, and any uptick in rates reduces the purchasing power of Indian households, something that is called inflation

PM expresses concern on high import bill for edible oil, fertlisers

Prime Minister Narendra Modi on Monday expressed concern over the huge edible oil and fertilisers import bill, which is putting pressure on the exchequer, saying it is time to work in mission mode to make India self-reliant and reduce import dependence. Modi said it was necessary to become 'AatmaNirbhar' or self-reliant because problems in the exporting countries directly hit import prices for India as happened after the outbreak of the Russia-Ukraine war. Addressing a gathering after launching several projects related to the agriculture sector, the Prime Minister said it is important to reduce dependence on imported edible oil and fertilisers, and even crude oil to the extent possible. Modi said the government would be spending Rs 2.5 lakh crore on the import of soil nutrients this year only to ensure high global prices do not affect farmers. He also said the government was purchasing urea from overseas for Rs 75-80 per kg but was supplying it to farmers at Rs 5-6 per kg to protec

India's palm oil imports rise 18% in Sept, veg oil up 17% MoM: Trade body

India's palm oil imports in September jumped about 18% from the previous month to 1.17 million tonnes, while vegetable oil imports rose about 17% to 1.64 million tonnes, a trade body said on Thursday.

India clear about its policy regarding oil purchases, says Hardeep Puri

India has reiterated its choice of importing oil from countries like Russia after OPEC Plus, a consortium of oil-producing nations led by Russia and Saudi Arabia announced a slash in oil production

ONGC Videsh to invest $1 billion in offshore block held by Petrobras

Brazil's Petroleo Brasileiro SA (Petrobras) owns a 75 per cent stake in the block and the rest 25 per cent is held by OVL, it will raise its stake in the block

India plans to set up strategic gas reserve amid global energy crisis

Amid a deepening global energy crisis, India is planning to set up a strategic gas reserve on the lines of its strategic petroleum reserve (SPR)

Latest news LIVE: India logs 4,043 new Covid cases; active tally declines

From Covid to all other developments, catch all the live news updates here

Why are fuel prices at pumps not going down?

From $124 in March, price of crude oil has come down below $90 now. Add it with the oil imports from Russia, the retail prices of fuel should have come down now by now. But it's not. Find out why

India's Aug crude imports fall 13% on monthly basis on monsoon demand lull

Crude imports last month fell to 17.55 mn tons from July, data from Petroleum Planning and Analysis Cell showed. But, imports in August were up 0.9%, compared with corresponding period last year

Govt holding bilateral talks over Gazprom-GAIL issue, won't seek penalty

The centre may neither pursue arbitration with Gazprom, the world's largest natural gas explorer, nor accept a penalty from the company after it halted supplies to GAIL in May

Saudi Arabia overtakes Russia to be India's no 2 oil supplier in August

Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August

Edible oil imports surge 35% in Aug as share of Russia, Argentina rises

RBD palmolein now constitute 12% of total imports of edible oils against 2% last year

Top Headlines: Gyanvapi verdict today, Russia's discounted oil, and more

In a bid to counter the growing clamour among the G7 nations to enforce a price cap on Russian oil, Moscow told New Delhi it is willing to provide petroleum at even lower rates than before to India

Rs 500 cr insurance pool helps India withstand G7 cap on Russian oil

Pool has already insured over 25 voyages, since it was formed in June under national reinsurer GIC Re, says top official

Explained: How have India's crude import sources changed over time?

The top three countries have changed significantly before and after the military action in Ukraine

Import of Russian oil at discounted price part of inflation management: FM

Finance Minister Nirmala Sitharaman on Thursday said India has ramped up the import of crude oil from Russia at discounted prices amid sanctions on Moscow as part of the country's inflation management. "In a situation where global prices were going beyond anyone's affordability, at that stage to take a very strong political decision, I respect the Prime Minister for his courage on this to get it from Russia because they are ready to give it to you at discount. And how speedily did we manage to do it," she said. India ramped up its import from Russia from about 2 per cent of the total shipment of petroleum products to 12-13 per cent in a couple of months as part of inflation management, she said at a seminar organised by economic think-tank Icrier. Amid sanctions imposed on Moscow due to the Russia-Ukraine war, some countries, including India, entered into bilateral deals for the purchase of oil and gas at discounted prices. "I give credit to the statesmanship of the Prime Minister