Page 12 - India Oil Imports

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

Will join Russia oil cap coalition when alternative supply is ensured: Govt

India has said it will consider backing the price cap on Russian crude oil proposed by the US only when it will be assured of supplies from Venezuela and Iran

India's oil imports from Russia fall in last two months, down 25% from June

In August, India imported 7,38,024 barrels per day from Russia, 18 per cent lower than in July

Iraq leads with discounts as W Asia retains top slot in Indian oil market

Iraq, India's biggest crude oil supplier, maintained its lead over Russia in August, supplying 12-20 per cent more to India in the first 30 days of the month

India's crude oil imports from US dip by one million tonnes in June quarter

At the same time, share of Russian oil in India's crude basket rose from 2.2% in FY22 to 12.9% in the first quarter of FY22

Gulf won't significantly cut down oil exports to India to satisfy Europe

Gulf oil exporters will most likely not cut crude supplies to India significantly next year in a bid to satisfy growing demand from Europe

India to start supplying petrol with 20% ethanol from April 2023: Puri

India will start supplying petrol with 20 per cent ethanol at select petrol pumps from April next year and will ramp up supplies thereafter as it looks to cut oil import dependence

Russia undercuts Saudi Arabian oil in India as competition heats up

Russian barrels were cheaper than Saudi crude during April through June, with the discount widening to almost $19 a barrel in May

More oil middlemen muscle in to supply India with cheap Russian crude

Companies include Wellbred and Montfort have been marketing Russian oil to Indian buyers, joining the likes of Coral Energy and Everest Energy

India seen overtaking China as biggest importer of seaborne Russian crude

China's import of seaborne Russian crude oil is likely to end July below India's, although definitive Chinese numbers are not available

China facing stiff competition for its favourite Russian oil from India

India has ramped up purchases of crude from Russia's far east, a grade that's typically favored by Chinese oil refiners

Amid falling global prices, edible oil players see demand uptick

Inflationary trends led by edible oil prices had hurt both household and industrial demand for soft and hard oils in Q1

Ukraine war: India, China buy Russian oil and gas worth $24 bn in 3 months

China spent $18.9 billion on Russian oil, gas and coal in the three months to the end of May, almost double the amount a year earlier, latest customs data show

India's Russian oil imports jump over 50 times since April: Official

'Russia oil now makes up 10 per cent of India's oil import basket in April. It is now among the top 10 suppliers'

Russia becomes India's second biggest oil exporter in May: Report

In May Indian refiners received about 819,000 barrels per day (bpd) Russian oil, the highest thus far in any month, compared to about 277,00 in April, the data showed

India's Russian revolution in oil: Why refiners are buying more Urals crude

Refiners have jumped on to the bandwagon of opportunistic buying of heavily discounted Urals crude, which could, ironically, make the country Europe's refining hub

India's imports of cheap Russian crude surge since Ukraine invasion: Data

India received more than 24 mn barrels of Russian crude this month, up from 7.2 mn barrels in April, and is set to receive about 28 mn barrels in June, according to Refinitiv Eikon oil flows

India to keep buying 'cheap' Russian oil, discount to be finalised: Report

The official also said India was increasing its dependence on coal due to surging power demand, adding that state-run Coal India will produce more coal in the coming months.

US Treasury official heads to India to discuss Russian oil purchases

Elizabeth Rosenberg, the assistant secretary for Terrorist Financing and Financial Crimes, will visit New Delhi and Mumbai through Thursday, a Treasury spokesperson said