Page 5 - India Oil Imports

India to build three new strategic oil reserves to boost energy security

The new strategic oil reserves in Bikaner, Mangalore and Bina will boost emergency stockpiles, enhance energy security and aid India's push for International Energy Agency membership

Fragile ceasefire, lasting threat: Why India can't relax on oil security

India's energy economy and state finances have suffered since 2022, when Russia invaded Ukraine, because of lack of adequate stock and dependence on foreign fuel

Hormuz blockade may shrink Russian crude discounts for Indian refiners

Traders say discounts on Russian oil may fall below $2 a barrel amid rising shipping costs and competition from China and Turkey

Iran-Israel conflict: India ramps up oil imports from Russia, US in June

India has ramped up purchases of Russian oil in June, importing more than the combined volumes from Middle Eastern suppliers such as Saudi Arabia and Iraq, amid market volatility triggered by Israel's dramatic attack on Iran. The US military struck three sites in Iran early Sunday, directly joining Israel which first struck Iranian nuclear sites on June 13. Indian refiners are likely to import 2-2.2 million barrels per day of Russian crude oil in June - the highest in the last two years and more than the total volumes bought from Iraq, Saudi Arabia, the UAE and Kuwait, preliminary data by global trade analytics firm Kpler showed. India's oil imports from Russia were 1.96 million barrels per day (bpd) in May. Imports from the United States also rose to 439,000 bpd in June, a big jump from 280,000 bpd purchased in the previous month. Full-month projections for imports from the Middle East stand at around 2 million bpd, lower than the previous month's buying, according to Kpler. Ind

Rupee, stock markets slip; crude oil soars as Israel strikes Iran

Ships transiting Strait of Hormuz, a vital oil artery, put on alert

Israel-Iran tensions: Hardeep Puri says India has adequate energy supplies

India, the world's third-largest oil importer and fourth biggest gas buyer, has enough energy supplies for the coming months, Oil Minister Hardeep Singh Puri said amid escalating tensions in the globe's biggest energy supply regions. In a post on X, the minister said he held a periodic review of energy availability scenario with the captains of the Indian oil industry. "India's energy strategy is shaped by successfully navigating the trilemma of energy availability, affordability and sustainability," he said. "We have adequate energy supplies for the coming months." Global oil prices have jumped to their highest level since January after Israel struck Iran, in a dramatic escalation of tensions in the Middle East. The rate of the benchmark Brent crude was up by more than 10 per cent shortly after the news emerged, but eased a little. Brent was trading close to USD 75 a barrel, up more than 5 per cent over Thursday's close. India imports more than 85 per cent of its crude oil needs

India to surpass China in oil demand growth over next decade: Moody's

China drove global oil demand growth over the last decade, but now India is poised to take the lead in demand growth over the next decade, according to a latest report by Moody's Ratings. China and India are No. 2 and No.3 oil consumers in the world. But there are notable differences in demand growth in the two countries. "Demand growth and import reliance will be higher in India," Moody's said. "Demand will grow faster in India than in China over the next decade, as China's economic growth slows and penetration of new energy vehicles accelerates." Consumption of crude oil - the raw material for making fuels like petrol and diesel - in China will peak in the next 3-5 years, while in India Moody's expect annual growth of 3-5 per cent in the same period. Stating that both countries rely heavily on oil and gas imports, the rating agency said it expects China's reliance on oil imports to fall, reflecting slower demand growth and increased domestic production. "India's reliance on impo

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

More ESPO was offered to India as Chinese state-owned companies continue shunning sanctioned crudes and crude quotas are running tight for Chinese independent refiners, analysts said

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 to invest $10 billion in homegrown oil tanker fleet by 2040

The purchase order for 10 tankers should come out as early as this month, the people said. Only ships built locally - even if there's foreign collaboration - will be considered for purchase

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 drives Opec share in India's imports to record low, data shows

Import of Russian oil rose 7.3 per cent to 1.76 million bpd, raising its share marginally to 36 per cent while OPEC's share slipped slightly to 48.5 per cent, the data showed

China buys more Indian rapeseed meal after tariff on Canadian imports

India, the world's third-largest rapeseed producer, has struggled to export significant amounts of rapeseed meal to China because of higher prices

Fuel demand jumps 9.3% in March to 10-month high of 20.91 mn metric tonnes

Diesel consumption rose nearly 10 per cent month-on-month to 8.1 million tons in March

India crude imports hit record on Russian rebound, US oil, price dip

India imported 1.91 million bpd of Russian crude in March, 30 per cent higher than in February and flat from a year earlier

India denies entry to Russian oil tanker over documentation issues

India is the biggest buyer of seaborne Russian crude. Russian oil accounted for about 35 per cent of overall crude imports in 2024 by India, the world's third biggest oil importer and consumer

No windfall tax on oil, gas companies after new law: Hardeep Singh Puri

Oil and gas companies will not face any new taxes like the windfall profits tax after the coming into effect of a new law that promises stability of fiscal regime, Petroleum Minister Hardeep Singh Puri said. Parliament has passed the Oilfields (Regulation and Development) Bill, 2024 that provides policy stability to investors, decriminalises provisions and promotes ease of doing business. "After this bill, it will be difficult to levy (new taxes like) windfall tax because somebody will sue us (for failing to keep the promise of fiscal stability)," he said at a reception he hosted to celebrate the passage of the bill. Investors looking to invest in finding and producing oil and gas want fiscal stability, and new taxes that seek to take away gains made when prices are high, without compensating for low or no margins when rates are low, are often a deterrent. India imposed a windfall profit tax on July 1, 2022 joining a growing number of nations that tax super normal profits of energy

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 imports Russian oil worth 49 bn euro in 3rd year of Ukraine invasion

India, the world's third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow's invasion of Ukraine, a global think tank said. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022. This is primarily because Russian oil was available at a significant discount to other international benchmarks due to western sanctions and some European countries shunning purchases. This led to India's imports of Russian oil seeing a dramatic rise, growing from less than 1 per cent of its total crude oil imports to a staggering 40 per cent in a short period. "Russia's stronghold over new markets has solidified in the third year of the invasion. The three biggest buyers, China (EUR 78 billion), India (EUR 49 billion) and Turkey (EUR 34 billion) were responsible for 74 per cent of Russia's total revenues from fossil ..

Modi-Trump meeting: Trade, security, immigration discussed; key takeaways

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