Page 7 - India Oil Imports

India permits limited imports of corn, vegetable oils at concessional duty

India has set import limits at 150,000 metric tonnes for sunflower or safflower oil, 500,000 tonnes for corn, 10,000 tonnes for milk powder, and 150,000 tonnes for refined rapeseed oil

India's crude oil import bill soars as Russian discount halves since Feb

India's crude oil import reliance hit a record 87.8 per cent in FY24 and is expected to rise in FY25 due to growing demand and stagnant domestic production

India's Russian oil imports rise to 9-mth high in April as shipments resume

India, the world's third-biggest oil importer and consumer, is the top client for Russian seaborne oil

Iraq closes gap with Russian oil in FY24 as Moscow's discounts shrink

Tightening of US sanctions on Russian shipping coupled with reduced availability of Russian oil due to its participation in the OPEC+ grouping's production cuts has hurt discounts to Indian refiners

India biggest importer of seaborne Russian crude in April, beats China

India's appetite for Russian oil revives as cheaper Venezuelan supplies dry up after the US again imposes sanctions on Latin American nation

India's oil import bill could swell to $101-104 billion in FY25: ICRA

India's net oil import bill could widen to USD 101-104 billion in current fiscal from USD 96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of USD 7.9 billion in 11 months (April-February) of 2023-24, up from USD 5.1 billion in 2022-23. "With India's oil import dependency expected to remain high, if the discounts on purchases of Russian crude persist at the prevailing low levels, ICRA expects India's net oil import bill to widen to USD 101-104 billion in FY2025 from USD 96.1 billion in FY2024, assuming an average crude oil price of USD 85/bbl in the fiscal," ICRA said. Additionally, any escalation in the IranIsrael conflict and an associated rise in crude oil prices could impart an upward pressure on the value of net oil imports in the current fiscal year, it .

March crude oil imports decline 1.1% to 20.69 million tonnes: Govt

Product imports in March fell 6.1% from the previous month to 3.83 million tonnes, its lowest since July 2023, while exports gained 6.4%

India will be able navigate even if global tensions increase: Hardeep Puri

Union minister Hardeep Singh Puri discusses India's oil economy management amid escalating West Asia tensions and affirms BJP's strategic electoral stance in Punjab

Crude oil import bill shrank 15.9% in FY24, thanks to Russia shipments

Import volumes remained stable at 232 mmt in FY24 as dependency increase

India not asked to reduce its imports of Russian crude oil, says US

According to estimates by the London-based commodity data analytics provider Vortexa, which tracks ship movements to gauge imports

China becomes largest buyer of Russian seaborne crude as India goes slow

China imported 1.82 million barrels per day of Russian crude by sea in March, exceeding India's 1.36 million bpd

Crude oil rises as heightened geopolitical risks exacerbate supply concerns

Both benchmarks fell less than 1% last week versus the previous week. A stronger US dollar, which rose about 1% over the last week, has kept a lid on prices

India prepares to start new LNG import terminal as demand increases

India currently imports LNG via seven terminals. Along with the Chhara facility, Swan Energy Ltd.'s Jafrabad import facility is also expected to begin operations this year, according to BloombergNEF

India's oil imports to be disrupted as US-Venezuela tensions escalate

Uncertainty over Venezuelan supplies comes amid reduced discounted Russian flows

Opec expects to reclaim share of Indian imports eroded by Russian supplies

The share of oil from the Organization of the Petroleum Exporting Countries (OPEC) imported by India declined from about 65% in 2022 to 50% last year, according to industry data

India remains cautious on contracted Russian oil as new US sanctions bite

The three refiners had been in talks with Russia's Rosneft PJSC to secure about 500,000 barrels a day - equivalent to a third of India's daily imports

RBI urges state refiners to make payments for some oil imports in Rupees

India is the world's third-largest crude importer and is forecast to be the leading driver of global consumption growth this decade

Russian oil imports rise in Feb, expected to slow in coming months: Report

Discounts on Russian oil, which have already declined to around $3.5-$4 per barrel, are also expected to fall further as sanctions are seen as driving up freight costs

India looks elsewhere for oil as latest US sanctions crimp Russia trade

India's refiners are keen to take more Russian oil, but there would need to be US approval for buying to ramp up again, the executives said, asking not to be identified because the information is priv

India's oil imports from Russia threatened after US imposes new sanctions

Washington on Friday imposed sanctions to mark the second anniversary of Moscow's invasion of Ukraine and retaliate for the death of opposition leader Alexei Navalny