Page 9 - India Oil Imports

Imports from Russia up 67% in Apr-Sep on higher shipments of oil: Govt data

India's imports from Russia rose by about 67 per cent to USD 30.42 billion during the April-September period this fiscal on higher shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India's second-largest import source during the first half of this fiscal. The imports were USD 18.24 billion during April-September 2022. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's oil imports rose to over 40 per cent. India, the world's third-largest crude importer after China and the United States, has been buying Russian oil that was available at a discount after some countries in the West shunned it as a means of punishing Moscow for the invasion of Ukraine. The ministry's data showed that imports from China dipped to USD 50.47 billion during the period against USD 52.42 billion in the same period last year. Similarly, imports from the US .

Primary energy demand in India will more than double by 2045: Opec

India's energy demand will also reach 10 percent of global demand, up from 6.6 percent currently

Govt owned refiners increase Russian oil imports despite G7 price cap

The Indian imports from Russia increased due to a lower demand from China leaving more oil to be supplied to the Indian markets, an industry expert said

Indian Oil, RIL tap Iraqi oil wells amid surging cost of Russian Urals

This reflects India's growing reliance on Russian grades while balancing them out with purchases from Iran suppliers

India imports of Russian, Iraqi oil rebound in Sept after hitting 7-mth low

India imported about 1.55 million barrels per day (bpd) of Russian oil in September, 16% more than in August, while imports from Iraq increased by 17% to about 1.1 million bpd, LSEG data showed

After lower sales in August, Russia ups discount on crude sale to India

Higher discounts on Russian oil this month may help Indian refiners reduce crude sourcing costs and trim fuel marketing losses even as Brent crude crosses $95/barrel, weakening the country's finances

'Every country has right to...': WH official on India buying Russian oil

This remark came upon the query being asked about India buying oil from Russia could be one of the agenda of US President Joe Biden's discussion with Prime Minister Narendra Modi

India's Russia oil imports fall to 7-mth low, Saudi jumps, shows trade flow

Refiners in India have been snapping up discounted Russian oil after some Western buyers shunned purchases over Russia's full-scale invasion of Ukraine in February last year

India will buy oil from anyone who offers lowest prices: Hardeep Singh Puri

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

India's overdrive to trim fuel output investments threatens supply security

Oil ministry's plans involve a rapid exit from fuels without considering implications, writes S Dinakar

Oil down on weak economic data, US Fed chief's speech in spotlight

Brent crude fell 19 cents, or 0.2%, to $83.02 a barrel by 0619 GMT, while U.S. West Texas Intermediate crude dropped 24 cents, or 0.3%, to $78.65 a barrel

Oil dependence a key challenge for India: HDFC Bank director Keki Mistry

Mistry said that the trajectory of oil prices always needs to be watched as India imports 85 per cent of its oil requirements and is the world's third-largest oil importer

As Russian discounts erode, Indian oil refiners may shift back to the Gulf

Iraq and UAE are willing to offer credits for longer periods of time, and they are also located closer to the Indian shores

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