Page 2 - Oil Imports

India spent 2.5 bn euros on Russian oil in Oct ahead of sanctions: Report

India, the second biggest buyer of Russian oil, spent as much as 2.5 billion euros on purchases of crude oil from Moscow in October ahead of new sanctions being slapped on Russian entities, a European think tank said. India's spend in October was unchanged from 2.5 billion euro spent on buying Russian oil in September. India remained the second-largest buyer of Russian fossil fuels in October behind China, according to the Centre for Research on Energy and Clean Air (CREA). On October 22, US imposed sanctions on Rosneft and Lukoil, two of the largest oil producers in Russia, to cut off Kremlin's resources for funding Ukraine war. The sanctions have resulted in companies like Reliance Industries, HPCL-Mittal Energy Ltd and Mangalore Refinery and Petrochemicals Ltd halting imports for now. Russia shipped 60 million barrels of crude oil in October, with Rosneft and Lukoil together accounting for 45 million barrels. "India remained the second-largest buyer of Russian fossil fuels, ...

Edible oil imports up 22% to ₹1.61 trillion in 2024-25; volume flat: SEA

India imported 16 million tonnes of edible oils for nearly Rs 1.61 lakh crore during the 2024-25 marketing year ended October to meet domestic demand, according to industry body SEA. In the 2023-24 marketing year (November-October), India's edible oil imports stood at 15.96 million tonnes worth Rs 1.32 lakh crore, as per the Solvent Extractors' Association of India (SEA) data released on Thursday. The increase in edible oil imports in value terms was 22 per cent because of higher global prices. India imports palm oil from Indonesia and Malaysia while the soyabean oil comes from Argentina and Brazil. "To bridge the gap between supply and demand, India has resorted to imports since 1990s. In the initial period, the import volume was very low. However, in the last 20 years (2004-05 to 2024-25), import volume has increased by 2.2 times while cost of import has gone up nearly 15 times," the association said. In 2024-25, India had to spend nearly Rs 1.61 lakh crore (USD 18.3 billion) in

India's vegetable oil imports flat at 16.3 million tonnes in 2024-25: SEA

India's vegetable oil imports were unchanged at 16.3 million tonnes in the 2024-25 marketing year that ended in October, matching the previous year's level, the Solvent Extractors' Association of India (SEA) said on Thursday. The imports included 1.33 million tonnes of edible oils and 4,625 tonnes of non-edible oils in October, down 9 per cent from 1.46 million tonnes a year earlier, the industry body said. Soybean oil imports hit a record 5.47 million tonnes in 2024-25, surpassing the previous high of 4.23 million tonnes set in 2015-16, SEA said. Palm oil imports fell sharply to 7.58 million tonnes from 9.02 million tonnes a year earlier, while soft oil imports jumped to 8.43 million tonnes from 6.95 million tonnes, driven by higher soybean oil purchases. Palm oil's share of total imports dropped to 47 per cent from 56 per cent, while soft oils' share rose to 53 per cent from 44 per cent, the data showed. The government in May widened the import duty gap between crude and refined

Oil imports from US at 4.5-yr high in Oct: Russian supply also stays strong

India's crude oil imports from the US rose to the highest level in October since March 2021 as refiners bought 593 thousand bpd of crude oil from Washington

Russian crude finds fewer takers in China after hit from sanctions

State-owned giants such as Sinopec and PetroChina Co. are staying on the sidelines, having canceled some Russian cargoes in the wake of US sanctions on Rosneft PJSC and Lukoil PJSC last month

Exim matters: US sanctions may lead to fall in Russian crude oil imports

Imports of oil from Russia at discounted prices meet about 35 per cent of India's crude oil requirements

Recalibrating Russian oil imports, will fully comply with guidelines: RIL

Reliance, which operates the world's largest refining complex at Jamnagar in Gujarat, has a long-term deal to buy nearly 500,000 bpd of crude oil from Russian major Rosneft

'India won't be buying Russian oil anymore': Trump reiterates claim

Earlier this week, Trump claimed that PM Modi assured him that India would stop buying oil from Russia, a move he described as "a big step" in Washington's efforts to isolate Moscow

India's crude oil bill down 15% in H1; Russia imports up in October

Overall imports dip to $60.7 bn from $71.2 bn last year

US, Saudi Arabia vie for larger share of India's crude oil import pie

Amid global oversupply, the US is emerging as a cost-competitive oil supplier to India, challenging Saudi Arabia and other Gulf producers even as Russian barrels dominate

Our cooperation in line with India's national interest, says Russian envoy

Alipov's comments came shortly after the remarks by MEA spokesperson Randhir Jaiswal, who emphasised that India's energy policies are shaped entirely by the need to protect consumer interests

'Consumer interest priority': Govt on Trump's claim on Russian oil purchase

The MEA's comment came after US President Donald Trump claimed that Prime Minister Narendra Modi has assured him that India will stop buying oil from Russia

Russian oil imports in Apr-Sep fell 8.4% on tighter supplies, discounts

September's volume was flat versus August at 1.6 million bpd, down 14.2 per cent from the same month a year ago, the data showed

Indian refiners likely to import more Russian oil as discounts deepen

Discounts on Urals crude loading in November are $2-to-$2.50 a barrel to Dated Brent, making it attractive

India ramps up US oil purchases amid trade talks, diversification push

Crude oil loading refers to volumes of oil loaded at a producing country's port for respective destinations. Oil shipments loaded in the US typically take around two months for delivery in India

State refiners cut dependence on Russian oil as private firms boost imports

During the last month, while the state-run refiners were cutting their reliance on Russian crude, private players were stepping up procurement

India, US make 'progress' for joint trade-oil deal as talks move forward

Chief negotiator returns from New York after fresh parleys

India's August palm oil imports hit 1-year high on festive demand

Higher palm oil imports by India, the world's largest buyer of vegetable oils, are expected to help top producers Indonesia and Malaysia

No plans to offer non-blended petrol, no controversy over E20: IOC Chairman

IOC Chairman Arvinder Singh Sahney outlines growth roadmap, defends E20 fuel, and shares updates on refinery and green hydrogen projects

India's oil demand growth set to outpace China in 2025: Trafigura

China and India - the region's leading crude importers - are key drivers of demand growth, as producers and traders navigate the impact of economic shifts, plus the spread of renewable energy