Page 5 - Oil Imports

Asia's first half crude oil imports decline, undermines bullish forecasts

The slightly weaker outcome was largely a result of lower arrivals in China, the world's biggest oil importer

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

May oil imports: Russia at record high, Saudi lowest in 10-month

India shipped in about 5.1 million bpd oil in May, a growth of about 5.6% from April, the data shows

Reliance signs deal with Russia's Rosneft to buy oil in roubles: Report

A term deal with Rosneft also helps privately run Reliance to secure oil at discounted rates at a time when the OPEC+ group of oil producers is expected to extend voluntary supply cuts beyond June

India's robust LNG imports standout in Asia, higher prices concern looms

Growth in Asia's third-largest economy likely slowed to an annual 6.7 per cent in January-March, more in line with the long-term GDP growth rate

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

China's fuel oil imports surges 10% to 2.93 million MT, highest since 2020

The import volumes included purchases under ordinary trade, which are subject to import duty and consumption tax, as well as imports into bonded storage

Russia is China's top oil supplier for 12th month in April, volumes up 30%

Imports from Saudi Arabia, which was last China's biggest supplier in April 2023, were 6.34 million tonnes, or 1.54 million bpd, down 25 per cent from a year earlier

April fuel consumption rises by 6.1% year-on-year: Oil ministry data

Total consumption totalled 19.86 million metric tons (4.85 million barrels per day) in April, up from 18.71 million tons last year, data showed

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 receives oil cargo in Russian SCF tanker after brief halt: Reports

India is the largest consumer of Russian seaborne oil, sold at a discount after Western nations shunned purchases from Moscow for its invasion of Ukraine

Oil, LNG prices to shoot up if Iran blocks Strait of Hormuz amid conflict

Oil and LNG prices are likely to shoot up if Iran is to block Strait of Hormuz, through which countries like India import crude oil from Saudi Arabia, Iraq and UAE, leading to a spike in inflation, analysts said on the Iran-Israel conflict. The Iran and Israel conflict has escalated over the last few days. Iran first launched drone and rocket attacks on Israel, which retaliated by firing a missile. Crude oil prices have hovered around USD 90 per barrel since the conflict. In a note, Motilal Oswal Financial Services said while de-escalation efforts will likely control the crisis, oil and LNG prices will spike in case Iran completely or partially blocks the Strait of Hormuz. The Strait of Hormuz is a narrow sea passage between Oman and Iran. It is about 40 km wide at the narrowest point, with 2 km of navigable channels for incoming and outgoing ships. It is the key route through which crude oil is exported by Saudi Arabia (6.3 million barrels per day), the UAE, Kuwait, Qatar, Iraq (3

West Asia tensions stall India's plans to import crude oil from Iran

Iran had been India's third-largest source of crude oil until 2019 when the US imposed fresh sanctions

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

Oil prices fell for second day on Wednesday on surging U.S. stockpiles

OPEC+ this month agreed to extend output cuts of about 2.2 million barrels per day (bpd) to the end of June, though Russia and Iraq have had to go to extra lengths to tackle over-production

February crude oil imports from Russia edged up from January trade

The world's third biggest oil importer and consumer, India has been gorging on Russian oil since the West imposed sanctions on Moscow for its invasion on Ukraine in February 2022

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

US Gulf Coast fuel oil imports hit five-year low as domestic supplies soar

U.S. refineries have been running more heavy Canadian crude because of its ample supply, with Gulf Coast refiners ramping up their intake by around 10% on the year, according to data

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