Page 6 - Oil Imports

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

India's oil imports hit record high in Jan on Red Sea delays, shows data

India's oil imports hit 5.24 million barrels per day (bpd) in January, up 17% from December and 3.5% higher than in the corresponding month a year earlier, according to the data

Domestic oil imports from Russia hit 12-month low in Jan as sanctions bite

Last year, India emerged as a top buyer of sea-borne Russian oil sold at a discount after Western countries halted imports following Moscow's invasion of Ukraine

Sunflower oil imports to falter as Red Sea attacks lift freight costs

The world's biggest sunflower oil buyer typically sources most of its imports from the Black Sea region via the Red Sea

India likely to resume Iran crude oil imports due to Houthi threat

The issue may have been discussed during recent bilateral meetings between the countries last week when External Affairs Minister S Jaishankar travelled to Iran

Govt extends low tax on edible oil import by another year to cap prices

Traders and processors will benefit from a zero base import tax until the end of March next year, according to a finance ministry notification