Page 8 - Oil Imports

India's imports of sunflower oil to fall as Black Sea grain deal expires

The drop in sunflower oil imports would force the world's biggest buyer of vegetable oils to increase purchases of palm oil and soyoil to compensate

Edible oil imports up by 39.31% to 13.11 lakh tonnes in June on high demand

India's import of edible oils grew by 39.31 per cent in June to 13.11 lakh tonnes compared to the same month last year due to increased demand, industry body Solvent Extractors' Association of India (SEA) said on Friday. Edible oil import in June 2022 stood at 9.41 lakh tonnes, SEA said in a statement. The overall imports of vegetable oils (edible and non-edible) grew by 49 per cent to 13.14 tonnes in June compared to 9.91 lakh tonnes in the corresponding month last year. The imports consisted of 2,900 tonnes of non-edible oils which are mainly imported by soap and oleo-chemical industries. With a sharp reduction in domestic prices of edible oils, demand has returned which is evident from the rising import in spite of better domestic availability, the SEA added. The import of crude palm oil recovered to 4.66 lakh tonnes in June compared to 3.48 lakh tonnes in the previous month. The import of RBD Palmolien jumped to 2.17 lakh tonnes from 85,000 tonnes in the previous month, ...

India faces complex payment situation as Russian oil tops $60/barrel cap

India used to pay in dollars, however, this is no longer possible as the price exceeds G7 nations' fixed cap, and Russia is not keen on accepting the Indian rupee

Rupee weakens by 21 paise as oil importers' demand for dollar grows

A stop loss is a type of order that investors or traders use to limit their potential losses in the market, said experts

Can India continue with purchasing spree of Russian oil as discounts narrow

The shift to date has suited the Kremlin, looking for new markets as Western buyers and established oil traders pull back. It's worked for India too, eager to snap up cheaper fuel

Reducing duty on refined oil imports won't cool prices: Edible oil firms

The companies said it takes about 50 days for the oils to be imported to India, during which they lose their quality and original taste

India's import of discounted Russian crude hits all-time high in May

Russian oil supplies exceeded the combined shipments of the next six biggest shippers, including Iraq, Saudi Arabia, Mexico, UAE, Kuwait and the US in May

Crude imports from Russia jumped 14x in FY23, says RBI annual report

The country's overall import of crude oil rose to $162.2 billion in FY23, up from $107.5 billion, data from the Department of Commerce shows

Increased Russian crude flows to Asia are redrawing the world's oil map

Exports from traditional suppliers are being squeezed. Flows to the pair from West Africa and the US have collapsed by more than 40% and 35%, respectively.

India's April palm oil imports slump 30% to 14-mth low as preference shifts

Sunoil imports in April surged 68% from a month ago to 249,122 00 tonnes, while soyoil imports edged up 1.4% to 262,455 tonnes

India's vulnerability to global shocks to reduce in FY24: CRISIL

Domestic banking insulated from global financial turmoil and better positioned to tackle rising interest rates

Pakistan keen to pay for more Russian oil imports with Chinese Yuan

Pakistan's first cargo of Russian oil will arrive within a month, and was purchased at a discount, a spokesman in the energy ministry's petroleum division said in response to questions

India's imports from OPEC hits all-time low at 46% as Russia oil buy peaks

Oil producers cartel OPEC's share in India's oil imports fell to an all-time low of 46 per cent in April as purchases of cheaper Russian oil peaked, industry data showed. Organization of the Petroleum Exporting Countries (OPEC) nations, mainly in the Middle East and Africa, had a 72 per cent share of all crude oil India imported in April 2022. This share slid to 46 per cent in April 2023, according to energy cargo tracker Vortexa. OPEC made up for as much as 90 per cent of all crude oil India imported at one point of time but this has been sliding since Russian oil became available at discount in the aftermath of Moscow's invasion of Ukraine in February last year. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a seventh straight month by supplying more than one-third of all oil India imported. The imports from Russia are now more than combined purchases from Iraq and Saudi Arabia - India's biggest suppl

Tracking the economic indicators: Oil imports from Russia make a new record

US supplies were one the biggest casualties of Russian inroads into India's crude oil market

Making enough effort to ensure economy remains buoyant: FM Sitharaman

'Weakness in demand for goods, services activity could be a drag on recovery'

The slippery slope of oil exploration keeps India heavily import-dependent

Motorists have taken comfort in frozen pump prices and gas price caps but producers face high taxes, and restrictions on pricing freedom

Bank of Baroda stops clearing payment for above-cap Russian oil: Report

The state-run lender told refiners last month that it would not settle payment from Russian barrels bought above the price cap, the three sources said

India will not be impacted by Opec+ production cut, officials say

Industry executives said imports from Russia may rise further as talks are on to address difficulties in paying for Russian crude

India set to surpass China in need for oil as growth paths diverge

With daily crude consumption triple that of China, traders and producers looking to tap into diminishing global demand growth will be betting on India into the next decade

India's Feb crude oil imports jump 8% as demand hits over 2 decade high

India's imports of crude oil in February rose about 8% from a year earlier, government data showed on Wednesday, as fuel demand hit over 2-decade highs in the world's third-biggest oil importer