Page 8 - Oil Imports

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

Iraq reaches out to Indian refiners to discuss crude oil discounts

Focus on buying Russian crude has led to a decline in imports from West Asia

A sugar rush for emissions: Is ethanol-spiked fuel a sweet solution?

Rising compliance with ethanol-spiked fuels in vehicle could be a win-win situation all round

Govt to stop import of crude sunflower seed oil under tariff rate quota

The government on Wednesday said that it has decided to discontinue imports of crude sunflower seed oil under tariff rate quota (TRQ) from April 1 this year. TRQ is a quota for a volume of imports that enter India at specified or nil duty, but after the quota is reached, the normal tariff applies to additional imports. "Last date for import of crude sunflower seed oil under TRQ has been revised to March 31, 2023. Further, no TRQs shall be allocated for import of crude sunflower seed oil in 2023-24," the directorate general of foreign trade (DGFT) said in a public notice. Earlier in January, a similar decision was taken for crude soybean oil. The duty-free import of 20 lakh MT per year was earlier applicable for two financial years -- 2022-23 and 2023-24 -- for crude sunflower seed oil and crude soya bean oil. For crude sunflower oil, the TRQ was there till June 30 this year.

India's Russian oil imports surge to a record 1.4 mn barrels per day in Jan

Last month Russian oil accounted for about 27% of the 5 million bpd of crude imported by India, the world's third-biggest oil importer and consumer

India's soaring Russian oil imports making rupee payment mechanism futile

New Delhi's imports from Russia in eight months to November were almost 16 times its shipments to the nation, trade ministry data show

Indian refiners may buy Russian oil for domestic demand, export own: Report

With these imports, India can maintain a domestic inventory of refined products like petrol and diesel

Sunflower oil imports rise to record as Russia-Ukraine fight for mkt share

Record imports by India, the world's biggest vegetable oil importer, come as sunoil's discount to rival soyoil widened to the highest level in nine months