Page 14 - Russia Oil Production

Russian oil finds way to Europe; India now biggest exporter of fuel to EU

India's export of fuels like diesel to the European Union jumped 58 per cent in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. The EU/G7 countries in December 2022 introduced a price cap and an embargo on the imports of Russian crude oil in a bid to cripple Kremlin's revenue and create a vacuum in its funding for the invasion of Ukraine. However, a lack of a policy on refined oil produced from Russian crude meant that countries not imposing sanctions could import large volumes of Russian crude, refine them into oil products and legally export them to the price-cap coalition countries. India has become the second biggest buyer of Russian crude oil since the invasion, with purchases rising from less than one per cent of the total oil imported in the pre-Ukraine war period to almost 40 per cent of the country's total oil purchases. The rise was primarily because Russian crude oil was ...

Global oil prices would have soared if we hadn't imported from Russia: Puri

New Delhi has repeatedly defended its purchases from Russia as necessary to keep prices in check

Russia's oil refining capacity likely to fall by 15% in later half of Oct

A decline in idle oil refining capacity usually leads to less available crude oil and a resulting fall in exports as refineries consume more feedstock to produce fuel

Govt-owned refiners likely to ink Russian crude term deal by FY26

Oil priced above $60/barrel reaching India from Russia

India plans to keep buying cheap Russian oil, says Hardeep Singh Puri

European countries and Japanese businesses are buying from Russia, so India is not alone, he said

Russian crude flow to India declines in Aug, Iraq improves market share

India's overall crude imports declined by around 6.6 per cent in August month-on-month to 4.5 million bpd, but the reduction in Russian shipments was more than twice as large

Savings for Indian refiners from Russian crude decline to a third

Indian refiners saved $8-10 billion from April 2022 to June 2024 - enough to cover half the fertiliser subsidy bill

India-Russia standoff on Sakhalin-1 dividends as ONGC pushes for equity oil

Rosneft PJSC and the Russian Federation have insisted on paying dividends rather than providing equity oil to ONGC Videsh, despite India's desire for the latter

Russian oil prevails in India's July imports despite refinery shutdowns

Low discounts fail to impact pecking order; continuing reliance on Russian supplies helps prop up GRMs of refiners

Indian refiners likely saved at least $10 bn due to discounted Russian oil

Russia started offering its crude at discounted prices after the Western nations imposed cuts on their oil imports from Moscow in a bid to put pressure on the Russian economy over the Ukraine war

From Jan lows Russian oil rebounds to 45.4% of Indian crude imports in June

Russian volumes have surged amid shrinking discounts for the grades. Discounts averaged $10 per barrel on a delivered basis off Brent crude in mid-2023 compared to over $4 per barrel now

US expected to send Ukraine $150 mn more in munitions to fight Russia

The U.S. is expected to announce Tuesday it is sending an additional $150 million in critically needed munitions to Ukraine, as Russia accuses Ukraine of using U.S.-provided munitions to strike inside Russia or Russian-held territory, according to two U.S. officials. On Monday, Russia summoned the American ambassador to protest what it says was the use of U.S.-made advanced missiles in a Ukrainian attack on Crimea on Sunday that reportedly killed four people and wounded more than 150. Crimea, which Russian seized from Ukraine in 2014 in a move that most of the world rejected as unlawful, long had been declared a fair target for Ukraine by its Western allies. However, the Pentagon said last week that Ukraine's military is also now allowed to use longer-range missiles provided by the U.S. to strike targets inside Russia if it is acting in self-defense. Since the outset of the war, the U.S. had maintained a policy of not allowing Ukraine to use the weapons it provided to hit targets on

China requests Britain to stop sanctioning Chinese firms over Russian links

Britain last week imposed its first sanctions targeting vessels in Russian President Vladimir Putin's "shadow fleet" that it said was used to circumvent Western sanctions on the trade in Russian oil

Highlights of the day: Six dead, 1,500 tourists stranded as landslides, rain wreak havoc in Sikkim

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Vladimir Putin running out of time to achieve breakthrough in Ukraine

Putin insists his war goals are unchanged and that Russia will fight for as long as needed to win in Ukraine, regardless of mounting casualties in a war that's in its third year with no end in sight

Proposed ban on Russia's LNG transports not to impact Asia: EU commissioner

European Union proposed to ban re-loading services by EU facilities for trans-shipment of Russian LNG to third countries

Considering action against China firms, banks over Russian war support: US

Encounters between the Philippines and China in Asia's most contested waters have grown more tense and frequent in the past year as Beijing presses its claims

Govt asks state-run oil refiners, RIL to jointly negotiate Russia oil deal

Reliance is unlikely to share sensitive information with the state oil refiners given they're competitors in the domestic fuel market

India's crude oil import bill soars as Russian discount halves since Feb

India's crude oil import reliance hit a record 87.8 per cent in FY24 and is expected to rise in FY25 due to growing demand and stagnant domestic production

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