Page 16 - Russia Oil Production

Hungary asks EU to take action against Bulgaria transit tax on Russian gas

Hungary has asked the European Union's executive to open a legal procedure against Bulgaria over a tax it recently imposed on Russian natural gas passing through its territory, a government minister said on Friday. Bulgaria believes the tax, which it levied in October, will reduce the privileged position of Russia's state-owned energy company Gazprom in southeastern Europe and deter Russian influence in the region. But the tax has angered Bulgaria's neighbour Serbia, as well as fellow EU member Hungary, which are heavily dependent on Russian gas coming mostly via Turkey and Bulgaria through the TurkStream pipeline. In a Facebook video, Hungary's minister for EU affairs, Janos Boka, said he had sent a letter to the European Commission urging it to launch an infringement procedure against Bulgaria, the first potential step the bloc can use to ensure its laws are upheld by member states. Boka complained that Bulgaria had imposed the tax without consulting first with Hungary, and that

Russian oil saves India's import costs by about $2.7 bn: Govt data

Unlike China, India doesn't buy Venezuelan and Iranian oil

Russian oil price for India eased in September vs August: Govt data

India bought Russian oil at an average price of about $81.7 per barrel, compared to about $86 per barrel in August

Gulf crudes make a comeback as Russian Urals grade turns expensive

The share of Russian oil imports in India's overall crude import basket slumped by 8 percentage points on the month in October

Cleared all payments pending for Russian oil purchases: BPCL official

The Indian government has expressed discomfort over settling payment for Russian oil in Chinese yuan

Turning the tide on oil

India has faltered in locating its oil reserves for decades, but now a path is being paved to facilitate its transition from an oil importer to an exporter

Imports from Russia up 67% in Apr-Sep on higher shipments of oil: Govt data

India's imports from Russia rose by about 67 per cent to USD 30.42 billion during the April-September period this fiscal on higher shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India's second-largest import source during the first half of this fiscal. The imports were USD 18.24 billion during April-September 2022. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's oil imports rose to over 40 per cent. India, the world's third-largest crude importer after China and the United States, has been buying Russian oil that was available at a discount after some countries in the West shunned it as a means of punishing Moscow for the invasion of Ukraine. The ministry's data showed that imports from China dipped to USD 50.47 billion during the period against USD 52.42 billion in the same period last year. Similarly, imports from the US .

Crude oil prices surge on US sanctions, tight stockpile forecasts

Russia is the world's second-largest oil producer and a major exporter and the tighter U.S. scrutiny of its shipments could curtail supply

Russia will never be seen as reliable energy supplier: US energy official

Russia has played down the impact of Western sanctions, saying they are used by the United States to eliminate Moscow as a competitor in global energy supplies

US sanctions 2 shipping companies for violating Russian oil price cap

The Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap. The United States, along with the European Union, countries in the Group of Seven and Australia, imposed a $60 a barrel limit last year on what Russia could charge for its oil. The cap was designed to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or divert money for a costly alternative shipping network. The companies being penalized are based in the United Arab Emirates and Turkey, the department said in a statement. A ship owned by the Emirates-based company Lumber Marine carried oil priced above $75 a barrel from a Russian port. Separately, a vessel owned by Turkey-based Ice Pearl Navigation ferried oil from Russia priced at $80 a barrel. Both companies relied on US service providers. As a result of the sanctions, the Biden ...

Russian oil price to India for August hits highest since December

Refiners in India largely buy Russian oil on a delivered basis, with sellers arranging for shipping and insurance

Crude prices beyond $100 per barrel to create large, organised chaos: Puri

Previously, Puri underscored the need for oil producers to demonstrate the same consideration for consumer nations as they had received during the pandemic

Indian Oil, RIL tap Iraqi oil wells amid surging cost of Russian Urals

This reflects India's growing reliance on Russian grades while balancing them out with purchases from Iran suppliers

Explainer: How serious is Russia's fuel export ban and who will be hit?

Russia said exports would resume once it had stabilised its domestic market, but did not give a precise timeline

After lower sales in August, Russia ups discount on crude sale to India

Higher discounts on Russian oil this month may help Indian refiners reduce crude sourcing costs and trim fuel marketing losses even as Brent crude crosses $95/barrel, weakening the country's finances

Russia's diesel exports ban risky for Moscow, world alike as winter nears

On the face of it, the ban won't have a big impact on the Western nations that lined up to support Ukraine after Russian troops crossed the border in February 2022

Willing to wait to regain oil from Russian project, says ONGC Videsh

Putin last year removed an Exxon Mobil subsidiary as operator of the Sakhalin-1 oil and gas project in Russia's Far East and transferred it to a new operator

Russian supply cuts, low discounts top India's woes from soaring oil prices

That leaves Indian state oil companies caught in the crosshairs of higher oil prices, supply cuts, impending elections and growing losses

Russia's oil price to India in July lowest since Ukraine war began

India received Russian oil at an average price of $68.09 per barrel in July, marginally down from $68.16 in June and sharply lower than $99.58 in July 2022

Dependence on cheap Russian crude oil will fall sharply: Hardeep Puri

India's consumption of Russian crude has soared since President Vladimir Putin's invasion of Ukraine in February last year, ousting Saudi Arabia and Iraq from the top spots