Page 20 - Russia Oil Production

India may prefer Middle East crude as Russian oil becomes costly: Report

India and China have been the two dominant buyers of Russian crude since the invasion of Ukraine more than a year ago after the war prompted other countries to shun the OPEC+ producer

Indian refiners used Chinese yuan to pay for some Russian oil imports

The official also said the Reserve Bank of India will release guidance for banks in two to three days to resolve some teething issues on the rupee trade mechanism

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

Russia oil discount to India shrinks to $4, delivery charges remain opaque

The steep discounts on Russia crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continues to remain 'opaque' and higher than normal, sources said. Russia bills Indian refiners at a price shade less than the USD 60 per barrel price cap imposed by the West but charges anything between USD 11 to USD 19 per barrel, twice the normal rate, for delivery from the Baltic and Black Sea to the west coast, three sources with knowledge of the matter said. The USD 11-19 per barrel shipping costs from the Russian ports to India - some of it on the 100+ tankers reportedly acquired by Russian actors for a shadow fleet - are higher than rates for comparable distances, such as a voyage from the Persian Gulf to Rotterdam. Following Moscow's invasion of Ukraine in February last year, Russian oil was sanctioned and shunned by European buyers and some in Asia, such as Japan. This led to Russian Urals crude being traded at a disco

Saudi Arabia and Russia are cutting oil supply again in bid to boost prices

Russia will reduce its oil exports by 500,000 bpd in August; Saudi said it would extend its cut of 1 mbpd till August

Indian refiners start yuan payments for Russian oil imports: Report

China has also shifted to the yuan for most of its energy imports from Russia, which overtook Saudi Arabia to become China's top crude supplier in the first quarter this year

Slight pause: India's crude oil imports from Russia decline in June

India paid around $70 per barrel in May for Russian crude on a delivered basis, according to Indian Customs data

Indian OMCs confident of retaining discounts on Russian crude oil

Before the war in Ukraine, Indian refiners had bought Russian oil rarely due to the high freight costs involved

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

How cheaper crude oil from Russia has changed India's fuel trade matrix

Since India is a key supplier of refined petroleum products, this has changed the pecking order of key export destinations

Equity, oil markets can breathe easy for now as tension in Russia cools off

Analysts believe, the progress of monsoon, FII and DII fund flows and the upcoming Q2 earnings, are the key triggers for Indian markets

India has to make its own choices, says White House official on Russian oil

In December last year, the United States and its allies went after Russia's all-important oil revenues after a European ban and price cap on Russian oil

Price caps on Russia's oil cutting revenue nearly in half, says US official

A top Treasury Department official said Thursday that the cap on the price of Russia's oil is severely curtailing its greatest source of revenue as it wages war in Ukraine. When the United States and other economic powers in the Group of Seven, along with the European Union and Australia, last year announced an ambitious plan to cap the price of Russian oil, U.S. officials said it would deliver a crippling blow to Russia's economy. In just six months, the price cap has contributed to a significant decline in Russian revenue at a key juncture in the war, Deputy Treasury Secretary Wally Adeyemo said in remarks Thursday at the Center for a New American Security, pointing to a nearly 50% drop in Russian oil revenues compared with a year prior. The price cap was rolled out to equal parts skepticism and hopefulness that the policy would stave off Russian President Vladimir Putin's invasion of Ukraine. In addition to the price cap, the allied nations have hit Russia with thousands of ...

First shipment of discounted Russian crude oil arrives in Karachi: Pak PM

Pakistan Prime Minister Shehbaz Sharif on Sunday announced that the first shipment of discounted Russian crude oil has arrived in the port city of Karachi, a development that will provide relief to the people hit by skyrocketing inflation. Pakistan, which is currently grappling with high external debt and a weak local currency, is hoping that snapping crude at discounted rates from Russia will stabilise oil prices in the country. Petrol now costs Rs 262 per litre in the country. A cargo ship carrying about 45,000 metric tonnes of Russian crude oil docked at a port in Karachi on Sunday. I have fulfilled another of my promises to the nation. Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin discharge tomorrow, Prime Minister Sharif tweeted. Today is a transformative day. We are moving one step at a time toward prosperity, economic growth, and energy security & affordability, he said. Sharif added that this was the beginning of

Russian crude oil imports by China, India hit all-time high in May

However, they are unlikely to deepen supply cuts at the Sunday meeting despite lower prices, four sources from the alliance told Reuters

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

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

ONGC to get dividend from Russian field; repatriation of income an issue

PSUs have found it challenging to repatriate their dividend incomes from some other Russian oil and gas fields as well, thanks to the Western sanctions

How Russian oil is still powering Europe's cars with help from India

Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler's data show