Page 6 - Russia Oil Production

AI shifts from support role to core strategy, industries speed up adoption

US sanctions on Rosneft and Lukoil, along with the EU's ban on refined products derived from Russian crude, are unlikely to materially dent the margins or credit profiles of India's state-run oil marketing companies, Fitch Ratings said. The ratings agency warned, however, that the eventual impact will hinge on how long the sanctions last and how strictly they are enforced. Russian crude made up about a third of India's oil imports between January and August 2025, and its discounted rates have been a key boost to OMC profitability. Fitch expects the companies to adhere to sanctions, though some refiners may continue sourcing unsanctioned Russian barrels. Traditionally reliant on Middle Eastern oil, India significantly increased its imports from Russia following the February 2022 Ukraine invasion. Western sanctions and reduced European demand made Russian oil available at steep discounts. As a result, India's Russian crude imports surged from under 1 per cent to nearly 40 per cent of

India spent 2.5 bn euros on Russian oil in Oct ahead of sanctions: Report

India, the second biggest buyer of Russian oil, spent as much as 2.5 billion euros on purchases of crude oil from Moscow in October ahead of new sanctions being slapped on Russian entities, a European think tank said. India's spend in October was unchanged from 2.5 billion euro spent on buying Russian oil in September. India remained the second-largest buyer of Russian fossil fuels in October behind China, according to the Centre for Research on Energy and Clean Air (CREA). On October 22, US imposed sanctions on Rosneft and Lukoil, two of the largest oil producers in Russia, to cut off Kremlin's resources for funding Ukraine war. The sanctions have resulted in companies like Reliance Industries, HPCL-Mittal Energy Ltd and Mangalore Refinery and Petrochemicals Ltd halting imports for now. Russia shipped 60 million barrels of crude oil in October, with Rosneft and Lukoil together accounting for 45 million barrels. "India remained the second-largest buyer of Russian fossil fuels, ...

Third of Russian seaborne oil exports stuck amid US sanctions: JPMorgan

The US set a November 21 deadline to wind down all dealings with Rosneft and Lukoil, in the first direct sanctions imposed on Russia by President Donald Trump since the start of his second term

India cuts Russian crude oil buys for December amid Trump tariffs

India's reduced Russian oil orders come after the US raised tariffs on Indian imports to 50% and imposed sanctions on Russian oil giants Rosneft and Lukoil

Russia, India to ink labour mobility pact during Putin's December visit

India and Russia are expected to sign a bilateral mobility agreement during President Vladimir Putin's visit to New Delhi in the first week of December. This accord will establish a framework for legal migration, protection of workers' rights and expansion of skilled Indian manpower in Russia as the post-Communist nation is feeling an acute shortage of qualified and skilled workers in its expanding economy. According to reports, the agreement will ensure legal protection for existing Indian workers and open pathways for thousands of new professionals in industries such as construction, textiles, engineering and electronics. By the end of the year, over 70,000 Indian nationals are expected to be officially employed across Russia under the quotas managed by the Russian Ministry of Labour. The Moscow-based Indian Business Alliance (IBA) has welcomed the forthcoming India-Russia Mobility Agreement and considers this initiative a strategic milestone in expanding India-Russia ...

Indian refiners HPCL, MRPL buy 5 million barrels of US, West Asia oil

Mangalore Refinery and Petrochemicals Ltd has bought one million barrels of Basra Medium crude for January 1-7 delivery

Russia's crude exports tumble as US sanctions hit key Asian buyers

Russian exporters are continuing to load crude onto tankers, but refiners are less willing to take the cargoes into their storage tanks

Russian crude finds fewer takers in China after hit from sanctions

State-owned giants such as Sinopec and PetroChina Co. are staying on the sidelines, having canceled some Russian cargoes in the wake of US sanctions on Rosneft PJSC and Lukoil PJSC last month

Indian refiners set the stage for lower Russia crude oil purchase

Indian processors, the top buyers of seaborne oil from Moscow, have been weighing up their options since US authorities blacklisted two of Russia's largest producers, Rosneft PJSC and Lukoil PJSC

Ukraine ramps up long-range drone strikes, targeting Russian energy sites

At a secret location in rural Ukraine, columns of attack drones are assembled at night and in near silence to strike deep inside Russia. Their targets are strategic: oil refineries, fuel depots, and military logistics hubs. Since the summer, Ukraine's long-range drone campaign has ramped up dramatically, pounding energy infrastructure across Russia and stretching Moscow's air defences thin. Built from parts made in a scattered network of workshops, these drones now fly much further than at any point in the war. Officers in body armour move with quick precision; headlamps glow red to stay hidden. Engines sputter like old motorcycles as exhaust fumes drift into the moonless night. Minutes later, one after another, the drones lift from a makeshift runway and head east. The strikes have caused gasoline shortages in Russia, even forcing rationing in some regions and underscoring a growing vulnerability in the country's infrastructure. Drones hammer ...

Indian Oil resumes Russian oil purchases from non-sanctioned entities

IOC's head of finance, Anuj Jain, has said his company will continue to buy Russian oil if the barrels are in compliance with sanctions

India-bound tanker carrying Russian crude makes u-turn in Baltic Sea

The Furia was moving westward in a strait between Denmark and Germany when it turned around on Tuesday and sailed for a short distance before slowing down drastically, ship-tracking data showed

After US sanctions, Russia's oil major Lukoil to sell overseas assets

The US Office of Foreign Assets Control has imposed a deadline of Nov 21 for the company to wind down its businesses abroad or face hefty penalties

Govt refiners eye smaller oil suppliers after US sanctions Rosneft, Lukoil

India has been balancing the risk of secondary sanctions - and the need to secure a trade deal with the US - against the risks that come with allowing much-needed ties to Russia to fray

India flags constricted energy trade, selective curbs at East Asia Summit

India's foreign minister warns of distorted energy markets and selective global principles as supply chain reliability and access to resources come under strain

Will comply with all international sanctions: IOC Chairman A S Sahney

India's state-run oil refiners procure crude oil from Russia from the spot market through traders, shielding the companies from direct impact of the US sanctions

India boosts US crude oil imports to 540,000 bpd, highest since 2022

India's record US crude imports come amid efforts to diversify away from Russian oil and manage trade frictions with Washington

Russian oil import: Indian Oil says will abide by all applicable sanctions

Indian Oil Corporation (IOC), the nation's biggest oil company, will comply with all applicable sanctions, Chairman Arvinder Singh Sahney said on Monday, steering clear of remarks on purchases from Russia. Indian refiners are likely to scale back on the import of Russian oil to avoid secondary sanctions on shipping and banking after the US imposed fresh sanctions with a view to curbing Moscow's earnings from oil sales. "We will abide by all sanctions imposed by the international community," he said. He, however, refused to comment on the IOC's purchases of Russian oil. Russian oil made up for 21 per cent of the crude oil IOC imports during April-September. IOC's subsidiary Chennai Petroleum Corporation Ltd (CPCL) has halved Russian oil imports this month, coinciding with the fresh sanctions the US imposed on Russian oil. US President Donald Trump, late October 22, imposed sanctions on Russia's Rosneft and Lukoil, in a bid to pressure Moscow into ending its war on Ukraine. A day l

Exim matters: US sanctions may lead to fall in Russian crude oil imports

Imports of oil from Russia at discounted prices meet about 35 per cent of India's crude oil requirements

India cutting back Russian oil purchases 'completely': Donald Trump

US President Donald Trump once again claimed that India is going to stop buying oil from Russia, emphasising that India is cutting back Russian oil purchases completely while China will cut back very substantially. Talking to reporters onboard Air Force One on his way to Malaysia, on Saturday, Trump said that India is cutting back Russian oil purchases completely. While responding to a question about raising the issue of Russian oil with Chinese President Xi Jinping during their meeting, Trump said he might discuss Russian oil purchases with Xi. I may be discussing it, but you know China, you probably saw it today. China's cutting back very substantially on the purchase of Russian oil, Trump said. Trump is set to meet Xi on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea. The US president and his administration have been claiming for the past few days that India has assured that it will significantly reduce its oil imports from Russia. However,