Page 8 - Russia Oil Production

Tankers deliver barrels of Russian crude to India despite US, EU pressure

India's appetite for discounted Russian crude, and its position as the single largest buyer of Moscow's seaborne oil, has long been a pain point for the US and Western allies

China pushes back at US demands to stop buying Russian, Iranian oil

US and Chinese officials may be able to settle many of their differences to reach a trade deal and avert punishing tariffs, but they remain far apart on one issue: the US demand that China stop purchasing oil from Iran and Russia. "China will always ensure its energy supply in ways that serve our national interests," China's Foreign Ministry posted on X on Wednesday, following two days of trade negotiations in Stockholm, responding to the US threat of a 100 per cent tariff. "Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said. The response is notable at a time when both Beijing and Washington are signalling optimism and goodwill about reaching a deal to keep commercial ties between the world's two largest economies stable -- after climbing down from sky-high tariffs and harsh trade restrictions. It underscores China's confidence in playing hardball when dealing with the Trump ...

US penalty risk on Russian oil may add ₹9-11 bn to India's import bill

India's annual oil import bill could rise by USD 9-11 billion if the country is compelled to move away from Russian crude in response to US threats of additional tariffs or penalties on Indian exports, analysts said. India, the world's third-largest oil consumer and importer, has reaped significant benefits by swiftly substituting market-priced oil with discounted Russian crude following Western sanctions on Moscow after its invasion of Ukraine in February 2022. Russian oil, which accounted for less than 0.2 per cent of India's imports before the war, now makes up 35-40 per cent of the country's crude intake, helping reduce overall energy import costs, keep retail fuel prices in check, and contain inflation. The influx of discounted Russian crude also enabled India to refine the oil and export petroleum products, including to countries that have imposed sanctions on direct imports from Russia. The twin strategy of Indian oil companies is posting record profits. This is, however, no

India's Russian oil buys 'a point of irritation', says US Secretary Rubio

US Secretary of State Marco Rubio says India's Russian oil imports are 'a point of irritation' in ties with Washington, a day after Trump announced 25 per cent tariffs on all Indian exports

Indian refiners stop buying Russian crude amid Trump threat, low discounts

Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, and Mangalore Refinery and Petrochemicals Ltd have not placed new orders for Russian crude

Massive oil reserves in Pakistan, says Trump: Here's what US said in 2015

Pakistan's untapped shale reserves have long intrigued energy analysts. A 2015 US report had already mapped billions of barrels underground

Indian oil refiners scramble for crude amid US, EU crackdown on Russia

A major buyer of Russian oil, India is now finding itself blindsided by a more aggressive approach to the Kremlin from both Washington and Brussels

Trump slaps 25% tariff on Indian goods: Smartphones, pharma, shrimp hit

The tariff kicks in August 1 and threatens key Indian exports like smartphones, pharma and shrimp ahead of trade talks set for August 25 in New Delhi

Indian shipowners urge Nayara to end vessel charters after EU sanctions

Indian firms seek charter exits with Nayara amid EU sanctions; company files Delhi HC plea against Microsoft for suspending digital access citing compliance

RIL's oil procurement under scrutiny as EU warns refiners using Russia oil

While it's too early to tell if Reliance will pivot dramatically away from Russia, traders say there are some initial signs of the company seeking alternatives

Russia-linked refinery tightens sale terms, seeks early payment after curbs

Nayara Energy Ltd., part-owned by Rosneft PJSC, said it was seeking advance payment or a documentary letter of credit, before loading a shipment of naphtha next month

Indian refiners unfazed by European Union's new Russia oil sanctions

Fuel export to Europe is already on decline after record 2023

EU curbs on Russian oil may hit India's $15 bn fuel exports: GTRI

India's petroleum product exports worth USD 15 billion to the European Union (EU) may be at risk as Brussels moves to restrict imports of Russian crude oil refined in third countries, economic think tank GTRI said. The 18th package of sanctions by the 27-nation EU included a set of measures largely aimed at curbing the revenues of Russia's oil and energy sector, such as an import ban on refined petroleum products made from Russian crude oil and coming from any third country. The Global Trade Research Initiative (GTRI) said that a central component of the package is a ban on the import of refined petroleum products made from Russian crude and exported via third countries, excluding only a select few allies like the US, UK, Canada, and Switzerland. This measure will hurt nations such as India, Turkey, and the UAE, which have been refining Russian crude and selling diesel, petrol, and jet fuel to Europe, it said. "India's USD 5 billion exports of petroleum products to the EU are at ri

EU imposes sanctions on Rosneft's India refinery, lowers oil price cap

The European Union on Friday imposed sanctions on the Indian oil refinery of Russian energy giant Rosneft and lowered the oil price cap, as part of a new raft of measures against Russia over its war in Ukraine. The fresh sanctions package on Russia included new banking restrictions, and curbs on fuels made from Russian crude oil. The lowered oil price cap - currently set at USD 60 per barrel - means Russia will be forced to sell its crude at reduced rates to buyers like India. As the second-largest purchaser of Russian oil, India stands to benefit from this move. Russian crude currently accounts for nearly 40 per cent of India's total oil imports. "For the first time, we're designating a flag registry and the biggest Rosneft refinery in India," EU foreign policy chief Kaja Kallas said in a post on X. Rosneft owns 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20 million tonne a year oil refinery at Vadinar in Gujarat as also over 6,750

Energy needs our priority, no double standards please: India to Nato

MEA says securing India's energy needs is a top priority and cautions against double standards amid NATO threat of secondary sanctions over Russian oil imports

India's oil imports from Russia hit 11-month high in June amid war fears

India's import of crude oil from Russia rose to an 11-month high in June as refiners topped up tanks amid the Israel-Iran war, analysts said. India imported 2.08 million barrels per day (bpd) of Russian crude in June, the highest since July 2024, according to vessel tracking data from global commodity market analytics firm Kpler. "While India's global imports of crude oil dropped by 6 per cent in June, Russian volumes saw an 8 per cent month-on-month rise to their highest levels since July 2024," European think tank Centre for Research on Energy and Clean Air said. "More than half of these imports from Russia were made by three refineries in India, which also export refined products to G7+ countries." India imports more than 85 per cent of its requirement of crude oil, which is turned into fuels like petrol and diesel in refineries. Traditionally, the Middle East was the main source, but Russia has been the mainstay supplier for nearly three years now. After much of the West shunn

Govt quells fears of US tariff threat on Russian crude oil import

Points to deepening India-US trade; diversified crude flows in as counterbalance

India, China to face 500% US tariff? Trump backs Russia sanctions bill

The Senate bill, backed by Trump, seeks to penalise nations buying Russian oil; it could reshape US trade ties with India and China amid Ukraine conflict

Indian private refiners dominate buying of Russian flagship oil grade

Reliance Industries Ltd. and Nayara Energy Ltd. alone took 45 per cent of Russia's shipments of the medium-sour variety

Russia increases seaborne fuel oil exports to India, Turkey in May

Oil prices fell to four-year lows as an Opec+ decision to expedite its output hikes stoked fears about rising global supply at a time when the demand outlook is uncertain