Page 9 - Russia Oil Production

Russian oil freight rates to India ease, EU curbs may reverse trend

The European Union has put forward a new sanction package against Russia over Ukraine and proposed to lower the Group of Seven nations' price cap on Russian crude oil to $45 a barrel from $60 a barrel

India's Russian oil imports hit 10-month high on strong ESPO demand

More ESPO was offered to India as Chinese state-owned companies continue shunning sanctioned crudes and crude quotas are running tight for Chinese independent refiners, analysts said

EU, UK impose new sanctions on Russia's shadow fleet of oil tankers

The European Union on Tuesday agreed to impose fresh sanctions on Russia, notably targeting almost 200 ships from the shadow fleet illicitly transporting oil to skirt Western restrictions put in place over Moscow's war in Ukraine. The 27-nation bloc targeted 189 ships in all, and imposed asset freezes and travel bans on several officials as well as on a number of Russian companies. The measures were endorsed by EU foreign ministers in Brussels. EU foreign policy chief Kaja Kallas said that while President Vladimir Putin feigns interest in peace, more sanctions are in the works. Russia's actions and those who enable Russia face severe consequences. Russia uses its shadow fleet of ships to transport oil and gas, or to carry stolen Ukrainian grain. The EU has now targeted almost 350 of the ships in total. The new measures are not obviously linked to Russian delays in agreeing to a ceasefire. Work on the measures began in the days after the last package was finalised three months ...

EU to set out plan for phasing out Russian gas deals, existing contracts

The EU has a non-binding aim to end its reliance on Russian fossil fuels by 2027, which it set after Moscow's 2022 full-scale invasion of Ukraine

India looking for partners, not 'preachers': Jaishankar's message to Europe

S Jaishankar said that Europe must display some 'sensitivity and mutuality of interest' for closer ties with India

Indian Oil pauses Russia oil deal talks, says not related to US sanctions

Indian Oil Corporation had a term deal with Russia, which expired in March 2023 and has not been renewed since

Donald Trump tariffs defuse US sanctions on Russian oil, favour India

Indian Oil, Bharat Petroleum and Hindustan Petroleum, among others, had agreed to term contract extensions this year with Iraq, Saudi Arabia and UAE

Trump's Russian oil threat pushes Indian refiners to seek alternatives

Trump raised the prospect of so-called secondary tariffs on buyers of Russian oil if President Vladimir Putin refused a ceasefire with Ukraine

Centre 'bars' oil tanker carrying Russian crude over documentation lapse

The Honduran-flagged Andaman Skies, built in 2004, loaded 767,000 barrels at Murmansk on Feb. 24, and was due to discharge at Vadinar on March 30

India denies entry to Russian oil tanker over documentation issues

India is the biggest buyer of seaborne Russian crude. Russian oil accounted for about 35 per cent of overall crude imports in 2024 by India, the world's third biggest oil importer and consumer

India's spot oil demand dips as Russian supply nears normal levels

Most of the cargoes were booked at a discount of less than $3 a barrel to benchmarks, the people said

Unable to repatriate earnings, Rosneft looks for an exit from Nayara Energy

Reliance Industries, Adani Group, and JSW Group may be among potential buyers of Rosneft's 49.13% stake in Nayara Energy

Reliance exported Rs 6,850 cr worth of fuel from Russian oil to US: Report

Billionaire Mukesh Ambani's Reliance Industries Ltd is estimated to have earned 724 million euros (about Rs 6,850 crore) from exporting fuel made from Russian crude oil to the US in one year, an European think tank said in a report. "From January 2024 to the end of January 2025, the US imported EUR 2.8 billion of refined oil from six refineries in India and Turkey that process Russian crude. An estimated EUR 1.3 billion of this was refined from Russian crude," the Centre for Research on Energy and Clean Air (CREA) said in a report. US imports of fuels such as petrol and diesel from Jamnagar in Gujarat, where Reliance's twin oil refineries are located, were EUR 2 billion. Of this, "EUR 724 million (is) estimated to be refined from Russian crude," it said. Western and US sanctions on Russia, that followed its invasion of Ukraine in February 2022, do not prohibit or sanction buying/using Russian crude oil and exporting fuels such as diesel derived from it. Gujarat's Vadinar, where ...

India bought 112 billion euro worth of Russian oil since Ukraine war

India, the world's third largest oil consuming and importing nation, spent 102.5 billion euro (about Rs 1.5 lakh crore) on buying crude oil from Russia since the start of the Ukraine war, a European think tank said on Thursday. The Centre for Research on Energy and Clean Air (CREA) released a report on payments to Russia for fossil fuels since February 24, 2022. "According to our estimates, since the beginning of the war, Russia earned EUR 835 billion in revenue from fossil fuel exports," it said. China was the biggest buyer of Russian fossil fuel at EUR 235 billion (made up of EUR 170 billion for oil, EUR 34.3 billion for coal and EUR 30.5 billion for gas). India, according to CREA, bought fossil fuel worth EUR 205.84 billion from Russia from the beginning of the war until March 2, 2025. This comprised EUR 112.5 billion (USD 121.59 billion) for purchase of crude oil, which is refined into fuels like petrol and diesel at refineries, and EUR 13.25 billion for coal. India, which is

US becomes India's 5th largest crude oil supplier in Jan as imports surge

Widened sanctions on Moscow by Western countries including the United States have roiled global oil trade and forced buyers of discounted Russian crude to find new ways to maintain their purchases

Indian refiners work to build sanctions-proof supply chain for Russian oil

Some are existing outfits that have not been impacted by the punitive measures, while others are newly created, replacing those that are now off-limits

US funding freeze hampers investigations into Russian war crimes in Ukraine

Two of the listed projects were funded by USAID, three by the Bureau of International Narcotics and Law Enforcement and one directly by the Department of State, the document showed

Trump's tariffs and Russian oil woes deepen crisis for Indian OMCs

A sharp rise in LNG prices threatens to unravel India's projected 12% growth in demand for the fuel this financial year

Ukraine strikes major Russian oil refinery twice in 3 days: Official

Ukrainian long-range drones struck one of Russia's biggest oil refineries for the second time in three days, a senior Kyiv official said Monday, as Ukraine tries to slow the Russian army's push along parts of the front line and the third anniversary of the war approaches. The attack late Sunday hit a refinery in the Volgograd region, which is one of Russia's 10 biggest refining facilities, processing close to 6% of the country's oil, an official in Ukraine's Security Service told The Associated Press. Russian authorities acknowledged only a brief fire at the Volgograd refinery during the drone attack. Ukrainian defences are creaking under months-long Russian drive to occupy more land, especially in Ukraine's eastern industrial heartland, before the possible start of peace negotiations steered by US President Donald Trump. Ukraine, though heavily dependent on Western military aid, has been developing its own arms industry, including drones that can fly increasingly long ranges with

India's January Russian crude oil purchases surge despite sanctions

Russian shipments averaged 1.67 million barrels per day in January compared to 1.48 million bpd in December and 1.53 million bpd a year earlier