oil import

Latest from oil import

Amid Israel-Iran tensions, why is Strait of Hormuz important for crude buyers?

The oil purchasing market keeps a special eye on the Strait of Hormuz as around a fifth of the world's total oil consumption passes through it. 

Around one-fifth of the world's total oil consumption passes through the Strait of Hormuz. (Reuters/File Image)
Updated on Jun 13, 2025 10:51 PM IST

India to give $647 million to support strategic reserve oil purchases in 2025-26

Indian Strategic Petroleum Reserve Ltd which manages federal oil inventories, operates 3 SPRs in southern India with a combined capacity of about 5 million tons

Silos at an oil refinery operated by Bharat Petroleum Corp. Ltd., in Mumbai, India, on Tuesday, April 4, 2023. A surprise cut in oil production from OPEC+ is now setting the stage for other producers to vie for markets in Asia.(Dhiraj Singh/Bloomberg)
Published on Feb 01, 2025 04:27 PM IST
Reuters |

Singapore's jet fuel imports surge to multi-year highs, India leads supply

Singapore's jet fuel imports surge in December, reaching multi-year highs with India as the main supplier

Singapore's imports of jet fuel likely reached multi-year highs in December of last year, with India serving as the main supplier while the arbitrage to Europe remained closed.(Getty Images/representative )
Published on Jan 03, 2025 12:26 PM IST
Reuters |

India hikes edible palm, soyabean, sunflower oil import tax to support farmers

The move could lift edible oil prices and dampen demand and subsequently reduce overseas purchases of palm oil, soyabean oil, and sunflower oil

New Delhi on Friday imposed a 20% basic customs duty on crude palm oil, crude soyoil and crude sunflower oil from Sept. 14, the notification said. (Representational image/Unsplash)
Published on Sep 14, 2024 09:33 AM IST
Reuters |

India's Russian oil imports highest ever in Feb at 1.6 million barrels a day

From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict in February 2022, Russia's share of India's imports rose to 1.62 million barrels per day in February, taking a 35 per cent share.

Refiners continue to snap up plentiful Russian cargoes available at a discount to other grades.(Representative image)
Published on Mar 05, 2023 12:48 PM IST
PTI |
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