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India has already requested OPEC and its allies, including Russia (together known as OPEC+) to immediately restore the output that was substantially cut to stabilise crude prices when the Covid-19 pandemic began raging and most of the global economies were under lockdowns, the officials said. (Representative Image)(REUTERS)

India may turn to Iran, Venezuela for oil imports

By Rajeev Jayaswal, Hindustan Times, New Delhi
UPDATED ON FEB 22, 2021 07:20 AM IST
India has already requested OPEC and its allies, including Russia to immediately restore the output that was substantially cut to stabilise crude prices when the Covid-19 pandemic began raging and most of the global economies were under lockdowns
Workers walk inside the complex of the Vadinar refinery, operated by Essar Oil Ltd., (EOL) in the western Indian state of Gujarat(Reuters File Photo)
Workers walk inside the complex of the Vadinar refinery, operated by Essar Oil Ltd., (EOL) in the western Indian state of Gujarat(Reuters File Photo)

India’s May crude oil imports fall 22.6%, biggest decline since at least 2005

By Reuters | Posted by Kanishka Sarkar
UPDATED ON JUN 20, 2020 11:13 AM IST
India has relaxed coronavirus-led restrictions in lower risk areas, which is expected to improve demand and scale up crude processing.
India’s policy makers seem to have slipped on oil while trying to balance foreign and domestic policy goals.(AFP)
India’s policy makers seem to have slipped on oil while trying to balance foreign and domestic policy goals.(AFP)

Curb on edible oil imports leads to domestic inflation

Hindustan Times, New Delhi | By Abhishek Jha and Roshan Kishore
UPDATED ON FEB 23, 2020 12:34 AM IST
Palm oil and its variants have a share of more than 50% in India’s total edible oil, fat and waxes (edible oil) imports. In 2018-19 India’s oil and fat imports were worth almost $10 billion.
Oil purchases from the US, which started in 2017-18, have already crossed about 6 million tonnes a year.(AP File Photo)
Oil purchases from the US, which started in 2017-18, have already crossed about 6 million tonnes a year.(AP File Photo)

India to double US oil imports to cut reliance on others

Hindustan Times, New Delhi | By Rajeev Jayaswal and Rezaul H Laskar
UPDATED ON JAN 11, 2020 04:02 AM IST
India is heavily dependant on oil imports from West Asia. Its top three suppliers in 2018-19 are from the area: Iraq, with about 46.6 million tonnes (MT) in 2018-19, is the number one supplier, followed by Saudi Arabia (40.3 MT) and the UAE (17.5 MT). Kuwait supplied 10.8 MT.
A worker passes a helicopter landing pad aboard an offshore oil platform in the Persian Gulf's Salman Oil Field, operated by the National Iranian Offshore Oil Co., near Lavan island, Iran.(Bloomberg)
A worker passes a helicopter landing pad aboard an offshore oil platform in the Persian Gulf's Salman Oil Field, operated by the National Iranian Offshore Oil Co., near Lavan island, Iran.(Bloomberg)

India can buy oil from Iran as US agrees to waiver

Hindustan Times, New Delhi | By Rezaul H Laskar and Yashwant Raj
UPDATED ON NOV 02, 2018 11:34 PM IST
The US has agreed to let eight countries, including its strategic allies India, Japan and South Korea, to keep buying Iranian oil after it reimposes sanctions next week
An engineer works inside the Kalol oil field in Gujarat. State-run refiners need government permission to import oil on a delivered, or cost, insurance and freight (CIF), basis. Federal policy requires them to favour Indian insurers and shippers by buying only on a free on board (FOB) basis(Reuters File Photo/Representative image)
An engineer works inside the Kalol oil field in Gujarat. State-run refiners need government permission to import oil on a delivered, or cost, insurance and freight (CIF), basis. Federal policy requires them to favour Indian insurers and shippers by buying only on a free on board (FOB) basis(Reuters File Photo/Representative image)

India allows state refiners to use Iran tankers, insurance for oil imports

New Delhi | By Reuters
UPDATED ON SEP 04, 2018 08:35 AM IST
India wants to continue buying oil from OPEC member Iran as Tehran is offering almost free shipping and an extended credit period. However, in November, US sanctions against Iran kick in, along with a warning that those trading with the oil nation won’t do business with America.
This file photo taken on March 12, 2017 shows a view of an oil facility in the Khark Island, on the shore of the Gulf. The United States remains determined to force Iran to change its behaviour by cutting its oil exports to zero, the State Department said on July 2, 2018.(AFP)
This file photo taken on March 12, 2017 shows a view of an oil facility in the Khark Island, on the shore of the Gulf. The United States remains determined to force Iran to change its behaviour by cutting its oil exports to zero, the State Department said on July 2, 2018.(AFP)

India-US to hold talks on sanctions against Iran oil imports

Hindustan Times, New Delhi | By Jayanth Jacob
PUBLISHED ON JUL 04, 2018 11:09 PM IST
The US has told India and other countries to cut oil imports from Iran to “zero” by November 4 or face sanctions, indicating that there would be no waivers to anyone.
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf. India is the second largest buyer of Iranian crude, and it was alarmed by a senior US official’s remarks last week that countries which do not cut their imports from Iran to zero by November 4 will be subject to “secondary sanctions”.(Reuters File Photo)
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf. India is the second largest buyer of Iranian crude, and it was alarmed by a senior US official’s remarks last week that countries which do not cut their imports from Iran to zero by November 4 will be subject to “secondary sanctions”.(Reuters File Photo)

Relief for India? US could grant waivers for some oil imports from Iran

Hindustan Times, Washington | By Yashwant Raj, Washington
UPDATED ON JUL 03, 2018 12:09 AM IST
The US said it would consider granting waivers on a case-by-case basis, which will depend on evidence of reduced purchases by parties seeking waivers.
A worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China.(REUTERS File Photo)
A worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China.(REUTERS File Photo)

India plans to cut oil imports from Iran, say officials

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON JUN 28, 2018 05:53 PM IST
While a final view on US asking India and China to cut Iranian oil imports has not yet been taken, the petroleum ministry has asked refiners to tread cautiously and start looking at alternatives, govt officials said on Thursday.
A file photo of US President Donald Trump with India's Prime Minister Narendra Modi in Manila, Philippines November 13, 2017.(Reuters)
A file photo of US President Donald Trump with India's Prime Minister Narendra Modi in Manila, Philippines November 13, 2017.(Reuters)

US wants India to stop Iran oil imports by November 4, no waiver on sanctions

Hindustan Times, Washington | By Yashwant Raj
UPDATED ON JUN 27, 2018 08:40 PM IST
A US official said the message has been delivered to allies including India that oil imports from Iran have to be stopped completely by November 4, when sanctions are implemented
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