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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 |

India can buy as much Russian oil as it wants, outside price cap, says US

US Treasury Secretary said Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China.

India is now Russia's largest oil customer other than China.(REUTERS)
Updated on Nov 12, 2022 09:48 AM IST
Reuters |

Russia becomes India's second-biggest oil exporter, trade sources

In May Indian refiners received about 819,000 barrels per day (BPD) of Russian oil, the highest thus far in any month, compared to about 277,00 in April, the data showed.

Higher oil imports from Russia, curbed OPEC's share in India's overall imports to 65% in April.(REUTERS)
Published on Jun 13, 2022 06:41 PM IST
Reuters |

 US secondary sanctions and petroleum imports: Safeguard India’s energy security

The study has been authored by Hari Seshasayee

The US has since become India’s fourth-largest supplier of oil, and India is the US’s largest export market globally for crude oil.(REUTERS)
Published on Apr 24, 2022 12:58 PM IST
ByHindustan Times

India's oil imports from US to rise by 11% amid criticism over Russia purchase

India oil imports: India buys most of its oil from the Middle East, but the US has emerged as the fourth-biggest source, Reuters said

A pumpjack of Wintershall DEA extracts crude oil at an old oil field in Emlichheim, Germany, Friday, March 18, 2022. AP/PTI(AP03_19_2022_000010B)(AP)
Updated on Mar 19, 2022 02:05 PM IST

India doubles down on move to procure crude oil from Russia

Russia has offered crude oil and other commodities at discounted rates to India after the US and its allies imposed sanctions on Moscow following President Vladimir Putin’s decision to invade Ukraine last month.

Russia has so far exported 360,000 barrels of oil a day to India in March alone. (AP Photo)
Updated on Mar 20, 2022 03:52 AM IST
By, New Delhi

Chinese reliance on Middle East oil increases: Report 

Despite China's effort to get an “ecological civilization” that relies more on renewable energy, its reliance on Middle East oil has increased. 

Considering China's dependence on foreign suppliers for oil remains in excess of 70 per cent, Chinese fears of such disruptions to the energy supply chain will only grow.(AP)
Published on Dec 31, 2021 05:43 PM IST
ANI | , China

India, US to release 5mn barrels of oil reserves to challenge OPEC grip: Report

The volume of the initial release is about a day’s worth of India’s crude consumption, but its significance may be more symbolic.

The release may come within a week, and India and other countries may look at selling more crude later(HT File)
Updated on Nov 23, 2021 07:23 PM IST
Bloomberg |

Altering strategic investments

Altering strategic investments. This study has been authored by Vaneet Bhatia.

A country like India which imports most of its crude oil needs from other countries ends up paying more money if crude oil prices increase in the international market.(Reuters File Photo)
Published on Jul 14, 2021 04:43 PM IST
ByOP Jindal Global University

India may turn to Iran, Venezuela for oil imports

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

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)
Updated on Feb 22, 2021 07:20 AM IST
ByRajeev Jayaswal, Hindustan Times, New Delhi

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

India has relaxed coronavirus-led restrictions in lower risk areas, which is expected to improve demand and scale up crude processing.

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)
Updated on Jun 20, 2020 11:13 AM IST
ByReuters | Posted by Kanishka Sarkar

Curb on edible oil imports leads to domestic inflation

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.

India’s policy makers seem to have slipped on oil while trying to balance foreign and domestic policy goals.(AFP)
Updated on Feb 23, 2020 12:34 AM IST
Hindustan Times, New Delhi | ByAbhishek Jha and Roshan Kishore

India to double US oil imports to cut reliance on others

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.

Oil purchases from the US, which started in 2017-18, have already crossed about 6 million tonnes a year.(AP File Photo)
Updated on Jan 11, 2020 04:02 AM IST
Hindustan Times, New Delhi | ByRajeev Jayaswal and Rezaul H Laskar

India can buy oil from Iran as US agrees to waiver

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

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)
Updated on Nov 02, 2018 11:34 PM IST
Hindustan Times, New Delhi | ByRezaul H Laskar and Yashwant Raj

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

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.

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)
Updated on Sep 04, 2018 08:35 AM IST
New Delhi | ByReuters

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

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.

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)
Published on Jul 04, 2018 11:09 PM IST
Hindustan Times, New Delhi | By

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

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 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)
Updated on Jul 03, 2018 12:09 AM IST
Hindustan Times, Washington | ByYashwant Raj, Washington

India plans to cut oil imports from Iran, say officials

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 worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China.(REUTERS File Photo)
Updated on Jun 28, 2018 05:53 PM IST
Press Trust of India, New Delhi | ByPress Trust of India

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

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

A file photo of US President Donald Trump with India's Prime Minister Narendra Modi in Manila, Philippines November 13, 2017.(Reuters)
Updated on Jun 27, 2018 08:40 PM IST
Hindustan Times, Washington | ByYashwant Raj
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