Crude oil imports in India slightly increased during June

The net import bill for oil and gas was $9.5 billion in June 2023 compared to $13 billion in June 2022, according to PPAC.

India mulls building strategic natural gas storage facilities

The aim is to have a substantial gas stockpile that can be utilised during emergencies and supply disruptions. It would also serve as a safeguard against extreme price volatility in the international market. The idea is still in the preliminary stage, and discussions have taken place with global players specialising in gas storage, according to

India reimposes tax on domestic crude production

The government has reimposed a tax of 1,600 rupees/t ($2.66/bl) on domestic crude output from 15 July, after slashing it to zero on 16 May. The federal government revises the windfall tax rates every two weeks but had kept the levy at zero over the last two months. India has reimposed the windfall tax even

Venezuelan crude exports heading to US

The easing of US sanctions has seen nearly a quarter of Venezuelan crude head to the US in the first four months of 2023 in a dramatic shift for tanker trading patterns in the western hemisphere.

Indian crude processing remained near record levels

Indian refiners’ crude oil processing remained near record levels in February, provisional government data showed, catering to rising demand in the world’s third biggest oil importer and consumer. Refinery throughput was 2% higher year-on-year at 5.46 million barrels per day (20.85 million tonnes) for February. Throughput stood at 5.39 million barrels per day (22.80 million

Crude oil processing in India rises 4% in December

Indian refiners’ crude oil processing in December rose about 4% from a year earlier, provisional government data showed, in line with elevated demand in the world’s third-biggest oil importer and consumer. Crude oil production last month was at 586,700 barrels per day (2.48 million tonnes), down nearly 1.2% year on year, the data showed, on

US could become world’s largest exporter of crude oil in 2023

The US could become a net exporter of crude oil, amidst sanctions against Russia’s exports of oil and natural gas following its invasion of Ukraine, with the Washington’s massive release of oil from emergency reserves to combat surging gas prices. Sales of US crude to other countries have reached a record 3.4 million barrels per

Essar to build petrochemical complex in Odisha

India’s Essar Group is planning to construct a petrochemical complex in the eastern state of Odisha, with an investment of Rs400bn ($4.92bn). Planned to be built with a potential partner, the oil to petrochemical complex will be equipped to have an annual capacity of 7.5 million tonnes. Essar made the announcement at the third edition

For India West Arctic Ocean becomes major source of crude

A new source of Russian crude has emerged for India – the West Arctic Ocean. This new activity which has only been seen this year, started around March on aframax and suezmax tankers, as data from energy analytics firm Vortexa shows. Aframax tonne-miles out of the West Arctic Ocean were typically directed towards Europe, something

New crude oil may require new design

As US production of crude oil continues to climb towards its pre-pandemic production levels of 13 million barrels a day – a welcome development given high gas prices – the need for new investment to facilitate exports and imports is growing. While US consumption almost equals what we produce, we still export and import a