India expects uninterrupted Russian oil supply for another two months

India does not expect any disruption to Russian oil supply in the next two months as US-sanctioned tankers are allowed to discharge crude until March. The US. Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegaz, as well as 183 vessels that have shipped Russian oil, targeting revenue Moscow has used

India’s private refiners cut Russian crude imports as discounts narrow

India’s private refiners, including Reliance Industries Limited and Rosneft-backed Nayara Energy, have reduced their imports of Russian crude by 18% month-on-month in November 2024, as the discount on Russian oil has narrowed. According to energy cargo tracking firm Vortexa, private refiners imported a total of 726,585 barrels per day (bpd) from Russia in November, down

BPCL Russia oil intake share falls to 34% in Sept quarter

Indian refiner Bharat Petroleum Corp’s use of Russian oil fell to 34% of the total intake for crude processing in the July-September quarter due to a maintenance shutdown of units at its Bina and Kochi refineries, its finance head said. The state-run company, which can process about 706,000 barrels per day (bpd) at its three

Russia’s seaborne diesel exports fall

Russia’s seaborne diesel and gasoil exports are expected to fall in August to the lowest since September 2023 at 2.7 million-2.8 million metric tons due to refinery maintenance and domestic fuel demand, according to LSEG and market data sources. Russia’s refinery runs in August were steady or slightly higher than in July, but diesel production

India, China top buyers of Russian VGO in May

India and China were the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in May. Russian fuel oil and VGO seaborne exports last month rose 12% from April to about 4 million metric tons, helped by completion of seasonal maintenance. The European Union’s full embargo on Russian oil products went into

India, Egypt top destinations for Russian seaborne fuel oil

India and Egypt were the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in April, traders said and LSEG data showed. In total, Russian fuel oil and VGO seaborne exports fell in April by 10% month-on-month to about 3.32 million tons, as refining capacity idled due to maintenance, technical outages and

ICRA says oil import bill to rise to $101-104 billion in FY25

India’s net crude oil import bill could reach $101-104 billion in the current financial year 2024-25 from $96.1 billion in FY24 provided the discounts on Russian crude purchase remain at prevailing lower levels amid rising import dependency, Icra said in its latest report. The estimate assumes an average crude oil price of $85 per barrel

India grants approval for marine insurance cover to Russian tankers

In a significant development, the Indian government has granted approval to three Russian insurance firms to offer marine insurance cover to tankers, facilitating the transportation of Russian crude oil to India. This move comes amidst the European Union’s ban on insurance and other maritime services for tankers carrying Russian crude oil. The Directorate General of

US not asked India to halt Russian oil imports

The United States has not asked India to cut Russian oil imports as the goal of sanctions and the G7-imposed $60 per barrel price cap is to have stable global oil supplies while hitting Moscow’s revenue, an American treasury official said. India has emerged as one of the top buyers of Russian sea-borne oil since

G7 attempts to clamp down on the Russian oil price cap

The US imposed the first sanctions for violations of the price cap on Russian oil introduced by the Group of Seven 10 months ago with sanctions placed on two firms and two vessels The US Treasury Department sanctioned United Arab Emirates-based Lumber Marine, the registered owner of SCF Primorye, and Turkey’s Ice Pearl Navigation Corp,