india – Oil & Gas 360

Russian Rosneft, India’s Reliance strike biggest-ever oil deal

December 12, 2024

(Oil Price) – Russia’s state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day (bpd) of crude to India’s Reliance Industries in the biggest oil supply deal between the two countries, Reuters reported on Thursday. The 10-year agreement is worth roughly $13 billion a year at current prices. Under the deal, Rosneft will deliver 20-21 Aframax-sized cargoes (80,000 to 100,000 metric tons)

Canadian crude exports from US Gulf Coast largely unaffected by TMX startup

July 19, 2024

Oil Price Canadian crude exported from the U.S. Gulf Coast in June clocked in at 1500,000 barrels per day, only slightly lower than average despite the commissioning of the expanded 590,000 b/d Trans Mountain pipeline (TMX) in May. TMX has the potential to cut shipments from the U.S. Gulf Coast to India, China, and South Korea if more oil from Canada’s West

Fuels from Russian oil gets backdoor entry into Europe via India

April 5, 2023

Nasdaq NEW DELHI – Record high imports of crude oil from Russia in fiscal 2022-23 helped India’s refiners boost exports of diesel and jet fuel to Europe as the continent shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa showed. Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products

U.S. says had constructive talks with India on Russian oil price cap plan

August 26, 2022

BOE Recorder NEW DELHI: The United States had constructive discussions with Indian officials on a proposal to cap prices of Russian oil, US Deputy Treasury Secretary Wally Adeyemo said on Friday, as it seeks global support for a proposal to cut Russian revenue. India and China have stepped up oil purchases from Russia after the Ukraine invasion at a discount

Exclusive: Russia seeking oil payments from India in dirhams

July 18, 2022

Yahoo NEW DELHI – Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the U.S. dollar to insulate itself from the effects of Western sanctions. Russia has been hit by a slew of sanctions from the United States and its allies

India in talks to increase Russian oil imports from Rosneft

June 7, 2022

World Oil (Bloomberg) — India is looking to double down on its Russian oil imports with state-owned refiners eager to take more heavily-discounted supplies from Rosneft PJSC as international buyers turn down dealings with Moscow over its invasion of Ukraine. State processors are collectively working on finalizing and securing new six-month supply contracts for Russian crude to India, said people

Indian April crude processing rises as cheap Russia oil boosts returns

May 24, 2022

Reuters India’s April crude oil imports were the highest in 3-1/2 years as the world’s third biggest oil importer and consumer ramped up discounted Russian oil purchases to fuel a recovery in demand and fight high prices. Crude oil imports increased by about 9.7% from March and were up about 14.3% from a year earlier at 20.87 million tonnes, the

India is snapping up cheap Russian oil, and China could be next

March 28, 2022

CNBC There’s been a “significant uptick” in Russian oil deliveries bound for India since March after Russia’s invasion of Ukraine began — and New Delhi looks set to buy even more cheap oil from Moscow, industry observers say. China, already the largest single buyer of Russian oil, is also widely expected to buy more oil from Russia at deep discounts,

Column: India joins trend to use strategic crude reserves to offset high oil prices

July 27, 2021

Reuters LAUNCESTON, Australia – India’s move to commercialise its strategic crude oil reserves is another sign that major Asian importers are taking steps to mitigate the high prices caused by the OPEC+ group’s output cuts. India, the second-biggest crude importer in Asia behind China, aims to commercialise half of its strategic petroleum reserve (SPR), Reuters reported on July 22 citing

Oil prices jump but India coronavirus cases weigh

May 14, 2021

Reuters LONDON – Oil prices rose on Friday, reversing some of the previous day’s sharp losses as stock markets strengthened and the U.S. dollar slipped, though gains were capped by the coronavirus situation in major oil consumer India. Brent crude oil futures were up $1.23, or 1.8%, at $68.28 a barrel by 1349 GMT and West Texas Intermediate (WTI) crude

Oil prices set for weekly gain despite India virus surge

May 7, 2021

Reuters LONDON – Oil prices steadied on Friday and were set for a weekly gain against the backdrop of optimism over a global economic recovery, though the COVID-19 crisis in India capped prices. Brent crude futures were up 1 cent at $68.12 a barrel by 0813 GMT and U.S. West Texas Intermediate (WTI) crude eased by 2 cents to $64.69.

LNG cargoes diverted from India as COVID crisis dampens demand -sources

May 3, 2021

Reuters Liquefied natural gas (LNG) cargoes are being diverted away from ports in India as surging coronavirus cases there hamper domestic gas demand, trade and shipping sources said on Monday. Six LNG tankers diverted away from India since April 20, changing the destination to northeast Asia, Europe and Kuwait instead, said Rebecca Chia, an analyst with data intelligence firm Kpler.

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