India Russia Crude

A fierce battle is brewing in India where Russia has undercut the price of oil from its OPEC+ ally Saudi Arabia, paving the way for Moscow to expand market share in one of the biggest crude importers.

India is in talks with Russia over a deal to buy oil at discounted rates, the chairman of India's state-run Hindustan Petroleum Corp. said.

The volumes of India's seaborne oil imports from Russia exclude CPC Blend oil, which is also exported via Russia's Black Sea port, but mostly supplied by Kazakhstan's subsidiaries of western countries as transit volumes.

Russian importers are reaching out to small Indian businesses to secure fresh produce, auto parts, medical devices and other key goods that are growing scarce due to international sanctions, people familiar with the matter in both Russia and India said.

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.

European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb. 24, but India has not explicitly condemned the action.

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 highest since October 2018, according to Petroleum Planning and Analysis Cell data on Friday.

India's crude oil imports from Russia have jumped over 50 times since April and now make up for 10 per cent of all crude bought from overseas

Russian grades accounted for about 16.5% of India's overall oil imports in May

Imports of Russian crude by India hit a record high in May, and will likely rise again in June, according to data compiled by commodity analysts Kpler.

Data compiled from the IRClass website shows that the Indian Register of Shipping has certified more than 80 ships managed by SCF Management Services (Dubai) Ltd, a Dubai-based, a subsidiary of Sovcomflot.

Sri Lanka has reached out to several companies suggested by Russia's embassy in Colombo to buy crude oil, Energy Minister Kanchana Wijesekera said on Sunday, in an attempt by the debt-ridden island nation.

On Thursday, jet fuel prices were hiked by 16 per cent to catapult rates to an all-time high in step with hardening international oil rates

Russia has become India's second biggest supplier of oil, pushing Saudi Arabia into third place but still behind Iraq which remains number one

Inflation for April 2022 had risen to an eight-year high of 7.79 per cent due to sharp jump in fuel and edible oil prices

A fierce battle is brewing in India where Russia has undercut the price of oil from its OPEC+ ally Saudi Arabia, paving the way for Moscow to expand market share in one of the biggest crude importers.

India is in talks with Russia over a deal to buy oil at discounted rates, the chairman of India's state-run Hindustan Petroleum Corp. said.

The volumes of India's seaborne oil imports from Russia exclude CPC Blend oil, which is also exported via Russia's Black Sea port, but mostly supplied by Kazakhstan's subsidiaries of western countries as transit volumes.

Russian importers are reaching out to small Indian businesses to secure fresh produce, auto parts, medical devices and other key goods that are growing scarce due to international sanctions, people familiar with the matter in both Russia and India said.

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.

European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb. 24, but India has not explicitly condemned the action.

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 highest since October 2018, according to Petroleum Planning and Analysis Cell data on Friday.

India's crude oil imports from Russia have jumped over 50 times since April and now make up for 10 per cent of all crude bought from overseas

Russian grades accounted for about 16.5% of India's overall oil imports in May

Imports of Russian crude by India hit a record high in May, and will likely rise again in June, according to data compiled by commodity analysts Kpler.

Data compiled from the IRClass website shows that the Indian Register of Shipping has certified more than 80 ships managed by SCF Management Services (Dubai) Ltd, a Dubai-based, a subsidiary of Sovcomflot.

Sri Lanka has reached out to several companies suggested by Russia's embassy in Colombo to buy crude oil, Energy Minister Kanchana Wijesekera said on Sunday, in an attempt by the debt-ridden island nation.

On Thursday, jet fuel prices were hiked by 16 per cent to catapult rates to an all-time high in step with hardening international oil rates

Russia has become India's second biggest supplier of oil, pushing Saudi Arabia into third place but still behind Iraq which remains number one

Inflation for April 2022 had risen to an eight-year high of 7.79 per cent due to sharp jump in fuel and edible oil prices