2024-04-08 06:45:00
RUSSIAN OIL FOR INDIA
BLOOMBERG - Apr 4, 2024 - The US never expected India to stop importing Russian oil as it’s in Washington’s interest to keep energy flowing to prevent any supply shocks caused by the Ukraine war, US Treasury Assistant Secretary for Economic Policy Eric Van Nostrand said.
“What the sanction regime intends to do is to reduce Putin’s revenue,” Van Nostrand said on Thursday at an event in New Delhi. Russian oil will no longer be the same product once processed in refineries, and therefore not a target for penalties.
The trading of Russian oil is currently restricted by a strategy employed by the Group of Seven, which involves a $60-a-barrel price cap on Russian crude from December 2022. Buyers can still purchase crude above price cap, but in doing so they would lose critical western financing and insurance services for cargoes.
Russia, which prior to invading Ukraine had an insignificant role in India’s oil basket, has seen exports to India swell since the start of the war and consequent Western sanctions, becoming the country’s top supplier.
Despite pressures from the West and the cost of the ongoing war, Russia’s oil and gas tax revenue almost doubled in March from a year earlier. The nation’s producers adapted to sanctions through a large “shadow fleet” of tankers, said US Acting Assistant Secretary for Terrorist Financing Anna Morris, speaking at the same event.
The cost of Russian Urals crude fell to a $17 to $18-a-barrel discount to global prices in January and February this year, down from a $12 to $13 discount earlier.
“Russia will react to an effective price cap by continuing to invest money to avoid our sanctions, requiring us to continue to adapt and innovate in our strategy,” Morris said.
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Earlier:
2024, March, 7, 06:45:00
INDIA NEED MORE COAL ENERGY
Prime Minister Narendra Modi's government, which has cited energy security concerns and low per-capita emissions to defend India's coal dependence, has been trying to attract private investment to boost its coal-fired capacity by 80 GW by 2032
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INDIA NEED RUSSIAN OIL
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2024, February, 20, 06:45:00
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India's natural gas consumption in 2024 will likely grow 5%-6% corresponding to an estimated economic growth of 6%-7%,
2024, February, 13, 06:55:00
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India has remained neutral in the West’s standoff with Russia following the invasion of Ukraine, seeing it as an opportunity to buy discounted Russian barrels.
2024, February, 9, 06:40:00
INDIA'S ENERGY DEMAND WILL DOUBLE
"India currently ranks as the world's third-largest energy consumer, oil consumer, and liquefied petroleum gas consumer. Additionally, it stands as the fourth largest importer of liquefied natural gas, refiner, and automobile market globally. Presently, India is witnessing record-breaking sales in both two-wheelers and four-wheelers, alongside a growing demand for electric vehicles," Modi added.
2024, February, 7, 06:55:00
RUSSIAN OIL FOR INDIA
Oil imports from Russia, negligible before Moscow’s invasion of Ukraine, climbed steadily through 2022 and the first half of last year as India saw an opportunity to procure discounted barrels. Russia overtook traditional suppliers like Iraq and Saudi Arabia.
2024, February, 2, 06:55:00
INDIA NEED OIL REFINING
India’s refining capacity is projected to increase by 56 million tons by 2028, Junior Oil Minister Rameswar Teli said last month, without elaborating. That equates to an overall capacity boost of 22%, or 1.12 million barrels a day.
