2024-06-26 06:50:00
RUSSIAN OIL FOR INDIA UP
REUTERS - June 21, 2024 - India's oil imports from Russia rose to a record of about 2.1 million barrels per day (bpd) in May as discounts for Russian oil widened on lower demand from China, according to trade sources and shipping data.
That boosted Russia's share in the world's third largest importer and consumer to nearly 41% last month, the data showed.
Meanwhile, supply from Saudi Arabia dropped to a 10-month low, the data showed, after Saudi Aramco hiked term prices for a second month in May.
Refiners in India have been gorging on Russian oil, sold at a discount after some European nations shunned purchases from Moscow over its invasion of Ukraine in February 2022. Also, similar grades from regions mainly in the Middle East are costlier.
India shipped in about 5.1 million bpd oil in May, a growth of about 5.6% from April, the data shows.
India's Russian oil imports in May rose 14.7% from April and 5.9% from a year ago, the data shows.
"Russian oil was available in plenty and at better discounts last month due to lower demand from China," said an official at one of the Indian refineries.
Indian private refiners Reliance Industries (RELI.NS), opens new tab and Nayara Energy, majority owned by Russian entities, have signed a term deal to buy Russian oil.
In contrast, state-refinersIndian Oil Corp (IOC.NS), opens new tab, Bharat Petroleum Corp (BPCL.NS), opens new tab, Hindustan Petroleum (HPCL.NS), opens new tab and Mangalore Refinery and Petrochemicals (MRPL.NS), opens new tab are buying Russian oil from the spot markets.
Russia continued to be the top oil supplier to India, followed by Iraq and Saudi Arabia.
Indian refiners shipped in 508,500 bpd Saudi oil in May, down 16.4% from April, and 1 million bpd from Iraq up 22.2% on month, the data showed.
Also, last month Indian refiners received 176,000 bpd oil from the U.S., the data showed.
Higher intake of Russian oil has been denting the share of the Middle Easter oil in India's crude mix and also that of oil producers cartel OPEC, the data showed.
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Earlier:
2024, May, 14, 06:55:00
RUSSIAN OIL EXPORTS UP
Total Russian seaborne crude exports reached 3.9 million-4 million b/d in March and April, boosted by multi-month high shipments to India, and around the highest since Russia invaded Ukraine in February 2022.
2024, May, 8, 06:55:00
RUSSIAN OIL REVENUE UP TWICE
Proceeds for the Russian budget from oil-related taxes jumped to 1.053 trillion rubles ($11.5 billion) last month compared to nearly 497 billion rubles in April 2023, according to Bloomberg calculations based on Finance Ministry data. Total oil and gas revenues in April increased nearly 90% year-on-year, to 1.23 trillion rubles, according to the data.
2024, May, 3, 06:55:00
RUSSIAN OIL FOR INDIA ANEW
The acceptance of Sovcomflot tanker by the country’s largest refiner carries significance as it could embolden other smaller refiners to also use the Sovcomflot vessels for their oil purchases from Russia.
2024, April, 12, 06:50:00
RUSSIAN OIL PRICE ABOVE $80
While Urals has been above $60 almost all year, this month’s surge to well above $70 will stretch the credibility of those attestations for traders wanting to keep using western services.
2024, April, 8, 06:45:00
RUSSIAN OIL FOR INDIA
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.
2024, February, 13, 06:50:00
RUSSIA, INDIA NUCLEAR COOPERATION
Kudankulam, about 100 kilometres from the port city of Tuticorin in the state of Tamil Nadu at the southern tip of India, is already home to two operating Russian-VVER 1000 pressurised water reactors: Kudankulam 1 has been in commercial operation since 2014 and Kudankulam 2 since 2017.
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.
