Oil Imports

India's edible oil import rose 38.5 per cent to 15.9 lakh tonne in November mainly due to sharp jump in shipments of crude sunflower oil and crude soyabean oil, according to industry data. On Thursday, Solvent Extractors' Association of India (SEA) released the data of import of vegetable oil (edible and non-edible ) for November. As per the data, import of vegetable oils during November, the first month of the 2024-25 oil marketing year, rose 40 per cent to 16,27,642 tonne compared to 11,60,590 tonne a year ago. Out of total vegetable oil import, India imported 15,90,301 tonne of edible oil in November as against 11,48,092 tonne in the same month last year. Import of non-edible oils increased to 37,341 tonne compared to 12,498 tonne in November 2023. Oil marketing year runs from November to October. In edible oil category, the import of RBD palmolein during November 2024 increased to 2,84,537 tonne compared to 1,71,069 tonne in the year-ago period. Import of crude sunflower oil

The United States on Tuesday imposed sanctions on 35 entities and vessels, including two from India, for transporting Iranian oil to other countries. The two India-based entities are Vision Ship Management LLP that manages and operates the PHONIX, and Tightship Shipping Management (OPC) Private Limited. Entities and vessels from the United Arab Emirates, China, Liberia, China, Hong Kong among others have also been slapped with sanctions. In a statement, the Department of Treasury said this action imposes additional costs on Iran's petroleum sector following Iran's attack against Israel on October 1, as well as Iran's announced nuclear escalations, building upon the sanctions issued on October 11. Petroleum revenues provide the Iranian regime with the resources to fund its nuclear program, develop advanced drones and missiles, and provide ongoing financial and material support for the terrorist activities of its regional proxies, it said. Acting Under Secretary for Terrorism and ..

India, the world's third biggest oil importer and consumer, has been gorging on Russian oil

India's import of edible oils fell 29 per cent annually in September to 10,64,499 tonnes due to lower inward shipments of crude and refined palm oils, according to industry data. Import of edible oils stood at 14,94,086 tonnes in the same month last year. Solvent Extractors' Association of India (SEA) on Friday released the import data for vegetable oils (both edible and non-edible) for September. Imports of non-edible oils fell to 22,990 tonnes in September from 57,940 tonnes in the year-ago period. According to the data, import of vegetable oils in September declined 30 per cent to 10,87,489 tonnes compared to 15,52,026 tonnes a year earlier. In the edible oil category, the SEA data showed that import of crude pall oil declined to 4,32,510 tonnes last month from 7,05,643 tonnes in September last year, while refined palm oil shipments were down to 84,279 tonnes from 1,28,954 tonnes. Imports of crude sunflower oil also declined to 1,52,803 tonnes from 3,00,732 tonnes. SEA attrib

International non-profit organisation Climate Group kicked off the annual Climate Week NYC on Sunday, urging countries to tax imports of oil and gas to fund the green transition, remove barriers to renewable energy expansion, and rapidly reduce methane emissions. Organised by Climate Group in partnership with the United Nations, Climate Week NYC is an annual event held in New York City that brings together world leaders, businesses, activists, and organisations to discuss and accelerate global climate action. Releasing a seven-point to-do list to get the world on track with climate goals, Climate Group said the UN climate negotiations and the implementation of agreements alone are not delivering the speed of emissions cuts needed to avoid breaching the 1.5 degrees Celsius guardrail. According to the Intergovernmental Panel on Climate Change, the world needs to reduce greenhouse gas emissions by at least 43 percent by 2030 (compared to 2019 levels) and by at least 60 percent by 2035

India and Brazil deepen energy ties as Petrobras meets with the Union Minister of Petroleum and Natural Gas Hardeep Singh Puri in Brasilia

Oil priced above $60/barrel reaching India from Russia

European countries and Japanese businesses are buying from Russia, so India is not alone, he said

The government has asked edible oil processors not to hike retail prices following recent increase in import duties, as there is enough stock of cooking oils that were shipped at a lower duty. The food ministry said the stocks imported at lower duties would easily last 45-50 days, and therefore the processors should refrain from increasing maximum retail prices (MRP). Last week, the Centre implemented an increase in the basic customs duty on various edible oils to support domestic oilseed prices. Effective September 14, 2024, the basic customs duty on crude soyabean oil, crude palm oil, and crude sunflower oil has been raised to 20 per cent from nil, making the effective duty on crude oils to 27.5 per cent. Additionally, the basic customs duty on refined palm oil, refined sunflower oil, and refined soyabean oil has been increased from 12.5 per cent to 32.5 per cent, making the effective duty on refined oils to 35.75 per cent. On Tuesday, Food Secretary Sanjeev Chopra chaired a mee

The world's biggest crude importer saw arrivals of 11.56 million bpd in August, while domestic output was 4.20 million bpd, given a total of 15.76 million bpd available to refineries

India's crude soyabean oil imports reached a seasonal high of 4,54,639 tonnes in August, even as local soyabean prices have dropped below the minimum support price (MSP), industry body Solvent Extractors Association (SEA) said on Thursday. According to SEA, crude soyabean oil imports in August 2023 stood at 3,57,890 tonnes. The share of non-palm oils, including soyabean oil, made up 48 per cent of the total vegetable oil imports. The surge in imports comes as local soyabean prices dropped below the MSP, raising concerns about farmers' income with the new crop's arrival expected in the coming weeks. SEA praised the government's efforts to procure soyabean at MSP in Madhya Pradesh, Maharashtra and Karnataka, but suggested increasing import duties on crude and refined edible oils by 20 to 25 per cent across the board as a more effective solution. "This will translate into remunerative price to the farmers for his produce and the market forces will be able to pay above MSP price to the

The difference between the forecasts of OPEC and IEA, amounting to 0.93 million bpd, underscores the widening divide between these key institutions

India may have bought over $1 bn of US oil in August; increasing such shipments helps it to trim trade surplus with the US

A proposal has been made by the farm ministry and a final decision will be made by the Department of Revenue, which falls under the finance ministry, said another government official

India surpassed China's July oil imports from Russia of 1.76 million bpd via pipelines and shipments, based on Chinese customs data

The import volumes included purchases under ordinary trade, which are subject to import duty and consumption tax, as well as imports into bonded storage

The rupee remained under pressure during the week due to persistent outflows from domestic equities, said dealers

India's largest privately owned refiner plans to start purchasing Venezuelan crude soon, said the people, who asked not to be named as the information is not public

Refiners in India together shipped in 1.98 million barrels per day (bpd) of Russian oil in June, down 3.7% from the previous month, the data showed.

Thriving in a war economy: Amid heavy sanctions, Russia's economy defied expectations, achieving a high-income status for the first time since 2014, according to the World Bank