India Oil Imports

India imports Russian oil worth 49 bn euro in 3rd year of Ukraine invasion

India, the world's third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow's invasion of Ukraine, a global think tank said. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022. This is primarily because Russian oil was available at a significant discount to other international benchmarks due to western sanctions and some European countries shunning purchases. This led to India's imports of Russian oil seeing a dramatic rise, growing from less than 1 per cent of its total crude oil imports to a staggering 40 per cent in a short period. "Russia's stronghold over new markets has solidified in the third year of the invasion. The three biggest buyers, China (EUR 78 billion), India (EUR 49 billion) and Turkey (EUR 34 billion) were responsible for 74 per cent of Russia's total revenues from fossil ..

Modi-Trump meeting: Trade, security, immigration discussed; key takeaways

Modi-Trump meeting: The discussions between the two leaders extended beyond trade, touching on collaborations in global security, Russia-Ukraine conflict, and more

Russian oil suppliers must provide sanctions-compliant cargoes: Oil secy

Widened sanctions on Moscow by western countries including the United States have roiled global oil trade and forced buyers of discounted Russian crude to find new ways to maintain their purchases

India open to buying energy from all sources at lowest rates, says Puri

Union Oil Minister Hardeep Singh Puri on Monday said that India is open to energy imports from all sources at the lowest rates and domestic oil marketing firms are looking for more gas which is expected to cost less in 2026. Addressing a presser on Indian Energy Week 2025 beginning on Tuesday, Puri allayed fears of impact on energy supplies to India from Russia after US sanctions. Today we have a situation that we have (increased) from 27 suppliers to 39 suppliers. We added Argentina among others. We are open to import from all sources." "We issued tenders at the importation. Those tenders are open to any supplier. We buy from the cheapest source possible." He also informed that domestic (oil marketing firms) companies are looking for more gas. "We also expect the prices of gas (natural gas) to come down. My reading of the international market is that in 2026 you will begin to see a major increase in the availability of natural gas. We may get more gas from Qatar. Our companies ar

Trade, energy imports in focus as PM Modi to meet Trump during key US visit

PM Modi's US visit takes on added significance as Donald Trump plans to introduce reciprocal tariffs, with an announcement expected just before the Indian PM's arrival in Washington DC

Russia oil trade with China, India stalls as sanctions drive up costs

Washington imposed fresh sanctions on Jan 10 targeting Russia's oil supply chain, causing tanker freight rates to soar as some buyers and ports in China and India steered clear of sanctioned ships

India eyes bigger slice of US energy supplies, says Hardeep Singh Puri

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, highlighted the stability of the global oil market, supported by increased supplies from the US, Brazil, Guyana, Suriname, and Canada

Weaker rupee to push India's import bill due to higher payments: GTRI

The weaker rupee will push the country's import bill due to higher payments for crude oil, coal, vegetable oil, gold, diamonds, electronics, machinery, plastics, and chemicals, economic think tank GTRI said on Friday. Citing an example, it said the depreciating domestic currency will increase India's gold import bill, especially as global gold prices have jumped 31.25 per cent, rising from USD 65,877 per kg in January 2024 to USD 86,464 per kg in January 2025. Since January 16, last year, the Indian Rupee (INR) has weakened by 4.71 per cent against the US dollar, falling from Rs 82.8 to Rs 86.7. In the last ten years, between January 2015 and 2025, the INR has weakened by 41.3 per cent against the US dollar, falling from Rs 41.2 to Rs 86.7, the Global Trade Research Initiative (GTRI) said in its report. In comparison, the Chinese Yuan depreciated by 3.24 per cent, from Yuan 7.10 to Yuan 7.33. "Overall, weaker INR will inflate import bills, raise energy and input prices, leading to

Oil prices rise 2% to 4-month high on impact of Russian sanctions

Analysts and energy traders said the sanctions will push China and India to source more crude from the Middle East, Africa and the Americas, boosting prices and shipping costs

Saudi oil giant ups crude prices for Asian buyers amid tightening supply

The world's top oil exporter Saudi Aramco announced its first crude oil price hike in three months

India's crude imports could face problems in 2025 due to geopolitical risks

The US Energy Information Administration predicted global oil price benchmark Brent to average $73.58 per barrel in 2025 in its latest short-term energy outlook

Middle East share of India's Nov oil imports at 9-month high; Russia down

Refiners in India have been gorging on cheaper Russian oil despite problems posed by sanctions aimed at reducing Moscow's oil revenue

India's import of Russian oil drops in Nov to lowest level since June 2022

India's import of Russian crude oil dropped in November to its lowest level since June 2022 but the Kremlin continues to be the biggest source of oil for India, according to a monthly tracker report of a European think tank. India became the second biggest buyer of Russian crude oil since Moscow invaded Ukraine in February 2022, with purchases rising from less than one per cent of the total oil imported to almost 40 per cent of the country's total oil purchases. The rise was primarily because the Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow. "India's imports of Russian crude oil dropped by a massive 55 per cent in November - the lowest figure since June 2022," the Centre for Research on Energy and Clean Air (CREA) said its latest report. Russia remained India's top oil supplier, followed by Iraq and Saudi Arabia. "China has bought 47 per cent of Russia's crude exports,

Festivals lift India's edible oil imports to four-month high in Nov

Palm oil imports edged 0.5 per cent higher in November from the previous month to 850,000 metric tons, according to estimates from dealers

India's veg oil imports likely to decline further in 2024-25, says SEA

Weather has been favourable for Indian crops this year, resulting in higher production of soybean and ground nuts, Mehta said, adding that rapeseed output was also expected to rise

Eyeing $87 bn investment in petrochemicals sector over next decade: Puri

He said India's per capita petrochemical consumption is far below developed nations, which offers opportunities of higher investment in the sector

India's crude oil import bill surge 12% in H1 FY25 amid domestic slump

Crude oil imports amounted to 120.5 million tonnes between April and September, representing a 4 per cent increase from the 115.9 million tonnes imported during the corresponding period last year

India aims to double edible oil output to cut down reliance on imports

Last month, India raised the basic import tax on crude and refined edible oils by 20 percentage points to help protect farmers struggling with lower oilseed prices

India in discussion to raise oil imports from Brazil: Hardeep Singh Puri

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

Russian insurance shores up oil exports to top buyer India, shows data

Over 60 per cent of Russia's seaborne oil exports go to India