Page 7 - Russia Oil Production

Price caps on Russia's oil cutting revenue nearly in half, says US official

A top Treasury Department official said Thursday that the cap on the price of Russia's oil is severely curtailing its greatest source of revenue as it wages war in Ukraine. When the United States and other economic powers in the Group of Seven, along with the European Union and Australia, last year announced an ambitious plan to cap the price of Russian oil, U.S. officials said it would deliver a crippling blow to Russia's economy. In just six months, the price cap has contributed to a significant decline in Russian revenue at a key juncture in the war, Deputy Treasury Secretary Wally Adeyemo said in remarks Thursday at the Center for a New American Security, pointing to a nearly 50% drop in Russian oil revenues compared with a year prior. The price cap was rolled out to equal parts skepticism and hopefulness that the policy would stave off Russian President Vladimir Putin's invasion of Ukraine. In addition to the price cap, the allied nations have hit Russia with thousands of ...

First shipment of discounted Russian crude oil arrives in Karachi: Pak PM

Pakistan Prime Minister Shehbaz Sharif on Sunday announced that the first shipment of discounted Russian crude oil has arrived in the port city of Karachi, a development that will provide relief to the people hit by skyrocketing inflation. Pakistan, which is currently grappling with high external debt and a weak local currency, is hoping that snapping crude at discounted rates from Russia will stabilise oil prices in the country. Petrol now costs Rs 262 per litre in the country. A cargo ship carrying about 45,000 metric tonnes of Russian crude oil docked at a port in Karachi on Sunday. I have fulfilled another of my promises to the nation. Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin discharge tomorrow, Prime Minister Sharif tweeted. Today is a transformative day. We are moving one step at a time toward prosperity, economic growth, and energy security & affordability, he said. Sharif added that this was the beginning of

Russian crude oil imports by China, India hit all-time high in May

However, they are unlikely to deepen supply cuts at the Sunday meeting despite lower prices, four sources from the alliance told Reuters

India's import of discounted Russian crude hits all-time high in May

Russian oil supplies exceeded the combined shipments of the next six biggest shippers, including Iraq, Saudi Arabia, Mexico, UAE, Kuwait and the US in May

Crude imports from Russia jumped 14x in FY23, says RBI annual report

The country's overall import of crude oil rose to $162.2 billion in FY23, up from $107.5 billion, data from the Department of Commerce shows

Pakistan keen to pay for more Russian oil imports with Chinese Yuan

Pakistan's first cargo of Russian oil will arrive within a month, and was purchased at a discount, a spokesman in the energy ministry's petroleum division said in response to questions

ONGC to get dividend from Russian field; repatriation of income an issue

PSUs have found it challenging to repatriate their dividend incomes from some other Russian oil and gas fields as well, thanks to the Western sanctions

How Russian oil is still powering Europe's cars with help from India

Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler's data show

TMS Ep420: Russian crude oil, Sanjay Mehrotra, travel stocks, LRS

Is the India-Russia oil honeymoon ending? Who is Sanjay Mehrotra? Should you buy travel stocks ahead of holiday season? What are the key changes in LRS? All answers here

India's unabated tryst with Russian crude oil is slowly coming to an end

Russian oil now trades above the G-7 price cap, leaving India searching for creative solutions to fill the breach

India, China snap up Russian oil in April above 'price cap': Report

The advocates of the cap say it reduces revenues for Russia while allowing oil to flow, but its opponents say it is too soft to force Russia to backtrack on its activities in Ukraine

India's trade deficit with Russia grows seven-fold to $34.79 billion

MIND THE GAP: Ever-growing trade gap due to consistent rise in imports from Russia after its stand-off with Ukraine

Crude oil at sea surges in fresh sign of Russian flows going farther

The increase reflects the recasting of the global oil market following Russia's invasion of Ukraine

Russia's flagship oil moves closer to $60/barrel cap threshold

The Group of Seven nations last year imposed a cap of $60 a barrel on crude shipped from Russia to limit the Kremlin's profits amid the war in Ukraine

Western curbs on Russian oil products redraw global shipping map: Analysis

The redrawing of the shipping map underscores the knock-on effects of Western efforts to punish Russia over its invasion of Ukraine last year, adding to fuel supply insecurity and pushing up prices

Ukraine war: Is India complying with the Russian crude oil price cap?

Uncertainty about how much India pays is part of the murkiness around Russian oil flows more generally, as the trade shifts from the Atlantic basin to Asia and from large traders to smaller entities

Iraq reaches out to Indian refiners to discuss crude oil discounts

Focus on buying Russian crude has led to a decline in imports from West Asia

India jostles with China for April ESPO crude from Russia, prices jump

Indian refiners mostly buy Russian oil on a delivered basis, with the seller arranging for insurance, freight and ship

Explained: Why Indian consumers don't gain from Russian crude oil

Supplies from Russia come at a substantial discount to global prices, but Indian pump prices have remained unchanged for nearly ten months

India's Russian oil imports surge to a record 1.4 mn barrels per day in Jan

Last month Russian oil accounted for about 27% of the 5 million bpd of crude imported by India, the world's third-biggest oil importer and consumer