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☆ The Kremlin has never been richer – thanks to a US strategic partner
▼ + stars: | 2024-02-19 | by ( Nick Paton Walsh | Florence Davey-Attlee | ) edition.cnn.com time to read: +9 min

It amounts to US strategic partner New Delhi stepping in to replace crude purchases by Western buyers, reduced by sanctions over Russia’s invasion of Ukraine, the analysis said. The United States led a coalition of countries in late 2022 that agreed to a “price cap,” undertaking not to buy Russian crude above $60 a barrel. Those nations also forbade their shipping companies and insurance firms – key players in global shipping – from facilitating the trade of Russian crude above that price. “The price cap was the real trigger for the creation of the shadow fleet,” said Viktor Katona, head of crude oil analysis at trade research firm Kpler. It will be $150.”India’s complex role in global oil trade is also reflected in the fate of the oil products Russian crude is turned into.

Persons: they’re, ”, David Tannenbaum, Viktor Katona, Tannenbaum, ” Ami Daniel, Vladimir Putin, Howard Shatz, Singh Puri, Rosneft, Daniel, I’m Organizations: CNN, Centre for Research, Energy, Clean, Star, Pole Star, US Treasury, United, Pole Star Global, European Union, RAND, India’s, Petroleum, Natural Gas, CNBC, Nayara, Kremlin Locations: Russia, Ukraine, India, United States, Delhi, Moscow, Laconian Gulf, Greece, Suez, Russian, Kyiv, Vadinar

A state oil company PDVSA's logo is seen at a gas station in Caracas, Venezuela May 17, 2019. The United States on Wednesday lifted for six months most restrictions on Venezuela for producing, selling and exporting oil to its chosen markets. Not all sanctions on PDVSA were lifted by the United States. Before sanctions, India and the United States were other top destinations. PDVSA and Venezuela's oil ministry did not immediately reply to requests for comment.

Persons: Ivan Alvarado, PDVSA, Francisco Monaldi, Rice, Nicolas Maduro's, Monaldi, Maduro, Spain's, Joe Biden's, Marianna Parraga, Will Dunham Organizations: REUTERS, Rights, U.S, Treasury's, Foreign Assets Control, Washington, Chevron, Baker Institute, Venezuelan, Citgo Petroleum, Valero Energy, PBF Energy, India's Reliance Industries, Nayara Energy, Italy's Eni, United, Thomson Locations: Caracas, Venezuela, Venezuelan, United States, U.S, Asia, PDVSA, American, CHINA, EUROPE, China, India, PetroChina, Maduro, Washington

A state oil company PDVSA's logo is seen at a gas station in Caracas, Venezuela May 17, 2019. The U.S. on Wednesday lifted most restrictions on Venezuela for six months for producing, selling and exporting oil to its chosen markets. But it is not expected to significantly boost Venezuela's deteriorated oil production or immediately lead to stronger exports. Venezuela can now receive direct payments for goods or services under the license issued by OFAC, which oversees American sanctions. PDVSA and Venezuela's oil ministry did not immediately reply to requests for comment.

Persons: Ivan Alvarado, PDVSA, Washington, Pedro Tellechea, Francisco Monaldi, Rice, Nicolas Maduro's, Monaldi, Maduro, Spain's, Joe Biden's, Marianna Parraga, Will Dunham, Marguerita Choy Organizations: REUTERS, Rights, U.S, Treasury's, Foreign Assets, Oil, OFAC, Washington, Chevron, Baker Institute, Venezuelan, Citgo Petroleum, Valero Energy, PBF Energy, India's Reliance Industries, Nayara Energy, Eni, Thomson Locations: Caracas, Venezuela, Venezuelan, U.S, Asia, PDVSA, United States, American, CHINA, EUROPE, China, India, PetroChina, Houston, Maduro, Washington

☆ Russian oil sold to India at 30% above Western price cap, traders say
▼ + stars: | 2023-09-28 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

India, which is the world's third biggest oil importer, has become the top buyer of seaborne Russian oil, mainly Urals, since 2022 after Western sanctions against Moscow. Alternatives are much more expensive and not easily available," a trader familiar with the Russian oil market said. Russian Urals oil typically gives higher yields of diesel, which accounts for about two-fifths of India's overall refined fuel consumption. The Western price cap on Russian oil allows buyers to use Western services such as shipping and insurance in the event that crude trades below $60 per barrel. Russian oil is also now being sold to customers in new markets like Brazil, the Indian source said.

Persons: Tatiana Meel, Brent, HPCL Mittal, Nidhi Verma, Alexander Smith, Elaine Hardcastle Organizations: REUTERS, Moscow, Board, Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, Reliance Industries Ltd, Nayara Energy, Reuters, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Ukraine MOSCOW, DELHI, India, Moscow, Saudi Arabia, Baltic, Mangalore, Russian, Turkey, China, Bulgaria, Brazil, New Delhi

☆ Exclusive: India refiners start yuan payments for Russian oil imports -sources
▼ + stars: | 2023-07-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +5 min

It could not immediately be determined how much Russian oil Indian refiners have bought with yuan, although Indian Oil has paid in yuan for multiple cargoes, sources said. The rise in yuan payments has given a boost to Beijing's efforts to internationalise its currency, with Chinese banks promoting its use specifically for Russian oil trade. Indian refiners have also settled some non-dollar payments for Russian oil in the United Arab Emirates' dirham, sources have said. One private refiner has also been using the same mechanism for payments for Russian oil, one of the sources said. Another state refiner, Bharat Petroleum Corp Ltd (BPCL.NS), is also exploring yuan payment for Russian oil, a separate source said.

Persons: IOC's, Rosneft, Nidhi Verma, Tony Munroe, Tom Hogue Organizations: U.S, Indian Oil Corp, Reliance Industries Ltd, Nayara Energy, HPCL Mittal Energy Ltd, Oil, Gazprom Neft, Reuters, United Arab, State Bank of India, NS Bora, Sun Ship Management, European Union, IOC, ICICI Bank, Bank of China, Bharat Petroleum Corp Ltd, Thomson Locations: DELHI, Russia, Moscow, Ukraine, India, China, Saudi Arabia, Indian, Dubai, United Arab Emirates, Iraq, United Kingdom, Bank, Rosneft, ICICI

How India Profits From Its Neutrality in the Ukraine War The Gulf of Kutch in India is home to the world’s largest oil refinery. After Russia invaded Ukraine, tankers laden with Russian oil are an increasingly common sight along this inlet of northwestern India. China and India are buying so much Russian oil now that Moscow is selling more crude than it was before it invaded Ukraine. Russian crude shipments in the Gulf of Kutch this year Total barrels shipped between through May 2023. In December, S. Jaishankar, India’s foreign minister, was asked in Parliament about India’s decision to buy Russian crude.

Persons: Narendra Modi, Modi, Biden, Ukraine Price, —, Mukesh Ambani, India’s, Copernicus, ” Organizations: New York Times, Western, Ukraine, International Energy Agency, European Union, Argus Media, Jamnagar, Reliance Industries, Nayara Energy, Rosneft, Port, Southeast, Center, Research, Energy, Clean, United Arab Emirates, Modi government’s Locations: India, Ukraine, Kutch, Russia, SynMax, United States, Europe, Moscow, West, India China, China, Kpler, East, Jamnagar, Gujarat State, Russian, Gulf, Pipeline, Panipat, Mundra, Vadinar, Jamnagar Port Vadinar Refinery Jamnagar, Port, Nayara, Southeast Asia, Africa, Finland, Turkey, Singapore, Sikka, Asia Europe

☆ Borrell urges EU to crack down on imports of Indian fuels made with Russian oil -FT
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

India has emerged in the past year as a top buyer of Russian oil following Moscow's invasion of Ukraine on Feb. 24, 2022. Russia's largest oil producer Rosneft (ROSN.MM) and top Indian refiner Indian Oil Corp (IOC.NS) have also signed a term deal to substantially increase and diversify oil grades delivered to India. According to ship-tracking data from Kpler, Reliance Industries (RELI.NS) and Nayara Energy were the key exporters of refined fuels and buyers of Russian oil. However, that has increased to 200,000 bpd after the EU banned Russian oil products imports from Feb. 5 this year, data from Kpler shows. Any mechanism to stem the flow of Russian oil would need to be implemented by the national authorities, Borrell told the FT, suggesting that the EU could target buyers of Indian refined fuels which it believes are derived from Russian crude.

NEW DELHI, March 20 (Reuters) - India plans to extend restrictions on the export of diesel and gasoline after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, two government sources with direct knowledge of the matter said. That forced state refiners to fill the void and meet demand at home by selling fuels at government-capped lower prices. "We would like to extend it ... we want private companies to sell diesel and petrol in the Indian market. Why should only state-run companies suffer when all Indian refiners are buying discounted Russian oil," the official said. Reporting by Nidhi Verma and Nikunj Ohri; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: India's EV dawn fans expectations fuel demand may peak early
▼ + stars: | 2023-01-27 | by ( Mohi Narayan | ) www.reuters.com time to read: +5 min

Currently, around 90% of Indian petrochemical demand is met by China, he said, so a shift by Indian refiners towards domestic chemical needs could dramatically change supply dynamics. Indian refiners are investing billions of dollars to raise petrochemical capacity. Indian Oil Corp (IOC.NS), the country's top refiner, is raising petrochemical capacity at its Panipat refinery by 13% and building new plants linked to its Paradip and Gujarat refineries. India's state refiners, which dominate fuel retailers, plan to set up EV charging facilities at more than 22,000 fuel stations and highways by 2024. About 40% of India's fuel demand is for diesel, which is mostly used by trucks.

☆ Russia replaces Iraq as top oil supplier to India in Nov
▼ + stars: | 2022-12-14 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

India's oil imports from Russia rose for the fifth straight month, totaling 908,000 barrels per day (bpd) in November, up 4% from October, the data showed. The price cap plan calls for G7 countries to deny insurance, finance, brokering, navigation, and other services to oil cargoes priced above the price cap on crude and oil products. Russian oil accounted for about 23% of India's overall import of about 4 million bpd oil in November, the data showed. India, which rarely used to buy Russian oil because of costly logistics, has emerged as Russia's second biggest oil client after China as refiners snap up discounted crude shunned by Western nations since the February invasion of Ukraine. India's oil imports from various regions India's monthly oil imports from various regionsIndia's oil imports from various regionsDuring April-November, the first eight months of this fiscal year, Iraq continued to be the largest oil supplier to India followed by Saudi Arabia and Russia, which has knocked down UAE to the fourth position.

☆ India sends more vacuum gasoil to the U.S. as the West shuns Russian oil
▼ + stars: | 2022-11-11 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

The United States and Canada banned Russian oil imports over Moscow's invasion of Ukraine, while sanctions from the European Union on Russian crude and oil products imports will take effect on Dec. 5 and Feb. 5, respectively. Meanwhile, India, the world's third-largest oil importer, has been ramping up Russian crude imports and increasing oil product exports to the West for higher margins. A vessel ships vacuum gasoil from India to the U.S.India's VGO exports to the United States climbed in 2022 compared with last year. "Given that the U.S. is not buying Russian oil, they are looking for any and all alternatives," said Roslan Khasawneh, senior fuel oil analyst at Vortexa. U.S. and EU sanctions do not apply to refined products produced from Russian crude exported from a third country as they are not of Russian origin.

☆ India's Iraqi oil imports fall to lowest in 20 months - trade sources
▼ + stars: | 2022-11-10 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

India's oil imports from No. India will continue to buy Russian oil as it benefits the South Asian nation, foreign minister S. Jaishankar said on Tuesday, days ahead of the U.S. Treasury Secretary's visit to New Delhi for talks on issues including a cap on Russian oil prices. West African oil is priced against Atlantic Basin benchmark dated Brent, whose values have narrowed against Middle East marker Dubai. In contrast, African grades accounted for about 12% of India's imports, rising from 7%. India's oil imports from various regionsIndia's oil imports from various regionsIndia's oil importsReporting by Nidhi Verma; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

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