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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

☆ 'World is grateful': India keeps oil prices cheaper by buying from Russia, Indian oil minister says
▼ + stars: | 2024-02-08 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Hardeep Singh Puri, India's minister of Petroleum and Natural Gas, at the ADIPEC conference in Abu Dhabi, United Arab Emirates, on Tuesday, Oct. 3, 2023. Bloomberg | Bloomberg | Getty ImagesIndia keeps global crude prices affordable by buying oil from Russia, India's energy minister said. "The world is grateful to India for buying Russian oil. Such uncertainty would typically push energy prices higher but gains have been limited amid record output from the U.S., and an ongoing global economic slowdown. "The fact of the matter is half the work is in recession," he said, adding that higher oil prices will invariably end up becoming a "self fulfilling prophecy" where higher prices will curtail demand.

Persons: Hardeep Singh Puri, Singh Puri, CNBC's Sri, India's Organizations: Petroleum, Natural, United, Bloomberg, Getty, Natural Gas, India Energy Locations: Abu Dhabi, United Arab Emirates, Russia, India, CNBC's Sri Jegarajah, Goa, Ukraine, Moscow, U.S

☆ India's minister of petroleum claims the world is 'grateful' to India for buying Russian oil
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's minister of petroleum claims the world is 'grateful' to India for buying Russian oilHardeep Singh Puri, India's minister of petroleum and natural gas, addresses the perception among international circles that India is funding Russian President Vladimir Putin's war machine by doing so.

Persons: Singh Puri, Vladimir Putin's Locations: India

☆ India's moment has arrived — but many hurdles remain
▼ + stars: | 2024-02-04 | by ( Spriha Srivastava | Polly Thompson | ) www.businessinsider.com time to read: +8 min

India's economy is expected to expand by 6.5% this year, according to IMF forecasts. The world's most populous nation was keen to talk up its prospects at the World Economic Forum in Davos. Advertisement"India has seized the moment," proclaimed housing minister Hardeep Singh Puri with confidence during a panel at the World Economic Forum in Davos last month. The 10-strong group of emerging market nations now accounts for 45% of the world's population and 28% of global GDP. AdvertisementSome economists have criticized the government's narrative as a "false growth story," highlighting discrepancies in the data and criticizing the methods used to calculate economic growth.

Persons: —, Hardeep Singh, Smriti Irani, BI's Spriha Srivastava, that's, Narendra Modi's, Cash, Modi, SAJJAD HUSSAIN, I've, Andy Baldwin, EY, Narendra Modi, Brazil's Luiz Inácio Lula da Silva, Dan Kitwood, Getty, ISRO Goldman Sachs, Ashoka Mody, Rajesh Kumar Singh, Vladimir Putin, Singh Organizations: Economic, Service, BI, IMF, Business, Apple, ISRO, Princeton University, World Bank, US, of, Hindustan Times, Harvard Business Locations: Davos, India, China, Japan, Brazil, China India, India's, Ukraine

☆ The Red Sea attacks appear to be hurting traders and suppliers across the globe — but Russia's oil trade with India is still booming
▼ + stars: | 2024-01-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russian oil cargoes are still sailing via the Red Sea to get to India, according to S&P Global. Iran-backed Houthi rebels have been attacking commercial ships in the Red Sea since November. Many commercial shipping lines and vessels have rerouted from the Red Sea to avoid getting caught in the attacks. It's not immediately clear why ships carrying Russian oil to India haven't rerouted to avoid potential attacks in the Red Sea. Hardeep Singh Puri, India's petroleum and natural gas minister, said recently that the country is monitoring the situation in the Red Sea.

Persons: —, Lloyd, Sumit Ritolia, It's, Alexander Novak, Hardeep Singh Puri Organizations: P Global, Service, Maersk, Hapag, P, Reuters Locations: India, Iran, Red, Asia, Europe, Cape, South Africa, Moscow, Ukraine, Russia

☆ Indian energy minister warns of ‘organized chaos’ if oil tops $100 per barrel
▼ + stars: | 2023-10-04 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Oil prices surged to their highest level in more than a year on Thursday. The U.S. West Texas Intermediate futures reached $95.03 per barrel, marking the highest cost since August 2022. India's minister of petroleum and natural gas warned that there'll be "organized chaos" if oil prices break above $100 per barrel, but said the South Asian nation is well positioned to weather higher costs. "If the price goes above $100, it's not going to be in the interest of either the producing country or anyone's interest. Last week, oil prices surged to their highest levels in more than a year with U.S. West Texas Intermediate futures hitting $95.03 per barrel.

Persons: it's, Hardeep Singh Puri, CNBC's Dan Murphy, We'll, Puri Organizations: U.S . West Texas, United, United Arab Emirates Locations: U.S, Abu Dhabi, United Arab, India, India's, Asia

☆ Oil prices near $100 per barrel raise questions over demand destruction
▼ + stars: | 2023-09-29 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +7 min

boonchai wedmakawand | Moment | Getty ImagesSupply cuts from heavyweight crude producers have helped drive oil prices near $100 per barrel — fueling some to consider the potential for future demand destruction. Seven European refiners and traders, who spoke under anonymity because of contractual obligations, told CNBC that local buyers can withstand oil prices veering into triple digits without lowering their output runs. Some European market participants polled by CNBC doubted triple-digit oil prices are sustainable in the long term, with three pointing to possible demand destruction — where customers gradually answer persistently high prices with fewer purchases. "Sometimes high oil prices can become a self-fulfilling prophecy," Indian Energy Minister Hardeep Singh Puri warned in August. The oil price hike has benefitted Moscow despite sanctions.

Persons: boonchai, Sushant Gupta, Wood Mackenzie, Topping, Ukraine —, refiner, Hardeep Singh Puri, Giovanni Staunovo Organizations: Brent, ING, Organization of, Petroleum, CNBC, U.S . Energy, Administration, Indian Energy, UBS Locations: London, Asia, Wood, OPEC, Saudi Arabia, Russia, China, Europe, Ukraine, U.S, Moscow, Washington, Israel, East, Riyadh, Iran, Beijing

☆ India makes clean energy push at G20 with global biofuel alliance
▼ + stars: | 2023-09-09 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

A general view of the venue for the G20 summit in New Delhi, India, September 9, 2023. REUTERS/Amit Dave/File Photo Acquire Licensing RightsNEW DELHI, Sept 9 (Reuters) - India announced on Saturday the launch of a global biofuel alliance at a G20 summit in New Delhi to boost the use of cleaner fuels. "We are launching the Global Biofuel Alliance. The push for a biofuels alliance mirrors the International Solar Alliance launched by New Delhi and Paris in 2015 to bring clean and affordable solar energy within the reach of all. The alliance will help by encouraging global biofuels trade, developing concrete policies on lesson-sharing and promoting provision of technical support for national biofuels programmes worldwide, Oil Minister Hardeep Singh Puri said in July.

Persons: Amit Dave, Narendra Modi, Hardeep Singh Puri, Nidhi Verma, Shivam Patel, Jacqueline Wong, Kim Coghill Organizations: REUTERS, Global, Alliance, India, Solar Alliance, New, International Energy Agency, Oil, Thomson Locations: New Delhi, India, DELHI, United States, Brazil, Paris

☆ India will buy oil from anyone who offers the 'lowest possible prices' - minister
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Gary McWilliams/File Photo Acquire Licensing RightsNEW DELHI, Aug 30 (Reuters) - India will buy oil from all sources that offer it at the "lowest possible prices", the country's oil minister told broadcaster ET Now on Wednesday. "We are very clear in our minds that we will buy oil from wherever we can get it as long as it is delivered to our point of importation at our ports at the lowest possible price," Oil Minister Hardeep Singh Puri said. India, the world's third-biggest oil importer and consumer, gets more than 80% of its oil from overseas. Asked about rupee trade with the United Arab Emirates (UAE), the minister said that the transactions in the oil sector were "very minimum". "We have a rupee-dirham arrangement with the UAE but the transactions in the oil sector are very minimum," he said.

Persons: Singh Puri, Gary McWilliams, Hardeep Singh Puri, Sakshi Dayal, Kim Coghill Organizations: Petroleum, Natural Gas, REUTERS, DELHI, Oil, United Arab Emirates, Thomson Locations: Houston , Texas, U.S, India, Russia, Ukraine, UAE

☆ The BRICS summit ended with no new currency and all 5 members issuing differing and contradictory commentary on de-dollarization
▼ + stars: | 2023-08-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

De-dollarization was a closely watched topic amid the BRICS summit last week. He said at a previous international meeting in July that it was important to establish an "independent financial system" based on local currency trade. But these international arrangements, trading arrangements, payment arrangements, these have been in place for a long time." AdvertisementAdvertisementInstead, South Africa appears to veer toward increasing the bloc's trade in local currencies. The economist who coined the term BRICS slammed the idea altogetherJim O'Neill, a former Goldman Sachs economist who first gave the BRICS bloc its name, has slapped down the idea of a common BRICS currency.

Persons: dollarization, SWIFT, Luiz Inacio Lula da Silva, Putin, Vladimir Putin, I'm, Hardeep Singh Puri, Puri, Xi, Xi Jinping, Enoch Godongwana, Paul Mashatile, Jim O'Neill, Goldman Sachs, O'Neill Organizations: Service, United, United Arab Emirates, Times, CNBC, Bloomberg, Financial Times Locations: Wall, Silicon, South Africa, Brazil, Russia, India, China, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, United Arab, New Delhi, Johannesburg, South

☆ Higher oil prices can sometimes become a 'self-fulfilling prophecy,' says Indian minister
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigher oil prices can sometimes become a 'self-fulfilling prophecy,' says Indian ministerHardeep Singh Puri, India's minister of petroleum and natural gas, discusses the mechanics of the oil market in relation to inflationary pressures.

Persons: Hardeep Singh Puri

☆ CNBC Daily Open: Jackson Hole anxiety overshadows Nvidia
▼ + stars: | 2023-08-25 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Jerome Powell, Chair of the Federal Reserve, arrives to a dinner at the start of the Jackson Hole Economic Symposium on August 24, 2023 at Grand Teton National Park near Jackson Hole, Wyoming. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rally fizzles outU.S. stocks closed lower Thursday as an earlier Nvidia-sparked rally fizzled out, while Treasury yields climbed higher. But there are other market themes that investors should know about, according to Goldman Sachs.

Persons: Jerome Powell, paring, CNBC's Lucy Handley, Singh Puri, CNBC's Tanvir Gill, Puri, Goldman Sachs Organizations: Federal Reserve, Jackson, Grand Teton, CNBC, Nvidia, Nikkei, AMD, Intel, Petroleum, Natural Gas Locations: Jackson Hole , Wyoming, Asia, Pacific, China, Europe, India, Moscow

☆ India isn't over dependent on Russian oil, Indian energy minister says
▼ + stars: | 2023-08-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

"India doesn't get over dependent on anyone," Hardeep Singh Puri told CNBC's Tanvir Gill when asked if his country was too dependent on the Kremlin. Moscow has since leapfrogged to become India's leading source of crude oil, accounting for about 40% of India's crude imports. Hardeep Singh Puri India's Minister of Petroleum and Natural GasIndia is the world's third largest energy importer, and purchases more than 80% of its crude oil from international markets. Asked if India was getting a $15 or $30 discount per barrel on Russian crude, Puri said: "Yes, there have been discounts. According to data from S&P Global in July, India's crude oil sources come largely from Middle East and Russia.

Persons: Hardeep Singh Puri, CNBC's Tanvir Gill, India's, Puri Organizations: India's, Petroleum, Natural Gas, CNBC, P Global, Brent, U.S . West Texas, West Texas Locations: India, Russia, Ukraine, Moscow, Natural Gas India, Iraq, Saudi Arabia, UAE, Kuwait, Middle East, U.S

☆ De-dollarization still a long way off, Indian minister says after BRICS talk of a common currency
▼ + stars: | 2023-08-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

However, the U.S. dollar will remain the currency of choice for transactions in international oil markets, he told CNBC's Tanvir Gill. watch nowThe U.S. dollar has long been the main global oil currency, including for purchases by India. Stock Chart Icon Stock chart iconOil has also been settled in Indian rupees. In light of this, Puri was asked if the Indian rupee could be part of the de-dollarization trend, especially in the oil market? But these international arrangements, trading arrangements, payment arrangements, these have been in place for a long time," he added.

Persons: Hardeep Singh Puri, CNBC's Tanvir Gill, It's, SWIFT, Puri, I'm, Hardeep Singh, Luiz Inácio Lula da Silva Organizations: U.S, Gas, CNBC, India, Reuters, India Oil Corp, United Arab Emirates, Affairs, Gas Minister Locations: New Delhi, Russia, Ukraine, Moscow, China, Saudi Arabia, India, Malaysia, Hardeep Singh Puri, South Africa

☆ U.S. dollar dominance will remain, says Indian minister
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. dollar dominance will remain, says Indian ministerHardeep Singh Puri, India's minister of petroleum and natural gas, says rupee trade will be a "long journey."

Persons: Hardeep Singh Puri Organizations: U.S

☆ Analysis: Russian sanctions shift oil price-making power to Asia from Europe
▼ + stars: | 2023-03-14 | by ( Alex Lawler | ) www.reuters.com time to read: +6 min

Western Sanctions have led Russia to sell more than twice as much crude to Asia in the year to January, according to Kpler data. Iran, under U.S. sanctions, has boosted exports to the highest in three years on some estimates, with China the biggest buyer. Hardeep Singh Puri, India's oil minister, said in early February the country will keep buying from Russia if prices "continue to be good". EUROPE LOSES SUPPLY SOURCEIndia was among those to have complained about the Asian premium they paid to the big exporters. "These normal sorts of patterns of Asian premium or discount don't really apply," he said.

☆ Ghana seeks Indian investment in oil and gas sector
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Companies Aker ASA FollowBENGALURU, India, Feb 8 (Reuters) - Ghana, which is struggling with its worst economic crisis in a generation, is seeking Indian investment in its oil and gas sector, William Owuraku Aidoo, its deputy minister of energy, said on Wednesday. "There are some opportunities in Ghana specially in the oil and gas front. We have some oil blocks available and we came here hoping to attract Indian investments," Aidoo told Reuters after a meeting with Indian oil minister Hardeep Singh Puri at India Energy Week. He said Ghana will award exploration licences through direct negotiations if Indian companies are interested. Apart from offering exploration opportunities, Ghana is also seeking Indian support to build refineries of about 300,000 barrels per day.

☆ India will buy oil from 'wherever we have to' if terms are beneficial, energy minister says
▼ + stars: | 2023-02-07 | by ( Sumathi Bala | ) www.cnbc.com time to read: 1 min

India will secure oil from anywhere as long as the terms are beneficial, India's energy minister told CNBC. India is the third largest oil consumer in the world, and according to Hardeep Singh Puri, accounts for 30% of global consumption. "Today we feel confident that we'll be able to use our market to source from wherever we have to, from wherever we get beneficial terms," the minister told CNBC's Tanvir Gill on "Squawk Box Europe," as part of India's energy week. "By beneficial terms in this situation is: you have to be sure of your supplies," he explained. India has been buying Russian oil at a steep discount since global powers imposed sanctions on the Kremlin in a bid to cut down its ability to raise funds for its war against Ukraine.

☆ India oil minister says country will source crude from wherever it has to and on beneficial terms
▼ + stars: | 2023-02-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia oil minister says country will source crude from wherever it has to and on beneficial termsIndia Petroleum Minister Shri Hardeep Singh Puri discusses global oil demand, the country's relationship with OPEC and the outlook for oil prices.

☆ Guyana expects proposal from India for long-term crude purchases
▼ + stars: | 2023-01-17 | by ( Neil Marks | ) www.reuters.com time to read: +1 min

[1/2] Vessels carrying supplies for an offshore oil platform operated by Exxon Mobil are seen at the Guyana Shore Base Inc wharf on the Demerara River, south of Georgetown, Guyana January 23, 2020. REUTERS/Luc CohenGEORGETOWN, Jan 17 (Reuters) - Guyana expects to soon receive a proposal from India for long-term purchases of the South American country's oil, President Irfaan Ali said on Tuesday, a new attempt to reach a government-to-government deal potentially leading to better sale terms for Guyana. Guyana's government is entitled to a share of crude produced off the nation's coast by a consortium led by Exxon Mobil Corp (XOM.N). In 2022, Ali's government received a total of 13 cargoes of crude, and it expects to receive and export 17 cargoes this year, the finance minister said earlier this week. Guyana and India in 2021 failed to reach an agreement for direct sales of Guyana's sweet crude to Indian state refiners.

China, the world's top oil importer, has continued buying Russian oil despite Western sanctions, after Russian President Vladimir Putin and Chinese leader Xi Jinping launched what they called a no-limit partnership before the war in Ukraine. The sources said a fifth supertanker, or very large crude carrier (VLCC), was shipping crude to India, which like China has continued buying Russian oil sold at a discount as many Western buyers turn to other suppliers. All five shipments were scheduled between Dec. 22 and Jan. 23, according to the sources and Eikon ship tracking data. The G7 price cap introduced in December allows countries outside the European Union to import seaborne Russian oil but it prohibits shipping, insurance and re-insurance companies from handling Russian crude cargoes unless sold for below the $60 cap. Industry sources say Indian refiners are securing a discount of $15-$20 per barrel on Russian oil on a delivered basis compared to Brent.

☆ Chevron, Exxon and Total keen to invest in India, says minister
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 13 (Reuters) - Global energy majors Chevron Corp (CVX.N), Exxon Mobil Corp (XOM.N) and TotalEnergies (TTEF.PA) are interested in investing in India's oil and gas exploration and production sector, the country's oil minister said in a speech on Friday. India, the world's third biggest oil importer and consumer, buys more than 84% of its oil needs from overseas and wants to quickly monetise its hydrocarbon reserves to reduce its dependence on costly imports. "India is ready to explore opportunities for joint development production of oil and gas assets for mutual benefit and also invites investment in our domestic E&P (exploration and production) sector," Hardeep Singh Puri said. The minister added that India aims to double the area under oil and gas exploration to 500,000 sq km by 2025. Reporting by Nidhi Verma Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

How Putin and Friends Stalled Climate Progress A handful of powerful world leaders rallied around Russia and undercut global cooperation. Mr. Putin has gained from this as the increasingly autocratic Mr. Xi finds common cause with the Kremlin. “Much depends on whether authoritarian leaders perceive climate action to be in their self-interest.”Though their actions help Mr. Putin, their track records on climate are mixed. Mr. Xi called Mr. Putin his “best friend.”He was returning the favor from a year earlier, when Mr. Putin hosted Mr. Xi at the Grand Kremlin Palace and awarded him one of Russia’s highest medals for foreign dignitaries. At a news conference with Mr. Putin, Mr. Bolsonaro thanked his “dear friend,” saying that Mr. Putin had offered him support when other world leaders were criticizing his Amazon policy.

☆ INDIA STOCKS Indian shares set for lower opening as Fed keeps hawkish stance
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +3 min

India's NSE stock futures, listed on the Singapore exchange , were 0.94% lower as of 0211 GMT. The Federal Reserve raised interest rates by 75 basis points on Wednesday as widely expected and said its battle against inflation will require borrowing costs to rise further. Meanwhile, foreign institutional investors bought a net 14.36 billion Indian rupees ($173.61 million) worth of equities on Wednesday, while domestic investors sold 13.78 billion rupees of shares, as per provisional data available with the National Stock Exchange. ** Mahindra and Mahindra Financial Services Ltd (MMFS.NS) reported September-quarter profit of 4.48 billion rupees, a 56.2% year-on-year decline. ($1 = 82.7120 Indian rupees)Reporting by Rama Venkat in Bengaluru;Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ India to examine price cap proposal for Russian crude
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, Oct 19 (Reuters) - India will examine the price cap on Russian oil proposed by the West, oil minister Hardeep Singh Puri said on Wednesday. "We will have a look at it," Puri said at an industry event in New Delhi. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nidhi Verma and Mohi Narayan; Writing by Tanvi Mehta; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

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