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Houston: Petroleum minister <keyword id="19968713" type="General" weightage="20" keywordseo="Hardeep-Singh-Puri" source="keywords">Hardeep Singh Puri</keyword> lauded India's economic growth under Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>, saying the country has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. Speaking at a community reception, organized by Consul General of India in Houston, D C Manjunath, at India House here, Puri emphasized Houston's pivotal role in the global energy sector, particularly in green hydrogen and aerospace. Expressing his thoughts about deepening <keyword id="22356868" type="General" weightage="20" keywordseo="US-India-collaboration" source="keywords">US-India collaboration</keyword> in the clean energy sector, Puri praised India's refining capacity and initiatives in biofuel blending, aiming to boost refining capacity to 300 million metric tons per annum. He termed the US-India Strategic Clean Energy Partnership as a cornerstone of future collaboration between the two countries. He acknowledged the political successes of Prime Minister Modi's party in the recent elections and said the country under Modi's regime has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. The minister also pointed towards the Indian government's ambitious urban development initiatives, saying that the country has committed USD 25 billion (Rs 1.57 lakh crore) to urban schemes from 2017 to 2024. He compared this investment to constructing a new Chicago each year, illustrating the rapid expansion of urban infrastructure, including new metro systems and airports. He also noted that India's civil aviation sector is set to grow significantly, with the number of airports increasing from 74 to 150. Puri lauded Houston as a global hub for energy innovation and said events like "Howdy Modi" in 2019 showcased the strength of Indian-American relations. The minister paid tribute to the contributions of the Indian diaspora in various fields, particularly in medicine and engineering, while emphasizing the importance of maintaining cultural traditions, even while living abroad. He expressed gratitude for the warmth and hospitality received from the Indian community in Houston, acknowledging their role in enhancing India's global image.

India advanced from 10th place in 2014 to become 5th largest economy in 2019: Petroleum minister Hardeep Singh Puri

<ul class="summary-list"><li>Global crude would hit $150 if India bought more from the Middle East than from Russia, Hardeep Singh Puri told CNBC.</li><li>"The world is grateful to India for buying Russia's oil," the petroleum and natural gas minister said. </li></ul>Inflows of Russian crude into India are keeping global oil prices from surging, India's Minister of Petroleum and Natural Gas said."If India, instead of buying Russian oil, we start buying more of the Middle Eastern oil, oil prices will not be at $75 or $76; it will be $150," Hardeep Singh Puri told <a href="https://www.cnbc.com/2024/02/08/india-buying-russian-oil-keeps-prices-cheaper-says-oil-minister-puri.html" target="_blank" rel="noopener">CNBC</a> during the India Energy Week conference. He pushed back on criticism that the country's continued trade with Russia supports Moscow's war in Ukraine, noting that Indian oil companies will snap up the cheapest crude available, with no attention paid to politics.That's likely why discounted Russian barrels made up an <a href="https://www.reuters.com/markets/commodities/cheap-russian-oil-cuts-opecs-share-india-imports-record-low-50-2024-01-18/" target="_blank" rel="noopener">all-time high</a> among India's crude imports last year, while flows from the Middle East, a traditional source of trade, hit a record low."The world is grateful to India for buying Russia's oil," Puri noted. Wild price swings defined crude markets in the latter half of 2023, as production cuts from the OPEC coalition <a href="https://africa.businessinsider.com/markets/oil-prices-at-dollar100-a-barrel-look-too-high-for-global-demand-to-sustain/t1qzqy0" target="_blank" rel="noopener">fueled fears</a> that oil prices would eventually breach triple digits. The Israel-Hamas war only added to tensions, while attacks on Red Sea shipping lanes added pressure to the oil trade.But the US' <a href="https://markets.businessinsider.com/news/commodities/us-oil-production-record-brent-crude-prices-opec-russia-saudi-2023-12">blowout crude production</a> last year has kept prices from rising, dampened further by falling demand and China's economic slowdown. In fact, economists have suggested that geopolitical turmoil is the only factor supporting current price levels — crude would otherwise stand at an <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-opec-china-red-sea-shipping-crude-supply-2024-2?_gl=1*4w47cj*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwNzQxMTE0MC4xMDUuMS4xNzA3NDExNjI0LjI1LjAuMA..">estimated $70</a>.Although Puri dismissed the political undertones of trading with Russia, Western measures against Moscow have had some impact on India's imports. After <a href="https://markets.businessinsider.com/news/commodities/india-mideast-russian-crude-exports-discounts-sanctions-price-cap-puri-2024-1">Indian refineries took on larger inflows</a> of Saudi oil in January, the minister blamed it on Moscow's failure to comply with the $60 price cap on its exports. The sanction was placed on Russia after its invasion of Ukraine."When Russian prices don't conform, we buy from Iraq, the UAE, Saudi Arabia," Puri said at the time.

Oil prices would double if India didn't trade with Russia, energy minister says

<keyword id="20083426" type="General" weightage="20" keywordseo="indian-oil" source="keywords">Indian Oil</keyword> Corporation (IOC) is set to start producing fuel for <keyword id="20115890" type="General" weightage="20" keywordseo="formula" source="keywords">Formula</keyword> 1 (F1) cars in three months. The fuel will be produced at the Paradip refinery in Odisha, which is known for its advanced technology and strategic location. Indian Oil Corporation (IOCL) will produce fuel for Formula One cars, which are being produced at Odisha's Paradip refinery, said SM <keyword id="20076681" type="General" weightage="20" keywordseo="vaidya" source="keywords">Vaidya</keyword>, Chairman, IOCL, as he announced the partnership with Two Wheels Motor Racing as the "Official Fuel Partner" for the prestigious <keyword id="20243142" type="General" weightage="20" keywordseo="fim" source="keywords">FIM</keyword> (Federation Internationale De Motocyclisme) Asia Road Racing Championship (ARRC) over a span of three years, from 2024 to 2026. The certification for the special fuel to be used for Formula one cars will be done within three months, Vaidya said. This collaboration entails Indian Oil providing FIM category 2 race fuel, "STORM-Ultimate Racing Fuel," across all Asia Road Racing Championship rounds. "<keyword id="20271693" type="General" weightage="20" keywordseo="storm" source="keywords">STORM</keyword>", which is produced at Indian Oil's Gujarat refinery, is a highlight of Indian Oil's diverse and ambitious product range, which also includes AVGas 100LL and reference fuels, reflecting India's commitment to self-reliance (Atma Nirbhar Bharat) and technological advancement. The arrival of 'STORM,' in the international arena marks a significant stride towards bolstering the 'Make in India' initiative. This race fuel also showcases IndianOil's innovation and expertise in producing specialized fuels that adhere to stringent international norms, receiving approval from the FIM-approved M/s Intertek in Switzerland. Speaking on the occasion, <keyword id="20248815" type="General" weightage="20" keywordseo="shrikant-madhav-vaidya" source="keywords">Shrikant Madhav Vaidya</keyword>, Chairman of Indian Oil said, "As we embark on this exhilarating partnership with TWMR for the FIM Asia Road Racing Championship, Indian Oil is proud to fuel the fast lanes of motorsport with our cutting-edge 'STORM-Ultimate Racing Fuel'. The fuel stands as a symbol of innovation and excellence, embodying our relentless pursuit of developing specialised fuels that meet stringent international standards. This collaboration marks a significant step in strengthening the 'Make in India' initiative on the global stage." The benefits of using STORM- Ultimate Racing Fuel in racing vehicles are multifaceted. It ensures the cleanliness of engine parts and the fuel delivery system, while also providing corrosion protection for the vehicle's metallic components. This leads to tangible improvements in vehicle performance, including faster acceleration, increased power, and smoother drivability. Additionally, it contributes to lower engine deposits and reduced exhaust emissions, promoting both engine longevity and environmental sustainability. In preparation for the upcoming Thailand event of ARRC scheduled from March 15-17, IndianOil has shipped off "STORM" fuel from Nhava Sheva port in Mumbai on February 23, 2024, with a virtual flag-off by Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas. IOCL Chairman said that the company is not going to stop here until it can produce fuel for the world's prestigious Formula One car racing championship. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-and-realme-12-5g-launched-in-india-starting-at-16999/articleshow/108261608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-and-realme-12-5g-launched-in-india-starting-at-16999/articleshow/108261608.cms" target="_blank">Realme 12 5G and Realme 12+ 5G launched in India starting at ₹16,999</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms" target="_blank">Nothing Phone (2a) smartphone debuts in India, priced starting at ₹23,999</a><a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms" target="_blank">Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share</a>

Indian Oil set to produce fuel for Formula 1 cars

<ul class="summary-list"><li>Nearly half of tankers sanctioned by the US have failed to load new cargo, Bloomberg reported.</li><li>The West has stepped up efforts to enforce its trade restrictions on Russia, sanctioning 50 vessels.</li></ul>Efforts to clamp down on vessels breaching Western restrictions on Russia are showing results, with nearly half of sanctioned oil tankers now idle, <a href="https://www.bloomberg.com/news/articles/2024-02-13/tankers-tied-to-the-russian-oil-trade-grind-to-a-halt-following-us-sanctions?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg</a> reported.Of the 50 tankers targeted by the US Treasury since October, 21 have failed to load on new cargo. These ships fell into Western crosshairs for trading Moscow's crude above the $60 price cap, a Group of Seven measure implemented to limit Russian energy revenue. Such restrictions took form in response to Moscow's invasion of Ukraine in 2022; additional curbs include caps on refined products.But the system has faltered since its introduction, as some companies continue ferrying Russian crude above the set price limit. It's partially done through the Kremlin's "<a href="https://markets.businessinsider.com/news/commodities/russia-shadow-fleet-oil-tankers-sanctions-ukraine-enforcement-price-cap2024-2">shadow fleet</a>," a collective of vessels with hard-to-track owners that circumvent the use of Western insurance and tankers.To counteract this, the Treasury sanctioned eight individual vessels between last October and December. Before 2023's end, another 24 tankers were added to the list, as the department focused on a shipping company owned by the Russian state-controlled Sovcomflot, Bloomberg said.The United Arab Emirates-based Hennesea Holdings, owner of 18 ships, was sanctioned in January. And most recently, the Sovcomflot tanker NS Leader was named on Thursday, causing the carrier to reverse course near Portugal and head back toward Russia.It's a crackdown that's weighing on crude prices, as Russia's Urals crude is sinking toward deeper discounts against Dated Brent. Meanwhile, for tankers still trading, US sanctions have compelled some markets to rethink the imports. In late January, <a href="https://markets.businessinsider.com/news/commodities/russian-oil-million-barrels-sanctions-india-trade-payment-currency-issues-2024-1">10 million barrels of Sokol crude were stuck awaiting</a> delivery to Indian ports, a traditional trade partner. Hardeep Singh Puri, the country's Minister for Petroleum and Natural Gas, recently acknowledged that Russia would need to conform to Western sanctions for <a href="https://markets.businessinsider.com/news/commodities/india-mideast-russian-crude-exports-discounts-sanctions-price-cap-puri-2024-1?utm_medium=ingest&amp;utm_source=markets">trade to happen</a>. But the US and its allies have yet to dispel Russia's shadow fleet. Recently, a UK sanctions official noted the <a href="https://markets.businessinsider.com/news/commodities/russia-shadow-fleet-oil-tankers-sanctions-ukraine-enforcement-price-cap2024-2">G7 is making efforts to compel the international community</a> to enforce the price cap, and effectively bring the mystery tankers back into Western fleets.

Half of Russia's sanctioned oil tankers are now standing idle

<ul class="summary-list"><li>All of India's refineries are rejecting Russian crude that was shipped on Sovcomflot tankers, Bloomberg reported.</li><li>The state-run shipping firm has been the target of a number of US sanctions since December.</li></ul>Crude carried by the Russian tanker firm Sovcomflot is no longer accepted in India, as refineries in the country are moving away from sanctioned entities, <a href="https://www.bloomberg.com/news/articles/2024-03-22/india-stops-taking-russian-oil-delivered-on-sovcomflot-tankers?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg</a> reported.Since Sovcomflot vessels have been the target of numerous US sanctions, all of India's refiners are now rejecting its cargo. To do this, each ship's ownership is inspected and scrutinized, sources told the outlet.In late February, the US accused Sovcomflot, a state-run firm, of breaching the Group of Seven's $60 price cap on Russian crude; sanctions also extended to <a href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">14 crude tankers</a> belonging to the company. That followed after <a href="https://markets.businessinsider.com/news/commodities/russia-sanction-oil-tankers-shadow-fleet-crude-exports-price-cap-2024-2?utm_medium=ingest&amp;utm_source=markets">24 vessels</a> were targeted by the US Treasury in mid-December, belonging to a company tied to Sovcomflot.Previously, Sovcomflot has accounted for around 15% of Urals crude shipments into India, Bloomberg said. But while about 4.7 million barrels of the Russian mix were imported by the firm in February, that number has fallen to 1.5 million so far in March.Sovcomflot's rejection in India now signals a broader trade shift, as New Delhi aims to avoid falling into Western crosshairs. "When Russian prices don't conform, we buy from Iraq, the UAE, Saudi Arabia," Minister of Petroleum and Natural Gas Hardeep Singh Puri <a href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">said in January</a>.It's a turnaround from last year, when the country became the world's biggest importer of Russian seaborne crude. That's as Moscow's 2022 invasion of Ukraine barred it from traditional Western markets, and forced it to offer discounted oil to new buyers. But with the West stepping up sanctions enforcement this year, Sovcomflot has <a href="https://markets.businessinsider.com/news/commodities/china-russia-economy-record-trade-crude-oil-india-demand-sanctions-2024-3?_gl=1*1g3rkdu*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxMTM3MTI1Mi4yMzcuMS4xNzExMzcyNjA2LjAuMC4w">acknowledged</a> strained operations. For Indians, it's adding to freight costs, as there are less tankers available to transport Russian crude. That means less of a discount: in February, pricing on Urals crude has risen $4 per barrel.

Indian refineries are completely refusing oil from a key Russian shipping giant

<ul class="summary-list"><li>Over a month's worth of Russian crude-oil production is stranded near South Korea.</li><li>Currency disagreements with importers have left 14 cargo tankers idling.</li></ul>Tankers carrying over a month's worth of Russian oil production have been stuck in a weeks-long limbo, as US sanctions and payment disagreements keep buyers at bay. Vessels loaded with 10 million barrels of the Russian Sokol crude have been idling around the South Korean port of Yosu, <a href="https://www.reuters.com/markets/commodities/russia-struggles-sell-pacific-oil-14-tankers-stuck-sources-data-2024-01-26/" target="_blank" rel="noopener">Reuters</a> reported. To save on freight costs, three supertankers have become a floating storage, accepting product from smaller vessels ship-to-ship.In total, 14 ships have sat stranded as importers of Russian crude are unable to settle on a currency with which to pay for the oil. Payment disagreements between India and Russia have spanned for months now: After Russia had issues repatriating its <a href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6">massive stockpile of Indian rupees</a>, it has insisted on using the Chinese yuan, something New Delhi seeks to avoid. The lack of common ground has started impacting the trade between the two major oil partners, as India has recently <a href="https://markets.businessinsider.com/news/commodities/india-mideast-russian-crude-exports-discounts-sanctions-price-cap-puri-2024-1">turned to the Middle East</a> to source its crude imports. And despite millions of Russian barrels ready to offload, there's no indication that could happen soon. An Indian Oil Corp source told Reuters that the firm doesn't anticipate receiving any Sokol grade oil in the near term. That's also as the US has started to clamp down harder on restrictions that aim to curb Moscow's energy trade. Since October, the US Treasury has sanctioned <a href="https://markets.businessinsider.com/news/commodities/russian-economy-oil-markets-india-tankers-sanctions-crude-prices-sokol-2023-12?utm_medium=ingest&amp;utm_source=markets">eight cargo ships</a> that carried crude above the $60 price cap, a measure imposed on Russia following its invasion of Ukraine. In mid-January, India's Petroleum and Natural Gas Minister Hardeep Singh Puri acknowledged that Western sanctions were a factor in pursuing alternative trade: "In the Russian case, it is a question of price cap and it is also a question of some of their shipping entities coming under adverse notice of others."Russia is highly dependent on its energy trade. While <a href="https://markets.businessinsider.com/news/commodities/oil-market-supply-russia-opec-saudi-arabia-us-production-commodities-2023-12">flows have remained high</a>, Moscow's tax revenue from oil and gas still <a href="https://markets.businessinsider.com/news/commodities/russian-energy-revenue-crude-oil-prices-gas-exports-sanctions-ukraine-2024-1">dropped 24% in 2023</a>.

10 million barrels of Russian oil are stuck with nowhere to go

<ul class="summary-list"><li>Russian oil shipments to India fell by 420,000 barrels per day, the International Energy Agency reported.</li><li>Falling output has clipped Russia's monthly energy revenue, which slid nearly 1% from January.</li></ul>India pulled back on purchasing Russian crude in February, as Western sanctions took a toll on trade between the two countries. Oil shipments to India fell by 420,000 barrels per day, totalling 1.2 million barrels imported daily, according to the latest <a href="https://www.iea.org/reports/oil-market-report-march-2024" target="_blank" rel="noopener">report</a> from the International Energy Agency. New Delhi's strained demand contributed to a slip in Russian crude revenue for the month. Reduced oil and oil product exports earned Moscow nearly 1% less than in January, notching $15.69 billion last month.Though in line with December's revenue, Russia's global crude shipments fell to 4.75 million barrels per day, below a year-end peak of 5 million barrels per day.Partially offsetting lower output were rising crude prices, with Urals, the benchmark Russian crude mix, rising over $4 per barrel in February. However, Indian buyers have turned away from Russia for this same reason, given that discounted barrels were the <a href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2?utm_medium=ingest&amp;utm_source=markets">main driver</a> behind New Delhi's demand. In 2023, India became the biggest buyer of Russian seaborne crude, as Western sanctions eroded Russian prices.Now, Indian refineries are moving away from long-term contract deals with Russia, and the country's largest state-owned company, Indian Oil, is contemplating a decrease of Russian crude in its <a href="https://markets.businessinsider.com/news/commodities/india-russia-oil-trade-enegy-rosneft-sanctions-war-crude-bharat-2024-3">long-term supply</a>.It's a shift spawned by tighter enforcement of Western sanctions this year, as the US and its allies <a href="https://markets.businessinsider.com/news/commodities/russia-shadow-fleet-oil-tankers-sanctions-ukraine-enforcement-price-cap2024-2?utm_medium=ingest&amp;utm_source=markets">penalize entities</a> that breach restrictions, such as the $60-a-barrel price cap on Russian crude.In February, the US followed up with a <a href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">slew of new sanctions</a>, adding to freight costs and diminishing the oil discount, Indian sources previously told Reuters.Such factors are a key reason India has already started turning back to its traditional energy trade with the Middle East, especially after Saudi Arabia offered its own crude discount in January.That same month, Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri warned that trade would shift away from Russia if sanctions were violated."When Russian prices don't conform, we buy from Iraq, the UAE, Saudi Arabia," he <a href="https://markets.businessinsider.com/news/commodities/india-mideast-russian-crude-exports-discounts-sanctions-price-cap-puri-2024-1?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">then said</a>.But while India backed down through February, shipments to China rose to 2.2 million barrels a day, marking a month-on-month jump of 100,000 barrels per day, the IEA said.

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India advanced from 10th place in 2014 to become 5th largest economy in 2019: Petroleum minister Hardeep Singh Puri

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Oil prices would double if India didn't trade with Russia, energy minister says

Filip De Mott

Indian Oil set to produce fuel for Formula 1 cars

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Half of Russia's sanctioned oil tankers are now standing idle

Filip De Mott

Indian refineries are completely refusing oil from a key Russian shipping giant

Filip De Mott

10 million barrels of Russian oil are stuck with nowhere to go

Filip De Mott

India imported 420,000 fewer barrels of Russian oil a day in February amid tightening sanctions

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