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<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

<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

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], February 12 (ANI): India's demand for petroleum products is likely to increase by a mid-single-digit percentage in the financial year ending March 2024, following a 10 per cent post-pandemic recovery in 2022-23, according to <keyword id="19949381" type="General" weightage="20" keywordseo="fitch-ratings" source="keywords">Fitch Ratings</keyword>. Both petrol and diesel sales recorded robust 4-6 per cent increases in the first nine months of 2023-24, fuelled by heightened economic activities in the agriculture and power sectors, coupled with a surge in holiday travel and auto sales. Fitch said it expects Indian refiners' gross refining margins (GRM) to moderate during 2024-25 from the strong levels expected in 2023-24, but remain above mid-cycle levels. By 2025-26, it foresees a shift closer to mid-cycle levels, but remaining resilient, bolstered by the escalating demand for end-products. "The gradual normalisation of the crude supply mix away from Russian imports is likely to narrow GRMs, although we expect margins to stay strong, supported by the rising demand for end-products," the rating agency said. In the upstream segment, domestic oil and gas production has modestly increased, driven by a 5 per cent rise in gas production in the first nine months of 2023-24. "We expect production to continue to rise moderately as technological investments in enhanced oil recovery techniques will offset natural declines," the rating agency said. Fitch forecasts the oil and gas sector's high capex intensity to continue in the medium term, particularly with upstream companies investing in production enhancement. In the downstream segment, <keyword id="20039004" type="General" weightage="20" keywordseo="hindustan-petroleum-corporation-limited" source="keywords">Hindustan Petroleum Corporation Limited</keyword> should maintain higher capex due to planned investments by its subsidiary, HPCL <keyword id="20521636" type="General" weightage="20" keywordseo="rajasthan-refinery-limited" source="keywords">Rajasthan Refinery Limited</keyword>. The capex of other oil marketing companies, including HPCL-Mittal Energy Limited, should be minimal as they have completed their expansion projects, it said. India, the world's third-biggest oil importer and consumer, is dependent on crude oil from various sources in the global market to meet its domestic demand. (ANI)

India's petroleum products demand to increase mid-single-digit percentage in 2023-24: Fitch

<ul class="summary-list"><li>The West is still taking in billions worth of Russian oil products, a new think tank analysis shows.</li><li>Russia sold $1.3B of oil to Turkey in the first half of the year before it made its way to the West.</li></ul>Russia is still passing off billions of dollars worth of oil products to the West — a sign that the West is still struggling to throttle Moscow's war revenue with strict sanctions. Russia is still exporting its crude to Turkey, where refineries process the oil and later export crude products to the West, according to <a target="_blank" class="" href="https://energyandcleanair.org/publication/sanctions-hypocrisy-g7-imports-eur-1-8-bn-of-turkish-oil-products-made-from-russian-crude/">a new analysis</a> from the Centre for Research on Energy and Clean Air.CREA data shows that Russia sold $1.3 billion worth of oil to three Turkish refineries in the first half of the year. G7+ nations, meanwhile, purchased around $2 billion of oil products of Russian origin from Turkish refiners, the think tank estimated.Western countries have ramped up their purchases from those three Turkish refineries since Russia began its invasion of Ukraine, the researchers added. The US, for instance, increased imports from those refineries by 335% on a yearly basis in the first half of 2024."G7+ countries have displayed little desire or political will to address the refining loophole and stop it since the beginning of Russia's full-scale invasion of Ukraine. While the loophole goes unchecked, G7+ countries have actually increased their imports from non-sanctioning countries, taking advantage of the situation by simply switching their supplier from Russia to third countries that are essentially functioning as Russian middlemen merchants," the researchers said. It's not the first time Russia used its trading partners to <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/russia-oil-fuel-new-york-india-trade-western-sanctions-economy-2023-2">pass off energy products to the West</a>. Indian refiners, for instance, funneled around 89,000 barrels of gasoline and diesel a day to New York, a 2023 Kpler analysis found.Asian buyers of Russian oil, though, have pulled back in recent months, with Russia's crude shipments to the continent dropping around 10% since the spring, according to Argus Media data cited by <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-war-revenue-crude-prices-opec-production-cut-2024-9">Bloomberg</a>. Turkey is the last-remaining "<a target="_blank" class="" href="https://www.bnnbloomberg.ca/business/international/2024/09/10/oil-price-rout-drives-russian-revenues-to-seven-month-low/#:~:text=(Bloomberg)%20%2D%2D%20Plunging%20oil%20prices,from%20a%20weakening%20global%20market.">short-haul market</a>" for Russian oil sent from its western ports, taking in around 210,000 barrels of Russian crude a day the last month, the outlet reported.Still, Western sanctions have worked to crimp Moscow's war revenue. Trade restrictions, which include a $60 price cap and ban on Russian oil, dented Russia's crude profits by 14% in 2023, a previous CREA analysis found, which has also been aided by Russia's voluntary oil production cuts and <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-war-revenue-crude-prices-opec-production-cut-2024-9">falling crude prices</a>.Russia's crude sales dropped to $1.4 billion at the start of September, the lowest level recorded since January, Bloomberg reported.

Russia is still passing $2 billion worth of its oil products to the West via middlemen, think tank says

Mumbai, The <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> expects the price of the Indian basket of <keyword id="20023856" type="General" weightage="20" keywordseo="crude-oil-imports" source="keywords">crude oil imports</keyword> to be around $85 per barrel going ahead amid geopolitical tensions which have "imparted significant uncertainty" to the outlook. India exports around 85 per cent of its crude requirement, and soaring oil prices which have often crossed the $90 a barrel mark in recent years, tend to drag down the economy. The RBI's monetary policy report released on Friday states that international crude prices exhibited sizeable two-way movements in the second half of 2023-24, falling in October-December 2023 to around $75 per barrel on slowing global demand amidst weak manufacturing activity and easing demand for transportation fuels as well as supply increases from non-OPEC countries. However, amidst intensifying hostilities in the <keyword id="19904316" type="General" weightage="20" keywordseo="middle-east" source="keywords">Middle East</keyword>, deep output cuts by OPEC plus cartel, and incidents of supply outages, international crude prices moved higher from mid-December reaching an average close to $85 per barrel in March, the report points out. "The spread between global petroleum product prices and crude prices eased from its recent peaks in mid-2022 but remains elevated by historical standards in view of demand-supply refinery mismatches. Taking into account these factors, the baseline assumption for the crude price (Indian basket) is retained at $85 per barrel," the report states. Regarding the outlook for the rupee, the report states that the nominal exchange rate of the Indian currency saw two-way movements in the range of Rs 82.8-83.4 per US dollar in the second half of 2023-24. Taking into consideration the uncertainty around US dollar movements, the ebbs and flows of global capital flows and international crude oil prices, the baseline assumption for the exchange rate is revised to Rs 83 per US dollar. It also sees as a positive factor in the global growth forecast for 2024 being revised upwards by 20 bps to 3.1 per cent by the <keyword id="19916590" type="General" weightage="20" keywordseo="international-monetary-fund" source="keywords">International Monetary Fund</keyword> (IMF) in its January 2024 update of the <keyword id="20389978" type="General" weightage="20" keywordseo="world-economic-outlook" source="keywords">World Economic Outlook</keyword> (WEO) from its October 2023 projection. Global economic growth is expected to increase marginally to 3.2 per cent in 2025 and global trade growth (goods and services combined) is projected to accelerate from 0.4 per cent in 2023 to 3.3 per cent in 2024 and further to 3.6 per cent in 2025. However, the headwinds from protracted geopolitical tensions and increasing disruptions in trade routes pose risks to India's growth outlook, according to the report. Taking all these factors into consideration, India's real GDP growth for 2024-25, is projected at 7.0 per cent, with Q1 at 7.1 per cent; Q2 at 6.9 per cent; Q3 at 7.0 per cent; and Q4 also at 7.0 per cent. The risks are evenly balanced, the report adds.

RBI sees price of India's crude oil imports at $85 a barrel in FY25

Despite geopolitical tensions in <keyword id="19897269" type="General" weightage="20" keywordseo="europe" source="keywords">Europe</keyword> and the <keyword id="19904316" type="General" weightage="20" keywordseo="middle-east" source="keywords">Middle East</keyword>, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="20631272" type="General" weightage="20" keywordseo="merchandise-exports" source="keywords">merchandise exports</keyword> grew by 5.8% to $109.96 billion compared to $103.9 billion in the same period last year, according to a CRISIL report. The report states that the deceleration in the growth momentum of exports in June compared to May was largely due to an 18.2% contraction in oil exports. The growth momentum slowed down in June, with merchandise exports increasing by only 2.6% year-on-year, down from 9.1% in May. Non-oil exports continued to maintain steady growth, rising by 7.7% in June, almost in line with the 7.8% growth recorded in May. Services exports exhibited a strong performance in June, contributing positively to the overall trade scenario. The positive aspect is that merchandise imports grew at a slower pace of 5% year-on-year in June, down from 7.7% in May. However, core imports, excluding oil and gold, surged by 7.1%, increasing from the 0.8% growth in the previous month. This spike in core imports was partially driven by a low base effect from the previous year. Despite the positive growth in exports, the <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> widened to $21 billion in June from $19.2 billion in the same month last year. For the first quarter, cumulative imports rose by 7.7% to $172.4 billion from $160 billion, resulting in a trade deficit of $62.44 billion, up from $56.1 billion. This widening deficit was mainly due to a higher oil trade deficit, while the non-oil trade deficit narrowed. Services exports were a bright spot, increasing by 10.2% year-on-year to $29.76 billion in May. On the other hand, service import growth moderated to 5.4%, down from 19.1% in the previous month. Consequently, the services trade surplus expanded to $13.02 billion, up from $11.1 billion in May last year. Oil exports fell by 18.3% year-on-year and 18.5% month-on-month in June, despite stable international prices. This suggests a reduction in export volumes, with exports falling to $5.5 billion from $6.8 billion in June last year and the previous month. Oil imports increased by 19.6% in June compared to 28% in May, driven by domestic demand and local refineries operating above capacity. Sectors such as drugs and pharmaceuticals, engineering goods, organic and inorganic chemicals, and ready-made garments showed positive growth. However, pharmaceuticals (9.9% vs. 10.5%) and ready-made garments (3.7% vs. 9.8%) saw slower growth compared to May. Gems and jewellery exports continued to decline, marking the seventh consecutive month of negative growth at -1.4% year-on-year. Growth in carpets, handloom products, man-made products, plastics, and linoleum was positive but slower than the previous month. Handmade carpets (-16.6% vs. 20.6%), jute manufacturing (-11.1% vs. -5.2%), and leather products (-2.2% vs -2.1%) recorded contractions. Cashew exports have been declining since 2018, with only sporadic months of positive growth. In June, cashew exports fell by 7.3%, an improvement from the 25.8% decline in May. Coffee (70% vs. 64.2%), fruits and vegetables (7% vs. 20.8%), rice (1% vs. 2.8%), spices (9.8%vs. 20.3%), tea (3.2% vs. 19.6%), and tobacco (37.7% vs. 58.4%) saw slower growth compared to May. Marine products (-7.7% vs. -3.9%) and meat, dairy, and poultry products (-13.9% vs. 22.9%) also experienced a decline. Increases were noted in electronic goods (15.9% vs. 6.7%), fruits and vegetables (22.6% vs. 3%), non-ferrous metals (47.6% vs. 1.1%), project goods (31.4% vs. -44.3%), textiles and yarn fabric made-up articles (23.8% vs. -1.1%), and wood products (16.2% vs. -7.2%). The fiscal year has started positively with steady merchandise export growth in the first quarter. Encouragingly, multilateral organisations have forecasted better year-on-year trade growth. The Indian government's focus on foreign trade agreements (FTAs) is expected to further boost trade. However, the persistent growth in imports surpassing exports is a concern, widening the trade deficit. The recent US tariff hikes on Chinese imports could lead to potential dumping by China in the Asian market, including India, which requires close monitoring. Despite these challenges, the expected moderation in domestic growth may help contain import growth and the trade deficit. The service trade surplus and robust remittance flows are positive indicators that the current account will remain stable.

Indian exports show resilience amid global challenges in first quarter, says CRISIL report

<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s top oil company <keyword id="6354733" type="General" weightage="100" keywordseo="ioc" source="Orion">IOC</keyword> will invest Rs 61,077 crore in building a petrochemical complex at <keyword id="16552131" type="General" weightage="50" keywordseo="paradip-in-odisha" source="Orion">Paradip in Odisha</keyword> - its largest ever investment at a single location - as it doubles down on its transition plan. In a statement, <keyword id="6356834" type="General" weightage="50" keywordseo="indian-oil-corporation" source="Orion">Indian Oil Corporation</keyword> (IOC) said its board has given "Stage-1 approval for setting up <keyword id="49809" type="General" weightage="80" keywordseo="paradip" source="Orion">Paradip</keyword> petrochemical complex at Paradip, Odisha at an estimated cost of Rs 61,077 crore." "This mega project will be the largest-ever investment of Indian Oil at a single location," it said but did not give timelines for completion of the project. This is a part of its transition plan including boosting petrochemical intensity to help protect against volatility. Petrochemical intensity refers to the percentage of crude oil that is converted directly into chemicals that are used to make plastic and other material. Crude oil, pumped out of the ground and from below the seabed, is processed in refineries to make petrol, diesel and other fuel. It can be processed to make petrochemicals, bypassing the fuels. IOC's petrochemical intensity - the percentage of crude oil converted into chemicals- is low at 5-6 per cent currently. The company intends to take it up to 10-12 per cent. The firm's newer refineries at <keyword id="6360136" type="General" weightage="50" keywordseo="panipat" source="Orion">Panipat</keyword> in Haryana and Paradip in Odisha have the petrochemical intensity of 15-20 per cent which would be raised to 25 per cent, its chairman <keyword id="5281441" type="General" weightage="50" keywordseo="shrikant-madhav-vaidya" source="Orion">Shrikant Madhav Vaidya</keyword> had told PTI in an interview last month. Energy transition refers to the shift from fossil-based systems of energy production and consumption - including oil, natural gas and coal - to renewable energy sources like wind and solar, as well as lithium-ion batteries. This shift is likely to gradually cut demand for petrol and diesel and so in preparation of that IOC is doing petrochemical projects. The company said the petrochemical complex at Paradip would include a world-scale cracker unit along with downstream process units for producing several petrochemical products including polypropylene (PP), high density polyethylene (<keyword id="178943" type="General" weightage="50" keywordseo="hdpe" source="Orion">HDPE</keyword>), linear low-density polyethylene (LLDPE) and poly vinyl chloride (PVC) - these being building blocks of different grades of plastics. It shall also facilitate production of niche chemicals and petrochemicals like phenol and isopropyl alcohol. Talking of the development, <keyword id="6360405" type="General" weightage="80" keywordseo="vaidya" source="Orion">Vaidya</keyword> said, "This mega project is aligned with Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>'s vision of Purvodaya that is sure to accelerate the development trajectory and fuel prosperity in Eastern India. This cutting-edge, state-of-the-art petrochemical complex will undoubtedly be transformative in its impact, significantly advancing the Aatmanirbhar Bharat initiative." "This mega project shall significantly improve the petrochemical intensity index of IndianOil. It shall be a growth driver in making the company a major player in the petrochemical industry, while strengthening India's self-reliance in the petrochemical sector," he said. The project, the statement said, will catalyze the growth of PCPIR and Plastic Park at Paradip. "On commissioning of this project, domestically available Petrochemicals are expected to provide feed and vitalise industrial growth in key downstream industries like plastic, pharma, agrochemical, personal care, paints etc. It is also expected to create employment opportunities in eastern India, especially Odisha," it added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/chinese-app-tiktok-still-has-troves-of-personal-data-of-indians-report/articleshow/98913107.cms">Chinese app TikTok still has troves of personal data of Indians: Report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-growth-to-mirror-chinas-trajectory-over-next-decade-with-private-consumption-more-than-doubling-to-4-5-trn/articleshow/98912119.cms">India’s growth to mirror China’s trajectory over next decade with private consumption more than doubling to $4.5 trn</a>

Indian Oil to invest ₹61,077 crore in a petchem complex at Paradip in Odisha

<ul class="summary-list"><li>India is buying the most US crude oil in almost a year as flows from Russia slow amid sanctions. </li><li>WTI topped India's purchases this month, despite its higher cost compared to the Middle Eastern equivalent.</li></ul>India is buying more American crude oil as Russian energy flows dwindle amid sanctions. <a href="https://www.bloomberg.com/news/articles/2024-03-19/india-buying-more-us-oil-as-sanctions-stifle-russian-flows" target="_blank" rel="noopener">Bloomberg reported on Tuesday</a> that the country is buying the most US crude in a year. India's state-owned oil refiners Bharat Petroleum, Indian Oil, and the country's leading private refiner Reliance Industries, have snapped up nearly 7 million barrels of April-loading crude oil so far in March, the largest monthly inflow since last May. West Texas Intermediate Midland crude oil accounted for the bulk of India's purchase this month, despite its higher delivered cost compared to the Middle East equivalent benchmark.WTI is expected to be heavily used in the country in coming months as more people mobilize for local elections, alongside increased power generation and crop harvesting, India's refinery officials said. Per Bloomberg, traders said India's switch to American oil would hit Sokol oil – the Russian equivalent of WTI Midland – the most. Since the Kremlin's invasion of Ukraine in February 2022, the West has intensified sanctions on Moscow's energy exports, including <a href="https://www.businessinsider.com/g7-countries-price-cap-russian-oil-moscow-vows-cut-off-2022-9">imposing a price cap on Russian oil</a> to stem the flow of revenue used to fund the war. Despite this, India is still the biggest adopter of Russian crude. Experts told Bloomberg that the South Asian country imported 10% of US crude in 2021, but that plummeted to 4% in the past two years as Russia gained market share by selling at deep discounts. Yet, the impact of sanctions may finally have kicked in as many signs point to India pulling back on buying oil from Russian sources. Russian oil shipments to India f<a href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">ell by 420,000 barrels per day</a> in February, totaling 1.2 million barrels imported daily. India's top oil refiners are also<a href="https://markets.businessinsider.com/news/commodities/india-russia-oil-trade-enegy-rosneft-sanctions-war-crude-bharat-2024-3?utm_medium=ingest&amp;utm_source=markets"> shying away from long-term contracts</a> with Russian suppliers, and now considering purchases from Saudi Arabia as an alternative.Meanwhile, other Russian crude varieties, like Urals from the nation's western ports, are also feeling the pinch of stricter sanctions enforcement, as two tankers carrying Urals crude have been idling off the India's coast for weeks.

India is buying the most US oil in almost a year as sanctions on Russian energy bite

<ul class="summary-list"><li>India is buying more American crude as it pulls back from trading with Russia, Bloomberg reported.</li><li>Shipments of US barrels are at the highest since May of last year.</li></ul>American barrels are pouring into the Indian market, prompted by a demand shift of Washington's own making.That's as Western sanctions on Moscow have cracked New Delhi's appetite for Russian crude, causing India to pivot towards US exports. 7.6 million US barrels are estimated to have shipped to India in March, marking the highest level since May of last year, Kpler data showed, cited by <a href="https://www.bloomberg.com/news/articles/2024-03-31/american-oil-is-muscling-into-opec-markets-all-over-the-world?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg</a>. It's an impressive increase from the start of the year, when India imported only 3 million US barrels in January.At the same time, Indian purchases of Russian oil have tumbled, as the US and its allies tightened enforcement of sanctions against Moscow. For instance, Washington has started individually sanctioning entities that breach a Western price cap on Russian barrels, and has targeted over <a href="https://markets.businessinsider.com/news/commodities/russia-sanction-oil-tankers-shadow-fleet-crude-exports-price-cap-2024-2">50 ships</a> since October. It's also singled out the Russian <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&amp;utm_medium=ingest&amp;utm_source=markets">tanker firm Sovcomflot</a>, and Indian refineries have since <a href="https://markets.businessinsider.com/news/commodities/india-russian-crude-trade-sovcomflot-shipping-sanctioned-tankers-price-cap-2024-3">stopped accepting shipments carried by the company's vessels</a>.Though India is in part curbing its trade with Russia out of fear of secondary sanctions, stricter US scrutiny is also cutting into the benefits of dealing with Moscow. With less vessels to spare, Russia is shipping its oil at less of a discount, eroding the incentive that originally sparked Indian interest.In March, India imported an estimated 33.8 million barrels of Russian crude, compared to 51.1 million in January, Kpler data showed. Aside from New Delhi, US crude is rapidly taking on global market share, especially as OPEC and Russia cut back oil production.Just last week, Moscow ordered its companies to<a href="https://www.reuters.com/markets/commodities/russia-orders-companies-cut-oil-output-meet-opec-target-2024-03-25/#:~:text=MOSCOW%2C%20March%2025%20(Reuters),industry%20sources%20said%20on%20Monday." target="_blank" rel="noopener"> reduce their oil output</a> in the second quarter, as the country targets a production level of 9 million barrels a day. It's part of a broader OPEC+ strategy to reduce supply, in the aim of retaining price control. But American production has not held back, and the country has become <a href="https://markets.businessinsider.com/news/commodities/us-oil-crude-production-record-opec-cuts-russia-saudi-arabia-2024-3">history's biggest producer</a> for six years in a row, the Energy Information Administration said. That's allowed exports to balloon, with US imports into Asia hitting a record last year, Bloomberg said.

US oil suppliers are getting a boost from Russian sanctions as India looks to buy more from them

<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.

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

<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="9450522" type="UNKNOWN" weightage="20" keywordseo="indian-oil-refineries">Indian oil refineries</keyword> improved operating run rate to an average of 77 per cent of capacity in May as easing of <keyword id="8976170" type="UNKNOWN" weightage="20" keywordseo="lockdown-restrictions">lockdown restrictions</keyword> helped bring back some of the lost fuel demand, according to oil ministry data. Refineries, which had in April cut down operating rate to as low as 30-40 per cent as lockdown took most vehicles off road, processed 16.34 million tonnes of crude oil in May, 11 per cent more than April but 24 per cent less than a year earlier. <keyword id="6487" type="COMPANY" weightage="20" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword>, which operates the world's biggest oil refining complex at Jamnagar in Gujarat, cut crude processing for a third straight month in May. Its twin refineries operated at an average capacity of 91.72 per cent in May, down from 94.8 per cent in April and 95.4 per cent in March. RIL refineries processed 5.312 million tonnes of crude oil in May, down 12.5 per cent over the previous year. The units had processed 5.314 million tonnes in April. The units produced 6.53 million tonnes of petroleum products in May, down from 7.13 million tonnes a year ago and 6.76 million tonnes in April 2020. Indian Oil Corp (IOC), the nation's biggest oil firm, operated its nine refineries at an average rate of 72.8 per cent in May, up from 53.2 per cent in April. Rosneft-backed Nayara Energy's 20 million tonnes a year Vadinar refinery in Gujarat ran at 91.9 per cent of capacity in May, up from 85.3 per cent capacity in April. India's crude oil production fell 7 per cent to 2.6 million tonnes in May but was higher than April's 2.54 million tonnes. ONGC output was down 2.3 per cent at 1.72 million tonnes mainly due to lower offtake by industries that had been shut due to lockdown. Fields operated by private firms produced over 18 per cent less crude oil, mostly due to lower output from Cairn-operated Rajasthan block. Natural gas production in May dropped 16 per cent to 2.3 billion cubic metres as shutting down of user industries forced companies such as ONGC to cut production. Oil and Natural Gas Corp's (ONGC) output was down 13.2 per cent at 1.8 bcm. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-share-price-may-gain-as-broadband-plan-rates-fall/articleshow/76525187.cms" data-type="tilCustomLink">Home broadband bills could come down if government cuts its share⁠ — big boost for Reliance Jio and Airtel</a> <a href="https://www.businessinsider.in/india/news/checkout-jagannath-rath-yatra-2020-images-pictures-without-the-lakhs-of-devotees/slidelist/76528249.cms" data-type="tilCustomLink">Contrasting images of the iconic Puri Jagannath Rath Yatra from 2020 and 2019 – without the lakhs of devotees</a>

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