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After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

<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 going to be a key driver in global oil demand growth for the next seven years, IEA said.</li><li>The country's oil demand is expected to increase by 1.2 million barrels a day by 2030, roughly a third of global demand gains.</li></ul>Move over, China. India is going to be the foremost driver of global oil-demand growth over the next seven years.According to a new <a href="https://www.iea.org/reports/indian-oil-market/executive-summary" target="_blank" rel="noopener">report</a> from the International Energy Agency, India's oil demand is expected to grow by 1.2 million barrels a day through 2030, which would make up roughly a third of the projected total over the period. The country was already the world's second-largest crude oil net importer in 2023."India will become the largest source of global oil demand growth between now and 2030, while growth in developed economies and China initially slows and then subsequently goes into reverse in our outlook," the IEA report said.That shift is expected to arrive as <a href="https://www.businessinsider.com/india-stock-market-catching-up-hong-kong-2023-12">India's economy keeps growing</a>, along with its population and demographics. The country's massive industrial expansion is also a harbinger of <a href="https://markets.businessinsider.com/news/commodities/oil-market-outlook-india-china-demand-growth-forecast-crude-prices-2023-12">soaring oil demand</a> — through 2030, the sector is expected to account for about half the rise of India's oil demand and over a sixth of total global oil demand growth.Meanwhile, <a href="https://www.businessinsider.com/china-economy-crash-real-estate-collapse-property-market-evergrande-bass-2024-2">China's economy</a> has been going the other way. Beijing's blemished post-Covid growth and a fracturing property sector has tanked its stock market. <a href="https://markets.businessinsider.com/news/stocks/foreign-investors-retreat-stimulus-chine-economy-growth-stock-market-csi300-2023-11">Foreign investors have also fled the market.</a>But beyond economic muscle, India's oil demand growth is also a symptom of the global energy crisis, the IEA noted, which has forced countries around the world to prioritize energy security. That concern is a big one for India, a country highly <a href="https://markets.businessinsider.com/news/commodities/russia-oil-india-ships-moscow-us-sanctions-ukraine-war-revenue-2024-1#:~:text=Russian%20oil%20tankers%20are%20turning,been%20unable%20to%20accept%20payment.?utm_medium=ingest&amp;utm_source=markets">dependent on oil imports.</a> It only produces 13% of its supply needs.Delhi has been pouring money into its refining sector in anticipation of that surging demand. The country is expected to add about 1 million barrels a day of new refinery distillation capacity by 2030, more than any other country besides China.According to the IEA, India's oil demand would be even stronger — about 480 kilo barrels a day — if it wasn't for their investment in the energy transition.

India will be the largest source of oil-demand growth for the next 7 years, IEA says

<ul class="summary-list"><li>Millions of barrels of Russian oil heading to India never reached their destination, per Bloomberg.</li><li>The tankers holding the cargoes are now idling at sea. </li></ul>Roughly five million barrels of Russian oil that was on the way to India never reached their destination, according to a <a href="https://www.bloomberg.com/news/articles/2023-12-20/russia-s-sokol-oil-gets-stuck-on-tankers-while-en-route-to-india?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg</a> report. The cargoes of Russia's Sokol grade crude were supposed to arrive over the past four weeks, but instead the relevant tankers are idling at sea, miles out from their intended ports.It's unclear why the ships haven't arrived, per the report, but sanctions on sellers moving Russian crude above the $60 price cap set by G7 nations may be part of the explanation.The US Treasury has sanctioned eight ships tied to the crude cargoes since October, with six of them owned by Russia's Sovcomflot PJSC.One vessel, which was headed to the port Vadinar in India, has been idle since November 16 near Sri Lanka, Bloomberg reported. Two more Sovcomflot ships heading to the same place have joined it in the past week. Meanwhile, three other ships heading to the Paradip port in east India should have arrived by now but have not. The issue comes as <a href="https://markets.businessinsider.com/news/commodities/oil-market-supply-russia-opec-saudi-arabia-us-production-commodities-2023-12">Russia's weekly oil flows rose to the highest level in five months</a> in the seven days up to December 10, Bloomberg shipping data showed. Exports in that stretch hit 3.76 million barrels a day.That increase comes as OPEC+ have committed to reducing crude production to help stabilize prices. The group plans to cut production by a total of <a href="https://markets.businessinsider.com/news/commodities/oil-price-crash-opec-saudi-arabia-us-production-brent-outlook-2023-12?utm_medium=ingest&amp;utm_source=markets">2.2 million barrels a day</a> through the first quarter of 2024, with some of that coming from Russia.Oil prices have softened over recent weeks amid a <a href="https://markets.businessinsider.com/news/commodities/oil-prices-today-outlook-crash-demand-supply-crude-energy-saudi-2023-12">US production boom and an uncertain demand outlook</a>. On Wednesday, <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> moved 1.69% higher to $75.18 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 1.51% to $80.46 a barrel.

5 million barrels of Russian oil on the way to India never arrived

<ul class="summary-list"><li>Russia's record revenue in 2023 was partly attributable to India's huge appetite for Russian crude.</li><li>India took in $37 billion of Russian oil last year, 13 times what it bought before the Ukraine war.</li></ul>Russia has never been this flush with cash — and it's partly thanks to India, which snapped up a monster amount of Russian crude last year.Russia's federal revenue soared to a record $320 billion in 2023 — an amount partly attributable to India's huge appetite for cheap Russian oil, according to a new report from the Centre for Research on Energy and Clean Air shared with <a href="https://www.cnn.com/2024/02/19/europe/russia-oil-india-shadow-fleet-cmd-intl/index.html" target="_blank" rel="noopener">CNN</a>. The nation bought $37 billion of crude from Russia last year, the report said, around 13 times what it purchased from Russia before the war in Ukraine.India has been a huge customer of Russian crude since Moscow began its invasion of Ukraine. After being slammed by Western trade restrictions, Moscow has doled out hefty discounts to its allies, like India and China, who have since gobbled up huge amounts of oil from the nation. The two countries have replaced most of Russia's Western customers, with Russia <a href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">diverting nearly all of its oil shipments</a> to China and India alone, a top official said last year. In particular, <a href="https://www.businessinsider.com/russia-economy-oil-trade-india-booming-red-sea-houthi-attacks-2024-1">Russia accounted for 35% of India's oil purchases in 2023</a>, according to an analysis from S&amp;P Global. India, one of the largest oil refiners in the world, is also known to process Russian crude before passing it off to Western nations, which banned Russian crude in late 2022. India likely exported around $1.3 billion of oil products of Russian origin to the US from December 2022 to the end of 2023, the CREA analysis found. Meanwhile, $9.1 billion of Russian oil products were indirectly purchased by nations who are enforcing sanctions on Russia — 44% more than the amount purchased the previous year, the think tank said. India, though, is facing mounting pressure to comply with Western trade restrictions — a possible reason Indian exports of Russian oil just <a href="https://www.reuters.com/markets/commodities/indias-oil-imports-russia-hit-12-month-low-jan-sanctions-bite-2024-02-01/" target="_blank" rel="noopener">slumped to their lowest level in a year</a> in January.There are also signs that the nation is turning away fully loaded tankers of Russian oil. A <a href="https://www.businessinsider.com/russian-oil-tanker-india-crude-price-cap-sanctions-west-trade-2023-11">sanctioned tanker</a> holding Russian crude was reported to drift off the coasts of India late last year as Indian officials considered whether to let the ship dock. <a href="https://markets.businessinsider.com/news/commodities/russia-oil-india-ships-moscow-us-sanctions-ukraine-war-revenue-2024-1#:~:text=Russian%20oil%20tankers%20are%20turning,been%20unable%20to%20accept%20payment.">Five other oil tankers</a> turned away from India after idling near its shores for about a month, Bloomberg reported.

Russia has never been richer after selling $37 billion in oil to India last year

<ul class="summary-list"><li>No matter how much OPEC cuts oil output, other countries will "fill the hole," a senior equity trader said.</li><li>A surge of supply from non-OPEC nations like US, Brazil, and Guyana has surprised oil markets this year.</li></ul>Despite efforts by Saudi Arabia and Russia to prop up crude prices by cutting production, countries like Guyana, Brazil and the US have pumped more oil than ever.That supply is now so strong that even if OPEC+ slashes more production, the spigot of oil from non-members will continue to douse the market."I think it's more of a supply story going into 2024," Rebecca Babin, senior equity trader for CIBC Private Wealth, <a href="https://www.youtube.com/watch?v=mliQhxET6g0">told CNBC</a> on Monday. "There's a lot of fear that no matter what OPEC does, no matter how much they cut, there are producers — non-OPEC producers — that are just going to fill the hole they keep digging."She added, "We're looking at 2024 and we're concerned that the market is actually going to end up being oversupplied." According to Babin, oil markets are staring down the barrel of the <a href="https://markets.businessinsider.com/news/commodities/oil-prices-outlook-record-us-production-opec-market-share-energy-2023-12">glut of supply from non-OPEC nations</a> that sank oil prices this year.US crude production has notched record levels, <a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&amp;s=MCRFPUS2&amp;f=M">topping 13 million barrels</a> a day in September. Production from Brazil and <a href="https://markets.businessinsider.com/news/commodities/oil-market-outlook-opec-price-cuts-us-crude-production-guyana-2023-12">Guyana</a> has also flooded the market this year.Supply is so strong, in fact, that flare-ups in the Red Sea as Houthi rebels target fuel tankers, oil prices haven't seen a dramatic move."It's not going to rally on supply-driven events," Babin said. "We have a ton of spare capacity sitting on the sideline from Saudi Arabia and the UAE. They are literally chomping at the bit to bring back more production."Babin also explained that fears of energy trade disruptions at the Suez Canal are misplaced because most of the fuel traversing the waterway is Russian oil on its way to India and China — which isn't a target for the Houthis.

No matter how much OPEC cuts oil production, other countries will 'fill the hole,' trader says

India's merchandise <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> slipped by 2.83 per cent to USD 33.90 billion in November while the <keyword id="113688" type="General" weightage="20" keywordseo="trade-deficit" source="Orion">trade deficit</keyword> narrowed to USD 20.58 billion, according to government data. <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">Imports</keyword> also fell by 4.33 per cent to USD 54.48 billion in November, the data released by the commerce ministry on Friday showed. Cumulatively, the country's merchandise exports in April-November FY2023-24 contracted by 6.51 per cent to USD 278.8 billion. Imports were also down by 8.67 per cent to USD 445.15 billion in the eight-month period due to a fall in <keyword id="522549" type="General" weightage="20" keywordseo="oil-imports" source="Orion">oil imports</keyword>. Oil imports dipped to USD 113.65 billion as against USD 139.29 billion in April-November 2022-23. The trade deficit - difference between imports and exports - during the eight-month period was USD 166.35 billion against USD 189.21 billion in the corresponding period last year. Briefing reporters here, Commerce Secretary Sunil Barthwal said that given the global situation, India's export numbers are good. All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, <keyword id="44517" type="General" weightage="20" keywordseo="gems" source="Orion">gems</keyword> and jewellery, chemicals, garments, and engineering goods. Sectors which registered positive growth include electronics, iron ore, and pharma. The other import segments whose inbound shipments are contracted include coal, coke; pearls, precious and semi-precious stones; and fertiliser. However, gold imports increased by 21 per cent to USD 32.93 billion. Electronic goods' imports have risen to USD 57.83 billion during April-November 2023-24 against USD 51.89 billion in the same period last year. The gold imports in November rose by 6.24 per cent to USD 3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to USD 14.93 billion. Barthwal said the global trade is suffering but, "we are holding the fort". He added that GDP growth of many countries are "not so high", interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, "we are doing well". Exports in October had grew by 6.21 per cent. According to the data, the estimated value of services export for November is USD 28.69 billion, as compared to USD 26.93 billion in November 2022. During the eight-month period, these exports stood at USD 220.66 billion as compared to USD 208.30 billion in April-November 2022. The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023. According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.

India's exports dip 2.83% to $33.9 bn in Nov; trade deficit narrows to $20.58 bn: Govt data

<ul class="summary-list"><li>Heavily sanctioned Russia is facing challenges from its dedollarization drive.</li><li>It now trades less than 10% of its oil using the greenback and the euro.</li></ul>Heavily sanctioned <a target="_blank" href="https://www.businessinsider.com/dedollarization-brics-summit-russia-putin-dollar-local-currency-trade-sanctions-2023-8">Russia</a> is one of the loudest critics of the US dollar-denominated global financial order actively trading in alternative currencies.But even Russia, which has been actively <a target="_blank" href="https://www.businessinsider.com/dedollarization-russia-ukraine-war-energy-oil-trades-sanctions-2023-5">skirting sanctions</a> and using local currencies for trade to prop up its economy, hasn't found a really viable alternative currency for trade – highlighting the problems and risks of countries looking to abandon the greenback.Russia's oil trade best exemplifies the problems it has with alternative currency trade, as it accounts for about <a target="_blank" href="https://home.treasury.gov/news/featured-stories/the-price-cap-on-russian-oil-a-progress-report">a quarter</a> of Russia's budget.Before Moscow's invasion of Ukraine, most Russian oil went to <a target="_blank" href="https://www.iea.org/reports/russian-supplies-to-global-energy-markets/oil-market-and-russian-supply-2">Europe.</a> Now, <a target="_blank" href="https://markets.businessinsider.com/news/commodities/china-india-russian-oil-crude-moscow-war-ukraine-volumes-kpler-2023-4">India and China</a> have become the biggest buyers following sanctions imposed after Vladimir Putin invaded Ukraine.The international oil trade is typically denominated in the dollar, but due to sanctions, less than 10% of Russia's daily oil trade is sold in the dollar and the euro, five traders told <a target="_blank" href="https://www.reuters.com/markets/currency-clashes-sour-russias-oil-trade-with-asia-2023-11-27/">Reuters</a> on Monday.<h2>Risks and complications of alternative currencies</h2>Russia's oil trade with India is particularly problematic.To be able to buy Russian oil, India insisted on settling trades in the rupee earlier this year. That's because using US dollars could expose it to secondary sanctions, and it worries about acquiring rubles at a fair rate on the open market.However, Indian authorities have controls on the rupee and the currency is not fully convertible — which means it can't be easily changed into another currency.This poses a problem for Russia, which found itself stuck with lots of <a target="_blank" href="https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5">rubles in Indian banks</a> earlier this year.India actually encourages the rupees to be spent in India itself. The <a target="_blank" href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6">problem for Russia</a> is that there's not much it wants to buy from India.The currency issue is not just a problem with India — sources tell Reuters that it's affecting other top buyers in Africa, China, and Turkey too.To get around its rupee conundrum and reduce its currency risks, Russian officials and oil executives have instead been pushing Indian buyers to pay them in Chinese yuan. It's also subject to controls and is not fully convertible, but Russia imports a lot more from China, including cars, machinery and other goods.Yet the <a target="_blank" href="https://markets.businessinsider.com/news/currencies/india-russia-oil-imports-china-yuan-dirham-currency-rupee-crude-2023-10">Indian government</a> is increasingly uncomfortable with yuan trade, since there are currency conversion charges involved and <a target="_blank" href="https://www.businessinsider.com/dedollarization-china-india-brics-common-currency-jim-oneill-economy-dollar-2023-9">geopolitical rivalry</a> between Delhi and Beijing.Another currency Russia could use to trade with India is the United Arab Emirates dirham — but the UAE is <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-11-23/uae-tightens-scrutiny-on-russian-firms-amid-pressure-from-us">increasing its oversight</a> of Russian companies.Despite all the risks and complications that come with trading in alternatives to the US dollar, the Kremlin is not backing off its stance to move away from dollar trades."Despite all the problems with the rupee, we nevertheless prefer trading in rupees and rubles and not in dollars. This already speaks to the fact that we have excluded the option of dollarization in our bilateral trade," said Sergey Ivanov, a senior Russian official told a forum on Monday, per the state news agency <a target="_blank" href="https://tass.com/economy/1712447">TASS</a>.

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After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

PTI

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

Yuheng Zhan

India will be the largest source of oil-demand growth for the next 7 years, IEA says

Aruni Soni

5 million barrels of Russian oil on the way to India never arrived

Phil Rosen

Russia has never been richer after selling $37 billion in oil to India last year

Jennifer Sor

No matter how much OPEC cuts oil production, other countries will 'fill the hole,' trader says

Aruni Soni

India's exports dip 2.83% to $33.9 bn in Nov; trade deficit narrows to $20.58 bn: Govt data

PTI

Russia's oil deals with India should terrify countries trying to abandon the dollar

Huileng Tan

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