Following several months of increased imports of Russian crude by India, the trend may finally begin to wane as it stockpiles enough to meet the country’s demand. India has favoured Russian crude in recent months due to its discounted prices, making its oil much cheaper than Middle Eastern alternatives.
India’s crude oil imports from Russia hit a new record high of 2.2 million barrels per day (bpd) in June, having risen in 10 consecutive months, per data from analytics firm Kpler cited by Bloomberg.
India’s oil imports from Russia continue to surge as cheaper Russian crude exports find more and more buyers in the world’s third-largest crude oil importer.
Cairn Oil & Gas, a subsidiary of Vedanta Resources owned by billionaire Anil Agarwal, has announced that its reserves and resources portfolio in India has surpassed 1 billion barrels of oil equivalent (boe), media reports suggested.
Major Indian natural gas importers are discussing long-term supply deals with the biggest LNG exporting countries to lock in future supply and avoid volatility and uncertainty in case of spot price spikes, traders and executives tell Bloomberg.
A new report by the Center for Research on Energy and Clean Air (CREA) has found that European countries that banned Russian oil imports are instead importing huge amounts of oil commodities from India, China, United Arab Emirates, Singapore and Turkey, therefore qualifying them as laundromats.
Russia’s largest oil firm, state-controlled Rosneft, signed on Wednesday a term agreement with Indian Oil Corporation to raise the supply of Russian crude to India significantly.
As the old saying goes, “one man’s crisis is another’s opportunity.” Russia’s invasion of Ukraine and the subsequent sanctions and ruined trade relationships with the U.S. and Europe represent a tremendous crisis. But for the country’s long-term ally, India – and to an extent, China – it represents opportunity. From cheap Russian oil and coking coal to steel, India continues to benefit from its close ties to Moscow.
Russia has become the single biggest crude supplier to India over the past year as the world’s third-largest oil importer snaps up discounted Russian oil banned in the West.
Russian oil firm Lukoil is in direct talks with Indian companies to sell its 38% stake in a deepwater oil and gas field offshore Ghana, Reuters reported on Monday, quoting Russian and Ghanaian sources with knowledge of the matter.