Crude oil import News

Russia has become India’s top oil supplier in October, surpassing traditional sellers Saudi Arabia and Iraq. It now makes up for 22% of India’s total crude imports from Russia. India imported 68,600 bpd of Russian oil in March while it increased to 266,617 bpd in the following month and peaked at 942,694 bpd in June.

Crude oil supply trend to India will continue, and bilateral trade will strike new records, said Russian Ambassador to India, Denis Alipov. India and Russia are looking to further expanding the relationship in the energy sector. Russian envoy termed the G7's plan to put a cap on the rates of Russian oil prices as narrow-minded and unrealistic.

India's crude oil imports from Russia fell for first time in July since March. India refiners purchased more supplies from Saudi Arabia because of attractive prices. India is the world's third biggest oil importer and consumer.

India spent USD 119.2 billion in 2021-22. It spent USD 13.7 billion in March alone, when oil prices surged to 14-year high. India imported 212.2 million tonnes of crude oil in 2021-22, up from 196.5 million tonnes in the previous year.

India provisionally imported 207.3 million tonne of crude oil in 2018-19, down from 220.4 million tonne in the previous financial year.

This is the first time any Indian refiner has signed an annual contract since the country in 2017 began importing crude oil from the US.

India is the second largest buyer of Iranian crude after China, accounting for about 30 percent of total crude exports from the Persian Gulf nation during April-August 2018.

India, the world`s number 3 crude oil consumer, received about 266,000 barrels per day (bpd) of oil from Iran last month.

This will provide a more efficient, flexible and dynamic policy for crude procurement, eventually benefiting the consumers.  

Oil Ministry will soon come up with a Cabinet note on new crude import policy for spot crude purchases by state-owned refiners, doing away with the long-followed tendering process, Minister Dharmendra Pradhan said Monday.

India's crude oil import bill is likely to dip by 35 percent to USD 73 billion this fiscal as global energy prices slumped on weak demand.  

Essar Oil will on Thursday sign a 10-year deal to import crude oil from Russia as President Vladimir Putin pushes to deepen energy ties with India to counter to US sanctions.