INSUBCONTINENT EXCLUSIVE:
MUMBAI: From an island fort outside the heart of historic Mumbai, visitors can spot giant oil tankers unloading their cargoes to two
firm Kpler, a staggering leap from less than 2% before the invasion of Ukraine.Read AlsoOil markets shrug off Russian political
turmoilLONDON: Oil prices fell on Monday after a revolt by Russian mercenaries over the weekend, though the political instability did not
appear to pose an immediate threat to oil supply from one of the world's largest producers
Brent crude futures were down 8 cents, or 0.1%, at $73.77 a barrel by 0900India's import of Russian oil scales new high in MayNEW DELHI:
India's import of cheap Russian oil scaled another record in May and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE
and the US, industry data showed
India took 1.96 million barrels a day from Russia in May, 15 per cent more than the previous high in April,How discounted Russian oil could
push India's growth graphIn its latest Oil Market Report, the International Energy Agency (IEA) said the world's top oil users India and
China bought about 80% of the oil that Russia exported in May, lapping up heavy discounts from the country facing massive sanctions from the
It said, "India has increased purchasesIn absolute terms, May marked a high
Granted, China too has taken far more Russian crude over the past year, with imports hitting records, but it is India, a strategic US
partner, that has stepped in from the wings to prop up the Russian economy.The question today is whether that purchasing spree can keep
going, as discounts narrow for India but financial pressure on the Kremlin increases, with funds needed more urgently than ever to quash
established oil traders pull back
Analysis at Petro-Logistics
ever designed to take Russian barrels
authorized to speak to the media
could face interruption if sanctions tighten
Ramachandran, former Director of Refineries at BPCL
customers, India also suffers from a relative lack of commercial tanks needed for blending, as compared to countries such as China
By blending different types of oil in storage tanks, some Russian crude supplies could be made more palatable to plants that are struggling
This could allow an increase that some of the executives estimate could be between 200,000 and 400,000 barrels a day
partners, specifically producers in the Middle East
To date, buyers have focused on spot Russian purchases, an arrangement that works when supplies are plentiful
refiners can be induced to take more Russian barrels than they have to date
gone from a market share of less than 2% before the war, to providing close to half of India's crude imports today.Behind it all, of course,
relationship dating back decades, deeply rooted in security
Indian Prime Minister Narendra Modi, meanwhile, was feted in Washington last week, where the White House concern is simply that what India
does buy is cheap, minimizing revenues to the Kremlin while keeping tankers moving.
