India’s purchase of Russian oil has risen to 2 million barrels per day (bpd) in August, as refiners continue to prioritise economic considerations in their sourcing decisions. As much as 38% out of an estimated 5.2 million barrels per day of crude oil imported in the first half of August came from Russia, according to […]
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Representational image of the OPEC+ logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria | Photo Credit: Reuters Saudi Arabia and other OPEC+ oil producers on Sunday announced further cuts in their production amounting to around 1.16 million barrels per day in a […]
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Representational image of a Russian oil tanker | Photo Credit: Reuters The Group of Seven (G7) countries, the European Union and Australia have imposed a price cap on Russian sea-borne oil to make it harder for Russia to fund its war against Ukraine. Under the plan, which took effect on December 5 , Western companies that […]
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Shun Tai crude oil tanker is seen anchored at the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia on December 4. | Photo Credit: REUTERS The story so far: After months of negotiation, western countries comprising the Group of Seven nations, the European Union and Australia, agreed to a price ceiling […]
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An aerial view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia on August 12, 2022. | Photo Credit: REUTERS The story so far: On December 3, the Group of Seven (G7) nations and Australia said a consensus had been reached on a $60 price […]
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An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC in Novorossiysk, Russia. File | Photo Credit: AP India will continue buying Russian oil because sanctions allow purchases provided that Western services are not used, an Oil Ministry source said on Friday. The comment comes a day […]
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India will only need to avoid Western financial, maritime services bound by the cap says U.S. Treasury Secretary; stresses goal is to drive global oil prices lower while curbing Russia’s revenues India will only need to avoid Western financial, maritime services bound by the cap says U.S. Treasury Secretary; stresses goal is to drive global […]
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The Group of Seven richest economies (G7) has been trying to enforce a price-capping mechanism on Russian oil exports The Group of Seven richest economies (G7) has been trying to enforce a price-capping mechanism on Russian oil exports India said on Wednesday it will examine a proposal by Western nations to impose a price cap […]
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Hardeep Singh Puri said that India was confident of navigating a planned output cut by Opec Plus Hardeep Singh Puri said that India was confident of navigating a planned output cut by Opec Plus India was “very confident” of navigating a planned output cut by the oil producers’ cartel, Opec Plus, Petroleum and Natural Gas […]
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Finance Minister Nirmala Sitharaman said on Thursday that importing Russian oil was part of the country’s inflation management strategy and that other countries were also doing something similar. “And that’s where I give credit to the statesmanship of Prime Minister Narendra Modi to make sure globally that we did keep up the relationship with all […]
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