The United States, which imposed tariffs on India last year for buying Venezuelan oil, has told Delhi it can resume those purchases soon to help replace imports of Russian oil, three sources familiar with the matter told Reuters. India pledged to slash Russian crude oil purchases after Washington also hiked tariffs related to that activity, […]
State-run Hindustan Petroleum Corp Ltd is seeking Venezuelan crude for the first time as the refiner plans to increase heavy oil processing in the new fiscal year starting April, Chairman Vikas Kaushal said on Tuesday. Indian refiners are considering importing Venezuelan crude, which is being offered by Vitol and Trafigura under a US-mandated sale after […]
NEW DELHI: India’s average crude oil import cost fell below $60 a barrel on Monday, among the lowest it has been in five years despite global geopolitical upheavals and sanctions against three major crude oil suppliers—Iran, Russia and Venezuela. The daily average price of various crude grades (popularly known as Indian basket) dipped to $59.29 a barrel […]
The US attack on Venezuela to dismatle the regime of President Nicolás Maduro is creating dichotomy of sorts for India—a neutral outlook for the stock market but a potential billion-dollar windfall for state-run oil producers. The US attack on Venezuela is unlikely to affect India’s stock market except oil producers, at least for the time-being. […]
Indian Oil Corp. Ltd. purchased its first Colombian oil under an optional supply deal with state oil company Ecopetrol, two people familiar with the matter said, as India’s top refiner seek to diversify from Russian oil imports. An Indian Oil fuel station in Bengaluru. The state-run refiner has an optional contract to buy about 12 […]
HPCL-Mittal Energy Ltd., a joint venture of Lakshmi Mittal’s Mittal Energy and Hindustan Petroleum Corp. Ltd., has stopped buying Russian crude oil. The ships used for the cargo weren’t under sanctions either. Russia currently supplies nearly a third of India’s crude imports, averaging around 1.7 million barrels per day in 2025, of which approximately 1.2 […]
Reliance Industries Ltd. bought middle-east crudes last week and may place more orders, in a sign that US pressure against India’s Russian oil imports may be starting to impact its procurement patterns. Reliance Industries, which operates the world’s largest refinery at Gujarat’s Jamnagar bought at least 2.5 million barrels of Middle Eastern crude oil last […]