India Oil Imports

India's edible oil imports rose 12 per cent year-on-year in February to 10.98 lakh tonnes on higher imports of crude palm oil, according to industry body SEA. In a statement, the Solvent Extractors' Association of India (SEA) on Wednesday said that edible oil imports rose to 10,98,475 tonnes in February from 9,83,608 tonnes in the year-ago period. Imports of non-edible oil fell to 16,006 tonnes in February from 36,389 tonnes in the same month last year. Total imports of vegetable oils (edible oils and non-edible oils) went up 9 per cent to 11,14,481 tonnes in February this year from 10,19,997 tonnes a year ago. During November 2022 to February 2023 period, imports of edible oils rose to 58,44,765 tonnes from 45,91,220 tonnes in the corresponding period of the previous oil marketing year. Oil marketing year runs from November to October. Imports of non-edible oils fell to 43,135 tonnes in the first four months of 2022-23 oil year from 99,938 tonnes in the year-ago period. Total i

India's imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a fifth straight month by supplying more than one-third of all oil India imported, according to energy cargo tracker Vortexa. Refiners continue to snap up plentiful Russian cargoes available at a discount to other grades. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict in February 2022, Russia's share of India's imports rose to 1.62 million barrels per day in February, taking a 35 per cent share. India, the world's third-largest crude importer after China and the United States, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow

American shipments to India plummeted 58% from a year earlier

Last year, bilateral trade and economic cooperation between the two countries received a powerful impetus and mutual trade reached almost USD 30 billion

New Delhi's imports from Russia in eight months to November were almost 16 times its shipments to the nation, trade ministry data show

With these imports, India can maintain a domestic inventory of refined products like petrol and diesel

Amid the rising bilateral trade, India has been exploring a rupee trade settlement mechanism with Russia

The country is now easily India's biggest source of oil after overtaking Iraq and Saudi Arabia several months ago.

External Affairs Minister S Jaishankar has defended India's move to import crude oil from Russia notwithstanding the growing disquiet over it by Western powers, saying that Europe has imported six times the fossil fuel energy from Russia than India has done since February 2022. Jaishankar, who arrived here from Cyprus on the second leg of his two-nation tour, also said that if the European political leadership would like to soften the impact of the ongoing Russia-Ukraine conflict to their population, it's a privilege they should extend to other political leaderships as well. "Europe has managed to reduce its imports while doing it in a manner that is comfortable. If at a (per capita income) of 60,000 euros, you are so caring about your population, I have a population at USD 2,000. I also need energy, and I am not in a position to pay high prices for oil," Jaishankar said during an interview to Austria's national public broadcaster ORF on Monday. Jaishankar also pointed out that Euro

Russia has for the second month in a row remained India's top oil supplier in November, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa. Russia, which made up for just 0.2 per cent of all oil imported by India in the year to March 31, 2022, supplied 9,09,403 barrels per day (bpd) of crude oil to India in November. It now makes up for more than a fifth of India's oil supplies. According to Vortexa, an energy intelligence firm, India imported 8,61,461 bpd of oil from Iraq in November and 5,70,922 bpd from Saudi Arabia. The United States was India's fourth largest supplier at 4,05,525 bpd. India's imports from Russia in November were lower than the volumes bought in October. India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine. As per Vortexa, India imported just 36,255 barrels per day of crude oil from Russia in December 2021, .

The government does not ask Indian companies to buy oil from Russia but it is a sensible policy to get the best deal in the interest of Indian people, External Affairs Minister S Jaishankar said in Rajya Sabha on Wednesday. Responding to questions from members in the Upper House, the minister said it is his duty to put the interest of the Indian people first to ensure that they do not pay the cost of some other countries' actions or some other region's actions for fertilizer, food, etc. "We do not ask our companies to buy Russian oil. We ask our companies to buy oil what is the best option that they can get. Now it depends on what the market throws up. "If tomorrow the market gives us more competitive options. Again, please do understand. It's not just that we buy oil from one country. We buy oil from multiple sources, but it is a sensible policy to go where we get the best deal in the interest of the Indian people and that is exactly what we are trying to do," Jaishankar said.

A record 24.8 percent of India's crude oil imports came from Russia in the April-September period

India will continue to buy Russian oil, and the lack of ships or insurers will not be a hindrance, said an oil ministry official

India will continue to buy crude oil from anywhere in the world, including Russia, to meet its energy needs, a top official said ahead of EU restrictions on Russian oil kicking in. The executive body of the European Union has asked its 27-member countries to cap the price of Russian oil at USD 60 as part of the West's attempt to squeeze Moscow's oil revenues and limit its ability to wage war in Ukraine while keeping global prices and supplies steady. "Unlike Iran and Venezuela, there are no sanctions on buying oil from Russia. So anyone who can arrange for shipping, insurance and financing outside of the EU can buy oil," the official said. The price caps are part of the EU's plan to use its clout in insurance and shipping industries to crimp Moscow. "We will continue to buy oil from anywhere in the world including Russia," he said. Under the price-cap system that kick-in from December 5, companies shipping Russian oil outside of Europe would only be able to access EU insurance and

India will be unable to use Western tankers and insurance if it refuses to adhere to price cap

The price of the Indian basket of crude oil has hit a 10-month low of $88.6 a barrel in November, government data showed

Saudi Arabia's decline in India's oil market has coincided with Russia's rise, and ironically occurred amid growing diplomatic ties between Riyadh and New Delhi

Oil product imports came in lower for a second straight month, falling about 4% from a month earlier to 3.48 million tonnes in September, while exports dropped 4.8%

India imports more than 85% of its crude, half of its gas, and 60% of the cooking fuel, and any uptick in rates reduces the purchasing power of Indian households, something that is called inflation

Prime Minister Narendra Modi on Monday expressed concern over the huge edible oil and fertilisers import bill, which is putting pressure on the exchequer, saying it is time to work in mission mode to make India self-reliant and reduce import dependence. Modi said it was necessary to become 'AatmaNirbhar' or self-reliant because problems in the exporting countries directly hit import prices for India as happened after the outbreak of the Russia-Ukraine war. Addressing a gathering after launching several projects related to the agriculture sector, the Prime Minister said it is important to reduce dependence on imported edible oil and fertilisers, and even crude oil to the extent possible. Modi said the government would be spending Rs 2.5 lakh crore on the import of soil nutrients this year only to ensure high global prices do not affect farmers. He also said the government was purchasing urea from overseas for Rs 75-80 per kg but was supplying it to farmers at Rs 5-6 per kg to protec