Indian Refineries

In short, India's energy security and the may both be on the line unless state refiners step on the gas

Refiners have jumped on to the bandwagon of opportunistic buying of heavily discounted Urals crude, which could, ironically, make the country Europe's refining hub

India has already bought more than twice as much crude from Russia in the two months since its invasion of Ukraine on Feb.

If Europe adopts official sanctions on Russian crude and fuel, prices will likely surge, and India could profit even more from refining Russian oil to fuels it then sells to Europe for more money.

State oil producer Saudi Aramco, the world's top oil exporter, has raised crude prices for all regions, with those to Asia hitting all-time highs

Nayara operates the 400,000 barrel-per-day (bpd) Vadinar refinery in India's western Gujarat state and has a fleet of about 6,500 retail fuel stations in the country.

NEW DELHI/SINGAPORE (Reuters) - Kuwait has extended oil supply contracts for Indian refiners by three months to March 2022 due to a delay in the commissioning of its 615,000 barrel-per-day Al-Zour refinery, according to people with knowledge of the matter.

Analysts assess current global demand for crude oil at 94 million barrels per day, around 6 mbpd lower than pre-pandemic levels.

Iranian oil coming into the market will not just cool prices but also help India diversify its import baskek

The world's third largest oil consumer and importer halted imports from Tehran in 2019 after former US President Donald Trump withdrew from a 2015 accord

Indian refiners will buy less oil from Saudi Arabia next month as they snap up supplies outside of the Middle East as part of diversification drive amid weakening domestic fuel demand on the resurgence of COVID-19. State-owned Indian Oil Corporation (IOC) and three other refiners have sought just 65 per cent of the monthly average of about 15 million barrels from Saudi Arabia in May, three sources with knowledge of the matter said. The move follows tensions between India and Saudi Arabia over the Kingdom's hawkish stance on boosting production to cool prices. With Saudi Arabia ignoring its pleas to lift output curbs, the Indian government last month asked state refiners to look for sources outside of the Middle East. Sources said IOC and other state refiners are looking to buy more oil from the spot or current market rather than rely on term or fixed quantity contracts with Saudi and other oil cartel OPEC nations. They have in recent weeks bought newer crudes from geographies rang

Energy relations between India, the world's third biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked

Indian state refiners prepare to cut May Saudi oil imports

India, the world's third-biggest oil importer and consumer, imports about 84% of its overall crude needs with over 60% of that coming from Middle Eastern countries

Iraq was the top oil supplier to India in 2020 and a reduction in long-term Basra crude supplies could erode Baghdad's market share in the world's third largest oil importer and consumer

In March, BPCL had increased its stake in BORL by conversion of Rs 650-crore worth of warrants into shares, raising its stake to 63.38 per cent from 50 per cent

China is seeing a demand recovery in infrastructure and manufacturing sectors. Countries, like South Korea and Japan, have also placed quotes for importing petroleum products from India amid lockdown

However, energy prices can reverse direction sharply and suddenly

India opens up strategic oil reserves for foreign companies

The share price of Indian refining companies saw a spike on Wednesday on likely higher refining margins as globally US refining capacity takes a hit due to Hurricane Harvey.On the BSE, the Hindustan Petroleum Corporation (HPCL) stock gained 3.71 per cent to close at Rs 484.75, Bharat Petroleum Corporation (BPCL) gained 3.18 per cent to Rs 521 and Reliance Industries (RIL) gained 2.12 per cent and closed at Rs 1,564.15, while Indian Oil Corporation (IOC) gained the most at 3.97 per cent to close at Rs 451.85. "The stocks have gained on the expectation of better margins and rightly so, as the US cyclone situation has put out some of US's refining capacities and with low crude prices, this will be a positive impact for Indian refiners," said an analyst with a domestic brokerage firm who did not wish to be identified. GRM is the difference between crude oil price and the combined value of petroleum products produced by a refinery by processing a barrel of oil.With the onset of winters ...