Russia Oil Production

The redrawing of the shipping map underscores the knock-on effects of Western efforts to punish Russia over its invasion of Ukraine last year, adding to fuel supply insecurity and pushing up prices

Uncertainty about how much India pays is part of the murkiness around Russian oil flows more generally, as the trade shifts from the Atlantic basin to Asia and from large traders to smaller entities

Focus on buying Russian crude has led to a decline in imports from West Asia

Indian refiners mostly buy Russian oil on a delivered basis, with the seller arranging for insurance, freight and ship

Supplies from Russia come at a substantial discount to global prices, but Indian pump prices have remained unchanged for nearly ten months

Last month Russian oil accounted for about 27% of the 5 million bpd of crude imported by India, the world's third-biggest oil importer and consumer

India's interest in ramping up Russian oil products imports comes after the world's third largest crude importer became Moscow's top oil client after China as the West shunned supplies from Moscow

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

Russia will cut oil production by 500,000 barrels per day next month in response to the West capping the price of its crude over the war in Ukraine, Deputy Prime Minister Alexander Novak said Friday, according to multiple Russian news media reports. As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the price ceiling,' Novak said, in remarks carried on the Russian TASS news agency. In connection with that, Russia will voluntarily cut production by 500,000 barrels a day. It will help restore market-style relations, he said. International benchmark Brent crude rose 2.5% Friday, to $86.67 per barrel. The Group of Seven major democracies have imposed a $60-per-barrel price cap on Russian oil shipped to non-Western countries. The goal is to keep oil flowing to global markets to prevent price spikes seen last year while limiting Russia's financial gains that can be used to pay for the war against ..

India is the UAE's second-largest trade partner and officials are working on a mechanism to boost trade in dirhams and rupees

The Asian nation's importance is expected to expand after fresh European Union sanctions on Russian petroleum exports take effect Sunday

Indian refiners and traders are concerned they may not be able to continue to settle trades in dollars, especially if the price of Russian crude rises above a cap imposed by the Group of Seven nations

European Union governments tentatively agreed on Friday to set a USD 100-per-barrel price cap on sales of Russian diesel to coincide with an EU embargo on the fuel steps aimed at ending the bloc's energy dependence on Russia and limiting the money Moscow makes to fund its war in Ukraine. Diplomats representing the 27 EU governments set the cap on Russian diesel fuel, jet fuel and gasoline ahead of a ban taking effect on Sunday. It aims to reduce Russia's income while keeping its diesel flowing to non-Western countries to avoid a global shortage that would send prices and inflation higher. The information was provided by diplomats from 3 different EU member nations ahead of a formal announcement by the Group of Seven major industrialized nations. They spoke on condition of anonymity because the official announcement would come later. The USD 100-per-barrel cap applies to Russian diesel and other fuels that sell for more than the crude oil used to make them. Officials agreed on a US

Russia has a lot to offer to India and vice-versa in all these areas, with western companies leading, Russian Ambassador to India added

Oil prices were steady on Thursday after tumbling in the previous session as a weaker dollar boosted sentiment, though looming sanctions on Russian oil products added uncertainty over supply

India imported between 1.27 to 1.42 million barrels of Russian crude per day, which made up 28% of India's supplies in January, the highest ever

Brent crude futures gained 28 cents to $85.18 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 9 cents to $77.99

Despite the hit to profits, revenue from operations rose to a record Rs. 1.11 trillion in the first nine months of FY23

Russia continued to be the top oil supplier to India in December, shipping a record 1.25 million barrels per day (bpd)

Pakistan will pay for energy purchases from Russia, when they start in late March, in currencies of friendly countries, a top energy official said on Friday. The development came at the conclusion of the 8th session of the Pakistan-Russia Inter-Governmental Commission (IGC) on trade, economic, scientific, and technical cooperation led by Ayaz Sadiq, Pakistan Minister for Economic Affairs, and Nikolay Shulginov, Russian Energy Minister, from respective sides between January 18 and 20 here. Shulginov, in a joint statement read out before the media, said Islamabad would pay for energy purchases in currencies of friendly countries, adding that the two countries agreed in late March as the timeline for crude oil export to cash-strapped Pakistan. The friendly countries were not named but likely include China which has close ties with both Pakistan and Russia. The two sides worked under the guidance of Prime Minister Shahbaz Sharif and President Vladimir Putin and took the opportunity to