Page 5 - Oil Imports

Joe Biden to ban Russian oil imports over Ukraine war, says report

President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter. The move follows pleas by Ukrainian President Volodmyr Zelenskyy to US and Western officials to cut off the imports, which had been a glaring omission the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector. Biden was set to announce the move as soon as Tuesday, the person said, speaking on the condition of anonymity to discuss the matter before an announcement. The White House said Biden would speak on Tuesday morning to announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine. The US will be acting alone, but in close consultation with European allies, who are more dependent on Russian energy supplies. Natur

India's February sunflower oil imports fall as war disrupts shipments

Ukraine and Russia account for more than 90% of India's imports of sunflower oil

BPCL seeks extra Gulf oil, fearing Russian supply hit: Report

BPCL, India's second-biggest state refiner, on an average buys two million barrels of Russian Urals every month on a delivered basis

Russia-Ukraine crisis: Sunflower prices heading north in South India

The price increase in other parts of India has not been that steep so far

How will $120 crude oil price spoil India's budget math?

The tension between Russia and the Western world over the Kremlin's military build-up on the Ukrainian border pushed oil price to $90 a barrel. What does it mean for the Indian economy?

India's high foreign exchange reserves not enough to shield rupee

A sharp rise in oil import bill has led to a big decline in forex reserves to imports in FY22

Fuel demand, capacity addition by refiner likely to inflate oil import bill

Demand for all fuels rose 5 per cent in the April-December period to 148 mt from a year earlier, according to the oil ministry

OPEC's share of Indian oil imports falls to lowest in at least 15 years

NEW DELHI (Reuters) - OPEC's share of Indian oil imports fell in 2021 to the lowest in more than a decade despite a 4% rebound in annual crude purchases by the world's third biggest oil importer, data obtained from industry sources showed.

Mideast share of Nov Indian oil imports at 16-mth high, African grades slip

On the other hand, the share of African oil plunged to a 16-month low of around 9.7%, or about 419,000 bpd, the data showed.

India's crude oil import bill set to breach FY21 tally, say experts

Import bill likely to be a three-year high

Gadkari bats for green hydrogen; says India needs to reduce oil imports

Batting for green hydrogen as a transport fuel, Union Minister Nitin Gadkari on Monday said there is a need to make India a country that will not be dependent on imports of petrol and diesel. Speaking at an event, Gadkari regretted that some countries are also using proceeds from the sale of petrol and diesel to finance terrorism. "Green hydrogen is better than petrol and diesel. The transport sector is witnessing a big change. "We want to make a country which will not be dependent upon the import of petrol and diesel but will export fuel," the road transport and highways minister said, adding that this was a nationalistic view. By importing petrol and diesel, Gadkari, who is known for his frank views, said, "We are making countries richer which also finance terrorism". The road transport and highways minister, however, did not name any country. He further said the reduction of import of petrol and diesel can solve a lot of problems being faced by the country. Gadkari said it is

Oil alarm: India's oil import bill at 67% of FY21 in just 5 months of FY22

The sharp economic recovery and rising demand post the second wave of Covid coupled with a spike in global oil prices may pose a challenge for the government in FY22 to maintain fiscal discipline

India's oil imports rose to four-month high in August, shows data

Oil imports last month rose about 23% from July and about 6.2% from the same month last year

Hit by Covid-19, India's edible oil imports seen at lowest in six years

MUMBAI (Reuters) -India's imports of edible oil could fall to their lowest in six years, contracting for a second straight year because of the coronavirus outbreak and demand squeezed by record prices, a senior industry official said on Wednesday.

India reduces soyoil, sunflower oil import tax to calm prices

The tax reduction could increase imports of soyoil and sunflower oil in Sept, although a big jump is unlikely as the lower duty is only applicable for a short period until Sept. 30

India's July palm oil imports dip over 43% to 4.65 lakh tonne

India's palm oil imports fell 43.55 per cent year-on-year to 4.65 lakh tonne in July due to higher domestic stocks, industry body Solvent Extractors Association (SEA) said on Monday

ONGC's existential problem: India's exploration conglomerate running empty

India's dependence on imported oil and gas is rising steadily but the country's premier exploration conglomerate is running on empty

China cuts 2nd batch of crude oil import quotas for pvt refiners: Report

China has issued 35.24 million tonnes of crude oil import quotas to non-state refiners in a second batch of allowances for 2021, a 35% drop from the same slot last year, according to a report

OPEC's share of Indian oil imports plunges to two decade low, shows data

Total crude imports by the world's third-biggest oil importer fell to 3.97 million barrels per day (bpd) in the 2021 fiscal year to March 31, down 11.8% from a year earlier

Best of BS Opinion: Competition in e-tail, Covid-19 vaccine, and more

Here's a selection of Business Standard opinion pieces for the day