russian oil exports to india

Ukraine has escalated its offensive by targeting a Russian oil refinery situated in Yaroslavl, roughly 700 kilometers away from its own territory, as declared by President Zelenskyy. He positioned this response as a fair counteraction in the ongoing conflict, propelling the conflict back into Russian territory.

Venezuela has surged to become India's third-largest crude oil supplier this May, surpassing Saudi Arabia and the US. Indian refiners are boosting purchases of cheaper Venezuelan heavy crude due to its attractive economics and compatibility with complex refineries. This shift comes as West Asia conflict disrupts traditional shipping routes, prompting India to diversify its oil sourcing.

According to the government, India has around 60 days of petroleum supplies in various forms including strategic reserves. But if 20% of the world’s crude supply remains disrupted over 2.5 months of the war, where is India getting its oil from?

To secure supplies amid restrictions in the Strait of Hormuz, India increased purchases of Russian Urals crude after the temporary easing of US sanctions, according to available data up to April.

Earlier today petroleum ministry joint secretary Sujata Sharma said that India will continue importing Russian crude based on commercial practicality and its energy security requirements, regardless of whether US sanctions waivers are in place.

Addressing a media briefing on Monday, Sharma said India had been sourcing oil from Russia before the waiver period, during it, and continues to do so now as well.

India remains the largest buyer of Russian seaborne crude, with imports touching near-record levels in April and May following previous sanctions-related relaxations.

US Secretary of State Marco Rubio affirmed Washington's commitment to preventing geopolitical disruptions from impacting global energy markets, particularly amid tensions linked to the Iran conflict. He highlighted US energy exports as a tool to strengthen partnerships, especially with India, aiming to diversify its supply and reduce reliance on other sources.

Britain is recalibrating its approach to Russian oil imports by introducing restrictions on refined products at a measured pace. This strategy, driven by escalating energy market volatility linked to conflicts in the Middle East and climbing fuel prices, seeks to mitigate the risk of abrupt supply shortages.

India's economy has faced significant challenges from global oil price surges over the past fifty years. From the 1973 Arab embargo to the recent Hormuz disruption, these shocks have impacted inflation and foreign exchange reserves. Policymakers have continuously adapted strategies to manage these crises, balancing economic stability with consumer needs.

India has reportedly rejected Russian LNG cargoes under US sanctions, despite energy security worries. A sanctioned Russian LNG shipment is now stranded near Singapore as India navigates compliance risks. While India continues to import Russian crude, LNG is harder to conceal from global tracking systems. Discussions are ongoing for non-sanctioned Russian supplies.

Venezuela's interim President Delcy Rodríguez is set to visit India next week for oil sales discussions, as the US aims to bolster energy ties with New Delhi. US Secretary of State Marco Rubio highlighted India as a key partner, expressing readiness to increase energy exports. This comes as Venezuela, possessing vast oil reserves, seeks to diversify its energy market.

India has requested the US to extend its waiver on Russian oil imports due to ongoing disruptions in the Strait of Hormuz. This waiver, crucial for stabilizing oil markets, is set to expire on May 16. Despite US pressure to reduce discounted Russian oil purchases, India prioritizes stable energy supplies, warning of economic consequences from market volatility.

Finance minister Nirmala Sitharaman expressed openness to investor concerns regarding capital gains tax, assuring that the government will consider stakeholder suggestions. She also defended recent fuel price hikes, attributing them to global crude oil costs and highlighting the government's prior absorption of excise duties.

India has reportedly sought an extension from the US to continue importing Russian oil, with the current waiver expiring May 16. The Congress party has sharply criticized PM Modi, accusing his government of "trading away India’s honour and dignity" and compromising energy security by "groveling before America" for permission.

Twisha Sharma's father demands a fresh autopsy at AIIMS-Delhi, alleging a cover-up and accusing his son-in-law of drug addiction. Meanwhile, Yogi Adityanath warns of 'other methods' if namaz continues on UP roads. West Bengal's new government scraps religion-based schemes and the OBC list. India reaffirms its commitment to buying Russian crude oil, prioritizing energy security.

Fuel retailers face mounting losses as global energy disruptions persist, potentially forcing further petrol and diesel price hikes. BPCL director Raj Kumar Dubey indicated limited options for policymakers, including price increases or government funding. India is diversifying oil sources and accelerating its push towards green energy to mitigate these challenges.