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The temporary easing of U.S. sanctions on Russian crude has rapidly redrawn global oil flows, with India stepping back in as the dominant buyer of previously distressed barrels. Even as overall imports are about to ease seasonally, Russian volumes into Asia are surging -- tightening the market and pushing Urals to a rare $8/bbl premium over Brent. Washington's March 12 decision to allow sales of oil already loaded onto tankers had an immediate impact. Almost all of Russia's floating storage was ...Read More >
New Delhi: India's crude oil imports from Russia strengthened in the first half of October, reversing a three-month slide in arrivals seen during July-September as refineries were back on full stream to meet festive demand, according to ship tracking data. Imports from Russia slid from over 2 million barrels per day in June to 1.6 million bpd in September. However, tanker-tracking data for early October suggest a rebound: shipments of Urals and other Russian grades to India have picked up pace ...Read More >
Mumbai: Nayara Energy may have to offer a $1-2 per barrel discount to India's state-run oil marketing companies (OMCs) to sell petrol and diesel that the Russian-owned refiner cannot export due to European sanctions, people close to the development said. The Rosneft-backed company, which operates a 20-million-tonne refinery in Gujarat, has been in talks with Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation to place its refined fuel with them. These state- ...Read More >
Barclays estimates that the new 25% US tariffs, along with penalties on Russian imports, could reduce India's GDP growth by 30 basis points this fiscal year. Despite the higher duties, India's domestic demand-driven economy is unlikely to be significantly affected. New Delhi, The 25 per cent US tariffs, plus a penalty for Russian imports, could dent India's GDP growth by 30 basis points in the current fiscal, but the higher duty is unlikely to significantly affect India's domestic demand-driven ...Read More >
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