The Petroleum Planning and Analysis Cell (PPAC) has denied an RTI request for data on oil imports from Russia, citing its 'commercial and confidential' nature and exemptions under the RTI Act. The Central Information Commission supported this decision, referencing strategic and economic interests.
Indian refiners are recalibrating their crude sourcing strategy due to supply disruptions in West Asia, leading to Venezuela and Brazil emerging as top five suppliers in April, replacing traditional sources like Iraq and the United States.
After a three-month slowdown, India's oil imports (already landed) from Russia bounced back in the first 15 days of October to 1.8 million barrels per day.
Indian companies, however, are now paying a premium of $6-$7 a barrel for Russian oil, compared with discounts of $8-$10 a barrel before the start of the conflict.
The Kremlin states it has not received confirmation from India regarding a halt to Russian oil purchases, following claims made by former US President Donald Trump. Russia affirms its commitment to strengthening relations with India.
The White House has claimed that India has begun 'scaling back' its oil purchases from Russia at the 'request' of President Donald Trump.
India possesses approximately 100 million barrels of commercial crude oil stocks, capable of covering 40-45 days of its requirements if flows through the Strait of Hormuz are disrupted, according to Kpler.
The United States has announced it will not renew sanctions exemptions for the purchase of Russian and Iranian oil, ending a 30-day waiver that allowed some countries, including India, to continue importing Russian oil despite sanctions related to the Ukraine war.
A US official has stated that India's continued purchase of Russian oil is a point of contention in the relationship between the two countries, as it helps fund Russia's war efforts in Ukraine.
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.
India will restrict crude oil purchases from Russia as part of an agreement reached with the US in exchange for lower trade tariffs, sources said, adding imports will continue for now by refiners such as Nayara Energy, which have no other alternative source. US President Donald Trump announced overnight that the United States will cut the reciprocal tariff on imports of Indian goods to 18 per cent from 25 per cent under a broader bilateral understanding.
A US-sanctioned tanker carrying Iranian crude oil is heading to India, marking the resumption of oil imports from Iran after seven years.
India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of $7.9 billion in 11 months (April-February) of 2023-24, up from $5.1 billion in 2022-23.
Iranian Foreign Minister Seyed Abbas Araghchi on Saturday criticised the United States over its stance on Russian oil, claiming Washington was now "begging" countries across the globe, including India, to purchase Russian crude.
Asian Development Bank (ADB) on Friday warned that India's limited crude oil reserves of about 100 million barrels - sufficient for only 40-45 days of consumption - leave the country particularly vulnerable to supply disruptions through the Strait of Hormuz amid the ongoing war in West Asia.
A US-sanctioned tanker carrying Iranian crude oil has rerouted mid-voyage from its previously indicated destination of India to China, raising questions about payment issues and the future of India's Iranian oil imports.
The Kremlin has stated that India is free to purchase oil from any country, dismissing claims that India agreed to reduce Russian oil imports. Russia maintains that energy trade with India benefits both nations and contributes to international energy market stability.
Indian refiners are likely to import 2-2.2 million barrels per day of Russian crude oil in June - the highest in the last two years and more than the total volumes bought from Iraq, Saudi Arabia, the UAE and Kuwait, preliminary data by global trade analytics firm Kpler showed.
The United States has extended a waiver from sanctions to allow countries to buy petroleum products from Russia by a month, days after it ruled out renewal of the special measure.
Replacing over a third of India's oil imports at competitive rates is going to be a challenge, said traders from State refiners, even though some progress was made in the last two months.
India has no plans to ration fuel supplies despite ongoing disruptions in global energy markets, according to a top oil ministry official. The country has maintained adequate inventories of crude products and LPG while diversifying imports to manage supply risks.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
India has capped gold imports under the Advance Authorisation scheme at 100 kg, a day after significantly increasing import duties on precious metals. This move aims to tighten conditions for duty-free gold imports by jewellery exporters and curb non-essential imports amidst a ballooning import bill.
India has refuted claims of payment issues hindering crude oil imports from Iran, clarifying that refiners have the flexibility to source oil from various global suppliers. The Ministry of Petroleum and Natural Gas addressed reports of a tanker rerouting to China, emphasising standard industry practices and secured oil requirements.
Indian stock markets extended their gains for a third consecutive day, with the Sensex climbing 753 points and the Nifty closing above 24,550, driven by a drop in crude oil prices and optimism surrounding potential peace talks between Iran and the US.
When asked about Bessent's announcement allowing certain Russian oil sales to India and whether the US is considering any other moves, including tapping the Strategic Petroleum Reserve (SPR), Trump said, "If there were some, I would do it just to take a little of the pressure off."
'Historically, India has depended on the Middle Eastern Gulf for nearly 90 per cent of its LPG imports. Shifting to alternative suppliers is not something that can happen quickly.'
India on Wednesday asserted that its energy purchases from Russia remain 'minuscule' in comparison to its total consumption and that legitimate energy transactions cannot be politicised as energy export from Russia are yet to be sanctioned. The world's third-biggest oil-consuming and importing nation has in recent weeks snapped few cargoes available from Russia at deep discounts as part of its plans to diversify its import basket. These purchases have been commented upon.
India's net oil import bill could rise by $56 billion to $64 billion annually assuming global crude averages $110 to $115 per barrel in FY27.
One Indian oil tanker successfully crossed the Strait of Hormuz, while others turned back after Iran signalled the waterway's closure, amidst rising tensions and disruptions to global energy flows.
Moody's Ratings has reduced India's GDP growth forecast for 2026 to 6 per cent, citing subdued private consumption, capital formation, and industrial activity due to higher energy costs and global uncertainties.
The Strait of Hormuz crisis is impacting lifestyles worldwide, from reduced gold purchases in India to energy conservation in Europe and Japan, as governments urge citizens to adapt to the global energy shock.
Greer said that India has taken down some digital services taxes and is moving tariffs down.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
India possesses two months of fuel stockpiles and faces no supply concerns despite global energy disruptions, according to Oil Minister Hardeep Singh Puri. However, state-run fuel retailers are incurring losses of up to Rs 1 lakh crore in a single quarter due to elevated crude prices and unchanged retail fuel prices, raising questions about the sustainability of these losses.
Russian shipments averaged 1.67 million barrels per day in January compared to 1.48 million bpd in December and 1.53 million bpd a year earlier.
The Indian government has increased import duties on gold and silver from 6 per cent to 15 per cent to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.
The Indian rupee plummeted to a new all-time closing low of 95.81 against the US dollar, driven by surging crude oil prices, persistent inflation concerns, and a strengthening dollar index.
Indian refiners have access to only limited Iranian volumes compared with Russian oil, and even the barrels on offer come with 'too many hassles'.
India's exports recorded a 13.78 per cent increase to USD 43.56 billion in April, marking the highest monthly outbound shipments in over four years, primarily driven by petroleum products. However, the trade deficit widened to a three-month high of USD 28.38 billion due to a 10 per cent rise in imports.
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