INDIA RUSSIAN OIL IMPORTS
British forces intercept Russian shadow fleet oil tanker attempting to cross English Channel
British armed forces intercepted the Russian oil tanker SMYRTOS in the English Channel, boarding the vessel with Royal Marines and NCA officers. The ship is being held and monitored off the south coast as investigations proceed. Prime Minister Kier Starmer stated the operation strikes a blow against those supporting Putin's war in Ukraine.
India's Russian oil imports rise in May as refiners boost purchases
India continued its strong demand for Russian fossil fuels in May. The nation emerged as the second-largest buyer globally, importing hydrocarbons worth 5.8 billion euros. Crude oil formed the bulk of these imports, with refiners significantly increasing their purchases from Russia. This trend highlights India's strategic energy sourcing amidst global shifts.
India's edible oil imports up 6.7 per cent in May to 13.39 lakh tonnes
India's edible oil imports saw a significant rise in May, reaching nearly 13.39 lakh tonnes. This increase was primarily fueled by higher shipments of crude soyabean oil. Vegetable oil imports, including non-edible varieties, also climbed. The government's policy adjustments on palm oil tariffs appear to be encouraging crude oil imports and supporting domestic refining operations.
'Europeans sell weapons, which are used to attack India': Jaishankar raises arms exports issue
India's External Affairs Minister S. Jaishankar defended the country's decision to buy Russian oil. He stated that cost and availability guided these purchases. Jaishankar also pointed out that European nations sell weapons used in attacks. He highlighted that India's actions did not involve attacking European countries with its weapons. This statement was made at the Kultaranta Talks in Finland.
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US 'specifically' asked India to buy Russian oil in 2022, says EAM Jaishankar
India's External Affairs Minister S. Jaishankar stated India purchased Russian oil after the Ukraine war began in 2022. He explained the oil was available and affordable. The United States had specifically requested India continue buying Russian crude. This action aimed to stabilize global energy markets. India's decision was driven by market realities, not politics.
In new crude world order, US is largest exporter of crude
America's ascendancy to the top spot marks a stunning reversal for a country that was dependent on West Asian oil for decades and suffered from an oil embargo imposed by some OPEC members in 1973 to retaliate against US support for Israel. US fortunes began to change after 2010, when oil and gas output from its shale formations soared, first making it the world's top gas and then the world's top oil producer.
Higher ethanol mix tax cut a good drive
India is rolling out incentives for petrol mixed with higher ethanol percentages, marking a significant step in its commitment to bolster ethanol blending. Despite refiners and automakers gearing up for implementation, they face hurdles related to water resources and agricultural output. On the bright side, harnessing agricultural waste for ethanol could help replace imports and open up export opportunities.
India is set to rewrite its oil destiny, moving from risk to leverage
In a landmark agreement, India is teaming up with the UAE to significantly increase its oil reserves, transitioning into a strategic player on the world stage. This partnership promises enhanced storage solutions and ensures the nation's energy supply is more secure than ever.
India, UAE move to expand strategic crude reserves; Abu Dhabi-linked oil storage may rise to 30 mln barrels
India and the UAE are boosting energy security. Plans are underway to significantly expand India's strategic oil reserves with UAE-linked crude storage. New facilities will increase capacity from 5.8 million barrels to 30 million barrels. Both nations are also establishing a framework for strategic gas reserves. This initiative aims to provide greater flexibility and ensure stable energy supplies for India.
Art, maths and killing: Ukraine drone chief's formula to stop Russia
Robert "Madyar" Brovdi's underground command post features walls of blinking screens playing footage of Ukrainian drones attacking Russian troops, frontline maps, and scoreboards of destroyed targets. These attacks have made Madyar a priority target for Russia, he says, forcing him into secret underground bunkers.
India-based entities among firms targeted in EU's proposed 21st Russia sanctions package
The European Union is proposing new sanctions against Russia. These measures could affect companies in India and other nations. The EU aims to stop support for Russia's war efforts. Restrictions will target technology and materials crucial for Russia's defense. New designations will also impact Russia's drone sector. The EU seeks to weaken Russia's economic capacity.
Drones hit historic museum in Russia-annexed Crimea as officials alter train schedule
Ukrainian drones struck a historic museum in Sevastopol and targeted Russian energy infrastructure. Authorities reduced nighttime train services due to intensifying air attacks. Several Russian cities, including Novokuibyshevsk and Moscow, reported repelling drone assaults. These attacks are impacting Russia's oil output and causing fuel shortages in Crimea.
China's imports of major commodities show price remains key driver
China's May commodity trade reveals price is key to its resource imports. Crude oil imports hit an eight-year low due to high prices. Copper imports also fell as prices rose. Conversely, China boosted aluminium exports amid higher global prices. Coal imports declined as prices increased. These shifts highlight China's response to market price fluctuations.
India bonds slip as US-Iran risks derail post-policy rally
Indian government bonds faced pressure early Monday. Escalating U.S.-Iran tensions pushed oil prices higher. This overshadowed recent supportive measures from the Reserve Bank of India. The central bank had announced steps to boost foreign investment in government securities. Higher oil prices impact India's inflation and current account deficit. Bond yields moved inversely to prices.
West Asia War: Hormuz strait will be open but with transit fees, Iran envoy to Moscow quoted
Iran and Oman will control passage through the Strait of Hormuz. New conditions, including transit fees, will be implemented. This follows disruptions to oil flows due to a conflict. Several tankers have recently exited the Gulf. Oil and gas flows remain restricted. Iran stated fees will depend on ship type and cargo. The US opposes these tolls.
India to account for half of global oil demand growth over next decade: Rosneft CEO
Rosneft CEO Igor Sechin stated India will drive nearly half of global oil demand growth over the next decade, projecting consumption to reach eight million barrels per day by 2035. He highlighted Russian oil supplies' economic benefits to India and China, exceeding $40 billion since April 2022, and warned of food price hikes due to potential Strait of Hormuz disruptions.
Nobody can dictate terms to us: Putin defiant against US pressure over 'brotherly' India-Russia ties
Russian President Vladimir Putin lauded India's strong ties with Moscow. He described the relationship as "brotherly" and "trust-based." Putin praised India's talented workforce, especially in coding and software. He emphasized that Russia will always fulfill its promises to India. The President also noted India's freedom to make strategic choices for its national interests.
Russian Proverb Of The Day: ‘Visiting is good, but home…’ Deep words on value and importance of a home
People often miss home even when enjoying new experiences. A Russian proverb, 'Visiting is good, but home is better,' emphasizes the unique comfort and security of home. This saying encourages appreciating familiar surroundings and loved ones. While new adventures offer growth, true contentment is often found in the stability and belonging of home.
'Ocean of energy' found in Andaman: What the new gas discovery means? Can it reduce India's import dependence?
Andaman oil discovery news: Oil India has confirmed the discovery of natural gas in an exploratory well in the Andaman Sea, marking a significant step in India's "Samudra Manthan Mission." This find strengthens the belief in the Andaman Basin's hydrocarbon potential, though commercial production is estimated to be a decade away. The discovery could bolster India's energy security and reduce import dependence.
Putin: Western attempts to limit India-Russia ties will harm global stability; Modi does not buckle under pressure
Russian President Vladimir Putin said Russia aims to expand its strong relationship with India. He believes US pressure on India to reduce cooperation with Russia is counterproductive. Putin praised India's economic growth and independent foreign policy. He expressed confidence in increasing bilateral trade. Russia sees India as a reliable partner and is committed to deepening ties.
Crude, LPG supply to India smoothens in May after two glitchy months; LNG supply beats pre-war levels
In May, India's oil and gas imports showed clear signs of recovery after recent setbacks, with crude oil inflows rising, though they have not yet reached the robust numbers seen in February. Natural gas supplies saw a notable upswing, going past pre-war levels.
War shifts 80% of India's diesel exports to Africa
India's diesel exports saw a significant shift in May. Africa became the primary destination, absorbing over 80% of shipments. This change happened as demand from Asia and Europe weakened. Geopolitical tensions also reshaped global diesel trade flows. Higher refinery operations in Asia reduced import needs. Europe received no diesel, while Asian shipments dropped sharply.
Would like to end sanctions waivers on Russian oil: Rubio
The United States aims to stop waivers allowing countries to buy Russian oil. These waivers were temporary measures to boost global supply. Secretary of State Marco Rubio stated the waivers are time-limited. The US granted and extended these waivers previously. India has benefited from these sanctions exemptions. The goal is to ease global oil price impacts.
Indian refiners shift to soyoil in May as palm oil loses price advantage
India's edible oil imports increased in May, driven by a surge in soyoil purchases. Palm oil imports saw a slight rise but remained below average. Refiners favored soyoil as its price advantage over palm oil narrowed. Cooking gas shortages also impacted palm oil demand from bulk consumers. Overall edible oil imports reached 1.3 million tons.
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