Indian Refiners News Today

The profit of the oil marketing companies OMCs will reduce in the FY25 amid the reduction in the Gross refining margin of the oil companies

In April, Russias share in Indian crude oil imports rose to nearly 40%, up from 30% in March, driven by higher global oil prices. Indian refiners imported 1.78 million barrels per day (mb/d) of crude oil from Russia, surpassing imports from China and Europe. Russia supplied more oil to India than its next three top suppliers combined. Overall, Indian crude imports dropped 8% in April, with declines from Iraq, Saudi Arabia, the UAE, and the US.

India Business News: Russia's share in India's crude oil imports has increased significantly to nearly 40% in April, up from 30% in March. This brings it close to its peak of 42% last July.

In April, Russias share in Indian crude oil imports rose to nearly 40%, up from 30% in March, driven by higher global oil prices. Indian refiners imported 1.78 million barrels per day (mb/d) of crude oil from Russia, surpassing imports from China and Europe. Russia supplied more oil to India than its next three top suppliers combined. Overall, Indian crude imports dropped 8% in April, with declines from Iraq, Saudi Arabia, the UAE, and the US.

China imported 1.82 million barrels a day (mb/d) of Russian crude by sea in March, a third more than Indias 1.36 mb/d, according to energy cargo tracker Vortexa. China also receives Russian oil through pipelines.Indias monthly imports of seaborne Russian crude exceeded that of China for about one and a half years. In February, however, Chinas 1.3 mb/d of imports from Russia, marginally surpassed Indias 1.27 mb/d. In March, the gap substantially widened.

India is embarking on a capacity expansion of its oil refineries to meet the countrys rising thirst for fossil fuels. The building blitz aims to raise production of traditional transport fuels such as gasoline and diesel, which will increase Indias refining capacity by more than 20% over the next five years. This boost comes at a time when the global refining industry is declining in the US and Europe, making India a rare exception. The slower adoption of electric vehicles in India and the count...

Indian Oil Corp and Bharat Petroleum Corp are considering lifting an additional 1 million barrels of oil each from Saudi Aramco in February. The move comes after the kingdom cut the official selling price of its key export grade for February to the lowest in 27 months. The Indian Oil Corp is also seeking more oil from Saudi Arabia and West Africa due to difficulties in buying Russian light sweet crude Sokol.

After rising to an all time record of 2.15 million barrels a day in May, oil imports from Russia fluctuated downwards, experiencing a sharp decline between November and December to 1.48 million barrels a day last month, according to Kpler data.

Business News: India’s crude oil imports from its largest supplier Russia plunged in December to their lowest since January 2023, as six tankers carrying Sokol grade.

Currently the discounts are in the range of $4-6 per barrel and may reach $10-12 per barrel soon