Page 2 - Indian Refiners News Today

India Business News: Indian refiners have increased their demand for cheaper Urals crude in October, reducing imports of more expensive Russian grades to control costs. Ur

India used to be a regular buyer of Venezuelan crude oil grades prior to the imposition of US sanctions

India Business News: India has become the leading importer of Russian seaborne oil this year, taking advantage of discounted prices following the suspension of Russian oil

Russian Oil: "Indian refiners are broadly fond of Russian crude because the refining economics are highly favourable. If margins for cracking Russian Urals falters and cost of shipping were to surge, refiners would choose not to buy," Prasad K Panicker, chairperson & head of refinery at Nayara Energy, said during a panel discussion at the APPEC conference.

“As per the data compiled by Centre for High Technology (CHT), a technical wing of Ministry of Petroleum and Natural Gas, the refining capacity of Indian refineries is projected to increase by about 56 mtpa by the year 2028,” junior oil minister Rameswar Teli told Lok Sabha on Thursday.

In an interaction with Sukalp Sharma, Bosoni talks about the current dynamics of global oil markets and their impact on India, oil demand outlook going ahead, and the likely effect of natural gas, renewables, and future fuels like green hydrogen on the evolution of energy landscape globally. Edited excerpts:

Indian Refiners: The discount on Russian oil has now deeply eroded and so it doesn’t make sense to buy much from Russia, said the official, who didn’t want to be named. The official didn’t give details on the current level of discount.

Currently, Russian oil comprises 40% of Indias crude imports and according to industry executives it wont be easy to replace it so quickly. Two-thirds of Russian supplies go to Indian state-run refiners.

Indian refiners pay for most of most of the Russian oil in dollars but some cargoes that are priced above the G7 price cap of USD 60 per barrel are paid for in non-dollar currency to avoid the US.

Some Indian refiners, including a private refiner, have paid for some Russian oil imports in Chinese currency Yuan following such demands from suppliers, according to people familiar with the matter.