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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.