Crude Supplier

India's crude oil imports from its top supplier Russia fell for a second straight month in January to their lowest in a year as tighter Western sanctions hit supply of light sweet Sokol grade, preliminary ship tracking data showed.

Supply cuts by OPEC , costly shipments from some traditional Middle East suppliers and geopolitical tension is driving India, the world's third biggest oil importer, to diversify its crude sources and accelerate its energy transition

India's imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia.

A pending European Union ban on oil from Russia, a key supplier of crude and fuels to the bloc, is anticipated to further tighten global supplies.

Russia's invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanctions, increasingly tapping risky ship-to-ship transfers to get its crude to Asia.

Russian grades accounted for about 16.5% of India's overall oil imports in May

Russia has become India's second biggest supplier of oil, pushing Saudi Arabia into third place but still behind Iraq which remains number one

Russia's invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanctions, increasingly tapping risky ship-to-ship transfers to get its crude to Asia.

A pending European Union ban on oil from Russia, a key supplier of crude and fuels to the bloc, is anticipated to further tighten global supplies.

Marine fuel sellers have stopped serving vessels flying the Russian flag at major European hubs including Spain and Malta in another blow to Moscow's exports

HDFC Bank and some foreign banks have stopped offering trade credit for oil imports to Nayara Energy, a Russian-backed refiner, and some suppliers are seeking payment upfront to avoid potential problems resulting from western sanctions against Moscow

Venezuela is the fourth largest oil supplier to India after Saudi Arabia, Iraq and Iran. It accounted for about 11 per cent of domestic oil supplies in 2017-18, supplying close to 18 million tonnes (mt).

The international benchmark for oil prices is at a near three-month high and set for a 4.5 per cent gain for the week. OPEC and some non-affiliated suppliers including Russia are withholding supply in order to tighten the market and prop up prices.

Iran was the sixth biggest oil supplier to India in December compared to third position it held a year ago.

OPEC kingpin Saudi Arabia said Wednesday it would slash its oil exports by 800,000 barrels per day in January and promised further cuts as producers move to shore up tumbling prices.

India's crude oil imports from its top supplier Russia fell for a second straight month in January to their lowest in a year as tighter Western sanctions hit supply of light sweet Sokol grade, preliminary ship tracking data showed.

Supply cuts by OPEC , costly shipments from some traditional Middle East suppliers and geopolitical tension is driving India, the world's third biggest oil importer, to diversify its crude sources and accelerate its energy transition

India's imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia.

A pending European Union ban on oil from Russia, a key supplier of crude and fuels to the bloc, is anticipated to further tighten global supplies.

Russia's invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanctions, increasingly tapping risky ship-to-ship transfers to get its crude to Asia.

Russian grades accounted for about 16.5% of India's overall oil imports in May

Russia has become India's second biggest supplier of oil, pushing Saudi Arabia into third place but still behind Iraq which remains number one

Russia's invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanctions, increasingly tapping risky ship-to-ship transfers to get its crude to Asia.

A pending European Union ban on oil from Russia, a key supplier of crude and fuels to the bloc, is anticipated to further tighten global supplies.

Marine fuel sellers have stopped serving vessels flying the Russian flag at major European hubs including Spain and Malta in another blow to Moscow's exports

HDFC Bank and some foreign banks have stopped offering trade credit for oil imports to Nayara Energy, a Russian-backed refiner, and some suppliers are seeking payment upfront to avoid potential problems resulting from western sanctions against Moscow

Venezuela is the fourth largest oil supplier to India after Saudi Arabia, Iraq and Iran. It accounted for about 11 per cent of domestic oil supplies in 2017-18, supplying close to 18 million tonnes (mt).

The international benchmark for oil prices is at a near three-month high and set for a 4.5 per cent gain for the week. OPEC and some non-affiliated suppliers including Russia are withholding supply in order to tighten the market and prop up prices.

Iran was the sixth biggest oil supplier to India in December compared to third position it held a year ago.

OPEC kingpin Saudi Arabia said Wednesday it would slash its oil exports by 800,000 barrels per day in January and promised further cuts as producers move to shore up tumbling prices.