Russia Ukraine Indian Oil

Russian energy giant Rosneft announced a deal on Wednesday to ramp up oil sales to India, as Moscow seeks new buyers in the wake of tensions with the West over the Ukraine conflict.

The government does not ask Indian companies to buy oil from Russia but it is a sensible policy to get the best deal in the interest of the Indian people, External Affairs Minister S Jaishankar said on Wednesday.

European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb. 24, but India has not explicitly condemned the action.

Indian refiners have been snapping up cheap Russian oil, shunned by western companies and countries since sanctions were imposed against Moscow for its invasion of Ukraine on Feb. 24, which Russia calls a "special military operation".

What are the key factors behind the recent decline in IOC shares? Read on to find out...

Price of Indian basket crude soared to $118.06 per barrel as on June 7 at an exchange rate of (Rs/$) of Rs 77.72

India's May palm oil imports were its highest in seven months as it overcame curbs on Indonesian exports by taking supplies from other nations

External Affairs Minister S Jaishankar has hit back at the unfair criticism on Indian oil purchase from Russia amid the Ukraine war that has created a knock-off effect on the world economy.

Imports of Russian crude by India hit a record high in May, and will likely rise again in June

European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb. 24, but India has not explicitly condemned the action.

India is trying to get deeper discounts on Russian oil to compensate for the risk of dealing with the OPEC+ producer as other buyers turn away, according to people with knowledge of the matter.

The NSE Nifty 50 index closed 1.05% higher at 17,136.55 and the S&P BSE Sensex was up 1.02% at 57,037.50 following a sharp selloff late on Tuesday, after Russia said it was starting a new stage of what it calls its special military operation in Ukraine.

India has bought more than twice as much crude oil from Russia in the two months since its invasion of Ukraine as it did in the whole of 2021

The rupee weakened to its lowest in nearly a month, tracking a decline in domestic stocks as inflation surged and as oil prices climbed to their highest in nearly three weeks on supply fears from the prospect of more sanctions on Russia as the crisis in Ukraine deepens.

RBI cut growth forecast to 7.2 per cent for 2022-23 amid volatile crude oil prices and supply chain disruptions due to Russia-Ukraine war

Russian energy giant Rosneft announced a deal on Wednesday to ramp up oil sales to India, as Moscow seeks new buyers in the wake of tensions with the West over the Ukraine conflict.

The government does not ask Indian companies to buy oil from Russia but it is a sensible policy to get the best deal in the interest of the Indian people, External Affairs Minister S Jaishankar said on Wednesday.

European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb. 24, but India has not explicitly condemned the action.

Indian refiners have been snapping up cheap Russian oil, shunned by western companies and countries since sanctions were imposed against Moscow for its invasion of Ukraine on Feb. 24, which Russia calls a "special military operation".

What are the key factors behind the recent decline in IOC shares? Read on to find out...

Price of Indian basket crude soared to $118.06 per barrel as on June 7 at an exchange rate of (Rs/$) of Rs 77.72

India's May palm oil imports were its highest in seven months as it overcame curbs on Indonesian exports by taking supplies from other nations

External Affairs Minister S Jaishankar has hit back at the unfair criticism on Indian oil purchase from Russia amid the Ukraine war that has created a knock-off effect on the world economy.

Imports of Russian crude by India hit a record high in May, and will likely rise again in June

European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb. 24, but India has not explicitly condemned the action.

India is trying to get deeper discounts on Russian oil to compensate for the risk of dealing with the OPEC+ producer as other buyers turn away, according to people with knowledge of the matter.

The NSE Nifty 50 index closed 1.05% higher at 17,136.55 and the S&P BSE Sensex was up 1.02% at 57,037.50 following a sharp selloff late on Tuesday, after Russia said it was starting a new stage of what it calls its special military operation in Ukraine.

India has bought more than twice as much crude oil from Russia in the two months since its invasion of Ukraine as it did in the whole of 2021

The rupee weakened to its lowest in nearly a month, tracking a decline in domestic stocks as inflation surged and as oil prices climbed to their highest in nearly three weeks on supply fears from the prospect of more sanctions on Russia as the crisis in Ukraine deepens.

RBI cut growth forecast to 7.2 per cent for 2022-23 amid volatile crude oil prices and supply chain disruptions due to Russia-Ukraine war