rosneft

According to the government, India has around 60 days of petroleum supplies in various forms including strategic reserves. But if 20% of the world’s crude supply remains disrupted over 2.5 months of the war, where is India getting its oil from?

India's economy has faced significant challenges from global oil price surges over the past fifty years. From the 1973 Arab embargo to the recent Hormuz disruption, these shocks have impacted inflation and foreign exchange reserves. Policymakers have continuously adapted strategies to manage these crises, balancing economic stability with consumer needs.

A Ukrainian drone strike ignited a massive fire at Russia's Tuapse oil refinery on the Black Sea, prompting evacuations. This major rosneft facility, crucial for fuel exports, had previously halted operations after an earlier drone attack. Authorities are responding to the incident, with the Kremlin confirming measures are being taken.

India’s imports of Russian crude oil have declined 20 per cent month-on-month in April to 1.57 million barrels per day, easing from the sharp surge recorded in March. The spike in March had been driven by the availability of floating cargoes during the Iran conflict.

Ukraine has intensified its attacks on Russian, targeting its military and energy targets. Overnight drone strikes targeted two Russian landing ships in Sevastopol Bay of Crimea. The Tuapse oil refinery was also hit for the second time in a week. Russian officials confirmed damage to transport infrastructure at Tuapse port. One person was killed and another injured in the latest strike.

In March, with the US sanctions waiver in effect, India has aggressively procured Russian crude, picking up millions of barrels. India has never officially said that it will stop buying Russian crude, and even when levels dropped after sanctions, Russia was still the biggest contributor.

The US has extended a sanctions waiver on Russian oil purchases, offering temporary relief for countries importing crude. This move allows for continued procurement of Russian oil, particularly beneficial for India which relies heavily on imports and has increased its intake amid Middle East supply pressures. The waiver provides a crucial window for India to secure energy needs.

The US will not extend waivers allowing the sale of Russian and Iranian oil already at sea, impacting countries like India that secured supplies during the temporary relief. This move signals a return to tighter enforcement of sanctions, forcing nations to restrategize their energy procurement amidst global supply disruptions.

Indian refiners have ramped up purchases of Russian crude over the past two months and expect procurement to remain high through the rest of the year amid easing concerns around potential Donald Trump administration sanctions.

A US-sanctioned tanker carrying Iranian crude oil has rerouted from India to China mid-voyage due to payment concerns. This shift underscores the complexities of resuming oil trade with Iran, as financial terms and counterparty risk have become critical factors. The incident highlights ongoing challenges despite a recent US waiver.

A US-sanctioned tanker carrying Iranian crude oil, initially bound for India, has rerouted to China. Payment issues appear to be the primary driver for this change, as sellers are reportedly tightening credit terms. This development highlights the ongoing challenges in facilitating Iranian oil trade, even with temporary US sanctions waivers.

A large portion of the refinery’s output is sold within the domestic market, with exports having declined after the sanctions last year. A considerable share of production is supplied to state-run refiners.

An empowered group of officials has begun assessing demand and supply chains to mitigate the impact of the West Asia conflict. The government is prioritizing food and fuel availability, exploring alternative import sources and potential duty cuts to stabilize prices. Efforts are underway to secure LPG supplies, with a focus on diversifying from West Asian sources.

Traditionally, India has sourced most of its crude from the Middle East, particularly Iraq, Saudi Arabia and the UAE, owing to geographical proximity, established contracts and reliable shipping routes.

Nayara Energy has increased petrol and diesel prices. This move comes as global oil prices climb due to the Middle East crisis. Other fuel retailers are taking different approaches. Some are absorbing losses, while state-run companies have kept standard fuel prices unchanged since April 2022. Premium petrol prices have risen.

ONGC Videsh (OVL) has landed in a $1.4-billion suit in Russia filed by Russian giant rosneft against five companies of a consortium, including the overseas arm of Indian state-run explorer ONGC, operating the Sakhalin-I project in that country's Far East.

Russia's rosneft sold 700,000 tonnes of Urals oil loading from Baltic ports of Primorsk and Ust-Luga in May to Indian Oil Corp (IOC), the country's top refiner, two traders familiar with the matter told Reuters on Friday.

rosneft OIL-KURDISTAN/REFINERY:rosneft's Kurdistan, Libya deals prompted by growing refinery needs

Russian giant rosneft is offering around $2.4 billion for a 49% stake in Essar Oil, India’s second largest refiner, sources directly familiar with the matter said.

rosneft had dragged the Sakhalin-1 consortium to court alleging "unjust enrichment and interest gained by using other people's money" and claimed $1.4 billion in damages. The allegations were denied by the consortium.

The German government has announced that it will extend the control of two subsidiaries of Russian oil giant rosneft for another six months. The subsidiaries, rosneft Deutschland GmbH and rosneft Refining and Marketing GmbH, were placed under the administration of Germany's Federal Network Agency last year. The trusteeship gives German authorities control over three Russian-owned refineries.

rosneft-KURDISTAN/:rosneft becomes first oil major to pre-finance Kurdish crude

Qatar is discussing with Germany a potential purchase of rosneft's stake in PCK Schwedt refinery. Berlin placed rosneft's assets under trusteeship following the Ukraine invasion. The sale process valued at $7 billion aims to conclude by September. The refinery is co-owned by Shell and Eni.

Oil has so far remained a big blank in the intense political engagement between India and Russia. rosneft, Russia’s biggest producer and the world’s largest publicly-traded oil company, is making an effort to fill in that blank by offering stake in its fields to state-run ONGC Videsh Ltd, the overseas acquisition arm of flagship explorer ONGC.