russian oil

Ukraine has escalated its offensive by targeting a russian oil refinery situated in Yaroslavl, roughly 700 kilometers away from its own territory, as declared by President Zelenskyy. He positioned this response as a fair counteraction in the ongoing conflict, propelling the conflict back into Russian territory.

Britain is recalibrating its approach to russian oil imports by introducing restrictions on refined products at a measured pace. This strategy, driven by escalating energy market volatility linked to conflicts in the Middle East and climbing fuel prices, seeks to mitigate the risk of abrupt supply shortages.

India has reportedly sought an extension from the US to continue importing russian oil, with the current waiver expiring May 16. The Congress party has sharply criticized PM Modi, accusing his government of "trading away India’s honour and dignity" and compromising energy security by "groveling before America" for permission.

Earlier today petroleum ministry joint secretary Sujata Sharma said that India will continue importing Russian crude based on commercial practicality and its energy security requirements, regardless of whether US sanctions waivers are in place.

India remains the largest buyer of Russian seaborne crude, with imports touching near-record levels in April and May following previous sanctions-related relaxations.

India has requested the US to extend its waiver on russian oil imports due to ongoing disruptions in the Strait of Hormuz. This waiver, crucial for stabilizing oil markets, is set to expire on May 16. Despite US pressure to reduce discounted russian oil purchases, India prioritizes stable energy supplies, warning of economic consequences from market volatility.

Addressing a media briefing on Monday, Sharma said India had been sourcing oil from Russia before the waiver period, during it, and continues to do so now as well.

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?

Ukraine launched drone strikes on Russian regions, including those housing oil infrastructure, while Russia retaliated with attacks on Ukrainian port facilities. President Zelenskyy highlighted a significant drop in Russia's oil refining capacity due to these actions. Efforts to end the protracted conflict remain stalled, with both sides continuing cross-border strikes and accusing each other of targeting vital infrastructure.

Move to Aid Indian Refiners; OMCs Still Losing `750Cr A Day

Fuel retailers face mounting losses as global energy disruptions persist, potentially forcing further petrol and diesel price hikes. BPCL director Raj Kumar Dubey indicated limited options for policymakers, including price increases or government funding. India is diversifying oil sources and accelerating its push towards green energy to mitigate these challenges.

India is grappling with a severe shortage of bitumen, threatening the pace of road construction and upkeep amid ongoing tensions in West Asia. Prices for key VG-40 bitumen have skyrocketed, nearly doubling, while available supplies have plummeted.

Twisha Sharma's father demands a fresh autopsy at AIIMS-Delhi, alleging a cover-up and accusing his son-in-law of drug addiction. Meanwhile, Yogi Adityanath warns of 'other methods' if namaz continues on UP roads. West Bengal's new government scraps religion-based schemes and the OBC list. India reaffirms its commitment to buying Russian crude oil, prioritizing energy security.

Venezuela has surged to become India's third-largest crude oil supplier this May, surpassing Saudi Arabia and the US. Indian refiners are boosting purchases of cheaper Venezuelan heavy crude due to its attractive economics and compatibility with complex refineries. This shift comes as West Asia conflict disrupts traditional shipping routes, prompting India to diversify its oil sourcing.