Bharat Petroleum buys 2 million barrels of Russian Urals in spot trade for May loading

India’s Bharat Petroleum Corporation Ltd. (BPCL) has bought 2 million barrels of Russian Urals for May loading from trader Trafigura, Reuters reported.  Refiners in India, the world’s third biggest oil importer and consumer, have been snapping up Russian oil through spot deals since Russia’s invasion of Ukraine on Feb. 24, taking advantage of deep discounts as other […]

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India likely to import 11% more crude from the US this year

India’s oil imports from the United States will rise by 11% this year, as the severely energy-deficient country looks to secure supplies from producers around the world, including heavily-sanctioned Russia. The surge in oil prices following Russia’s invasion of Ukraine last month threatens to fan Indian inflation, stretch public finances and hurt growth just when […]

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India’s Oil Marketing Companies scrambling to buy discounted Russian crude

Close on the heels of Indian Oil Corporation (IOC) buying Russian crude, Hindustan Petroleum Corporation Ltd (HPCL) has also bought two million barrels of Russian crude oil as Indian refiners stepped up efforts to secure Russian oil available at deep discounts. Just like IOC, HPCL also bought Russian Urals crude through European trader Vitol. Separately, Mangalore Refinery and […]

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Oil crosses $ 90 a barrel for the first time since 2014 on falling inventory, increased and demand and geo-political tensions

Oil touched $90 a barrel for the first time in seven years, supported by tight supply and rising political tensions in Russia that raised concerns about further disruption in an already-tight market. Brent crude rose $2.02, or 2.3%, to $90.22 on Wednesday, the first time the global benchmark has broken $90 since October 2014. U.S. […]

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Crude oil stocks in Saudi Arabia rebound from record low, despite increase in exports

Saudi Arabia’s crude oil stockpiles rebounded in September after hitting their lowest on record in August, as the country boosted production while using much less for power generation and slightly reducing refinery runs, data from the Joint Organizations Data Initiative showed. Saudi Arabia exported 6.516 million barrels per day (b/d) of crude in September, its […]

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