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Oil import News

Russia-Ukraine war

08 Mar 2022

Russia-Ukraine war: US to ban oil import from Russia? What Washington says

There have been concerns over how the energy gap would impact the energy supplies White House Press Secretary Jen Psaki said Biden is focused on ensuring economic consequences on Putin Biden will at the same time take action necessary to limit the impact on prices

25 May 2020

Crude oil processing: India witnesses biggest drop in nearly two decades

Refiners processed about 14.75 million tonnes or 3.60 million barrels per day (bpd) of oil last month, government data showed.

15 May 2019

Exports grow marginally, imports up 4.5% in April

Trade deficit, the difference between exports and imports, widened to USD 15.33 billion in April 2019 from USD 13.72 billion in April 2018.

30 Jul 2018

India loaded 12 percent less Iranian oil in June than in May on sanctions fear

Indian refiners ordered about 12 percent less Iranian oil in June than in May, when the US said it would reintroduce sanctions on Iran, but sales remained around 50 percent higher than a year ago.

12 Jul 2018

Day after warning to India, Iran says will ensure oil supply

An Iranian diplomat had said that they will end the privileges being provided to India if it tries to source oil from countries like Saudi Arabia, Russia, Iraq, the US and others to offset cuts in Iranian oil import.

02 Nov 2016

PM Narendra Modi chairs high-level meet; discusses steps to reduce oil import

During the meeting, the Petroleum Ministry presented strategies for achieving the objective by increasing production of crude oil and gas, promoting biofeuls and renewables, energy efficiency and conservation.

06 Apr 2016

Oil PSUs get a free hand, can choose companies for crude buy

In a bid to improve operational efficiency, the government Wednesday gave freedom to public sector oil firms to have their own independent crude import policy based on their commercial requirements.

05 Apr 2016

RBI exploring modalities of oil payments to Iran: Rajan

The Reserve Bank of India is holding discussions with Tehran on modalities of payment of reported dues of USD 6.5 billion for oil imports, Governor Raghuram Rajan said.

04 Apr 2016

India's Iran oil imports set to surge to 7-year high in 2016/17: Sources

India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after the sanctions targeting Tehran ended in January, industry sources familiar with the matter said.

22 Mar 2016

Indian oil imports to drop 10% over next six years: Pradhan

India will cut oil imports by 10 percent in next six years by raising domestic output, conserving fuel and shifting to alternate sources like natural gas, Oil Minister Dharmendra Pradhan said Tuesday.

Dharmendra Pradhan

15 Feb 2016

New crude import policy for spot buys soon: Dharmendra Pradhan

Oil Ministry will soon come up with a Cabinet note on new crude import policy for spot crude purchases by state-owned refiners, doing away with the long-followed tendering process, Minister Dharmendra Pradhan said Monday.

27 Aug 2015

IOC raises oil import from Latin America to cut costs

IOC, the nation's biggest oil firm, spent Rs 1.65 lakh crore on import of 43.9 million tons of crude oil in 2014-15.

30 Apr 2015

India's oil imports from Iran jump in April: Trade

India shipped in more than 17 percent more Iranian oil in April than a year before, buoyed by prospects of a diplomatic deal on Iran`s disputed nuclear programme by end-June, preliminary data from trade sources and compiled by Thomson Reuters Oil Analytics showed.

18 Mar 2015

India to import 8 million barrels of oil from Iraq: Source

India is set to import 8 million barrels of Iraqi oil to fill its first strategic petroleum reserve (SPR), taking advantage of cheap prices and lending some support to a market suffering from oversupply.

12 Feb 2015

India asks state oil producers to pay $1.75 billion subsidy for December quarter: Source

India has asked oil producers to provide 108.96 billion rupees ($1.8 billion) in subsidies to cover some of the losses of state retailers selling fuel at government-set low rates, a source familiar with the plan said on Thursday.

11 Dec 2014

Essar Group signs $10 bn pact to import oil from Russia's Rosneft

In one of the biggest oil deals, Essar Group Thursday signed a USD 10 billion contract to import crude oil from Russia over a 10-year period.

05 Nov 2014

India pays another $500 mn in oil dues to Iran

India on Wednesday paid Iran USD 500 million to clear a part of its past dues for crude oil it buys from the Persian Gulf nation.

03 Oct 2014

US trade gap narrowed in August as oil imports slow

The US trade deficit narrowed in August as exports grew faster than imports, the Commerce Department reported Friday.

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