Turkey, Brazil became main importers of Russian seaborne oil products in 2023

Moscow: Turkey and Brazil last year became the biggest importers of Russian seaborne diesel and gasoil after European Union sanctions barring the import of Russian refined products took effect, data from market sources and LSEG showed. Before the full EU embargo was implemented in February 2023, Europe was Russia’s biggest buyer. Traders have since diverted […]

India’s Russian oil import hits 12-month low but long-term appetite remains intact

New Delhi: India’s crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation’s insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil […]

Oil prices steady on Gaza ceasefire talks even as US plans Middle East strikes

Beijing: Oil prices stabilised in early Asian trading on Monday after sharp falls last week, amid continued attempts to reach a ceasefire in the Israel-Palestinian conflict even as the US planned new strikes on Iran-backed groups. Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while US West Texas Intermediate […]

Lower price realisation, ‘inspection shutdown’ hit RIL’s oil biz

New Delhi: Reliance Industries Limited (RIL) on Friday reported a consolidated net profit of Rs 17,265 crore for the quarter ended December 31, posting a year-on-year (YoY) growth of 9.3%, but marginally lower than the previous quarter as “inspection shutdown” and lower price realisation on its oil business hit earnings. The company’s revenue from oil-to-chemicals […]

India to keep diversifying oil supply, accelerate energy transition: Oil Minister Hardeep Singh Puri

Davos, Switzerland: Supply cuts by OPEC+, costly shipments from some traditional Middle East suppliers and geopolitical tension is driving India, the world’s third biggest oil importer, to diversify its crude sources and accelerate its energy transition, its Oil Minister Hardeep Singh Puri said. “Whenever there is vulnerability and uncertainty in the market, the transition gets […]