INDIA BANS TANKER
Tanker barred from India transferring its Russian oil at sea, sources say
An ageing Russian oil tanker, Andaman Skies, is transferring its cargo to another vessel, Ozanno, en route to India. Barred from India's port of Vadinar due to certification issues, the cargo will continue to the destination. Despite Western sanctions, India continues importing Russian oil, contributing significantly to its crude oil intake.
March Oil imports rise 67% from US, 11% from Russia
Indian refiners significantly increased US crude imports in March, while Russian crude imports rose despite US sanctions. Trump's threats to impose secondary tariffs on Russian oil seem like posturing, as removing substantial Russian oil would raise prices. Indian refiners sourced more crude from the US and Nigeria, cutting back on Saudi and Iraqi imports.
Latest US sanctions on Russia throw global oil trade into disarray, India scrambles
Tightened U.S. sanctions on Russian oil have disrupted trade with China and India, increasing demand for Middle Eastern and African crudes, and causing oil prices to rise. These sanctions have left millions of barrels of Russian oil floating on ships, forcing traders to find alternative sources and driving up shipping costs.
Why Joe Biden’s farewell Russian oil trade sanctions are a big deal
The US has imposed sweeping sanctions on Russia’s oil trade. The measures target major producers, tankers, traders, and insurance companies. This could disrupt Russia's petroleum exports. The sanctions are aimed at reducing the supply surplus anticipated by the International Energy Agency. Oil prices saw an increase in reaction to the announcement.
US plans more sanctions on tankers carrying Russian oil, sources say
The Biden administration plans to impose more sanctions on Russia, targeting oil revenues by acting against tankers carrying Russian crude. The new measures aim to support Ukraine and involve sanctions on vessels transporting oil sold above $60 per barrel. The U.S. has informed India's foreign ministry about these upcoming sanctions.
India imports USD 2.8 billion worth of crude oil from Russia in July
India purchased $2.8 billion worth of crude oil from Russia in July, making it the second-largest buyer after China. Russia became India's top oil supplier owing to discounted prices following the Ukraine invasion. These imports now constitute nearly 40% of India's total oil purchases, significantly shifting global trade patterns.
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India imported USD 2.8 bn worth of crude oil from Russia in July
India, the world's third largest oil consuming and importing nation, in July bought USD 2.8 billion worth of crude oil from Russia, second only to China which remains the largest importer of Russian oil.
PSBs ask US to route advisories via finance ministry
Executives from some of the top lenders, including State Bank of India, Punjab National Bank and Canara Bank, met with a six-member US Treasury delegation last month. The discussions focused on Russian payments and a possible breach of the internationally imposed $60 a barrel purchase price on Russian crude.
"Forcing Russia to sell oil at bigger discounts to India": US treasury official hails price cap policy on Russian oil
The United States, other G7 countries and the European Union announced a price cap of USD 60 a barrel on Russian oil in late 2022 in response to Moscow's invasion of Ukraine in February of that year.
As Russian oil crosses G7's price cap, US eyes soft enforcement
The Biden administration is planning to remind trading houses, tanker owners, insurers and others to comply with the $60 per barrel cap imposed in December on sea-borne exports of Russian crude by the Group of Seven, the European Union and Australia in retaliation for Russia's war on Ukraine.
Russia’s rusty oil tanker fleet sets sail with newer ships
Shortly after President Putin’s invasion of Ukraine early last year, hundreds of aging tankers were snapped up by a cohort of faceless traders, intermediaries and investors to keep Russian oil flowing. By some estimates, the purchases, which added to vessels that were already transporting crude for Venezuela and Iran, created a more than 900-strong dark fleet.
Russia may have found buyers for its oil but aging tankers pose a new risk
The aftermath of European Union sanctions on Russia mean that the Turba has been enlisted into a vast shadow fleet carrying Moscow’s oil around the globe. Its continued operation is a stark reminder that Group of Seven sanctions on Moscow carry an environmental risk.
Tanker giants sprout from nowhere to keep Russian oil moving
Two little-known companies, Mumbai's Gatik Ship Management, and Dubai's Fractal Shipping have emerged as key players in Russia's vast new petroleum supply chain, assembling fleets that are delivering millions of barrels of Russian oil around the world. The firms are part of a sprawling network of maritime operations that have enabled Russia's oil exports to continue substantially unscathed despite sanctions from the West.
Oil tankers, bulk carriers older than 25 years banned
"There is a need to modernise the Indian fleet, which requires extensive review of the requirements of the registration and operation of the ships," the Directorate General Of Shipping said in the order uploaded on its website late on Monday. The average age of Indian fleet has been increasing in the recent years, bucking a global declining trend.
Trading firms are making fortunes by delivering Russian oil to India
The European Union banned imports of Russian crude in December, putting the country at the mercy of two big buyers: China and India. Numerous new trading firms with ties to Moscow emerged — especially in Dubai — before the measure, along with a price cap on Russian oil, was imposed.
Russia offers India leasing and building of huge capacity ships
The offer was extended during a meeting between Russian Deputy PM and former energy minister Alexander Novak and Indian envoy to Russia Pawan Kapoor. The offer was extended so that India would not have to rely on European insurance services and the charter of tankers, according to persons familiar with the matter.
India-bound ships with oil among millions stuck in jam
The result is that at least 20 carriers holding 18 million barrels of crude oil have been waiting for several days to pass through the Bosphorus and the Dardanelles shipping straits.
Russia's crude flows to India take hold near unprecedented levels
As China emerges as the only market for crude shipped from ports on Russia’s Pacific coast, India has rapidly become the largest purchaser of barrels loaded at ports on its western shores.
How the Ukraine conflict is reshaping global oil markets
The reroutings mark the biggest supply-side shakeup of the global oil trade since the U.S. shale revolution altered the shape of the market around a decade ago and suggest Russia will be able to navigate a European Union (EU) oil ban, provided Asia and China continue to buy its crude.
A two metre-long crack on oil tanker New Diamond can likely pose a problem
Even as fire fighting efforts were underway on the blazing very large crude carrier (VLCC) New Diamond chartered by Indian Oil Corporation (IOC), an experienced marine engineer said that the two-metre long crack near Port aft portion 10 metres above the waterline of the oil laden tanker could likely pose a problem if the crack further increases.
Indian state refiners halt oil imports from Chinese cos: Sources
Last week, Indian state refiners decided to stop sending crude import tenders to Chinese trading firm like CNOOC Ltd , Unipec and PetroChina, among others, one of the sources said.
India bars China ships from oil trade as ties strain further
State-run oil companies have decided to stop chartering tankers owned or operated by Chinese companies even if the vessels are registered under third-country flags. The move is poised to further strain relations between two of Asia’s largest economies after a deadly Himalayan border clash left 20 Indian soldiers and an unknown number of Chinese troops dead.
NGT seeks roadmap to phase out BS-III oil tankers
The Supreme Court had earlier imposed a ban on sale and registration of vehicles which are not BS-IV compliant in India from April 1 when the new emission norms came into force.
Italian marines row: UN chief Ban Ki-moon's position remains unchanged
The ongoing Italian marines row with India has not generated any new response from the United Nations, with the spokesperson for Secretary-General Ban Ki-moon saying the position of the UN chief over the issue remains unchanged.
Marines issue discussed during UN Chief's visit to Italy
Issue of the two Italian marines awaiting trial in India came up during UN Chief, Ban Ki-Moon's meetings with Italian officials in Rome.
UNGA President John Ashe to raise Italian marines issue with India
Ashe will visit India from March 19-22, during which he is expected to meet Manmohan Singh and External Affairs Minister Salman Khurshid.
Italy appeals UN to help free marines from India
Italy has been trying to rally international support among the EU, the US and NATO countries to bring home marines.
India to resume paying Iran in Euros
India will however stick to its plans to cut crude oil imports from Iran by over 15 per cent to about 11 million tons.
Iran nuclear deal will ease crude flow to India: Refiners
The lifting of a European Union ban on insuring tankers carrying Iranian crude will ease the process of importing the Persian Gulf state's oil.
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