TANKER TRANSFERS RUSSIAN OIL
LNG traders divert four US cargoes from Europe to Asia
Several LNG cargoes initially destined for Europe have been redirected to Asia due to a shift in price dynamics. European prices have fallen below Asian benchmarks, creating an arbitrage opportunity for eastward deliveries. This diversion raises concerns about Europe's ability to replenish its gas storage ahead of winter, as competition between the two regions intensifies.
Bharat Petroleum eyes $20-30/ton gain from swap of Middle East LPG with cheaper US supplies
Bharat Petroleum Corp Ltd anticipates a $20-$30 per ton gain by swapping Middle Eastern LPG for cheaper U.S. supplies, capitalizing on price disparities caused by the U.S.-China tariff war. This move will partially offset revenue losses from subsidized LPG sales. BPCL also plans to increase Russian oil intake to 30-32% and is considering a new refinery in Andhra Pradesh.
Indian Oil Corporation says not in talks for term crude import deal with Russia
Indian Oil Corporation is currently not in discussion for a fixed quantity deal to import Russian oil. The decision is due to the volatility in the international market. Import of Russian oil rose after the Ukraine war. Russia was India's top crude oil supplier for three years. IOC's import of Russian oil has decreased to 22-23 percent.
Indian Oil plans Rs 1,100 crore-equity investment to set up 4.3 GW green capacity
Indian Oil is set to invest ?1,086 crore in Terra Clean Ltd. to boost its green energy capacity by 4.3 GW, adding to a previous investment for 1 GW. The company reported a 50% rise in Q4 profit, driven by inventory gains and improved marketing margins, despite a lower GRM.
Russian drones attack Ukraine's Kharkiv and Dnipro, one dead, 46 injured
Russian drone swarms targeted Kharkiv and Dnipro, resulting in at least one fatality and numerous injuries, including children and a pregnant woman. The attacks, which struck residential areas and civilian infrastructure, occurred amidst calls for ceasefires and shifting mediation efforts. Kharkiv, near the Russian border, has endured frequent attacks since the full-scale invasion began.
Russia built 'surprises' in S-400 air defence missile systems supplied to China
Russia reportedly delivered its advanced S-400 missile systems to China. However, these systems came with unexpected limitations. Chinese analysts noted the systems' infrequent public appearances. They suspected Russia provided a simplified version, blocking advanced functions. This move aimed to protect Russian technology and limit foreign competition.
If Trump abandons Ukraine, can Europe help Kyiv fight on? The clock is ticking to answer that
Donald Trump is urging Ukraine to give land to Russia to end the war. He might withdraw support if a deal is hard to reach. This is causing concern in Europe. Allies are looking for ways to help Ukraine militarily. Europe is trying to find funds and weapons. They are also trying to replace advanced American weapons.
Maharashtra: Fire breaks out at Croma Showroom in Bandra, no injuries reported
A Level-III fire erupted at the Croma showroom in Bandra West's Link Square Mall early Tuesday, prompting a large response from the Mumbai Fire Brigade and other agencies. The fire, reported at 4:11 AM, was tackled with multiple resources, including 12 fire engines and nine water tankers. While the cause remains unknown, no casualties have been reported so far.
India, France ink ?63,000 crore deal for Rafale M fighter jets
India and France have formalized a Rs 63,000 crore agreement for the acquisition of Rafale M fighter jets, enhancing the Indian Navy's warfighting capabilities. The deal includes weapons packages, technology transfer, and the establishment of production and maintenance facilities in India.
Pakistan paralysed by protests, leaving thousands of trucks stranded; port authorities warn of an impending crisis
Protests against the Indus canal project continue to block major highways in Sindh, paralysing goods transport, stranding thousands of trucks, halting manufacturing, and raising fears of a severe port congestion crisis despite government efforts to resolve the standoff.
Oil posts weekly fall on tariff worry and rising supplies
Oil prices saw a slight increase on Friday, but overall, they decreased for the week. This happened because people think there's too much oil available and because of uncertainty about trade talks between America and China. China has reduced tariffs on some American goods. Russia and America discussed the Ukraine war. The number of oil rigs increased.
EPFO simplifies PF account transfer process on job change
Employees' Provident Fund Organisation has made it easier to transfer PF accounts. Now, employer approval is not needed in most cases. This change speeds up the transfer process. It benefits over 1.25 crore members. Around Rs 90,000 crore will be transferred faster each year. EPFO has also introduced bulk UAN generation. This ensures quicker crediting of funds.
Oil prices set for weekly loss on potential for more global supply
Oil prices saw a slight increase on Friday but are heading for a weekly loss due to potential OPEC+ output increases and hopes for a Russia-Ukraine ceasefire. These factors could boost supply while conflicting U.S. tariff signals create uncertainty about demand. Successful talks with Iran and Europe could also lead to increased oil exports.
Three more Russian insurers seek India's approval to provide cover for oil tankers, sources say
As Western sanctions pressure Russia's oil exports, three more Russian insurers, including Sberbank Insurance, seek India's approval for marine insurance on oil shipments. This move aims to maintain deliveries to India, Russia's top oil buyer, despite growing scrutiny and a G7 price cap. India is evaluating the applications, potentially increasing the number of approved Russian insurers to eight.
Reliance imported 17.3% more Russian oil in March as against Feb
Reliance Industries imported about 532,700 barrels per day (bpd) of Russian oil in March, marking a 17.3% increase from February, according to ship-tracking data. Russian crude made up 48.5% of Reliance's total imports. However, overall crude imports fell by 19% to 1.1 million bpd due to an upcoming refinery maintenance shutdown.
Russian oil drives OPEC share in India's imports to record low, data shows
India's oil imports saw a significant shift in fiscal year 2024-25, with OPEC's share hitting a record low as Russian oil imports surged. Russia became India's top oil supplier for the third consecutive year, accounting for 36% of imports due to discounted prices.
Russian oil drives OPEC share in India's imports to record low, data shows
India's oil imports saw a shift in fiscal year 2024-25, with OPEC's share hitting a record low as Russian oil imports surged. Refiners favored discounted Russian crude, making Russia the top supplier for the third consecutive year. Consequently, imports from Saudi Arabia and Iraq declined significantly due to pricing and geopolitical factors.
China's crude oil imports highest since August 2023 on Iranian surge
China's crude oil imports surged in March, reaching 12.1 million barrels per day, a nearly 5% increase year-over-year. This rise was fueled by increased Iranian oil purchases amid anticipation of tighter U.S. sanctions and a rebound in Russian oil deliveries despite existing sanctions. Overall, first-quarter imports saw a slight decrease of 1.5% compared to the previous year.
US sanctions Indian national, 2 India-based entities for transporting Iranian petroleum
The US has imposed sanctions on Jugwinder Singh Brar, an Indian national based in the UAE, and two India-based entities for their involvement in Iran's "shadow fleet." Brar's companies, including Global Tankers and B and P Solutions, are accused of shipping Iranian oil on behalf of NIOC and the Iranian military, utilizing ship-to-ship transfers and falsifying documents to evade sanctions.
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