State Rafinery-Indian Oil Corp Ltd (IOC), Bharat Petroleum Corp Ltd (BPCl) and Hindustan Petroleum Corp Ltd (HPCL)
One of the two people said that in the last few days Indian refineries have purchased two costs of Russian oil with better discounts than usual.
“OMCS (oil marketing companies) are currently negotiating Russian oil supplies. There is no decision to go slowly or stop Russian oil,” said the above. “They (Russian reserves) may have dropped in the past in the middle of cheaper global oil prices and narrowing discounts, but there is no decision to stop imports from Russia.”
“Although discounts from the highest discounts have fallen, there have been an increase in approximately $ 1 per barrel in the last few stores,” the person added.
The last two or three costs were booked with a discount of up to $ 3 per barrel, compared to about $ 1.7 in earlier purchases, and it is likely that it will increase further, although not significantly, after the censorship of US President Donald Trump in India for its Russian energy purchases, the person who knew.
Discounts on Russian oil in 2022 narrowed to one -digit from a maximum of about $ 30 per barrel.
“The agreements that are now arranged are supplies in September. Until then, refiners are already tied,” the other person said in knowledge of development.
Until this report, there was no answer to questions sent to the Ministry of Oil, IOC, BPCl, HPCL and Rosneft.
On July 30, the US President announced a 25% tariff on Indian exports, from August 7, along with a punishment for Indian energy purchases and defense from Russia, which was honestly consumed during the war with Ukraine.
The announcement of punishment has aroused fears that there is a crisis of energy supplies and price increases. Russia exports an average of about 4.5 million barrels of oil a day, and if it comes out of the market, they can shoot global prices, as witnessed in 2022.
Prasist, Senior Vice President and Group Head, Company Evaluation at ICRA LTD, said the refinery would have to make techno-economic feasibility before stopping the sophistication of a certain variety of oil and completely replace it.
“Later, prices recorded an increase due to optimism of completing the US-European Trade Agreement.
The second person stated that the offer of Russian oil is not prohibited because it is not sanctioned, as in the case of Iranian and Venezuelan vultures that are sanctioned and do not buy Indian refinery.
“The only thing that OMC must respect and always meet is the price ceiling ($ 60 per barrel),” the person said.
The price ceiling announced the US and G7 in December 2022. The European Union announced a reduction in the ceiling to about $ 47 per barrel last month, which will be introduced since September.
Russian oil includes about 7% of daily global oil consumption and 36% of total oil imports in India. On the back of the deep discounts since February 2022, after his invasion of Ukraine, Russia became the best supplier of India. Previously, the country took care of only about 2.5% of Indian oil imports. China and India are the best buyers of Russian oil.
Although the US and the EU have raised concerns about Indian oil purhas from Russia, India claimed that its energy contracts would depend on its needs. India imports more than 88% of its oil requirements and diversified its oil sources into nearly 40 countries to ensure energy safety.
The response to the US President’s warning of secondary tariffs to countries importing Russian oil, the Minister of Oil and natural gas Hardeep Singh Puri said that the country is obviously not afraid of, and will navigate any eventuality because there were enough stocks on the market.
(Tagstotranslate) Russian oil
