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According to a recent report by Nomura, the implied discount on Russian crude oil for Indian refiners was estimated to have declined to around $2.2 per barrel in 2024-25 from over $12 per barrel in 2022-23.

No govt directive on Russian oil imports, free to scout for alternatives if Moscow’s oil becomes unfeasible, says HPCL chairman

August 08, 2025 3:22 pm

Indian public sector refiners have paused Russian oil purchases, which had already slowed down in previous weeks, it is learnt.

The action would mean that Nayara Energy would not be able to export petroleum fuels and products to Europe, and potentially hit any of its dealings with European companies.

EU bans import of fuel made from Russian oil, sanctions Indian refiner Nayara, lowers price cap on Russian crude

July 19, 2025 10:56 am

Industry insiders said that the likely impact of the EU actions is not clear yet, and clarity is likely only when details of the sanctions and the new price cap emerge.

Currently, Indian refiners are adopting a wait-and-watch approach on the matter, while keeping Russian oil flows into India robust.

Ample oil available in global market, not worried even if supplies from Russia get disrupted, says Petroleum Minister Hardeep Singh Puri

July 17, 2025 6:38 pm

India has so far not scaled back on its oil imports from Russia, maintaining that it is willing to buy oil from whoever offers the best price, as long as the oil is not under sanctions.

India depends on imports to meet around 88 per cent of its crude oil needs, and Russia has been the mainstay of India’s oil imports for nearly three years now.

India’s Russian oil imports touch 11-month high in June amid concerns over US Bill for high tariffs on Russia’s trading partners

July 04, 2025 5:12 am

In a recent press conference in Washington, Foreign Minister S Jaishankar said that India’s concerns and interests on energy have been “made conversant” to Republican Senator Lindsey Graham, who is a key sponsor of the bill.

Oil tanker seized by Iranian officials, indian express

UAE coast guard evacuates 24 people from oil tanker crash east of Strait of Hormuz

June 18, 2025 3:33 pm

While the crash was not deemed security-related, maritime experts warn of growing risks in the area as the days-long Israel-Iran conflict continues to unfold.

iran India is the world’s third-largest consumer of crude oil and depends on imports to meet over 85 per cent of its requirement.

Israel-Iran conflict: Why Strait of Hormuz is critical for India’s energy imports, global oil and gas flows

June 17, 2025 5:10 pm

There are reports that a few shipping lines may be reassessing routes, particularly the choke point of the Strait of Hormuz, given the heightened threat in the region. This could further add to the transportation cost to and from the region.

Brent crude oil prices were at $80.79 per barrel on January 17 (before Donald Trump’s inauguration) but dropped to $78.26 a barrel on January 24.

Easing crude oil prices: What does it mean for India?

January 25, 2025 12:38 pm

For India, lower crude prices are expected to be a boon as they will reduce oil import costs, narrow the current account deficit and bring inflation down.

UPSC Essentials | Daily subject-wise quiz : Economy (Week 94)

UPSC Essentials | Daily subject-wise quiz : Economy MCQs on crude oil, outward foreign direct investment and more (Week 94)

February 06, 2025 2:50 pm

Are you preparing for UPSC CSE Prelims 2025? Check your progress and revise your topics through this quiz on Economy.

Although discounts on Russian crude have come down over time, Indian refiners have evidently remained keen on buying Russian oil as given the high import volumes, even lower discount levels lead to significant savings. (Representative/ File)

US sanctions' impact on Russian oil trade showing, Indian refiners seek more oil from Middle East

January 24, 2025 6:58 am

Industry officials maintain that enough oil supply is available in the global market and replacing the lost Russian oil volumes should not be difficult.

crude oil, crude oil prices, crude oil price, crude oil imports, global crude oil prices, crude oil production, Indian express news, current affairs

Subdued crude prices help lower India’s oil import bill in Sep-Nov even as volumes rise

December 26, 2024 8:31 am

A downward pressure on international oil prices, and consequently on India’s oil import bill, is a positive for the country due to its extremely high dependence on oil imports.