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The Latest Breaking News from Sumit Ritolia

Russian oil still India's key energy bet despite looming US tariff risks

Proposed US tariffs on Russian crude imports could inject fresh market volatility. Replacing Russian supply would be difficult due to limited spare production capacity. US senators unveiled a revised sanctions bill with softened tariffs on energy buyers. India's Russian crude imports hit record levels, acting as a stabilizing force. Disrupting…

The Economic Times

India's crude imports remain resilient despite Strait of Hormuz tensions

India's crude oil imports are insulated from Hormuz Strait tensions currently. Refiners have successfully diversified their import portfolio over recent years. Russia now supplies over half of India's total crude oil imports. However, LPG and LNG supplies remain vulnerable to Gulf disruptions. Prolonged instability could increase shipping costs and regional…

The Economic Times

India's June crude imports hit record high as Russian supplies surge despite West Asia tensions

India's crude oil imports hit a record 4.93 million barrels per day in June, bolstered by substantial purchases from Russia, which solidified its role as the top supplier. This surge underscores India's robust supply chain resilience amidst global geopolitical tensions. Analysts highlight proactive diversification and procurement strategies as key to…

The Economic Times

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Indian refiners unlikely to rush for Iranian oil despite temporary US sanctions waiver, says analyst

Indian refiners are unlikely to sharply raise purchases of Iranian crude despite a 60-day US sanctions waiver, as uncertainty over its duration, payment hurdles and existing supply commitments limit fresh buying, market analyst Sumit Ritolia said. Refiners have already secured most crude requirements for the coming months through advance procurement…

The Economic Times

Will Asia return to Iranian oil? Tehran races to secure largest oil importers after US waiver, says report

Iran is actively seeking new buyers for its oil in Asia, including India, Japan, and South Korea, following a temporary US sanctions waiver. This move aims to clear millions of barrels stored at sea and diversify its customer base beyond China. While some refiners are cautiously exploring opportunities, uncertainty surrounding…

The Times of India

Indian refiners increase Russian and UAE oil imports ahead of Hormuz recovery

India's crude oil imports hit a milestone in June, as Russia emerged as the primary supplier, followed closely by the UAE's near-record imports. This shift represents a calculated diversification strategy, influenced by attractive discounts and apprehensions surrounding the Strait of Hormuz. Venezuela is stepping into a crucial role, while the…

The Economic Times

U.S. Becomes India's Top LNG, LPG Supplier As Gulf Shipments Fall Amid Iran War

The United States supplied more LNG and LPG to India than Gulf exporters in May as shipping disruptions resulting from wars continue disrupting energy trade flows.

International Business Times

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India's fuel exports fall to lowest since 2022 amid refinery maintenance, domestic demand

India's refined fuel exports dropped significantly in May, reaching their lowest point since October 2022. Refinery maintenance, particularly at Reliance Industries' Jamnagar complex, reduced processing. Refiners also prioritized domestic demand for LPG, cutting petrol and diesel output for export. Favorable domestic sales and taxes on exports further influenced this trend.…

The Economic Times

Kharg Island: Iran's oil hub in the crosshairs

NEW DELHI: US airstrikes on Kharg Island, the nerve centre of Iran's oil export network, have sharply escalated tensions in West Asia and raised fears of further disruption in global energy supplies. While Iran claimed that oil operations on the island continued despite the attack, it warned that retaliation could…

The Times of India

India's Modi Dangles Tax Cuts As US Tariffs Loom

Indian Prime Minister Narendra Modi's push to slash consumption taxes on everyday goods could deliver billions of dollars in annual relief and boost demand in an economy bracing for painful US tariffs, experts say.

International Business Times

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