• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Does Toyota Know Something That We Don’t?
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Will OPEC Increase Production?

Will OPEC Increase Production?

Even though the IEA cut…

U.S. Drillers Pump The Brakes

U.S. Drillers Pump The Brakes

The total number of active…

U.S. Oil Drilling Sees 6-Rig Gain

U.S. Oil Drilling Sees 6-Rig Gain

The total number of active…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

India's Top Refiner Sees Oil Staying Above $100 This Year

  • India Oil Corporation expects oil to continue trading above $100 per barrel this year.
  • IOC is one of many Indian refiners that have boosted purchases and imports of Russian crude oil.
  • Russia is even estimated to have overtaken Saudi Arabia to become India's second-largest supplier of crude oil in May.

Oil prices will likely remain elevated at over $100 per barrel for the rest of this year as the Russian invasion of Ukraine roils markets and changes trade flows, according to India's top refiner, Indian Oil Corporation (IOC).

The fallout from the war in Ukraine will also slow down global economic growth significantly this year, IOC's director of finance, Sandeep Kumar Gupta, said at an event on Friday, as carried by Reuters.

IOC is one of many Indian refiners that have boosted purchases and imports of Russian crude oil over the past few months, attracted by the steep discounts of the Russian grades compared to oil from other countries. As of Thursday, the discount at which the flagship Russian crude, Urals, is selling was at a massive $35 a barrel below the international benchmark, Brent, which traded at $111 a barrel early on Friday.

Just a few months ago, India was a small and insignificant buyer of Russian oil. Following the Russian invasion of Ukraine, the steep discounts, at which Russia sells its oil to Asia after the Western bans and sanctions on Moscow, have attracted many Indian buyers.  

Since April, India's imports of crude oil from Russia have jumped by more than 50 times, to the point of representing 10 percent of all Indian imports, a senior government official told Business Standard this week.

So far this year, India is estimated to have now imported five times the amount of all the Russian crude it bought in the whole of 2021.

Russia is even estimated to have overtaken Saudi Arabia to become India's second-largest supplier of crude oil in May. The average daily rate of Russian oil exports to India stood at 819,000 barrels last month, compared with 277,000 barrels per day (bpd) in April.  

Attracted by cheap prices, India, as well as China, continue to increase their imports of Russian crude, which is now mostly banned in the West.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News