• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Energy Armageddon
  • 13 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 6 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 4 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 days The Federal Reserve and Money...Aspects which are not widely known
  • 7 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 7 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 1 day Wind droughts
  • 8 days Goldman Betting on Cryptocurrencies
  • 11 days Сryptocurrency predictions
Oil Price Cap Unlikely To Hurt Russia’s Revenue

Oil Price Cap Unlikely To Hurt Russia’s Revenue

Skepticism about the effectiveness of…

China Covid Protests Weigh On Oil

China Covid Protests Weigh On Oil

Growing protests in China against…

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

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