OIL IMPORTS

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• First rupee payment for oil to UAE: India looks for more deals, no targets: Officials

  With the nation more than 85% dependent on imports for meeting its oil needs, India has been pursuing a three-pronged strategy of buying from the cheapest available source, diversifying sources of supply and not breaching any international obligation like the price cap in case of Russian oil.

  

• Brazil to raise mandatory biodiesel mix, halt imports

  The measures bolster the prospects of the Brazilian oilseed crushing industry, which has grappled with idle capacity averaging 50% in recent years, as about 70% of the country's biodiesel is produced from processed soybeans. The CNPE, according to Mines and Energy Minister Alexandre Silveira, set the local mandatory biodiesel blend into diesel at 14% from March 2024 and 15% starting 2025, up from the current 12%.

  

• Russian crude oil imports to India fall 4% in November

  In November, India's imports of Russian crude oil dropped by 4% to 1.49 million barrels per day, reflecting a broader decline in crude imports by New Delhi. Despite this decline, Russia remained the top supplier, accounting for 33% of India's total crude imports in November. This was a slight decrease from 34% in October and 39% in September.

  

• India's appetite for Russian oil reduces, share slips to lowest in 9 months as OPEC gains

  India's oil imports reached a 10-month high in October due to OPEC's share, as refiners bought more crude from Saudi Arabia and the UAE. However, Russia's share of the Indian market fell to the lowest in nine months. India, the world's third-biggest oil importer and consumer, typically relies on Middle Eastern producers, and has encouraged refiners to diversify to cheaper alternatives.

  

• US House passes bill to expand sanctions against Iranian oil

  Despite existing US sanctions, Iran has been able to export oil. Analysts have said that China is a major buyer, and note that sanctions enforcement may be difficult for transactions that don't touch American financial markets, The Hill reported.

  

• India's oil imports from Russia fall in October

  India, the world's third biggest importer and consumer of oil, has been binging on Russian oil sold at a discount after Russia was shunned by some western countries following its invasion of Ukraine last year.

  

• Indian refiners eye Venezuelan crude amid sanction easements

  If refining economics swing in favor of Venezuelan oil, Indian refiners may potentially replace crude from their current sources, including those from the Middle East, Latin America, and the US.

  

• Discounts offered on Russian crude oil double in 2 months

  State refiners account for two-thirds of Russian imports. State refiners are taking Russian oil almost entirely from non-Russian entities to extract better discounts and avoid payment troubles, said the people.

  

• India says rising oil prices a concern, but economic outlook 'bright'

  The comment comes as oil prices rose to 10-month highs earlier this week before easing, on extended production cuts from key suppliers Saudi Arabia and Russia.

  

• From Middle East to Moscow: India's evolving oil routes paint a new energy map

  From April to July 2023, the increase was even more significant at 126.94%, underscoring Russia's reinforced position in India's oil landscape.

  

• Oil falls on concerns about China, winter demand

  Both benchmarks had spiked earlier in the week after Saudi Arabia and Russia, the world's top two oil exporters, extended voluntary supply cuts to the year-end. These were on top of the April cuts agreed by several OPEC+ producers running to the end of 2024.