Venezuela's PDVSA authorizes first two oil cargoes to India after sanctions relief

India plans to resume importing Venezuelan oil after a three-year pause, seizing the opportunity presented by eased US sanctions on the South American nation. Reliance Industries Ltd has booked two supertankers, C. Earnest and C. Genuine, along with Very Large Crude Carrier Eucaly, potentially holding a total of 6 million barrels.

India was the top buyer of Russian oil last year after other groups retreated from purchases following Western sanctions on Moscow for its invasion on Ukraine in February 2022.

Vandana Hari explains the risk premiums and speculative factors driving oil prices up, emphasizing $70-75 as a comfortable range for India. It is far more comfortable for India than $80 or more. She cautions against the negative impact of a weak rupee and high oil prices on the Indian economy's growth.

By Sethuraman N R and Sudarshan Varadhan BAMBOLIM, India (Reuters) - New U.S. sanctions on Moscow are more likely than previous ones to cut Indian imports of thermal coal from Russia because they

NEW DELHI: A month after suggesting a crackdown on India for circumventing western energy sanctions on Moscow by reselling Russian oil as refined prod.

Moscow accounted for 46% of Indias oil imports last month, according to data from analytics firm Kpler, a staggering leap from less than 2% before the invasion of Ukraine. In absolute terms, May marked a high. Granted, China too has taken far more Russian crude over the past year, with imports hitting records, but it is India, a strategic US partner, that has stepped in from the wings to prop up the Russian economy.

The U.S. on Thursday imposed sanctions on maritime companies and vessels for shipping Russian oil sold above the Group of Seven's price cap.

India Business News: NEW DELHI: The love affair with Russian oil appears to be losing its charm for Indian refiners as discounts have shrunk to $4 per barrel from peaks of.

The sanctions target Russia's leading tanker group, Sovcomflot, which Washington accused of being involved in violating the G7's price cap on Russian oil, as well as 14 crude oil tankers tied to Sovcomflot. Sources said Indian refiners are concerned the latest sanctions will create challenges in getting vessels for Russian oil and could drive up freight rates. That may narrow the discount for the oil, which is bought from traders and Russian companies on a delivered basis.

India, one of Asia’s biggest crude importers, emerged as a huge buyer of Russian cargoes following Moscow’s invasion, with refiners taking shipments shunned by processors in Europe and the US.