Topic
refiners
Commodities Indian Refiners Forced to Buy Oil at Premium as Russian Discounts Vanish
Indian refiners are paying sharply higher premiums for Gulf and West African crude as the Middle East conflict tightens physical supply, while discounts on Russian and Venezuelan oil have narrowed or disappeared. Brent futures have risen about $10 a barrel in two weeks, and US Senate tariff legislation could add further pressure on global supplies.
Commodities India Caps Refiners' LPG Output at 63,810 TPD Until December on Supply Disruption
India's Central Government has set a maximum daily LPG production limit of 63,810 tonnes per day for all refiners, including joint ventures and private firms, until December 2026. The Ministry of Petroleum & Natural Gas issued the directive after the closure of the Strait of Hormuz, marking the first bi-annual production cap. Reliance Industries received the largest allocation at 18,000 TPD.
Commodities Domestic Refiners Told to Boost LPG Output as Hormuz Uncertainty Lingers
India has directed private and state-owned refiners to maximise LPG production as uncertainty over the Strait of Hormuz threatens imports, with output already lifted to 54,000 tonnes a day from 36,000 tonnes pre-war. The government set a 63,810-tonne-a-day target, assigning Reliance Industries the largest quota at 18,000 tonnes a day, ahead of the September-November festival season.
Commodities Govt sets LPG production targets for refiners; Reliance gets largest quota
The Petroleum and Natural Gas Ministry has fixed maximum LPG production targets for 21 refineries and upstream companies, with combined potential of 63,810 tonnes per day. Reliance Industries' older refinery gets the largest quota of up to 18,000 tonnes per day. The move follows supply disruptions during the West Asia crisis, when the Strait of Hormuz closure exposed India's 64 percent import dependence.
Commodities Indian refiners snap up crude months ahead as wars upend supply
Indian state-owned refiners are securing spot crude cargoes for October and November delivery, far earlier than usual, as Ukrainian attacks on Russian energy assets and the Strait of Hormuz standoff disrupt supply, according to Bloomberg. HPCL bought about 4 million Middle Eastern barrels for October, while MRPL booked West African oil. US sanctions threats and India's festival season are tightening the demand picture.
Commodities Indian Refiners Buy West Asian and West African Crude, Sources Say
Mangalore Refinery and Petrochemicals bought 1 million barrels of Oman crude via tender at about a $3-per-barrel premium to dated Brent, according to trade sources. Indian Oil Corp purchased 4 million barrels of West African crude including Angolan Nemba, Saxi Batuque, Clov and Congo's Djeno, all from Chevron.
Commodities India's crude imports rebound to pre-conflict levels as refiners diversify sourcing: HSBC
India's crude oil imports have recovered to pre-conflict levels despite Gulf disruptions, driven by successful diversification to Russia, the US, Oman, West Africa, and South America, according to an HSBC Global Research report. The report notes that Russian oil remains attractively priced, and a temporary oversupply of Gulf crude is expected to fade.
Commodities Asian Refiners Shun Iranian Oil After US Waiver, Leaving China as Primary Buyer
A temporary US sanctions waiver on Iranian oil sales through August 21 has not drawn orders from well-stocked Asian refiners, leaving independent Chinese refineries as the main buyer. Brent crude has declined about 16% in June, and Iranian crude on water has surged by 6 million barrels in 48 hours to 126 million barrels.
Commodities India ramps up Russian, UAE oil purchases as refiners hedge ahead of Hormuz full reopening
India increased crude oil imports from Russia to an average 2.66 million barrels per day in June (through June 19), up from 1.91 million bpd in May, while maintaining near-record UAE imports at 636,000 bpd ahead of the Strait of Hormuz reopening, according to Kpler data. The purchases reflect refiners' hedging strategy amid ongoing geopolitical risks, with Russian discounted barrels and UAE supplies offsetting Gulf uncertainty. LPG flows are expected to normalise fastest once the strait fully reopens.
Commodities India May Require Refiners to Triple Crude Oil Inventories After Lessons From China
Drawing lessons from China, India may ask domestic refiners to maintain significantly larger crude oil inventories as a safeguard against future supply shocks. The proposal, still at an early stage, would require refiners to hold stocks beyond the current 15-day operational buffer. If implemented, refiners could need to hold around 150 million barrels, requiring nearly Rs 60,000 crore in additional crude purchases and billions more in storage infrastructure.
Trade India's Gold Tariff Hike Spurs Smuggling Surge
India's recent gold tariff hike has led to a resurgence in smuggling, with illegal imports potentially exceeding 100 tons in 2026. This has created challenges for banks and refiners, as grey market discounts disrupt legal trade.