Topic
refiners
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.