Not only cheap oil, India is also buying this thing in large quantities from Russia, after EU ban, its purchase increases further
New Delhi: India is currently buying cheap oil from Russia in large quantities. Apart from crude oil, there is one more thing which India is buying a lot from Russia. The name of this thing is naphtha. In the month of June, India and Taiwan were the biggest buyers of naphtha coming from Russia. LSEG data shows that these countries bought cheap naphtha from Russia. What did India purchase from Russia?
Naphtha is an essential item used in the petrochemical industry. Olefins and aromatics are made from it. Then plastics, synthetic resins, synthetic fibers and many types of chemicals are made from them. In February 2023, the European Union (EU) completely banned oil products coming from Russia. After this, countries of the Middle East and Asia started buying naphtha from Russia. How much naphtha was bought from Russia?
According to Reuters, 250,000 tonnes of naphtha was sent to India from Russian ports in June. This was 5% less than in May. But in the first six months of the year 2025, India bought more than 1.4 million tonnes of naphtha from Russia. Shipping data showed that Russian naphtha arrived at India's western ports, such as Mundra, Hazira and Sikka. India used to buy naphtha from the United Arab Emirates (UAE) earlier. But now it is buying cheaper naphtha from Russia so that it has to spend less money.
At the same time, according to LSEG data, 234,000 tonnes of naphtha was sent from Russia to Taiwan last month. This was double the amount in May. Between January and June, Taiwan bought 12.7 lakh tonnes of naphtha from Russia. Singapore, Malaysia, Turkey and China were also among the major countries buying Russian naphtha in June. What is the situation of other countries?
Ship-tracking data showed no cargo from Russia arrived in Fujairah, United Arab Emirates (UAE) in June. In May, Russia sent 80,000 tonnes of naphtha to the UAE. Ships carrying about 300,000 tonnes of Russian naphtha are headed to Asia via the Cape of Good Hope in southern Africa. Asia received 150,000 tonnes of naphtha in May. From December 2023, traders have been avoiding the Red Sea because of the threat of attacks by Yemen's Houthi group. Therefore, they are shipping Russian oil products around Africa.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
9 minutes ago
- Business Standard
Goldman Sachs trims India's GDP forecast on Trump's 25% tariffs
Global brokerage Goldman Sachs has marginally lowered India's economic growth forecast as the country prepares to face the impact of US President Donald Trump's proposed 25 per cent tariffs. Trump said that India has tariffs that are "among the highest in the World," and are the most "strenuous and obnoxious non-monetary trade barriers of any country." He also threatened further penalties for its imports of Russian energy. However, India remains firm on its Russia ties with a broad consensus on avoiding retaliation and resorting to negotiations. Brokerages, however, are hopeful that the final tariff may land lower, 15 to 20 per cent, as both nations continue to negotiate a solution. The latest tariff imposition has led analysts at Goldman Sachs to trim India's real GDP growth forecasts by 0.1 percentage point for calendar year 2025 (CY25) and 0.2 percentage point for CY26, to 6.5 per cent and 6.4 per cent year-on-year (Y-o-Y), respectively. The rural consumption recovery is sustaining, given strong agricultural activity reflected in higher sowing of summer crops and lower food inflation, which is likely boosting real rural incomes, it said. Amongst urban activity indicators, while the services PMI was strong, air passenger traffic growth has been subdued, it said. "In our view, some of these tariffs are likely to be negotiated lower over time, and further downside risk to the growth trajectory mainly emanates from the uncertainty channel." A rapid and mutually beneficial resolution of the US-India trade negotiations, or a quicker-than-expected rise in core inflation, could alter this view, Goldman Sachs said. Further, with downside risks to growth from the tariff-related uncertainty, along with a generally benign inflation trajectory, Goldman Sachs expects the Reserve Bank of India (RBI) to cut the repo rate by another 25 basis points in the fourth quarter (Q4) this year. In the August meet, RBI is likely to remain status quo as per a Business Standard poll, with all analysts expecting a further reduction in the 2025-26 (FY26) inflation forecast.
Hans India
9 minutes ago
- Hans India
Trump Advisor Criticizes India's Russian Oil Purchases, Claims They Fund Ukraine Conflict
Trump announced a 25 per cent tariff on imported goods from India. He also said that nations buying Russian oil may be subject to 100 per cent tariffs on their exports to the US until Russia signs a ceasefire in Ukraine. One of the top aides to US President Donald Trump has accused India financing Russia war against Ukraine by purchasing oil from Moscow. He has been ramping up pressure on New Delhi to cut down its imports of Russian oil, with a threat of Russian oil penalties if it does not. On Sunday, during an interview on Fox News' Sunday Morning Futures, former White House deputy chief of staff Stephen Miller Ukraine war was asked about the Ukraine war. He said the former US president's position was clear. India must not be aiding the war by purchasing oil from Russia. Miller is one of Trump's top advisors and he was quoted by News 18 as saying, 'India buying Russian oil is indirectly contributing to Russia's war in Ukraine'. The statement is being seen as one of the most direct from Trump administration to date on US India relations. Miller was quoted as saying that many may be 'surprised to learn that India is now right behind China in purchasing Russian oil, even with those sanctions in place'. Reuters reported that a source in the Indian government had said New Delhi will keep buying oil from Russia in spite of possible sanctions from Trump. Trump said he would impose a 25 per cent Trump tariffs on India. He also said countries purchasing Russian oil may be subject to 100 per cent tariffs on their exports to the United States until Russia agrees to a ceasefire in Ukraine. The United States on Friday announced a 25 per cent tariff on some Indian imports. Trump said New Delhi's continued purchases of military hardware and energy from Russia had contributed to the decision.
Time of India
12 minutes ago
- Time of India
'Microsoft blocks Nayara': Former Army officer issues wake-up call over India's total reliance on foreign operating systems
The unilateral decision by Microsoft to suspend software services to Nayara Energy highlights a significant strategic vulnerability in India's digital infrastructure. With the majority of Indian digital systems operating on software platforms owned and controlled by foreign entities—primarily U.S. tech giants—such incidents serve as a wake-up call. This dependency raises critical concerns about national sovereignty and operational continuity, especially in sensitive sectors like energy, defence, and communications. 'This is a massive strategic deficiency,' said Col Hunny Bakshi, commenting on the broader implications of the disruption. 'Microsoft blocks access!! Now just think, it's a hot war situation. Our total reliability on the foreign Operating system. Grand Daddy decides to place sanctions on us as we are fighting his love child. Your entire ICT goes phuttt. To lead, u need ur own secure ICT.' Explore courses from Top Institutes in Please select course: Select a Course Category MBA PGDM Digital Marketing Product Management Data Analytics Operations Management others Technology Design Thinking Others CXO Healthcare Degree Artificial Intelligence Finance Management Project Management Data Science healthcare Leadership Cybersecurity Public Policy Data Science Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Microsoft restores Nayara access following EU sanctions confusion by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Knee Pain? This Morning Trick Helps Wellnee Undo Microsoft restored access to its data and services for Nayara Energy on Wednesday, two days after the company reported an abrupt suspension. The tech firm's action was seen as a response to the European Union's recent sanctions on Nayara's Gujarat refinery, part of the bloc's wider effort to limit Russian oil exports. — colhunnybakshi (@colhunnybakshi) Live Events Jurisdictional overreach and operational risk Nayara stated that Microsoft's move was taken without legal requirement under U.S. or Indian law and without prior notice. The company warned that such unilateral actions by global corporations point to a troubling trend of extending foreign legal frameworks into countries where they hold no legal authority. Nayara said the suspension disrupted access to licensed products and proprietary tools critical for maintaining its operations and service obligations. Energy operations and government response Nayara operates one of India's largest refineries, with a processing capacity of 20 million tonnes annually. It accounts for 8% of India's refining capacity, 7% of its fuel retail network, and is expanding its share in the polypropylene segment. The Government of India responded firmly to the EU's July 19 sanctions, with External Affairs Ministry spokesperson Randhir Jaiswal stating that India does not recognise unilateral sanctions and prioritises energy security to meet basic domestic needs. Sanctions include oil price cap revision As part of the latest sanctions package, the EU lowered the price cap on Russian oil exports from $60 to $46.7 per barrel. The measure directly impacts Nayara, which is a significant importer of Russian crude. The incident has further underscored the strategic need for India to reduce its dependence on foreign-controlled digital systems, particularly in critical sectors.
