Latest news with #HardeepPuri
Time of India
a day ago
- Business
- Time of India
Russia oil trouble hits: Shipowners and oil traders avoiding Russia-backed Nayara Energy in India; impact after EU sanctions
Shipbrokers, vessel operators have become hesitant to engage with Nayara this week. (AI image) European Union's latest round of sanctions on Russian oil have already begun to hit a refinery in India. Oil companies and vessel operators are distancing themselves from India's Nayara Energy Ltd. , following the European Union's recent sanctions that specifically targeted the company. According to shipbrokers, vessel operators have become hesitant to engage with Nayara this week, whether for exporting refined products or importing crude oil. The Indian refinery has Rosneft PJSC as a significant shareholder, holding a 49.13% stake. Ship-tracking information from Bloomberg revealed that a vessel called the Talara reversed course and departed from Vadinar port on Sunday. According to shipbrokers, the vessel was scheduled to collect a fuel shipment, presumably diesel, from Nayara. However, the scheduled collection was cancelled in response to Friday's sanctions, leaving the cargo unloaded. Tracking data and charter arrangements indicate that another vessel, the Chang Hang Xing Yun, stopped off India's southwestern coast whilst en route to Vadinar this week. Also Read | Russia oil squeeze: Trump's 100% tariff threat - should India panic? The vessel has now redirected towards the Arabian Gulf to collect shipments destined for southern Africa, after its planned loading at Vadinar was cancelled yesterday, as reported by shipbrokers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo Impact of EU Sanctions on Russia Shipping companies from Greece and Norway dominate the international maritime fleet, and these organisations are expected to comply with EU regulations. Since the conflict in Ukraine began in 2022, Greek vessel operators have been instrumental in facilitating Russian oil transportation, particularly for shipments priced below the cap. Market analysts are observing the global oil sector to determine if vessel operators' reluctance extends to trading partners and financial institutions. In recent days, refineries in India have requested additional clarification from the European Union regarding various issues, including Nayara's sanctions and restrictions on diesel produced from Russian oil. Also Read | Trump, NATO tariff threat on Russia's crude oil: India not worried about sanctions, says Hardeep Puri; 'if something happens, we'll…' The redirection of Talara has heightened apprehensions about Nayara, following its requirement for upfront payments or letters of credit prior to fuel loadings. Industry sources indicate this requirement might reflect worries about payment complications post-loading, amongst other financial issues. This stipulation has created uncertainty among market participants regarding future participation in the refiner's tenders, as the standard industry practice involves payments occurring 15-30 days after cargo loading. Nayara has indicated it is investigating legal and alternative measures to safeguard its interests, whilst Rosneft has described the EU sanctions as "unjustified and illegal." Also Read | Russia oil sanctions: EU moves on crude, oil price cap may hit Reliance, Nayara; enforcing may be difficult, India may still benefit Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India.com
16-07-2025
- Business
- India.com
Neither US's bullying nor China's pressure will work… India to soon hit jackpot, GDP to increase 5 times, country to become Ultra-rich, treasure is…
Neither US's bullying nor China's pressure will work... India to soon hit jackpot, GDP to increase 5 times, country to become Ultra-rich, treasure is... India is set to hit the jackpot. This jackpot could result in India's GDP increasing to five times its current size. Once that treasure is found, India's economy will be well over 20 trillion dollars. Several Countries including the United States, China, and Russia will be there to behold. Indeed, it is believed that India will find a reserve near 200000 crore litres of crude oil in the Andaman Sea. According to Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, India is close to locating these massive reserves, which are estimated to hold about 2 lakh crore liters of crude oil. What's the secret behind India's imminent jackpot? While addressing the 9th OPEC International Seminar taking place in Vienna, Austria capital, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that India is very close to finding oil fields. India aims to increase its hydrocarbons exploration acreage to 0.5 million sq km by 2025 and 1.0 million sq km by 2030, Union Minister for Petroleum and Natural Gas Hardeep Puri added. With 2.5 lakh sq km open for exploration under OALP Round-10, and being close to discovering a Guyana-scale oilfield in the Andaman Sea, India is in the midst of one of the most ambitious plans to enhance the efforts to drill for more and further enhance hydrocarbons exploration in the country, said the Minister at 9th OPEC International Seminar in Vienna. How will this treasure transform India's global standing? Hardeep Singh Puri has said that a considerable reserve of crude oil and gas has been discovered in the Andaman Sea. The government has already taken initial steps to commence extraction of that crude oil and gas. If the reserves are authenticated, India's reliance on imported oil will cease entirely. The country is the third consumer of oil globally, and this will completely change India's consumption in terms of oil, and will no longer have to rely on importing nations. He added that they are very close to discovering crude oil and gas found within a radius of 250,000 Km in the Andaman area. Efforts for drilling have been sped up to search for oil. India plans to explore and drill for hydrocarbons with renewed momentum by exploring 2.5 lakh sq km under OALP-Round 10. The minister interacted on 'Oil Markets: Energy Security, Growth and Prosperity' with an audience of leaders, captains, and professionals of the global energy sector at the Seminar. The exploration for oil reserves under the Andaman Sea is reaching its final stages. Hardeep Puri believes that the day is not far away when India will have oil reserves the size of Guyana. Guyana has reserves of 11.6 billion barrels of oil and gas. Rarely does one get a chance to acquire reserves equal to the size of Guyana. If India can secure this treasure, it will remove all dependence on oil imports, and if the search for oil reserves in the Andaman becomes affirmatively successful, India will witness unbelievable growth in its economy. The economy of India could go from a $3.7 trillion economy to $20 trillion overnight. India's reliance on Russia for oil will also decrease. With an economic boom, the significance of countries like the US and China will begin to diminish. The United States and China are currently two of the dominant global economic and military superpowers. And a crude oil discovery at the potential extent India is discussing will probably alter the geopolitical power balance substantially, as New Delhi could create a new power centre to challenge both U.S. and Chinese domination of the global economy. The U.S. is the largest consumer of crude oil in the world, but it also produces the largest amount of this vital resource. Between the U.S. and China, the price of crude oil affects every part of the global economy, and much more directly, the inflation of essential goods. Thus, if India were to discover large amounts of oil reserves, this would be a serious challenge to the existing oil dominance of the U.S. and, by extension, other global powers such as China and Russia.
News18
10-07-2025
- Business
- News18
India Helped Global Markets By Buying Discounted Oil From Wherever Possible: Hardeep Puri
Last Updated: Petroleum and Natural Gas Minister Hardeep Puri said Russian oil was never subject to global sanctions, and it was only placed under a price cap Silencing critics who have questioned India's crude oil imports from Russia after the country started a war with Ukraine, Petroleum and Natural Gas Minister Hardeep Puri on Thursday said our continued purchase of crude oil helped stabilise global markets. As a result of the war, the United States and western nations imposed restrictions on Russia but India has continued to purchase Russian oil. Puri said Russian oil was never subject to global sanctions, and it was only placed under a price cap. 'Russian oil was never under global sanctions. Sensible decision makers around the world were aware of the realities of global oil supply chains and how India was only helping the global markets by buying discounted oil under a price cap from wherever we could," he said. Russia is one of the largest crude producers with over 9 million barrels/day. Imagine the chaos if this oil, amounting to about 10% of the global oil supply of around 97 million, vanished from the market. It would have forced the world to reduce its consumption, and since the… — Hardeep Singh Puri (@HardeepSPuri) July 10, 2025 Puri said halting oil trade from Russia would have spiralled crude prices to over USD 120 to 130 per barrel. He explained that Russia produces more than 9 million barrels per day and is one of the world's largest crude oil producers. He said if, out of global oil supplies of around 97 million barrels, 9 million barrels had suddenly vanished, the world would have had to reduce consumption by over 10 percent, which is impossible. This chaos would have led to global oil prices spiralling, as all consumers would have been competing for the reduced supplies. 'Imagine the chaos if this oil, amounting to about 10 percent of the global oil supply of around 97 million, vanished from the market," he said at a media interaction during his visit to Vienna. 'It would have forced the world to reduce its consumption, and since the consumers would be chasing the reduced supplies, the prices would've spiralled to over USD 120-130." The Union minister said some commentators, who lack an understanding of the dynamics of energy markets, pass unnecessary judgments on our policies. 'India, under the leadership of PM Narendra Modi, has been a net positive contributor to global energy price stability, while at the same time we successfully navigated the trilemma of energy availability, affordability and sustainability," he said. He further said India continues to provide clean cooking gas to its 330 million households at the lowest prices in the world. 'We provide universal clean cooking to more than 103 million beneficiary families of the PM Ujjwala Scheme at just 0.4 dollars/kg or just 7-8 cents/day," he added. India is the world's third-largest energy consumer with a demand of about 5.4 million barrels of oil per day. It imports 80 percent of its oil and 50 percent of its natural gas. (With ANI inputs) view comments First Published: July 10, 2025, 23:25 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
10-07-2025
- Business
- Time of India
‘Oil prices would have hit $120-130': India says its oil imports from Russia helped global markets; Hardeep Puri hits out at critics
Addressing critics of India's Russian oil imports, Puri noted that certain commentators make unwarranted criticisms of Indian policies. (AI image) India's ongoing crude oil imports from Russia have contributed to global energy price stability, according to Petroleum and Natural Gas Minister Hardeep Puri . He has said that discontinuing Russian oil trade would have caused crude prices to surge beyond $120-130 per barrel. Following the Russia-Ukraine conflict, whilst the US and Western countries enforced restrictions on Moscow, India maintained its oil procurement from Russia. In fact, India stepped up imports of crude oil from Russia. Oil Prices At $130 per barrel? According to an ANI report, Puri highlighted Russia's significant role as a major crude oil producer, with an output exceeding 9 million barrels daily. He explained that a sudden removal of 9 million barrels from the global supply of approximately 97 million barrels would have necessitated an unfeasible worldwide consumption reduction of over 10%. Such a disruption would have resulted in oil prices escalating beyond $120-130 per barrel, as consumers worldwide would have competed for limited supplies, he claimed. "Imagine the chaos if this oil, amounting to about 10% of the global oil supply of around 97 million, vanished from the market," he said in Vienna. He further elaborated, "It would have forced the world to reduce its consumption, and since the consumers would be chasing the reduced supplies, the prices would've spiralled to over $120-130." The international community imposed a price ceiling on Russian oil rather than implementing comprehensive sanctions. "Russian oil was never under global sanctions. Sensible decision makers around the world were aware of the realities of global oil supply chains and how India was only helping the global markets by buying discounted oil under a price cap from wherever we could," he said, praising India's role in navigating the energy crisis. Also Read | India laps up discounted crude: RIL, Nayara Energy get big chunk of Russia's flagship oil exports; Reliance world's single biggest buyer of Urals Addressing critics of India's Russian oil imports, Puri noted that certain commentators make unwarranted criticisms of Indian policies without properly understanding energy market operations. Currently, India depends on imports for 80 per cent of its oil requirements and 50 per cent of its natural gas consumption. To fulfil its energy demands, India has diversified its sources by procuring oil and gas from numerous international suppliers. India is actively expanding its conventional fossil fuel energy production, with recent focus on the Andaman region for exploration. As the world's third-largest consumer of energy, India requires approximately 5.4 million barrels of oil daily. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India Gazette
10-07-2025
- Business
- India Gazette
India's oil imports from Russia helped global markets to stabilise: Hardeep Puri silences critics
New Delhi [India], July 10 (ANI): Petroleum and Natural Gas Minister Hardeep Puri said India's continued purchase of crude oil from Russia helped stabilise energy prices globally, and halting oil trade from Russia would have spiralled crude prices to over USD 120-130 per barrel. When asked about buying Russian oil during a press interaction, Minister Puri explained that Russia produces over 9 million barrels per day and is one of the world's largest crude oil producers. If, out of global oil supplies of around 97 million barrels, 9 million barrels had suddenly vanished, the entire world would have had to reduce consumption by over 10 per cent, which is impossible, he said. This chaos would have led to global oil prices spiralling to over USD 120-130 per barrel, as all consumers would have been competing for the reduced supplies. 'Imagine the chaos if this oil, amounting to about 10 per cent of the global oil supply of around 97 million, vanished from the market,' he said, during his visit to Vienna. According to him, 'It would have forced the world to reduce its consumption, and since the consumers would be chasing the reduced supplies, the prices would've spiralled to over USD 120-130.' After the war erupted between Russia and Ukraine, the US and Western nations imposed restrictions on Moscow. However, India has continued to purchase Russian oil. Russian oil was never subject to global sanctions; it was only placed under a price cap. 'Russian oil was never under global sanctions. Sensible decision makers around the world were aware of the realities of global oil supply chains and how India was only helping the global markets by buying discounted oil under a price cap from wherever we could,' he praised India's role in navigating the energy crisis. Silencing voices that have been questioning India's crude oil imports from Russia, Puri said that some commentators, who lack an understanding of the dynamics of energy markets, pass unnecessary judgments on our policies. 'India, under the leadership of PM Narendra Modi, has been a net positive contributor to global energy price stability, while at the same time we successfully navigated the trilemma of energy availability, affordability and sustainability,' he added. India continues to provide clean cooking gas to its 330 million households at the lowest prices in the world, the Minister affirmed, indicating its commitment to energy security for its people. 'We provide universal clean cooking to more than 103 million beneficiary families of the PM Ujjwala Scheme at just 0.4 dollars/kg or just 7-8 cents/day,' he added. Meanwhile, India is making significant efforts to increase its traditional fossil-based energy production, and the latest push is to explore the Andaman region. India is the world's third-largest energy consumer with a demand of about 5.4 million barrels of oil per day. India today imports 80 per cent of its oil and 50 per cent of its natural gas needs. India is now importing oil and gas from as many countries as possible to meet its demand. Separately, during his participation at the 9th OPEC International Seminar held in Vienna on Wednesday, Minister Puri had a series of important bilateral and business meetings aimed at deepening India's energy partnerships and supporting the country's growing energy needs. Puri met with Tareq Sulaiman Al-Roumi, Kuwait's Minister of Oil and Chairman of the Kuwait Petroleum Corporation, where they discussed ways to strengthen the existing association further. Kuwait currently ranks as the 6th largest source of crude oil, the 4th most significant source of LPG, and stands as India's 8th largest hydrocarbon trade partner. In a separate meeting, Puri met Sen. Heineken Lokpobiri, Nigerian Minister of State for Petroleum Resources. This interaction followed their previous engagement at the 2024 Davos meeting. Indian companies have been consistent buyers of Nigerian crude, and the discussions focused on exploring avenues further to expand the hydrocarbons trade between the two nations and reinforce their longstanding partnership. Additionally, Puri held a brief meeting with Wael Sawan, CEO of Shell, to discuss potential collaborations in light of India's ambitious exploration and production (E&P) plans. Under the leadership of Prime Minister Modi, India is set to explore nearly 2.5 lakh square kilometres in new offshore and onshore areas, marking one of the world's largest bidding rounds. Puri underlined that India's efforts to increase the share of natural gas in its energy mix from 6 per cent to 15 per cent present significant opportunities for advanced technological partnerships. He noted that the drive towards greater E&P activity stands to benefit from Shell's cutting-edge technologies, paving the way for mutually beneficial collaborations that support India's energy security objectives. At the Seminar, Puri also met the Secretary General of OPEC, Haitham Al Ghais. They discussed India's strong partnership with OPEC and ways to ensure that oil markets remain balanced and predictable to support a smooth global transition into green and alternative energies, particularly in light of recent geopolitical challenges. As the world's third-largest importer of oil, India and OPEC, the grouping of major oil-producing countries, share a unique and symbiotic relationship. In his meeting with Murray Auchincloss, CEO of bp, Puri shared that their discussions were engaging and insightful. They took forward the ongoing dialogue on strengthening bp's partnership in India's upstream and downstream energy sector. BP has a longstanding and comprehensive engagement in India across the energy value chain and has participated in the 9th Round of OALP. Discussions also covered India's plans to aggressively enhance its domestic E&P capabilities by exploring 2.5 lakh sq km under OALP Round-10. Over the years, Indian PSUs have partnered with bp for E&P investment globally and are now collaborating in retail, natural gas, and compressed biogas, which are central to India's green energy transition. BP has also established a world-class Global Business and Technology Center in Pune which provides cutting-edge services to their global operations. Puri also met Russel Hardy, Group CEO of Vitol, where they discussed current challenges in the global energy markets and collaborations across the hydrocarbons value chain. (ANI)
