Energy, Oil & Gas

Indian Oil Corp books some oil cargoes from Red Sea

Indian Oil Corp books some oil cargoes from Red Sea
Image by Alexey Bakharev/ iStock

Indian refiner, Indian Oil Corp has booked some oil cargoes for loading from the Red Sea port of Yanbu, ‌a company source said.

The US-Israel war with Iran has disrupted oil and natural gas exports from the Middle East, while top oil exporter Saudi Arabia is increasing shipments ⁠from the Red Sea as an alternative, reported Reuters.

  • Indian companies have bought both sanctioned and non sanctioned Russian oil after India got a U.S. waiver and will consider buying Russian liquefied natural gas (LNG) if offered, a government source said.
  • Russia's Deputy Prime Minister Alexander Novak said that ‌he ⁠had discussed with domestic energy companies the possibility of redirecting Russian supplies of LNG from Europe to other countries including India and China, Interfax news agency and ⁠Izvestia newspaper reported.
  • Several Indian industries have been impacted as India, the world's fourth-largest LNG buyer, has rationed supplies.
  • India has ⁠no plans to raise retail prices of petrol and diesel as of now, a separate ⁠government source said, adding that the country's fuel stocks were rising day by day.