Oil tankers near Iran appear to be in Russia as signals jammed
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By 4.15pm, the ship's erratic signals indicated it was in southern Iran near the town of Bidkhun, before later placing it back and forth across the Gulf. Mass interference since the start of conflict has hit nearly 1,000 ships in the Gulf, said Windward, a shipping analysis firm.
A collision involving tankers south of Strait of Hormuz, a vital shipping lane for world's oil, occurred on Tuesday with both vessels catching fire. One of them appeared to be onshore in Iran on June 15, data from commodity data platform Kpler showed. "There is usually no jamming in Strait of Hormuz and now there is a lot," Ami Daniel, chief executive of Windward. reuters
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Time of India
3 days ago
- Time of India
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Time of India
15-07-2025
- Time of India
India, China in spotlight due to Trump's Russia oil threat
US President Donald Trump 's threat to impose financial penalties on Russia has turned attention to the two largest buyers of Russian crude — India and China — though markets have so far shown little concern about potential disruption. Trump announced new weapons for Ukraine on Monday and warned that countries buying Russian exports could face sanctions unless Russia agrees to a peace deal — a major policy shift driven by frustration over Moscow's continued attacks on Ukraine. India became a major buyer of Russian oil after the Ukraine war began in early 2022. More than a third of India's total oil imports this year have come from the OPEC+ producer, up from under 1 per cent before the war, based on data from the global commodity tracking firm Kpler. Over the same period, China's imports of Russian oil have also risen. India's purchases of Russian crude climbed to their highest level in nearly a year in June, as domestic refiners built up stocks amid rising tensions in West Asia, particularly the Israel-Iran conflict. According to Kpler data, India imported 2.08 million barrels per day (bpd) of Russian crude last month, the highest volume since July 2024. Despite Trump's comments, the initial market response has been muted. Brent crude, the global benchmark, fell by almost 2 per cent on Monday and closed below $70 a barrel. This suggests traders are not yet concerned about disruptions to oil flows. Trump said the penalties would be in the form of 'secondary tariffs' and did not provide further details. He said the measures would take effect in 50 days if Russia does not stop its military campaign in Ukraine. According to Matt Whitaker, the US ambassador to NATO, the move effectively amounts to sanctions on countries buying Russian oil. Whitaker mentioned India and China by name. China's imports of Russian oil have not grown as sharply as India's, but they have remained steady at over 1 million barrels per day since the war began. 'If push really comes to shove, and India cannot buy any crude oil from the Russian system, then India has optionality with the other OPEC members,' Bloomberg cited Mukesh Sahdev, head of commodity markets at Rystad Energy A/S. But 'it will be at a higher cost,' he added. Oil from the Middle East and Africa could make up for the shortfall, but it would come at a higher price. Indian government data shows that imports from Saudi Arabia in May cost $5 a barrel more than those from Russia, while shipments from Iraq were about 50 cents more expensive. India relies on imports to meet more than 85 per cent of its crude oil needs. While the Middle East was historically the main supplier, Russia has taken the lead in the past three years. After Russia's invasion of Ukraine in February 2022, Western sanctions led Russian sellers to offer deep discounts, encouraging Indian refiners to shift sourcing. Russia now provides nearly 40 per cent of India's crude oil imports. A June report by the Centre for Research on Energy and Clean Air (CREA) on Russian exports showed that China accounted for 47 per cent of Moscow's crude sales, followed by India at 38 per cent . The European Union and Turkiye each made up 6 per cent . (with agency inputs)
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Business Standard
15-07-2025
- Business Standard
Trump's Russia threat puts spotlight on India, China crude oil imports
Russian flows to India reached 2.1 million barrels a day in June, the biggest monthly intake in nearly a year, and close to the record set in May 2023, data from Kpler show Bloomberg By Yongchang Chin President Donald Trump's threat to impose financial penalties on Russia has put the spotlight on the two biggest buyers of Moscow's crude — India and China — but markets remain skeptical of disruption, for now. India became a major importer of Russian oil since the invasion of Ukraine in early 2022. More than a third of overall purchases have been from the Opec+ producer this year, compared with less than 1 per cent prior to the war, according to data from Kpler. China's imports have also climbed over the same period. Still, the initial reaction from the market to Trump's remarks was nonchalance. Global benchmark Brent fell almost 2 per cent to close below $70 a barrel on Monday, suggesting little concern around the potential impact to crude flows. Trump said penalties would come in the form of 'secondary tariffs,' without providing details, and would be implemented in 50 days if Russia doesn't end hostilities with Ukraine. Matt Whitaker, the US ambassador to Nato, said the action effectively represents sanctions on nations buying Russian oil. Whitaker specifically cited India and China. Russian flows to India reached 2.1 million barrels a day in June, the biggest monthly intake in nearly a year, and close to the record set in May 2023, data from Kpler show. China's purchases haven't accelerated at the same pace, but have been consistently above 1 million barrels a day since the war. 'If push really comes to shove, and India cannot buy any crude oil from the Russian system, then India has optionality with the other Opec members,' said Mukesh Sahdev, head of commodity markets at Rystad Energy A/S. But 'it will be at a higher cost,' he added. Barrels from the Middle East and Africa could help plug the gap of lost Russian supply, but the crude would be more expensive. Imports from Saudi Arabia in May were $5 a barrel higher than those from Russia, while shipments from Iraq were about 50 cents more pricey, according to official data from India's Ministry of Commerce and Industry.
