Editorji is a popular short video news and information platform based in India. It was founded in 2018 by Vikram Chandra, one of India’s leading journalists, and has risen to prominence in the digital news space in a relatively short span of time. The platform is primarily designed for mobile devices, with applications available for Android and iOS.

ABOUT US:

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>
<a title="Contact Us" href="mailto:info@editorji.com">Contact Us</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Editorji content is better experienced in our app.

The rise was primarily because Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow.

India’s import of Russian oil drops in November on shrinking discounts

The rise was primarily because Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow.

India&rsquo;s import of Russian crude oil dropped in November to its lowest level since June 2022 but the Kremlin continues to be the biggest source of oil for India, according to a monthly tracker report of a European think tank.
India became the second biggest buyer of Russian crude oil since Moscow invaded Ukraine in February 2022, with purchases rising from less than one per cent of the total oil imported to almost 40 per cent of the country&rsquo;s total oil purchases.
The rise was primarily because Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow.
&ldquo;India&rsquo;s imports of Russian crude oil dropped by a massive 55 per cent in November - the lowest figure since June 2022,&rdquo; the Centre for Research on Energy and Clean Air (CREA) said in its latest report.
Russia remained India&rsquo;s top oil supplier, followed by Iraq and Saudi Arabia.
&ldquo;China has bought 47 per cent of Russia&rsquo;s crude exports, followed by India (37 per cent), the EU (6 per cent), and Turkey (6 per cent),&rdquo; CREA said without giving absolute numbers.
In November, there was a 17 per cent month-on-month increase in the discount on Russia&rsquo;s Urals grade crude oil to an average of USD 6.01 per barrel compared to Brent crude oil. The discount on the ESPO grade narrowed by a massive 15 per cent and was traded at an average discount of USD 3.88 per barrel while that on the Sokol blend narrowed by 2 per cent to USD 6.65 per barrel, it said.
Russia predominantly sells ESPO and Sokol grades of crude oil to India.
Besides crude oil, India bought smaller quantities of coal from Russia.
&ldquo;From December 5, 2022, until the end of November 2024, China purchased 46 per cent of all Russia&rsquo;s coal exports - India (17 per cent), Turkey (11 per cent), South Korea (10 per cent), and Taiwan (5 per cent) round off the top five buyers list,&rdquo; according to CREA.
All fossil fuels taken together, &ldquo;India dropped to third in the list of largest buyers of Russian fossil fuels in November, contributing 17 per cent (EUR 2.1 billion) to Russia&rsquo;s monthly export earnings from its top five importers. There was a significant 22 per cent drop in Russian revenues from crude oil exports to India in November,&rdquo; it said.
While there was an 11 per cent month-on-month decline in the total volume of India&rsquo;s imports of crude oil in November, Russian volumes suffered the most, dropping by a massive 55 per cent.
India imports more than 85 per cent of its crude oil, which is refined into fuels like petrol and diesel refineries.
In an attempt to restrict funds for Russia&rsquo;s war machine, The Group of Seven (G7) rich nations, the European Union and Australia put an embargo on Russian crude and introduced a USD 60 per barrel price cap in December 2022. Over the next 12 months, the price cap and embargo had a significant impact on revenue and forced Russia to find new markets and ways to transport its oil.
Russia did this by offering deep discounts on its Urals grade crude.
&ldquo;It has been two years since the imposition of the price cap. CREA estimates that in this period, the sanctions have forced Russia to drop the price of Urals by an estimated 15 per cent. Since the sanctions, Russia has lost an estimated EUR 14.6 billion in revenues from Urals grade crude exports,&rdquo; the report said.
In the second year of the sanctions, CREA estimates that sanctions impacted Russian Urals crude revenues by 10 per cent resulting in losses of EUR 4 billion.
This impact was felt heavily for the first half of 2024 when Russian revenues were hit by EUR 2.5 billion.
&ldquo;The price cap has had an impact but has failed to live up to its potential. A lack of enforcement and desire to lower the price cap has meant Russia has found a way to circumvent the cap and find new markets as time has gone by, especially in the second year of the sanctions,&rdquo; it said.
In the first year of the sanctions, Russia was losing, on average, 23 per cent of its Urals crude export revenues every month due to the price cap and embargo. This figure has fallen sharply to a mere monthly average of 9 per cent in the second year of the cap. (Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri has said that global turbulence drive energy transition and that India will handle the crude price rise very carefully

Israel-Hamas war: India is closely watching crude price rise, says Oil Minister

<h2>Union Minister of Petroleum and Natural Gas Hardeep Singh Puri has said that global turbulence drive energy transition and that India will handle the crude price rise very carefully</h2>

Oil price surge:&nbsp;Union minister of Petroleum and Natural Gas Hardeep Singh Puri has said that India is closely watching the crude price rise situation and will handle the issue carefully while adding that $100 per barrel crude oil prices was unsustainable. He further noted that the rise in crude prices amid the geo political tensions due to the Israel-Hamas war will lead to a quicker energy transition.
<h3>India's stance</h3>
Talking about India's stance on crude oil price rise due to the war, Puri mentioned that India will handle the issue very carefully.
"We will watch very carefully and as we go along, we will navigate our way through this issue," he said.
<h3>Energy Transition drive</h3>
Speaking on the sidelines of Energy Technology Meet on October 9, Puri said, "Biofuels will immune the world from the uncertainties which have unfolded in the recent days."
He further added that global turbulence drive energy transition encouraging people to use sustainable, cleaner fuels.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/israel-hamas-war-spikes-oil-and-gold-prices-impact-on-india-1696827900566">Israel-Hamas war pushes oil and gold prices up: Impact on India</a>
Crude oil prices spiked over 4.5% to $87 per barrel on October 9 as a result of escalating geopolitical tensions in the Middle East. Oil prices fell last week over demand concerns. However, now the prices have again witnessed a significant reversal after an attack by Hamas on Israel intensifing concerns over escalating geopolitical tensions in the Middle East.
&nbsp;

India's Finance Minister, Nirmala Sitharaman, has now indicated that the country may explore buying Russian crude oil at or above the price cap imposed by the G-7 if necessary

India may explore buying Russian crude oil at or above G-7's price cap: Finance Minister

India's Finance Minister, Nirmala Sitharaman, has now indicated that the country may explore buying Russian crude oil at or above the price cap imposed by the G-7 if necessary

As the ongoing war between Ukraine and Russia continues, there has been significant attention on India's import of Russian oil. With a focus on its own interests, New Delhi has been purchasing oil from Moscow at a substantial discount due to global sanctions against Russia.
India's Finance Minister, Nirmala Sitharaman, has now indicated that the country may buy Russian crude oil at or above the price cap imposed by the G-7 if necessary.
 In an interview with Bloomberg, Finance Minister Sitharaman stated, "Yes, because otherwise I'll end up paying far more than what I can afford. We have a large population and we also therefore have to look at prices which are going to be affordable for us."
India, which imports nearly 80% of its crude oil requirements, needs to constantly seek the best deals in order to mitigate the risks of higher oil prices and the impacts of Russia's war in Ukraine, which are seen as the biggest threats to India's economic growth.
 Although India has not signed any agreement with Western powers to impose a price cap on Russian oil, officials had previously indicated that the country was unlikely to breach sanctions on Russia. However, a recent surprise oil-output cut by OPEC+ seems to have changed India's stance.
 In the meantime, despite Western sanctions, Russia's oil exports have reached their highest level in almost three years in March of this year. Moscow's crude exports rose by 100,000 barrels per day (bpd) to five million bpd, with India replacing China as the main destination for Russian shipments in Asia. However, revenues were significantly lower compared to last year, as reported by mint.

India's import of crude oil in February from Russia was higher than India’s combined imports from both Saudi Arabia and Iraq

For the 5th month, Russia remains largest crude supplier for India 

India’s appetite for Russian crude oil top for fifth straight month

India's import of crude oil in February from Russia was higher than India&rsquo;s combined imports from both Saudi Arabia and Iraq

For the fifth straight month, Russia has become India&rsquo;s largest source of crude oil.&nbsp;
A money control report says that Russia now forms a 35% share in India's import basket as of February 2023 as against just a 1% shares until a year ago. As per experts, this trend is likely to continue.&nbsp;
Energy tracker Vortexa, Russia provided 1.26 million barrels per day (bpd) of crude to India in January, and 1.62 million bpd last month.&nbsp;
Since the beginning of 2023 &mdash; in both January and February &mdash; Russia supplied the most oil to India, surpassing traditional exporters, including Saudi Arabia and Iraq.
India, the world&rsquo;s third-largest crude importer after China and the United States, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine.

State-controlled Saudi Aramco reduced prices for all types of crude that will be shipped to Asia in February

Why crude oil prices are falling? 

Demand concerns lead to volatile crude oil prices 

State-controlled Saudi Aramco reduced prices for all types of crude that will be shipped to Asia in February

Amid fears of a global recession, crude oil prices have been volatile. After a steep fall of over 9 percent this week, oil prices rose by $1 on Friday. Prices edged up for a second session on the back of China's reopening.
China, the world's largest crude oil importer, made an abrupt turn in its stringent zero-COVID policy in early December following rare public protests, leading to a surge in infections across the country.&nbsp; However, multiple factors including the covid cases surge in China and global recession concerns are triggering demand concerns, leading to fluctuations in oil prices.&nbsp;
Meanwhile, data showed lower U.S. fuel inventories following a winter storm that hit at the end of the year. The world&rsquo;s top crude exporter Saudi Arabia lowered prices for the flagship Arab light crude it sells to Asia to its lowest since November 2021 amid global pressures hitting oil.
India imports 80% of its crude oil needs. As a result, a decline in prices benefits the economy, since it means less foreign currency is needed to purchase crude oil.&nbsp;

Crude oil prices are on the move again as Libya has shut down almost all its oil fields amidst a political crisis in the OPEC member nation. 
At one point this African nation holding the largest crude reserves for the continent produced almost 1.2 millions bpd of oil. Currently Libya is pumping only 10% of that which is merely 100,000 bpd as per Bloomberg. This means that Libya is producing almost no oil, putting further strain on an already undersupplied oil market. The fall in supply will further tighten a global market that has seen crude prices jump more than 50% this year to around $120 a barrel.

Crude concerns: This nation has shut nearly all its oil fields 

The OPEC member’s daily output is down 90% and is producing almost no oil. 

Crude concerns: This nation has shut nearly all it's oil fields 

The OPEC member&rsquo;s daily output -- which averaged 1.2 million barrels last year -- is down by about 1.1 million barrels

Crude oil prices are on the move again as Libya has shut down almost all its oil fields amidst&nbsp;a political crisis in the OPEC&nbsp;member nation.&nbsp;
At one point this African nation holding the largest crude reserves for the continent produced almost 1.2 millions bpd of oil. Currently Libya is pumping only 10% of that which is merely 100,000 bpd&nbsp;as per Bloomberg.&nbsp;This means that Libya is producing almost no oil, putting further strain on an already undersupplied oil market.&nbsp;
Also read/watch| <a title="Tesla fires Singapore country manager, Elon Musk says 'very tough quarter'" href="https://www.editorji.com/business-news/tesla-fires-singapore-country-manager-elon-musk-says-very-tough-quarter-1655176254935">Tesla fires Singapore country manager, Elon Musk says 'very tough quarter'</a> The fall in supply will&nbsp;further tighten&nbsp;a global market that has seen crude prices jump more than 50% this year to around $120 a barrel.

In a strong response to criticism of India’s purchase of Russian oil, External Affairs Minister S Jaishankar suggested that critics should first focus on Europe who are continuing large imports of Russian gas and oil. Answering a question about India's import of Russian oil, Jaishankar said, "If you're looking at (India's)energy purchases from Russia, I'd suggest your attention should be on Europe. We buy some energy necessary for our energy security. But I suspect, looking at figures, our purchases for the month would be less than what Europe does in an afternoon."The comments from the External Affairs Minister as part of 2+2 dialogue with the United States. India currently imports merely 1% of it's oil requirements from Russia compared to Europe that is dependent Moscow and continues to source nearly 50% of it's daily gas needs from Russian pipelines. 

India-US 2+2: Jaishankar's strong response on India's Russian oil import

Answering a question about India's import of Russian oil, Jaishankar said, "If you're looking at (India's)energy purchases from Russia, I'd suggest your attention should be on Europe. We buy some energy necessary for our energy security. But I suspect, looking at figures, our purchases for the month would be less than what Europe does in an afternoon."


Watch: India's strong response on Russian oil import

India is dependent less than 3% on Russian oil for energy needs vs 50% for Europe.

In a strong response to&nbsp;criticism of India&rsquo;s purchase of Russian oil, External Affairs Minister S Jaishankar&nbsp;suggested that critics should first focus on Europe who are continuing large imports of Russian gas and oil.&nbsp;
Also watch&nbsp;|&nbsp;<a title="Russia&rsquo;s war in Ukraine top focus at Modi-Biden virtual meet" href="https://www.editorji.com/india-news/russia-s-war-in-ukraine-top-focus-at-modi-biden-virtual-meet-1649697913119" target="_blank">Russia&rsquo;s war in Ukraine top focus at Modi-Biden virtual meet</a>
Answering a question about India's import of Russian oil, Jaishankar said, "If you're looking at (India's)energy purchases from Russia, I'd suggest your attention should be on Europe. We buy some energy necessary for our energy security. But I suspect, looking at figures, our purchases for the month would be less than what Europe does in an afternoon."
Also watch |&nbsp;<a title="Explained: How to withdraw cash at ATM without a card" href="https://www.editorji.com/business-news/personal-finance/explained-how-to-withdraw-cash-at-atm-without-a-card-1649665865386">Explained: How to withdraw cash at ATM without a card</a>
The comments from the External Affairs Minister as part of 2+2 dialogue with the United States. India currently imports merely 3% of it's oil requirements from Russia compared to Europe that is dependent Moscow and continues to source nearly 50% of it's daily gas needs from Russian pipelines.&nbsp;

The United States believes that it’s not in India’s interest to increase Russian energy imports and other commodities, said White House Press secretary Jen Psaki on Monday as Washington continues to mount pressure on countries around the world to shun cheaper Russian oil. 
Responding to a question on India’s import of Russian oil, Psaki said the US expects every country around the world should abide by the sanctions that we announced on Russia.
“Energy payments are not sanctioned. That’s a decision made by each individual country, and we’ve been very clear that each country is going to make their own choices even as we have made the decision and other countries have made the decision to ban energy imports,” Psaki said at a press briefing. 
This comes a few days after US Deputy National Security Advisor (NSA) for International Economics Daleep Singh, paid a two-day visit to India from March 30-31. During his visit, US Deputy NSA had consulted with Indian counterparts on the goals and mechanisms of US sanctions imposed on Russia.
“What Daleep did make clear to his counterparts during this visit, was that we don’t believe it’s in India’s interest to accelerate or increase imports of Russian energy and other commodities,” she said.
White House Press secretary also noted that India’s imports of Russian energy represent only 1 per cent to 2 per cent of their total energy imports.
“So while he explained both the mechanisms for sanctions and reiterated that any country or entity should be abiding by those. We also made clear that we’d be happy to be a partner in reducing their reliance or even their small percentage of reliance on that,” she said.
 

Ukraine War: 'Not in India's interest to buy Russian Oil', says United States

Responding to a question on India’s import of Russian oil, Psaki said the US expects every country around the world should abide by the sanctions that we announced on Russia.



'Not in India's interest to buy Russian oil' , says the US Press Secretary

US: We&rsquo;d be happy to be a partner in reducing their reliance or even their small percentage of reliance on that

The United States believes that it&rsquo;s not in India&rsquo;s interest to increase Russian energy imports and other commodities, said White House Press secretary Jen Psaki on Monday as Washington continues to mount pressure on countries around the world to shun cheaper Russian oil.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/economy/stand-up-india-scheme-turns-six-loans-worth-rs-30-000-cr-disbursed-1649138336027" target="_blank">Stand-Up India Scheme turns six, Loans worth Rs 30,000 cr disbursed</a>
Responding to a question on India&rsquo;s import of Russian oil, Psaki said the US expects every country around the world should abide by the sanctions that we announced on Russia.
&ldquo;Energy payments are not sanctioned. That&rsquo;s a decision made by each individual country, and we&rsquo;ve been very clear that each country is going to make their own choices even as we have made the decision and other countries have made the decision to ban energy imports,&rdquo; Psaki said at a press briefing.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/elon-musk-and-his-tryst-with-twitter-1649145375233" target="_blank">Elon Musk and his tryst with Twitter!</a>
This comes a few days after US Deputy National Security Advisor (NSA) for International Economics Daleep Singh, paid a two-day visit to India from March 30-31. During his visit, US Deputy NSA had consulted with Indian counterparts on the goals and mechanisms of US sanctions imposed on Russia.
&ldquo;What Daleep did make clear to his counterparts during this visit, was that we don&rsquo;t believe it&rsquo;s in India&rsquo;s interest to accelerate or increase imports of Russian energy and other commodities,&rdquo; she said.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/putin-resorts-to-blackmail-pay-in-rubles-for-gas-or-will-shut-it-off-1648782862121" target="_blank">Putin resorts to blackmail: Pay in Rubles for gas or will shut it off</a>
White House Press secretary also noted that India&rsquo;s imports of Russian energy represent only 1 per cent to 2 per cent of their total energy imports.
&ldquo;So while he explained both the mechanisms for sanctions and reiterated that any country or entity should be abiding by those. We also made clear that we&rsquo;d be happy to be a partner in reducing their reliance or even their small percentage of reliance on that,&rdquo; she said.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-tax-at-30-in-india-explained-1649067356843" target="_blank">Crypto tax at 30% in India, explained</a>

Russian Foreign Minister Sergey Lavrov arrived in India on Thursday on a two-day official visit, his first trip to the country since Moscow launched its invasion of Ukraine last month.
Russian Foreign Ministry spokeswoman Maria Zakharova said Lavrov will meet Prime Minister Narendra Modi and External Affairs Minister S Jaishankar on Friday.
However, a media advisory issued by the Ministry of External Affairs (MEA) on Lavrov's engagements in New Delhi has no mention of his meeting with Modi.
MEA Spokesperson Arindam Bagchi posted a video of Lavrov's arrival with the caption: "Welcoming the Foreign Minister of the Russian Federation Sergey Lavrov as he arrives in New Delhi for an official visit." People familiar with the preparations for Lavrov's visit said India's purchase of discounted Russian crude oil and putting in place a rupee-ruble payment system for bilateral trade are expected to be the key focus of his talks with Jaishankar.
India is also likely to press for a timely delivery of various military hardware as well as components of the S-400 missile systems by Russia.
The Russian foreign minister arrived in India after concluding a two-day visit to China.
Lavrov's visit to India coincides with that of US Deputy National Security Adviser Daleep Singh and British Foreign Secretary Liz Truss.
Last week, Chinese Foreign Minister Wang Yi visited India. EU Special Envoy for the Indo-Pacific Gabriele Visentin visited New Delhi this week.
Unlike many other leading powers, India has not yet criticised Russia for its invasion of Ukraine and it abstained from the votes at the UN platforms in condemning the Russian aggression.
However, last Thursday, India abstained on a resolution pushed by Russia on the humanitarian crisis in Ukraine, which was seen as reflective of its neutral position on the conflict.
India has been pressing for the resolution of the crisis through diplomacy and dialogue.
Modi has held conversations over the phone with Russian President Vladimir Putin on February 24, March 2 and March 7.
The prime minister has spoken to Ukrainian President Volodymyr Zelenskyy twice.
Last week, Jaishankar said in Parliament that India's position on the Ukraine conflict has been "steadfast and consistent", and that it has been seeking immediate cessation of violence.

Russian Finance Minister Sergey Lavrov and India's External Affairs Minister S Jaishankar meet for high level talks

India's purchase of discounted Russian crude oil and a rupee-ruble payment system for bilateral trade to be the key focus

Russian FM Sergey Lavrov and S Jaishankar meet for high level talks

Russian Foreign Minister Sergey Lavrov met External Affairs Minister S Jaishankar on Friday in New Delhi. Lavrov arrived on a two-day official visit, his first trip to the country since Moscow launched its invasion of Ukraine last month.&nbsp;
People familiar with the preparations for Lavrov's visit said India's purchase of discounted Russian crude oil and putting in place a rupee-ruble payment system for bilateral trade are expected to be the key focus of his talks with Jaishankar.&nbsp;
India is also likely to press for a timely delivery of various military hardware as well as components of the S-400 missile systems by Russia.&nbsp;
Lavrov's visit to India coincides with that of US Deputy National Security Adviser Daleep Singh and British Foreign Secretary Liz Truss.&nbsp;
Unlike many other leading powers, India has not yet criticised Russia for its invasion of Ukraine and it abstained from the votes at the UN platforms in condemning the Russian aggression.&nbsp;
Last week, Jaishankar said in Parliament that India's position on the Ukraine conflict has been "steadfast and consistent", and that it has been seeking immediate cessation of violence.&nbsp;
The US has warned of consequences for countries attempting to &ldquo;circumvent" American sanctions against Moscow.&nbsp;
India on Thursday defended its decision to look for "good deals" for its energy requirement amid volatility in the market, while pointing out that Europe has been a major buyer of Russian oil and gas even after the crisis in Ukraine unfolded.&nbsp;
Lavrov is scheduled to call on Prime Minister Narendra Modi after his talks with Jaishankar.&nbsp;

The Russian Finance Minister arrived in India on Thursday for a two day visit.&nbsp;India's purchase of discounted Russian crude oil and a rupee-ruble payment system for bilateral trade to be the key focus

Russian Foreign Minister Sergey Lavrov arrived in India on Thursday on a two-day official visit, his first trip to the country since Moscow launched its invasion of Ukraine last month.
Russian Foreign Ministry spokeswoman Maria Zakharova said Lavrov will meet Prime Minister Narendra Modi and External Affairs Minister S Jaishankar on Friday.
However, a media advisory issued by the Ministry of External Affairs (MEA) on Lavrov's engagements in New Delhi has no mention of his meeting with Modi.
MEA Spokesperson Arindam Bagchi posted a video of Lavrov's arrival with the caption: "Welcoming the Foreign Minister of the Russian Federation Sergey Lavrov as he arrives in New Delhi for an official visit." People familiar with the preparations for Lavrov's visit said India's purchase of discounted Russian crude oil and putting in place a rupee-ruble payment system for bilateral trade are expected to be the key focus of his talks with Jaishankar.
India is also likely to press for a timely delivery of various military hardware as well as components of the S-400 missile systems by Russia.
The Russian foreign minister arrived in India after concluding a two-day visit to China.
Lavrov's visit to India coincides with that of US Deputy National Security Adviser Daleep Singh and British Foreign Secretary Liz Truss.
Last week, Chinese Foreign Minister Wang Yi visited India. EU Special Envoy for the Indo-Pacific Gabriele Visentin visited New Delhi this week.
Unlike many other leading powers, India has not yet criticised Russia for its invasion of Ukraine and it abstained from the votes at the UN platforms in condemning the Russian aggression.
However, last Thursday, India abstained on a resolution pushed by Russia on the humanitarian crisis in Ukraine, which was seen as reflective of its neutral position on the conflict.
India has been pressing for the resolution of the crisis through diplomacy and dialogue.
Modi has held conversations over the phone with Russian President Vladimir Putin on February 24, March 2 and March 7.
The prime minister has spoken to Ukrainian President Volodymyr Zelenskyy twice.
Last week, Jaishankar said in Parliament that India's position on the Ukraine conflict has been "steadfast and consistent", and that it has been seeking immediate cessation of violence.

India has been buying oil from Russia at a 'discount' amid a barrage of sanctions on the country due to its invasion of Ukraine.
Even as the Government of India on March 21 issued a clarification on Russian oil and said it constitutes less than 1% of total imports.
It is noteworthy that while the government claims to have maintained the proportion at under one percent till January 2022, some reports claimed that India's import of Russian oil in March has been quadrupled. As some reports said, Russia has exported 360,000 barrels a day of oil to India in March so far, nearly four times the 2021 average. 
Also read/watch | LPG cylinder prices hiked for the first time since October
The country's largest refiner, Indian Oil Corporation on Wednesday bought three million barrels of Russian Urals for May loading, as reported by Reuters. This is the second purchase of Urals by IOC since Russia invaded Ukraine on February 24. It bought similar volumes of Urals earlier this month for delivery in May.
As per a TOI report, Hindustan Petroleum also picked up two million barrels of Russian oil this month.
Also read/watch | This is how Russia is choking the global economy as it continues war on Ukraine
Russia has been facing a slew of sanctions from countries around the world that has held down its ability to do business globally.
The world's third-largest crude oil consumer imports 85% of its needs, however, Russia is just 1% of this, as per the annual data till last year.

India buys Russia oil at 'huge discount', imports quadrupled amid Ukraine war

India's import of Russian oil has been quadrupled in March even as the government claims otherwise. 

India goes on shopping spree as Russia puts up oil for sale! 

The country's largest refiner, Indian Oil Corporation on Wednesday bought three million barrels of Russian Urals for May loading, as reported by Reuters. This is the second purchase of Urals by IOC since Russia invaded Ukraine on February 24. It bought similar volumes of Urals earlier this month for delivery in May.
As per a TOI&nbsp;report, Hindustan Petroleum also picked up two million barrels of Russian oil this month.

Russia has exported 360,000 barrels a day of oil to India in March so far, nearly four times the 2021 average.

In a move that could ease fuel cost concerns significantly&nbsp;India has been buying oil from Russia at a 'huge discount' amid a barrage of sanctions on the country due to its invasion of Ukraine.&nbsp;
Reports indicate that, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd, have together purchased 5 million barrels of Russian crude oil in the past few weeks. Russian Oil is being procured with a discount as large as $20-$25/bbl. The cost of crude at delivery is hence significantly lower than the prevailing price of over $100/bbl.&nbsp;
Taking advantage of this&nbsp;India's import of Russian oil in March has quadrupled as per reports, prior to January 2022 Russian oil constituted only 1% of India's import basket.&nbsp;
As some reports said,&nbsp;Russia has exported 360,000 barrels a day of oil to India in March so far, nearly four times the 2021 average.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/lpg-cylinder-prices-hiked-for-the-first-time-since-october-1647917798498" target="_blank">LPG cylinder prices hiked for the first time since October</a>
Russia has been facing a slew of sanctions from countries around the world that has held down its ability to do business globally.
The world's third-largest crude oil consumer imports 85% of its needs, however, Russia is just 1% of this, as per the annual data till last year.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/ukraine-russia-conflict-how-the-financial-markets-may-face-the-shockwaves-1644294835665" target="_blank">This is how Russia is choking the global economy as it continues war on Ukraine</a>

With the Ukraine-Russia war raging on for the 24th day, the US tried to pile moral pressure on India over Russian oil supplies. The Joe Biden government on March 18 said that even though America has banned import of Russian crude oil, many other countries have not done so following their own "economic reasoning".
White House Press Secretary Jen Psaki said, "Well, we made a decision about banning the Russian import of oil. Every country has not made that decision and we recognize that, and they have different economic reasoning as to why different countries do, including some in Europe. We have been in touch, of course, with Indian leaders at a range of levels, not through the president."
She added that the whole world is watching those who are supporting Russia "in any form" amid its illegal invasion of Ukraine. "What we would project or convey to any leader around the world, is that the world the rest of the world is watching where you're going to stand, as it relates to this conflict, whether it's support for Russia in any form as they are illegally invading Ukraine," Psaki said.
On March 15, the White House had said that if India buys Russian crude oil at discounted rates, it would not be a violation of US sanctions on Russia. However, Psaki had then said that countries should think about how they are described when history books are written about the ongoing war.

Russia war: USA warns India over crude oil purchase amid Ukraine invasion

THUMBNAIL IMAGE MODI, BIDEN
THUMBNAIL TEXT USA TO INDIA: 'WORLD IS WATCHING...'
&nbsp;
((SHORT OPENING BYTE WITH TRANSLATION))
 JEN PSAKI, WHITE HOUSE PRESS SECRETARY https://bit.ly/3wkGchF
(0:19 - 0:24) TRANSLATION - We have been in touch, of course, with Indian leaders at a range of levels, not through the President.
&nbsp;
&nbsp;
VO: With the Ukraine-Russia war raging on for the 24th&nbsp;day, the US tried to pile moral pressure on India over Russian oil supplies. The Joe Biden government on March 18 said that even though America has banned import of Russian crude oil, many other countries have not done so following their own "economic reasoning". White House Press Secretary added that the whole world is watching those who are supporting Russia "in any form" amid its illegal invasion of Ukraine. On March 15, the White House had said that if India buys Russian crude oil at discounted rates, it would not be a violation of US sanctions on Russia. However, Psaki had then said that countries should think about how they are described when history books are written about the ongoing war.
&nbsp;
 BYTE JEN PSAKI, WHITE HOUSE PRESS SECRETARY https://bit.ly/3wkGchF
(0:08 - 0:46) WASHINGTON, DC, USA 18 MARCH 2022 SOURCE: AP
&nbsp;
 =======================================
 CAPTIONS USA's latest message to India on Russian oil Many countries haven't banned Russian oil: US Countries following own economic reasoning: US In touch with Indian leaders at various levels: US World watching where every country stands: US US banned import of Russian crude amid war

<div style="margin: 0px; padding: 0px; border: 0px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: 400; font-stretch: inherit; font-size: 12pt; line-height: inherit; font-family: Calibri, Arial, Helvetica, sans-serif; vertical-align: baseline; color: #000000; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 12pt; line-height: inherit; font-family: inherit; vertical-align: baseline; color: #000000; background-color: #ffffff;">On March 15, the White House had said that if India buys Russian crude oil at discounted rates, it would not be a violation of US sanctions on Russia.</div>

With the Ukraine-Russia war raging on for the 24th&nbsp;day, the US tried to pile moral pressure on India over Russian oil supplies.&nbsp;The Joe Biden government on March 18 said that even though America has banned import of Russian crude oil, many other countries have not done so following their own "economic reasoning".
<a href="https://www.editorji.com/world-news/ukraine-war-bulletproof-vests-stolen-from-new-york-ngo-were-donated-by-us-cops-as-aid-russia-1647688306307">Ukraine war: Bulletproof vests stolen from New York NGO; were donated by US cops as aid</a>
White House Press Secretary Jen Psaki said, "Well, we made a decision about banning the Russian import of oil. Every country has not made that decision and we recognize that, and they have different economic reasoning as to why different countries do, including some in Europe. We have been in touch, of course, with Indian leaders at a range of levels, not through the president."
<a href="https://www.editorji.com/india-news/ukraine-war-india-speaks-on-bio-weapons-at-un-amid-russia-s-allegations-against-us-1647664658866">Ukraine war: India speaks on bio-weapons at UN amid Russia's allegations against US</a>
She added that the whole world is watching those who are supporting Russia "in any form" amid its illegal invasion of Ukraine. "What we would project or convey to any leader around the world, is that the world the rest of the world is watching where you're going to stand, as it relates to this conflict, whether it's support for Russia in any form as they are illegally invading Ukraine," Psaki said.
On March 15, the White House had said that if India buys Russian crude oil at discounted rates, it would not be a violation of US sanctions on Russia.&nbsp;However, Psaki had then said that countries should think about how they are described when history books are written about the ongoing war.
<a href="https://www.editorji.com/world-news/russia-bans-joe-biden-from-what-putin-s-sanctions-on-western-leaders-mean-ukraine-war-1647365481853">Ukraine war | Russia bans Joe Biden from...: What Putin's sanctions on Western leaders mean&nbsp;</a>

Markets sitting in a wait and watch made as the US Central Bank starts two day meet for the crucial rate lift off amid growing global tensions and soaring inflation, here is what you need to watch-:

Global Markets Tepid: US markets ex-tech ended flat as traders stay away from large new positions ahead of Fed rate hike. Asian markets continue trend of flat trade on Tuesday
Crude Collapses: Slipping below the $100 mark briefly in U.S. trade , oil prices crashed 7% to come back towards the $104/bbl for the Brent benchmark 
Fed Meet Begins: Federal Reserve's committee on rates (FOMC) to begin two day meet, market pricing in a 25 bps point hike. This would be the central bank's first hike since 2018. 
US-China Talk: In their first high-level, in-person talks since the invasion officials conducted a “substantial discussion” of the Russian war announced the White House but gave no specific outcomes or agreements.


Market Watch: Crude oil slides, Fed meet begins, Stocks in focus

Markets sitting in a wait and watch made as the US Central Bank starts two day meet for the crucial rate lift off amid growing global tensions and soaring inflation, here is what you need to watch

Market Watch: Crude oil slides, Fed meet begins, US-China 7 hour talk

Federal Reserve starts two day meet today&nbsp;

Markets sitting in a wait and watch made as the US Central Bank starts two day meet for the crucial rate lift off amid growing global tensions and soaring inflation, here is what you need to watch-:
<ul>
<li>Global Markets Volatile: US markets ex-tech ended flat as traders stay away from large new positions ahead of Fed rate hike. Chinese stocks see sell-off in trade with Hang Seng seeing big cuts, </li>
<li>Crude Collapses:&nbsp;Slipping below the $100 mark briefly in U.S. trade , oil prices crashed 7% to come back towards the $100/bbl for the Brent benchmark&nbsp; </li>
<li>Fed Meet Begins: Federal Reserve's&nbsp;committee on rates (FOMC) to begin two day meet, market pricing in a 25 bps point hike. This would be the central bank's first hike since 2018.&nbsp; </li>
<li>US-China Talk:&nbsp;In their first high-level, in-person talks since the invasion officials conducted a &ldquo;substantial discussion&rdquo; of the Russian war announced the White House but gave no specific outcomes or agreements.</li>
</ul>
Also read/watch | <a href="https://www.editorji.com/business-news/personal-finance/price-hikes-from-maggie-to-coffee-see-what-is-costlier-1647245317371" target="_blank">Price hikes from Maggi to coffee: See what is costlier</a>

Russia war sanctions latest news: U.S. President Biden announced Tuesday that the U.S. is "targeting the main artery of Russia's economy" by banning imports of Russian oil, the latest sanction intended to punish Moscow for its invasion of Ukraine.
"We will not be part of subsidizing Putin's war," he said in the Roosevelt Room at the White House.
Biden's announcement came amid rising pressure from Democrats and Republicans, and it reflects a willingness to accept the political risk of rising gas prices to economically retaliate against Russia.
"Defending freedom is going to cost," Biden said. "It's going to cost us as well in the United States."
Although Biden has tried to work in concert with European allies, he acknowledged that many are not announcing a similar ban because they're more reliant on Moscow for oil and gas.
"So we can take this step when others can not," he said. "But we're working closely with Europe and our partners to develop a long term strategy to reduce their dependence on Russian energy as well."

Biden bans Russian oil, EU does not join in as U.S. target 'the main artery of Russia's economy'

“The United States is targeting the main artery of Russia’s economy,” Biden said Tuesday in Washington. “We will not be part of subsidizing Putin’s war.” 

Watch: Biden plays oil ban card, was it the last trump card left?

Biden: US ban on Russia oil a blow to 'Putin's war' - AP feed "Today I'm announcing the United States is targeting the main artery of Russia's economy. We're banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at U.S. ports, and the American people will deal another powerful blow to Putin's war machine. This is a move that has strong bipartisan support in Congress, and I believe in the country. Americans have rallied support ... have rallied to support the Ukrainian people and made it clear we will not be part of subsidizing Putin's war. This made ... we made this decision in close consultation with our allies and our partners around the world, particularly in Europe, because a united response to Putin's aggression has been my overriding focus, to keep all NATO and all the EU and our allies totally united. We're moving forward this ban understanding that many of our European allies and partners may not be in a position to join us. The United States produces far more oil domestically than all of Europe... all the European countries combined. In fact, we're a net exporter of energy. So, we can take this step when others cannot. But we're working closely with Europe and our partners to develop a long term strategy to reduce their dependence on Russian energy as well."

<div class="abstract-item-text__d2d4dde8">U.K. to allow coal, natural gas; Europe won&rsquo;t participate</div>

Russia war sanctions latest news: U.S. President Biden announced Tuesday that the U.S. is "targeting the main artery of Russia's economy" by banning imports of Russian oil, the latest sanction intended to punish Moscow for its invasion of Ukraine.
Also read &amp; watch|&nbsp;<a title="Crude Oil could go to $300/bbl warns Russia if oil export is sanctioned" href="https://www.editorji.com/business-news/crude-oil-could-go-to-300-bbl-warns-russia-if-oil-export-is-sanctioned-1646730856598">Crude Oil could go to $300/bbl warns Russia if oil export is sanctioned</a>
"We will not be part of subsidizing Putin's war," he said in the Roosevelt Room at the White House.
Biden's announcement came amid rising pressure from Democrats and Republicans, and it reflects a willingness to accept the political risk of rising gas prices to economically retaliate against Russia.
"Defending freedom is going to cost," Biden said. "It's going to cost us as well in the United States."
Although Biden has tried to work in concert with European allies, he acknowledged that many are not announcing a similar ban because they're more reliant on Moscow for oil and gas.
"So we can take this step when others can not," he said. "But we're working closely with Europe and our partners to develop a long term strategy to reduce their dependence on Russian energy as well."

Surging crude oil prices is a nightmare for India! Credit Suisse has downgraded India as it cut down its position on the country to 'underweight' from 'overweight'.
In a recent report, the rating agency said, India is the Asian market that is most vulnerable to higher oil prices, higher oil prices hurt the current account, adding to inflationary pressures and increase sensitivity to Fed rate hikes.
Also read/watch | Crude prices likely to surge to $200/bbl
"We use the funds freed from India to raise China from Market Weight to Overweight.China’s credit intensity still clouds long-term prospects, but we like the country’s low oil import bill, insulation from Fed rate hikes, improving macro indicators and wealth of potential," Credit Suisse mentioned in the report.
At Rs 38,521 crore of net sales from October to December 2021, the FII selling is at the highest level since 2008.
Also read/watch | US markets collapse, commodities surge on shortage concerns

Credit Suisse downgrades India, moves money to China

Credit Suisse has downgraded India as it cut down its position on the country to 'underweight' from 'overweight'.

Foreign investors moving from India to China

This is what Credit suisse has said&nbsp; we tactically cut our India position from Overweight to Underweight. India is the Asian market we consider most vulnerable to higher oil prices, Higher oil prices hurt the current account, add to inflationary pressures and increase sensitivity to Fed rate hikes. Rich valuations magnify the short-term risks We will look for opportunities to re-enter the market We use the funds freed from India to raise China from Market Weight to Overweight. China&rsquo;s&nbsp;credit&nbsp;intensity still clouds long- term prospects, but we like the country&rsquo;s low oil import bill, insulation from Fed rate hikes, improving macro indicators and wealth of potential policy tool

Foreign investors have been pulling out money from India at the fastest pace since since 2008

Surging crude oil prices is a nightmare for India! Credit Suisse&nbsp;has downgraded India as it cut down its position on the country to 'underweight' from 'overweight'. EJ Biz highlights Credit Suisse's&nbsp;rationale for the downgrade and&nbsp;the money is moving-:
<ul>
<li>India is the Asian market we consider most vulnerable to higher oil prices</li>
<li>Higher oil prices hurt the current account, add to inflationary pressures</li>
<li>Rich valuations magnify the short-term risks</li>
<li>Surging crude prices will also make India more sensitive to impending Fed rate hikes</li>
<li>To use the funds freed from India to raise China from Market Weight to Overweight.</li>
</ul>
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/the-oil-bets-are-on-crude-prices-likely-to-surge-to-200-bbl-1646649246488" target="_blank">Crude prices likely to surge to $200/bbl</a>
Foreign institutional investors have been offloading their holdings&nbsp;in the Indian equity markets for the last sixth months.&nbsp;FIIs&nbsp;have pulled out more than $14 billion from the Indian market since October 2021.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/russia-war-latest-news-us-markets-collapse-commodities-surge-on-shortage-concerns-1646705524527" target="_blank">US markets collapse, commodities surge on shortage concerns</a>

Rs 5 lakh crore of investors' money lost on Monday as global crude oil prices hit the highest level since 2008 following the Russia-Ukraine crisis.
Nifty 50 fell more than 500 points during the day, however, the index recovered 150 points to close at 16,863, which is an 8-month low. Sensex&nbsp;closed 1,500 points in the red even as it gained back close to 500 points from the day's lowest level.
Benchmark indices are down almost 15% from the all-time highs now.
The Indian rupee fell below 77 per U.S. dollar, a record low level.
Banks and autos were the top Nifty losers for the day, with IndusInd&nbsp;Bank, Maruti, Axis Bank, Britannia and Bajaj&nbsp;Finserv being the top five index losers.
ONGC hit a 4-year high amid surging crude oil prices at it ended the session more than 13% in the green.
Futures and options trade of Crude Oil in the international market is indicating that traders are betting that prices could soar as high as $200/bbl.

Monday Blues: Equities nosedive; rupee at record low; crude oil set to touch $200bbl

Nifty 50 fell more than 500 points during the day, however, the index recovered 150 points to close at 16,863, which is an 8-month low. Sensex closed 1,500 points in the red even as it gained back close to 500 points from the day's lowest level.

Monday blues on Dalal Street

Sensex and Nifty are down almost 15% from the all-time highs now.

Rs 5 lakh crore of investors' money lost on Monday as global crude oil prices hit the highest level since 2008 following the Russia-Ukraine crisis.
Nifty 50 fell more than 500 points during the day, however, the index recovered 150 points to close at 16,863, which is an 8-month low. Sensex&nbsp;closed 1,500 points in the red even as it gained back close to 500 points from the day's lowest level.
Benchmark indices are down almost 15% from the all-time highs now.
The Indian rupee fell below 77 per U.S. dollar, a record low level.
Banks and autos were the top Nifty losers for the day, with IndusInd&nbsp;Bank, Maruti, Axis Bank, Britannia and Bajaj&nbsp;Finserv being the top five index losers.
ONGC hit a 4-year high amid surging crude oil prices at it ended the session more than 13% in the green.
Futures and options trade of Crude Oil in the international market is indicating that traders are betting that prices could soar as high as $200/bbl.

Bears attack&nbsp;financial markets following a multi-year surge in black gold. Here is the market update for you:

Nifty saw a 100-point recovery from the day's low, currently trading near 15,850
Sensex&nbsp;also recovered 300 points, though benchmarks still remain 2.5% down
Rupee was 76.94 per U.S. Dollar, a record low level
After surging to the highest level of $140/bbl, Brent crude prices calmed a bit to $130/bbl
Gold surged to the highest level since August 2020
Banks and autos were the biggest losers, whereas&nbsp;metal stocks surged
Axis Bank, Indusind&nbsp;Bank, Maruti, Mahindra and ICICI&nbsp;Bank were the top five market losers


Crude burns down financial markets; Gold on fire

Crude flumed by the Ukraine-Russia crises leading to a drop in equity markets and rupee; gold surges to 2020 levels

Financial markets recover a bit from the day's lows

Equities slumped following a hike in crude oil prices fueled by the Russia-Ukraine crisis.

Bears attack&nbsp;financial markets following a multi-year surge in black gold. Here is the market update for you:
<ul>
<li>Nifty saw a 100-point recovery from the day's low, currently trading near 15,850</li>
<li>Sensex&nbsp;also recovered 300 points, though benchmarks still remain 2.5% down</li>
<li>Rupee was 76.94 per U.S. Dollar, a record low level</li>
<li>After surging to the highest level of $140/bbl, Brent crude prices calmed a bit to $130/bbl</li>
<li>Gold surged to the highest level since August 2020</li>
<li>Banks and autos were the biggest losers, whereas&nbsp;metal stocks surged</li>
<li>Axis Bank, Indusind&nbsp;Bank, Maruti, Mahindra and ICICI&nbsp;Bank were the top five market losers</li>
</ul>

Crude prices are surging to 14 year highs and your petrol, diesel bill is also seen escalating well past the previous record high. Here are the reasons why Putin is now India's biggest problem at the petrol pump. 

India is the world’s third-biggest oil user
India imports over 80% of it's crude demand 
India paid $82.4 billion for the crude oil it imported in the nine months through December 2021
Crude bill for India set to top $100 billion this year 
This is a 109% jump over last year same period though amount imported only went up by 9%
Annual oil demand seen at an all time high - 214.5 million tons 
Every $1 rise in crude oil prices increases India’s import bill by about $1.5 billion 
The average price is about $79 per barrel this fiscal year as against $45 in 2020-21 and $60.5 in 2019-20
Double whammy of a stronger dollar playing out
For every rupee value decrease vs dollar increases spending by upto Rs 2,700 cr


Putin Petrol and Prices: Crude Oil realities of India that will  have you shocked

Crude prices are surging to 14 year highs and your petrol, diesel bill is also seen escalating well past the previous record high. Here are the reasons why Putin is now India's biggest problem at the petrol pump. 

The mounting fuel bill, yours and the Modi govt's 

Crude oil prices have surges to the highest level since 2008

Crude prices are surging to 14 year highs and your petrol, diesel bill is also seen escalating well past the previous record high. Here are the reasons why Putin is now India's biggest problem at the petrol pump and at the Finance Ministry.&nbsp;
Also read &amp; watch:&nbsp;<a title="Rupee at record low! RBI lends a helping hand, reportedly sells dollars&nbsp;" href="https://www.editorji.com/business-news/markets/rupee-at-record-low-rbi-lends-a-helping-hand-reportedly-sells-dollars-1646635411485">Rupee at record low! RBI lends a helping hand, reportedly sells dollars&nbsp;</a>
<ul>
<li>India is the world&rsquo;s third-biggest oil user</li>
<li>India imports over 80% of it's crude demand&nbsp;</li>
<li>India paid $82.4 billion for the crude oil it imported in the nine months through December 2021</li>
<li>Crude bill for India set to top $100 billion this year&nbsp;</li>
<li>This is a 109% jump over last year's same period though amount imported only went up by 9%</li>
<li>Annual oil demand seen at an all-time high -&nbsp;214.5 million tons&nbsp;</li>
<li>Every $1 rise in crude oil prices increases India&rsquo;s import bill by about $1.5 billion&nbsp;</li>
<li>The average price is about $79 per barrel this fiscal year as against $45 in 2020-21 and $60.5 in 2019-20</li>
<li>Double whammy of a stronger dollar playing out</li>
<li>For every rupee value decrease vs dollar increases&nbsp;spending by up to&nbsp;Rs 2,700 cr</li>
</ul>

Crude Oil surges, latest news from Russia-Ukraine war: Oil prices surged to the highest level in 14 years heading to $130/bbl as US threatens to ban Russian crude oil imports. Russia is the second largest exporter of oil globally after Saudi Arabia. “We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil, while making sure that there is still an appropriate supply of oil on world markets,” Anthony Blinken, US Secretary of State said, “That’s a very active discussion as we speak.”  
After Russia invaded Ukraine, the White House slapped sanctions on exports of technologies to Russia's refineries and the Nord Stream 2 gas pipeline, which has never launched.
The United States imported more than 20.4 million barrels of crude and refined products a month on average in 2021 from Russia, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration (EIA). For EU this number is even higher.So far, it has stopped short of targeting Russia's oil and gas exports as the Biden administration and EU weighs the impact on consumers. Gas prices in US have already topped the highest level since 2008. 
 

Ukraine-Russia war: Crude oil at $130/bbl, petrol diesel price to skyrocket on Tuesday

The sharp rise in oil prices, which already recently spiked, came after U.S. Secretary of State Antony Blinken said Sunday Washington and its allies are considering banning Russian oil and natural gas imports.

Crude oil surges to $130/bbl, highest since 2008

Oil prices surged to the highest level in 14 years heading to $130/bbl as US threatens to ban Russian crude oil imports.&nbsp;Russia is the second largest exporter of oil globally after Saudi Arabia.&nbsp; The sharp rise in oil prices, which already recently spiked, came after U.S. Secretary of State Antony Blinken said Sunday Washington and its allies are considering banning Russian oil and natural gas imports. This surge in crude prices adds pressure to the price at the pump in India that is set to rise rapidly as polling closes on March 7

Brent crude, traded above $128, the highest price seen since 2008.

Crude Oil surges, latest news from Russia-Ukraine war: Oil prices surged to the highest level in 14 years heading to $130/bbl as US threatens to ban Russian crude oil imports.&nbsp;Russia is the second largest exporter of oil globally after Saudi Arabia.&nbsp;
Also read &amp; watch |<a title="Russia-Ukraine war: Markets in a muddle, as Oil surges Gold glitters beyond 2000" href="https://www.editorji.com/business-news/markets/russia-ukraine-war-markets-in-a-muddle-as-oil-surges-gold-glitters-beyong-2000-1646621057400">Russia-Ukraine war: Markets in a muddle, as Oil surges Gold glitters beyond 2000</a> &ldquo;We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil, while making sure that there is still an appropriate supply of oil on world markets,&rdquo; Anthony&nbsp;Blinken, US Secretary of State said,&nbsp;&ldquo;That&rsquo;s a very active discussion as we speak.&rdquo; &nbsp;
After Russia invaded Ukraine, the White House slapped sanctions on exports of technologies to Russia's refineries and the Nord Stream 2 gas pipeline, which has never launched.
The United States imported more than 20.4 million barrels of crude and refined products a month on average in 2021 from Russia, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration (EIA). For EU this number is even higher. So far, it has stopped short of targeting Russia's oil and gas exports as the Biden administration and EU weighs the impact on consumers. Gas prices in US have already topped the highest level since 2008.&nbsp;
&nbsp;

With crude from Russia runs dry due to sanctions the eye of the globe shifts to another sanctioned nation, Iran to come to the rescue. All efforts are on to salvage a landmark nuclear deal with Tehran  that could bring Iranian oil back to the global market. The chief of the the world’s atomic watchdog IAEA is headed to Tehran for a meeting on Saturday.Iran, which holds the world’s No. 2 natural gas and No. 4 crude reserves,  has the potential to provide 1 million barrels a day. At the peak Iranian oil exports clocked 2.8 million barrels per day. Crude currently is trading near the highest level since 2007 as supply shortage concerns continue to escalate. According to a report, Iran has been moving millions of barrels of oil into tankers since December in preparation for a deal. 

Ukraine-Russia war: Iran to the rescue of oil markets ?

All efforts are on to salvage a landmark nuclear deal with Tehran  that could bring Iranian oil back to the global market. The chief of the the world’s atomic watchdog IAEA is headed to Tehran for a meeting on Saturday.

Iran to the rescue of oil markets ? Sanctioned nation says ready to export crude

Russia&rsquo;s invasion of Ukraine has sent oil prices beyond $110 for the first time since 2013&nbsp;

With crude from Russia runs dry due to sanctions the eye of the globe shifts to another sanctioned nation, Iran to come to the rescue.&nbsp;
Also read &amp; watch|<a title="&nbsp;This country has an inflation rate of 54% and it is about get a lot worse" href="https://www.editorji.com/business-news/economy/this-country-has-an-inflation-rate-of-54-and-it-is-about-get-a-lot-worse-1646387901297">&nbsp;This country has an inflation rate of 54% and it is about get a lot worse</a> All efforts are on to salvage a landmark nuclear deal with Tehran that could bring Iranian oil back to the global market. The chief of the world&rsquo;s atomic watchdog IAEA is headed to Tehran for a meeting on Saturday. Iran, which holds the world&rsquo;s No. 2 natural gas and No. 4 crude reserves,&nbsp; has the potential to provide 1 million barrels a day.&nbsp;At the peak Iranian oil exports clocked 2.8 million barrels per day.&nbsp; Crude currently is trading near the highest level since 2007 as supply shortage concerns continue to escalate.&nbsp; According to&nbsp;a&nbsp;report,&nbsp;Iran has been moving millions of barrels of oil into tankers since December in preparation for a deal.&nbsp;

Oil prices surged as war continued in Ukraine and Russian aggression sparked fears of shortages. Even a decision by the U.S. and other major economies to release emergency stockpiles failed to ease concerns. Experts are anticipating a major shortfall in supplies as sanctions mount on Russia.Read/Watch Also: Putin, Petrol and the big problemOn Tuesday, Brent crude futures, the international benchmark, were up 9%, to $106.75 a barrel. West Texas Intermediate crude, the U.S. benchmark, was up 10%, to $105.64 a barrel.One of the biggest questions hanging over the market now is whether OPEC and its allies, which include Russia, will increase production to try to hold down prices. OPEC+, the name of the expanded group, will be meeting on Wednesday to discuss whether to continue with their plans to bring back a cumulative 400,000 barrels worth of oil production to the market. 

Russia Ukraine war impact: Crude prices b'oil' as concerns of supply and shortage escalate

Oil prices surged as war continued in Ukraine and Russian aggression sparked fears of shortages. Even a decision by the U.S. and other major economies to release emergency stockpiles failed to ease concerns. Experts are anticipating a major shortfall in supplies as sanctions mount on Russia.

Crude boils, OPEC meet, reserve oil release fails to impress

<ul>
<li>Fear of oil shortage escalates as Russia faces further sanctions&nbsp;</li>
<li>Brent Crude jumps to 7 year high of $106/bbl</li>
<li>US, IEA&nbsp;release emergency reserve oil but fails to ease prices</li>
<li>OPEC&nbsp;meets today, will it increase production to hold down price?</li>
</ul>

Brent oil surges over 6% topping $107/bbl

Oil prices surged as war continued in Ukraine and Russian aggression sparked fears of shortages. Even a decision by the U.S. and other major economies to release emergency stockpiles failed to ease concerns. Experts are anticipating a major shortfall in supplies as sanctions mount on Russia. <a href="https://www.editorji.com/business-news/crude-oil-hits-100-bbl-this-is-why-putin-is-now-india-s-biggest-problem-1645684966071">Read/Watch Also: Putin, Petrol and the big problem</a> On Tuesday, Brent crude futures, the international benchmark, were up 9%, to $106.75 a barrel. West Texas Intermediate crude, the U.S. benchmark, was up 10%, to $105.64 a barrel. One of the biggest questions hanging over the market now is whether OPEC and its allies, which include Russia, will increase production to try to hold down prices. OPEC+, the name of the expanded group, will be meeting on Wednesday to discuss whether to continue with their plans to bring back a cumulative 400,000 barrels worth of oil production to the market.&nbsp;

crude oil

Categories