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17 Aug 2022

'It's my moral duty': Jaishankar defends India's crude oil imports from Russia

While addressing the Indian community in Bangkok, External Affairs Minister S Jaishankar also discussed the surge in energy prices across the world due to the ongoing Russia-Ukraine war.

Indian oil imports

24 Apr 2022

India's oil import bill doubles to USD 119 bn in FY22

India spent USD 119.2 billion in 2021-22. It spent USD 13.7 billion in March alone, when oil prices surged to 14-year high. India imported 212.2 million tonnes of crude oil in 2021-22, up from 196.5 million tonnes in the previous year.

Russia-Ukraine war

15 Apr 2022

Explosions heard in Kyiv after Russian warship sinks - Read key developments

Nine humanitarian corridors have been agreed for Thursday to evacuate civilians from eastern cities including Mariupol. Russian aviation has destroyed seven military facilities in Ukraine in the past 24 hours.

Crude oil imports

19 Mar 2022

India's oil imports from US to rise, amid criticism for Russian purchases

The surge in oil prices following Russia's invasion of Ukraine last month threatens to fan Indian inflation. India buys most of its oil from the Middle East, but the United States has emerged as the fourth-biggest source and this year supplies will rise substantially. European countries continue to import Russian oil and gas, and India cannot be stopped from doing so too.

07 Mar 2022

Oil price soars on talks about Russia oil ban, Iran deal delay

Global oil prices have spiked more than 60% since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation. Russia is Japan`s fifth-biggest supplier of crude oil and liquefied natural gas (LNG). Iran will take several months to restore oil flows even if it reaches a nuclear deal, analysts said.

Crude oil imports

24 Jan 2022

India's December crude oil imports at one-year peak

Crude oil imports last month rose 7.1% versus November to 19.65 million tonnes. However, imports were down 4.1% compared with a year earlier and were 5% higher from December 2019 before the onset of the pandemic. Oil product imports fell 2.9% to 3.88 million tonnes from a year earlier.

Iran nuclear deal

28 May 2018

Sushma Swaraj holds talks with her Iranian counterpart, focus on nuclear deal

The US in May 2018 pulled out from the landmark Iran nuclear deal of 2015 under which Tehran had agreed to stop its sensitive nuclear activities in return for the lifting of crippling economic sanctions. Announcing the decision, President Donald Trump had reimposed sanctions against Iran which were suspended after the nuclear deal was finalised three years back.

India's Exports

16 Jun 2017

India's exports grow 8.32% in May; trade deficit hits 30-month high due to increase in gold imports

Nearly three-fold jump in gold imports at USD 4.95 billion led to widening of trade deficit during the last month. It was USD 6.27 billion in May 2016.

13 Apr 2017

North Korea oil imports, airline among possible US sanctions targets: Sources

Despite sending a naval force to the Korean peninsula, the Trump administration is focusing its North Korea strategy on tougher economic sanctions, possibly including an oil embargo, banning its airline, intercepting cargo ships and punishing Chinese banks doing business with Pyongyang, U.S. officials say.

India's Exports

13 Jan 2017

Exports rise for 4th month in December; up 5.72% at 23.9 billion

India's exports continued to grow for the fourth straight month in December 2016, expanding by 5.72 percent to USD 23.9 billion compared to USD 22.6 billion in the same month of previous year.

18 Aug 2015

Modi to bet $1.5 billion on palm oil plan as imports surge

India plans to spend $1.5 billion in the next three years to help farmers grow oil palm trees in an area the size of New Jersey, government sources said, with Prime Minister Narendra Modi pushing to make the nation self-sufficient in edible oils this decade.

India's Exports

16 Jun 2015

'Removal of benefits in foreign trade policy to hit exports'

Removal of benefits on exports to African countries in the new foreign trade policy will affect shipments of value added products like cotton dyed and printed fabrics, textile industry body said on Tuesday.

India's Exports

17 Jun 2015

Exports dip 20.19% in May; down 6th month in a row

Trade deficit narrowed to a three month low of USD 10.4 billion in the month under review compared with USD 11.23 billion in May 2014, according to data released by the commerce ministry.

15 May 2015

Exports decline 14% in April; 5th straight month of contraction

Raising fresh concerns about economic growth, India's exports contracted by about 14 percent in April to USD 22 billion due to a sharp dip in petroleum, gems and jewelery shipments, registering decline for the fifth straight month.

state-run oil firms

15 May 2015

State-run oil firms keen to snap up overseas assets: Minister

State-run oil firms looking at buying oil and gas assets aboard.

15 May 2015

Exports contracts 14% in Apr to $22 bn

The slump in exports is mainly due to global slowdown, dip in crude oil prices and rupee appreciation.

India's Exports

17 Apr 2015

Exports dip sharply in March; 2014-15 target missed

Falling exports and an increase in gold imports have widened the trade deficit to four-month high of USD 11.79 billion in March.

India's Exports

17 Apr 2015

Trade deficit widens to $137 billion in FY15

India’s exports contracted by 21.06 percent to USD 23.95 billion, while imports also fell by 13.44 percent to USD 35.74 billion in March.

India Prime Minister

28 Mar 2015

Make India energy sufficient, cut imports: PM

Modi said plans are afoot to provide piped gas connection to 1 crore households in the next four years from 27 lakh presently.

India Prime Minister

27 Mar 2015

Modi says India should try to cut oil imports by 10% by 2022

Prime Minister Narendra Modi said on Friday India should try to cut oil imports by 10 percent in 2022 from 77 percent now.

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