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Meanwhile, the US Treasury Secretary Scott Bessent said that America had sent warning letters to two Chinese banks. (AI image) Amid Trump’s sanctions, China’s financial regulator has reportedly instructed the country’s biggest banks to temporarily halt fresh lending to five refineries that have been targeted by recent US sanctions over their links to Iranian crude…
New Delhi: Using the one-month window provided by a temporary US sanctions waiver, Indian refiners purchased Iranian oil and settled payments in Chinese yuan, people aware of the development said on Friday. Iran insists on payment in Chinese yuan for oil to bypass US-led financial sanctions that restrict its access to the dollar-dominated global banking…
The Reserve Bank of India has asked state-run oil refiners to reduce spot dollar purchases and use a special credit line for their foreign exchange needs, as part of efforts to ease pressure on the rupee, according to a Reuters report.The central bank has urged refiners to access the facility through State Bank of India…
Indian refiners have stepped up purchases of Russian crude as they lock in supplies for the coming month, with around 60 million barrels secured, according to people aware of the developments. The move comes as disruptions linked to the ongoing Middle East conflict continue to affect global oil flows.The cargoes have reportedly been contracted at…
NEW DELHI: India’s state-run refiners are holding back from purchasing US-permitted Iranian oil cargoes despite a fresh sanctions waiver, as logistical, financial and regulatory uncertainties outweigh the short-term opportunity.According to a Bloomberg report, the hesitation comes after the United States issued a one-month waiver on Friday, allowing countries to buy Iranian crude already “on the…
NEW DELHI: Following a temporary waiver issued by the US administration on sanctioned Iranian oil stranded at sea, Indian refiners on Saturday said they would be keen to buy the crude, even as Tehran maintained that no surplus stocks existed.US treasury secretary Scott Bessent announced the waiver on Friday, saying that by temporarily unlocking this…
As the US temporarily eases sanctions on Iranian oil imports, Indian refiners are eyeing a resumption of crude purchases from Tehran.According to Reuters, several Indian refining companies are awaiting government direction and clarification from Washington on payment terms before finalising shipments. Watch HUGE VICTORY For Iran? U.S. Forced To Lift Oil Sanctions Under Global Pressure;…
NEW DELHI: Cooking gas production has increased by 10% since the govt issued directives to oil refiners to divert all components used in LPG production to fill the supply gap caused by the West Asia war, officials said on Tuesday.Acknowledging complaints of a shortage of commercial LPG cylinders through social media from various sectors, especially…
NEW DELHI: Invoking its emergency powers, the government directed oil refiners late on Thursday to increase production of cooking gas and ensure there is no shortage of LPG for domestic customers due to supply constraints arising from the ongoing military conflict in West Asia.India imports over 60% of its domestic LPG requirement, and nearly 85-90%…
Indian refiners are currently paying a premium of $2 to $4 per barrel above Dated Brent for deliveries of Russia’s benchmark Urals crude. (AI image) In a quick and immediate fix to the Middle East oil supply shock, Indian refiners have begun purchasing readily available Russian crude oil. With ships and tankers currently not moving…
