IOC

By Nidhi Verma

NEW DELHI, April 10 (Reuters) - India's shipping ministry has granted special permission to four vessels carrying Iranian oil - as requested by Reliance Industries RELI.NS - to berth at the western Indian port of Sikka, three industry sources said.

India's oil ministry, shipping ministry and Reliance did not respond to Reuters emails seeking comments.

Iranian oil is often transported by a so-called shadow fleet of vessels that lack internationally recognised insurance and safety certifications.

But this requires special permission from the government as exemptions are required under Indian rules for the berthing of ships.

One of the sources said the shipping ministry has granted a special one-time exemption to vessels requested by Reliance, operator of the world's biggest refining complex, due to the emergency situation created by the closure of the Strait of Hormuz.

However another source said, despite the grant of permission, it was not definitely clear that Reliance would process Iranian oil, as it wants to ensure that transactions are sanctions-compliant and are in line with Indian rules.

India, the world's third-biggest oil importer and consumer, has not received a cargo from Tehran since May 2019 following U.S. pressure not to buy Iranian crude. However the U.S. last month temporarily waived sanctions on the purchase of Iranian oil at sea to ease oil prices.

The waiver is due to expire on April 19.

Indian Oil Corp, the country's top refiner, has purchased Iranian oil carried in sanctioned tanker Jaya, ship tracking data shows.

(Reporting by Nidhi Verma; Editing by David Holmes)

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April 9 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL CORP LTD CHAIR- INDIA'S ANNUAL JET FUEL DEMAND TO RISE TO MORE THAN 20 MILLION T BY 2040 VERSUS 8 MILLION T NOW

• INDIAN OIL CORP LTD CHAIR- TO SET UP A COUPLE OF NEW PROJECTS FOR PRODUCTION OF SUSTAINABLE AVIATION FUEL

• INDIAN OIL CORP LTD CHAIR- TO START PRODUCING GREEN HYDROGEN BY DEC 2027 FROM PANIPAT PLANT

Further company coverage: IOC.NS

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NEW DELHI, April 8 (Reuters) - India is set to receive Iranian oil this week, its first purchase in seven years after the U.S. temporarily removed sanctions on Iranian oil and refined products to ease supply shortages, ship tracking data from LSEG and Kpler showed on Wednesday.

India's oil ministry last week said that refiners have purchased Iranian oil amid the Middle East conflict that has disrupted supplies through the Strait of Hormuz.

(Reporting by Nidhi Verma; Editing by YP Rajesh)

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April 6 (Reuters) - Indian refiners have postponed maintenance shutdowns of their units to meet local fuel demand, a government official said on Monday.

Indian Oil Corporation IOC.NS and Bharat Petroleum Corporation BPCL.NS were among the companies that had planned to shut units at some of their refineries for routine maintenance, Sujata Sharma, joint secretary in the federal oil ministry said.

(Reporting by Nidhi Varma, writing by Shilpa Jamkhandikar; Editing by Toby Chopra)

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April 1 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL CORP LTD - ACHIEVED CONSOLIDATED SALES VOLUME OF 104.4 MMT OF PETROLEUM PRODUCTS IN 2025-26

Source text: ID:nBSE1JXwcZ

Further company coverage: IOC.NS

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By Nidhi Verma

NEW DELHI, March 28 (Reuters) - Two liquefied petroleum gas tankers, BW Elm and BW Tyr, are crossing the Strait of Hormuz bound for India, according to ship tracking data from LSEG and Kpler.

The U.S.-Israeli war against Iran has all but halted shipping ​through the strait, but Iran said this week that "non-hostile vessels" may transit the waterway if ‌they coordinate with Iranian authorities.

The two India-flagged vessels have crossed the Gulf area and are in the eastern Strait of Hormuz, the data showed.

India is gradually moving its stranded LPG cargoes out from the strait, with four LPG tankers moved so far - Shivalik, Nanda Devi, Pine Gas, and Jag Vasant.

As of Friday, 20 Indian-flagged ships including five LPG carriers were stranded in the Gulf, Rajesh Kumar Sinha, special secretary in the federal shipping ministry, said.

LPG carriers Jag Vikram, Green Asha and Green Sanvi are still in the western Strait of Hormuz, LSEG data show.

India, the world's second-largest LPG importer, is battling its worst gas crisis in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.

The country consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.

India is also loading LPG onto its empty vessels stranded in the Gulf.

(Reporting by Nidhi Verma; Editing by Jan Harvey)

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March 26 (Reuters) - East India Drums and Barrels Manufacturing Ltd EASD.BO:

• RECEIVES LETTER OF ACCEPTANCE FROM INDIAN OIL CORPORATION

• CONTRACT VALUED AT 46 MILLION RUPEES

Source text: ID:nBSEt0bhX

Further company coverage: EASD.BO

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Recasts headline and story, adds bullet points and details

By Nidhi Verma

NEW DELHI, March 25 (Reuters) - India has bought its first cargo of Iranian liquefied petroleum gas in years after the U.S. temporarily removed sanctions on Tehran's oil and refined fuels, LSG trade flows and three industry sources said.

India had shunned energy purchases from Iran in 2019 under pressure from Western sanctions. The tanker was initially bound for China, according to LSEG data.

Sanctioned tanker Aurora carrying Iranian LPG is expected to shortly reach the west coast port of Mangalore, the sources said and LSEG data showed.

The South Asian nation has been hit hard by the disruption of energy shipments via the Strait of Hormuz caused by the U.S.-Israeli war with Iran.

THREE RETAILERS TO SHARE LPG CARGO

The Iranian LPG cargo will be shared among the three fuel retailers, Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS, and Hindustan Petroleum Corp HPCL.NS.

The cargo has been purchased from a trader, and payment will be made in rupees, the sources said, adding India is exploring buying more Iranian LPG cargoes.

Still, an official said he was not aware of Iranian cargoes being bought.

"(There are) no loaded cargoes from Iran, we have not heard of that," said Rajesh Kumar Sinha, special secretary in the federal shipping ministry said Wednesday at a press conference.

The three companies and India's oil ministry did not immediately respond to Reuters requests for comments.

MOST OF IMPORTED LPG FROM MIDDLE EAST

The world's second-largest LPG importer is battling its worst gas crisis in decades with the government cutting supplies for industries to shield households from any shortage of cooking gas.

India consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.

India is gradually moving out its stranded LPG cargoes from the Strait of Hormuz, with four LPG tankers moved so far--Shivalik, Nanda Devi, Pine Gas, and Jag Vasant.

India is also loading LPG onto its empty vessels stranded in the Persian Gulf.

(Reporting by Nidhi Verma; Editing by Bernadette Baum)

(([email protected]; X: @nidhi712;))

NEW DELHI/SINGAPORE, March 20 (Reuters) - State refiner Indian Oil Corp (IOC) is seeking crude mainly from West Africa for loading in the second half of April, trade sources said on Friday, as the Iran war significantly disrupted exports from the Middle East.

• IOC issued a tender to buy West African or North Sea grades for April 18-25 loading.

• It also seeks some Asia Pacific crude for May 6-15 loading.

• Discharge period was mostly for May 16-25 or May 11-20.

• The tender will close on March 23.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu in Singapore; Editing by Eileen Soreng)

(([email protected];))

Recasts with comments from oil ministry

By Nidhi Verma

March 19 (Reuters) - India, the world's fourth-largest refiner, will review its fuel exports if needed to ensure availability in the local markets, a government official said on Thursday, amid global disruption and soaring oil prices stemming from the Iran war.

"Domestic consumption is priority, and the government will review (the export plan)," Sujata Sharma, a joint secretary in the federal petroleum ministry told a news conference.

India has ordered oil and gas companies to share full details of exports, imports and inventories with a government agency, as the South Asian nation seeks to shield consumers from shortages.

India has designated the Petroleum Planning and Analysis Cell to compile the information and all companies must share information regardless of any confidentiality obligations.

India has been hit hard by the jump in crude prices and disruption in oil and gas supplies, but unlike China it has not moved to ban exports of refined fuels.

The data will help India in taking faster and "more targeted interventions such as imposing export restrictions or calibrating export flows to meet its own energy security", said Prashant Vashisth, vice president at Moody's affiliate ICRA.

He said India can use its excess refining capacity to prioritise fuel supply to friendly or strategically aligned countries after meeting its local demand.

"Nowadays buyers are willing to pay a higher price. The question is of availability, which is beginning to outweigh prices," Vashisth said.

Any move to curtail fuel exports by India will hit Reliance Industries RELI.NS, the operator of the world's biggest refining complex, as other refiners have largely stopped exporting fuels.

All companies involved in the oil and gas supply chain including oil producers, importers, refiners, fuel and gas retailers, liquefied natural gas importers, pipeline operators, and petrochemical plants were ordered to provide PPAC with data.

India, the world's third-biggest oil importer and consumer, meets over 90% of its oil needs through purchases from overseas.

So far the federal government has said there are adequate crude supplies and refined fuel stocks to meet local demand.

However, the world's second-largest LPG importer is facing its worst cooking gas crisis in decades with shipments from the Strait of Hormuz almost halted due to the war.

India was sourcing more than 40% of its crude imports and 90% of its liquefied petroleum gas imports from the Middle East.

Indian refiners have bought millions of barrels of Russian oil floating on the high seas after Washington granted a sanctions waiver.

The country has invoked emergency powers ordering refiners to maximise production of LPG and cut sales to industry to avoid a shortage for its 333 million homes with LPG connections.

India last week asked consumers to avoid panic buying of LPG cylinders and shift to piped natural gas where possible.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Andrew Cawthorne, Deepa Babington, Kevin Buckland, Alexandra Hudson)

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March 17 - By Nidhi C Sai, Editor Online Production, with global Reuters staff

War in the Middle East is straining supply of a fuel that has become indispensable to millions of Indian homes, laying bare how deep an impact geopolitics can now have on everyday lives anywhere in the world.

This week, India File looks at the struggle by households and businesses to adapt to the cooking gas supply crunch, and what it could mean for the future of India's energy mix - and its kitchens.

Plus, what began with a string of suspiciously similar bids for state contracts ended with an antitrust probe that exposed a decade of alleged collusion among some of India's biggest cement makers. Scroll down for more on that.

THIS WEEK IN ASIA

China's economy builds early momentum in 2026 as global risks mount

Trump seeks to delay meeting with China's Xi by 'a month or so'

Afghan Taliban says 400 killed in Pakistan air strike on Kabul hospital, Pakistan rejects claim

Australia central bank hikes rates in tight call as Iran war stokes inflation risk

Vietnam braces for flight cuts from April after China, Thailand ban jet fuel exports

INDIAN KITCHENS FALL VICTIM TO A DISTANT WAR

A conflict thousands of kilometres away is suddenly dictating what households can cook and what restaurants can serve as LPG supplies tighten across India.

The U.S.-Israeli war with Iran has disrupted shipping through the Strait of Hormuz, a critical route handling about a quarter of daily sea-borne energy supplies, including those bound for India, resulting in the South Asian nation's worst gas crisis in decades.

New Delhi has invoked emergency powers, directing refiners to maximise LPG production after state-owned Indian Oil Corp IOC.NS raised the price of a standard 14.2 kg household LPG cylinder by 7% in Delhi, the first increase in about a year.

The government also restricted LPG supplies for industry to ensure households have enough gas for cooking.

Restaurants nationwide are warning of disruptions as commercial gas cylinders become harder to secure.

"We have LPG stock for two days. We are working on contingencies," said Bert Mueller, founder of Mexican food chain California Burrito. "We are conserving gas and installing induction stoves at certain stores."

Hostels and factory canteens are simplifying meals to stretch limited fuel supplies. Read here how paying guest facilities are tackling the issue in Bengaluru.

Also read our last India File edition, which showcases how Indian companies have found themselves in the crosshairs of the war.

Meanwhile, households are taking their own precautions, with daily booking requests for LPG cylinders spiking as people rush to secure refills.

“Panic booking and hoarding behaviour have been driven by misinformation,” said Sujata Sharma, joint secretary at the oil ministry, in an appeal for calm.

Retailers report a surge in demand for induction stoves and electric cooking appliances as households look for backup options. Read here how online searches and sales of induction cooktops have jumped sharply.

Preliminary data suggests the supply chain dislocations are already reshaping consumption patterns: State fuel retailers sold about 1.15 million tonnes of LPG in the first half of March, down 17% from a year earlier and 26% from the previous month.

LPG DEPENDENCE REVEALS DEEP VULNERABILITIES

The cooking gas squeeze is exposing a deeper vulnerability in India’s energy system.

LPG consumption has surged over the past two decades, transforming from a largely urban fuel into a near-universal household necessity as a result of subsidised rural connections under the Pradhan Mantri Ujjwala Yojana initiative.

Household LPG connections have more than doubled since 2014, lifting annual consumption to more than 30 million metric tons, government and industry data show.

At the same time, pricing has become increasingly linked to global markets, leaving households far more exposed to international supply shocks. A standard cylinder that cost around 250-300 rupees in the mid-2000s now sells for about 913 rupees in Delhi.

India is diversifying supplies by securing cargoes from the United States, Norway, Canada and Russia, but the crisis highlights a structural gap: The country maintains strategic crude reserves but has no comparable strategic reserve for LPG, even though some 333 million households depend on it.

New Delhi is trying to leverage its relationship with Tehran to give some two dozen of its ships - six of them laden with LPG - safe passage through the Strait. However, sources say Iran wants two tankers that India seized last month in return, along with medical supplies.

At the policy level, the government is encouraging alternatives that could gradually reduce dependence on gas cylinders. Millions of urban households already have access to piped natural gas connections, and officials say several million LPG users could shift relatively easily.

Are Indian households beginning to move beyond the LPG cylinder, or is this just a temporary reaction to the global energy shock? Write to me at [email protected]

MARKET MATTERS

The deepening Middle East conflict has darkened the outlook for Asia's third-largest economy, with Citi Research and Nomura trimming their year-end targets for the Nifty 50 .NSEI, citing rising risks to growth and earnings.

They say the petrochemical and fertiliser industries are most exposed given India's dependence on imports from the region.

Read the full report by Reuters journalists Bharath Rajeswaran and Vivek Kumar M.

THIS WEEK'S MUST-READ

India’s antitrust watchdog has found evidence that three of the country's cement makers colluded over a decade to rig bids for state-run Oil and Natural Gas Corporation tenders, coordinating prices, divvying up orders and attempting to lock out foreign competitors.

A confidential investigation reviewed by Reuters uncovered a pattern of identically priced bids over multiple projects, which one executive sought to explain away as simply his “lucky number”.

Read this exclusive report by Reuters journalist Aditya Kalra.

(Reporting by Nidhi C Sai; Editing by Kevin Buckland)

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Updates story from March 9

March 16 (Reuters) - Oil prices have soared and share markets have skidded on fears that the squeeze on energy supplies resulting from the U.S.-Israeli war on Iran will stoke inflation and crimp economic growth.

Asia is particularly at risk, with much of the region highly dependent on Gulf oil shipped via the Strait of Hormuz, which has effectively been closed since the U.S. and Israel first attacked Iran on February 28.

Following are actions that governments have taken or plan to take to reduce the impact of the conflict on their economies.

JAPAN RELEASES NATIONAL OIL RESERVES

Japan has pledged to release a record 80 million barrels of oil, about 45 days of supply for the resource-poor nation, starting on Monday.

The country has also asked Australia, its biggest LNG supplier, to boost output in light of the crisis.

SOUTH KOREA SHIFTS MORE TO COAL, NUCLEAR POWER

South Korea's ruling Democratic Party said on Monday that the government will lift limits on coal-fired power generation capacity and raise nuclear power plant utilisation to as high as 80%.

That's after authorities last week implemented a cap on domestic fuel prices for the first time in nearly 30 years, and said they are considering providing additional energy vouchers to subsidise vulnerable households if rising fuel prices push up electricity bills.

CHINA ORDERS FUEL EXPORT BAN

China has ordered an immediate ban on refined fuel exports in March, including gasoline, diesel and jet fuel, to pre-empt a potential domestic fuel shortage, sources said.

INDIA SEEKS SAFE PASSAGE THROUGH HORMUZ

India sought safe passage for 22 of its vessels stranded west of the Strait of Hormuz, after Iran allowed a few Indian ships to sail through in a rare exception to the blockade.

The closure of the strait has triggered India's worst gas crisis in decades, with the government cutting supplies of LPG for industry to ensure ​households have enough cooking gas.

INDONESIA PLANS FUEL SUBSIDY INCREASE

Indonesia plans to increase the amount it has allocated for fuel subsidies in its state budget to keep prices in check.

It is also accelerating its B50 biodiesel programme, which blends 50% palm-oil-based biodiesel with 50% conventional diesel, to reduce its reliance on traditional oil.

VIETNAM TAPS STABILISATION FUND

Communist Vietnam has tapped its fuel price stabilisation fund to curb increases in oil prices, and has told the central bank to direct commercial lenders to extend funding to fuel traders to boost their purchases.

It plans to increase its national petroleum reserves, and has asked Japan and South Korea to help increase its access to crude oil.

The government has warned the aviation sector to prepare for a reduction in flights from April due to reduced jet fuel imports.

SRI LANKA IMPOSES FUEL RATIONING

Sri Lanka introduced fuel rationing on Sunday to extend the life of its supplies. Under the new system, motorcycles will be allocated 5 litres, cars 15 litres, and buses 60 litres of fuel per week.

The island nation has secured fuel shipments until April-end, authorities at the state-run Ceylon Petroleum Corporation told reporters in Colombo, adding that police will be deployed to reduce lines and minimise hoarding.

BANGLADESH SUSPENDS FUEL RATIONING FOR EID

Bangladesh, which relies on imports for about 95% of its energy needs, has suspended earlier fuel rationing to ensure uninterrupted transport as millions prepare to travel for the Eid al-Fitr holidays, with a week-long government break beginning on Tuesday.

The government has been working to secure additional fuel cargoes from India, China and other countries.

NEPAL RAISES FUEL PRICES

Nepal increased petrol and diesel prices by 9.55% and 7.0% respectively, effective midnight Sunday.

State-run Nepal Oil Corporation (NOC) said the increase was needed to make payments to Indian Oil Corporation IOC.NS on time and avoid further supply disruption.

Wedged between India and China, Nepal is fully dependent on imports for fuel supplies, including cooking gas, which NOC began rationing last week.

THAILAND, PHILIPPINES ASK RUSSIA FOR OIL

The Philippines has approached Russia to buy oil, the country's energy secretary said. Thailand was ready to buy Russian oil and was preparing for negotiations, its deputy prime minister said.

Thailand plans to freeze cooking gas prices until May and use subsidies to promote the use of biodiesel and benzene.

The Philippines, which imports most of its crude oil from the Middle East and relies on oil-fired power plants, introduced a four‑day work week to save energy.

(Reporting by Reuters staff; Compiled by Kevin Buckland.)

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Updates throughout with further comment from foreign affairs spokesperson, details in paragraphs 3-4,6,7,9,10

By Nidhi Verma and Saurabh Sharma

NEW DELHI, March 14 (Reuters) - India has sought safe passage for 22 of its vessels stranded west of the Strait of Hormuz, a foreign affairs ministry spokesperson said on Saturday, after Iran allowed a few Indian ships to sail through, in a rare exception to the blockade.

Randhir Jaiswal told a press conference that India has stayed in touch with all major parties in the Middle East - including Gulf Cooperation Council countries, Iran, the U.S. and Israel - to convey its priorities, particularly on energy security.

Tehran's Ambassador to India, Mohammad Fathali, confirmed that Iran has allowed some Indian vessels to sail through the Strait of Hormuz. He was speaking on broadcaster India Today's conclave in New Delhi.

Since the United States and Israel launched a bombing campaign on Iran, Tehran has largely halted ​traffic through the strait, which runs past its coast and through which around 20% of global oil ​and seaborne liquefied natural gas is supplied.

The blockade has triggered India's worst gas crisis in decades with the government cutting supplies for industries to shield ​households from any shortage of cooking gas.

The stranded ships include four crude oil vessels, six liquefied petroleum gas carriers and one liquefied natural gas vessel, special secretary at the Indian shipping ministry Rajesh Kumar Sinha said at the same press conference.

Sinha said two Indian vessels, Shivalik and Nanda Devi chartered by Indian Oil Corp IOC.NS, had safely passed through the strait and would reach the western Indian ports of Mundra and Kandla on March 16 and 17.

The vessels together carry more than 92,000 metric tons of liquefied petroleum gas, he said.

India is also trying to build consensus among BRICS members for a position on the Middle East conflict, Jaiswal said.

India is current chair of the BRICS group of countries comprising original members Brazil, Russia, India, China and South Africa which has expanded to include Iran and others.

(Reporting by Shivangi Acharya; Editing by Toby Chopra and Emelia Sithole-Matarise)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, March 11 (Reuters Breakingviews) - India's hunger for energy imports remains its Achilles heel. Pair that with a war roiling the petro-states of the Gulf, home to some 10 million Indian expatriates who account for 38% of the country's inward remittances, and it's easy to see why the U.S.-Israel war against Iran has put the world's fifth-largest economy on edge.

Opposition politicians jeered Subrahmanyam Jaishankar, India's foreign minister, on Monday during his speech in parliament on the conflict after crude shot up to $119 a barrel and the Indian rupee hit a fresh low of 92.35 against the U.S. dollar. It was already the worst-performing major Asian currency in 2025.

There will be limited relief from Washington's green light for Indian companies including Reliance Industries RELI.NS to buy otherwise-sanctioned Russian oil. Juicy discounts on that supply narrowed long ago, and now there will be more competition from other buyers.

And in a situation of very limited supply, India's stockpile can only meet its needs for 25 days, per a Reuters report citing refining sources. India's demand for liquefied natural gas is a problem too. It imports 80% of its needs from the Middle East. New Delhi on Tuesday curbed supply to industries, a day after extending waiting periods for cooking gas.

India has multiple levers it can pull to shield consumers from any price shock. New Delhi can ask state-backed fuel retailers like Bharat Petroleum BPCL.NS and Indian Oil IOC.NS to absorb the increased cost. At a pinch, the government could cut excise duties, albeit at the cost of a wider budget gap. Inflation in India is also low: retail prices grew 2.75% year-on-year in January.

Protecting the rupee, however, is harder. Bigger fiscal deficits in national accounts will hurt. India's central bank intervened on Monday to stem the currency's slide. Though the price of oil receded to $92 per barrel after U.S. President Donald Trump claimed the war would be over "very soon", it remains volatile. If it held at $100 per barrel for three months, India’s current account deficit could rise to 2% of GDP from the baseline assumption of 1.6%, according to Gaura Sengupta, an economist at IDFC First Bank. That would be close to the 2.3% level clocked in 2008-09, soon after the global financial crisis.

India's currency is already suffering from weak net foreign direct investment and capital outflows, in part because of worries about the threat new artificial intelligence tools pose to India's services exports. A prolonged war in the Middle East will really grease the rupee's problems.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

India does not expect inflation to rise substantially from a jump in global crude oil prices triggered by the war in the ​Middle East, as domestic price levels remain near the lower end ‌of the central bank's tolerance band, Finance Minister Nirmala Sitharaman said on March 9.

The Indian rupee fell to an all-time low of 92.3475 against the U.S. dollar on the same day, as surging crude prices sparked concerns over growth and ​inflation in the world's fifth-largest economy.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

March 10 (Reuters) - INDIA GOVERNMENT SOURCE-

• LPG PRODUCTION UP BY 10% AFTER STEPS TO BOOST LOCAL OUTPUT

• INDIAN OIL CORP'S ALL REFINERIES OPERATING AT FULL CAPACITY

• INDIA GETTING ADDITIONAL LNG FROM NON MIDDLE EASTERN SOURCES

• MEETING FUEL DEMAND OF SOME NEIGHBOURING COUNTRIES

• WON'T STOP FUEL EXPORTS

Further company coverage: IOC.NS

(([email protected];))

Adds details throughout

March 9 (Reuters) - Indian refiners slumped on Monday as a widening U.S.-Israeli war with Iran pushed Brent crude to a nearly four-year high, threatening their near-term earnings and raising the risk of further government intervention.

State-run Indian Oil IOC.NS dipped 4.6%, Hindustan Petroleum HPCL.NS slid 4.9% and Bharat Petroleum BPCL.NS dropped 5.4%, with BPCL heading for its steepest fall since June 2024.

The rout dragged the Nifty oil and gas index .NIFOILGAS down 2.7% and the energy index .NIFTYENR 2.1% lower, while the benchmark Nifty 50 .NSEI slid 2.8%. The oil and gas index has fallen 6.6% since the U.S.-Israeli strike on Iran last week.

India's top refiner Reliance Industries RELI.NS was down 0.4% after slipping 2.5% earlier.

UBS said Indian oil marketing companies are exposed to the crude spike because their fuel sales far exceed their production - roughly double for IOC and BPCL, and even more for HPCL.

The brokerage downgraded IOC and BPCL to "neutral" and HPCL to "sell" from "buy".

It also reduced fiscal 2027 profit estimates by 19% for IOC, 15% for BPCL and 46% for HPCL.

RISKS OF PROLONGED CONFLICT

Oil prices surged about 26% to $119.5 per barrel - the highest since July 2022 - as some major producers cut supplies and fears ​of prolonged shipping disruptions gripped the market.

Iraq and Kuwait have begun reducing oil output, adding to earlier liquefied natural gas (LNG) cuts from Qatar as the war disrupted shipments out of the Middle East.

Citi on Monday warned refiners' earnings will hinge on how long the geopolitical shock persists, flagging risks from any potential closure of the Strait of Hormuz and shutdowns in Qatar's LNG output - each supplying roughly half of India's crude and LNG needs.

India, the world's second-biggest importer of LPG, consumed 33.15 million metric tons of the cooking gas last year, with imports meeting about two-thirds of demand. Middle Eastern suppliers account for 85%-90% of India's LPG inflows.

New Delhi on Friday invoked emergency powers directing refiners to maximise liquefied petroleum gas production to prevent a cooking-gas shortage following supply disruptions.

Prolonged turmoil could force additional government intervention, including export curbs, duties on refined products or direct budgetary support, Citi added.

Meanwhile, Indian companies raised LPG prices for the first time in about a year on Friday, tracking global benchmarks as the war crimps flows from the Middle East.

India imports more than 80% of its crude oil needs and is the world's third largest oil importer.

(Reporting by Kashish Tandon and Yagnoseni Das in Bengaluru; Editing by Sumana Nandy)

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March 7 (Reuters) - Top Indian refiner, Indian Oil Corp IOC.NS, has booked some oil cargoes for loading from the Red Sea port of Yanbu, a company source said on Saturday.

The U.S.-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.

• 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 on Saturday

• Russia's Deputy Prime Minister Alexander Novak said on Friday 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

  
  

  
  

(Reporting by Nidhi Verma in New Delhi
Editing by Tomasz Janowski)

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Repeats to widen distribution

By Nidhi Verma

NEW DELHI, March 6 (Reuters) - India has asked all its refiners to maximise production of liquefied petroleum gas and make the fuel available only to three state-run companies - Indian Oil, HPCL and BPCL, a government order showed.

Thursday's order also asked refiners not to use propane and butane for petrochemical production and ordered the public sector companies to sell LPG to domestic customers only.

Liquefied Petroleum Gas is a combination of propane and butane.

(Reporting by Nidhi Verma; Editing by Clarence Fernandez)

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Adds details on ONGC Petro Addition in final paragraphs

By Sethuraman N R

NEW DELHI, March 5 (Reuters) - India's GAIL (India) GAIL.NS said on Thursday it will assess curbing supplies to natural gas customers after a force majeure notice from long-term supplier Petronet LNG PLNG.NS over constraints on vessels as conflict escalates in the Middle East.

The U.S. and Israel's war on Iran has disrupted fuel shipments from the Gulf, affecting India's imports of liquefied natural gas from key supplier Qatar.

Fallout from the U.S.-Israeli attacks on Iran and a widening war has brought the transit of oil and LNG through the Strait of Hormuz to a near halt after some vessels in the area were hit.

The allocation of LNG from Petronet to GAIL has been reduced to zero with effect from March 4, GAIL said, adding that the potential impact from the force majeure could not be quantified.

LNG supplies to GAIL from other sources and suppliers are currently unaffected, the gas marketing company said in a statement to stock exchanges.

Petronet LNG, India's top gas importer, on Wednesday issued a force majeure notice to its supplier, QatarEnergy, and to local buyers like GAIL and Indian Oil Corp IOC.NS, after its LNG tankers were unable to reach the LNG loading terminal at Ras Laffan, it said in an exchange filing.

GAIL and IOC have already reduced gas supplies to industrial customers, Reuters reported on Tuesday.

India imported 27 million metric tons of LNG in 2024/25, about half of its overall gas consumption, according to government data. The bulk of the LNG comes from Qatar.

Separately, ONGC Petro Additions also said that it is operating its Dahej gas cracker in western India at a "drastically" lower capacity due to falling supplies of gas and other feedstock.

Lower run rates at the Dahej cracker will impact downstream petrochemical plants, it said.

(Reporting by Sethuraman NR; Editing by Tom Hogue and Louise Heavens)

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Recasts, adds details from sources

By Nidhi Verma

NEW DELHI, March 4 (Reuters) - Several Indian companies have restricted the domestic supply of natural gas, including to the important fertiliser sector, under a force majeure clause due to an escalating conflict in the Middle East, gas importers and sources said on Wednesday.

The U.S and Israel's air war on Iran has disrupted fuel shipments in the region, affecting India's key supplier of liquefied natural gas, Qatar.

Sources familiar with the matter said lower gas supplies had already marginally hit production of some fertiliser companies including the Indian Farmers Fertiliser Cooperative Ltd and Kribhco Fertilizers Ltd.

The two companies did not respond to Reuters' request for comment outside normal working hours.

Gujarat Gas Ltd, which supplies gas for domestic and industrial clients, said in a stock exchange filing that it had declared a force majeure to restrict gas supplies to industries from Thursday. Its parent company, GSPC, gets most of the gas from Qatar and Abu Dhabi National Oil Co for sale to local customers.

India's top gas importer Petronet LNG Ltd PLNG.NS issued a force majeure notice to its supplier, QatarEnergy, and to local buyers GAIL (India) Ltd GAIL.NS, Indian Oil Corp IOC.NS, and Bharat Petroleum Corp BPCL.NS, after its three LNG tankers were unable to reach the Ras Laffan loading port, it said in an exchange filing.

GAIL and IOC have already reduced gas supplies to industries, Reuters reported on Tuesday.

QatarEnergy has also issued a notice to Petronet "indicating a potential event of force majeure" due to the hostilities in the region, the Indian company said.

So far the companies have not announced any cuts in gas supplies for households or the automobile sector.

India imported 27 million tonnes of LNG in 2024/25, about half of its overall gas consumption, according to the government data. The bulk of the LNG is imported from Qatar.

As a result of the attacks on Iran and Tehran's retaliatory strikes, transit through the Strait of Hormuz between Iran and Oman, which carries around one-fifth of oil consumed globally, as well as large quantities of liquefied natural gas, has ground to a near-halt after some vessels in the area were hit.

(Reporting by Nidhi Verma; Editing by Nivedita Bhattacharjee and Andrei Khalip)

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Updates with more information from paragraph 5. Changes media keyword from IRAN-CRISIS/INDIA-LNG

By Nidhi Verma

NEW DELHI, March 3 (Reuters) - Indian companies on Tuesday reduced natural gas supplies to industries in anticipation of tighter supply from the Middle East after top producer Qatar halted production, four industry sources with knowledge of the matter said.

Qatar halted its liquefied natural gas production on Monday, as Iran continued to strike Gulf countries in retaliation for Israeli and U.S. strikes against it. The attacks have also halted oil and gas shipments through the Strait of Hormuz, driving up global energy prices and shipping costs.

India, the world's fourth-largest buyer of LNG, relies heavily on the Middle East for its imports.

Top LNG importer Petronet LNG Ltd PLNG.NS has informed GAIL (India) GAIL.NS, the top gas marketing company, and other companies about lower supplies, two of the sources said.

The South Asian nation is the top LNG client for Abu Dhabi National Oil Company and the second-largest buyer of Qatari LNG.

GAIL and Indian Oil Corp IOC.NS informed customers of the gas supply cut late on Monday, one of the sources said.

The cuts range from 10% to 30%, two of the sources said.

The cuts have been set at minimum lifting quantities that would shield the suppliers from any penalties from the customers based on contractual terms, the sources said.

GAIL, Petronet and IOC were not immediately available for comment. The sources declined to be named because they were not authorised to speak to the media.

To make up for the LNG shortfall, companies including IOC, GAIL, Petronet LNG are planning to issue spot tenders, two of the sources said, although spot prices, freight, and insurance costs have surged.

(Reporting by Nidhi Verma; Additional reporting by Emily Chow in Singapore; Editing by Florence Tan and Kate Mayberry)

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By Uditha Jayasinghe

COLOMBO, March 2 (Reuters) - Long queues formed at fuel stations across Sri Lanka on Monday as the conflict in Iran fed fears of oil shortages in the island nation, which is still recovering from a deep financial crisis.

The nation of 22 million people is clawing its way back from a crisis brought about by a record shortfall of dollars in 2022, supported by a $2.9 billion loan programme from the International Monetary Fund.

At the height of its problems Sri Lanka faced a massive fuel shortage for months that sparked huge protests and the eventual ousting of former President Gotabaya Rajapaksa in July 2022.

On Monday, people lined up at fuel stations across the island as U.S. and Israeli strikes on Iran stoked fears of another fuel shortage.

Many people were panic buying despite assurances from the authorities that Sri Lanka had enough stocks of diesel and petrol to last 35 and 37 days, respectively - the full amount that the country usually stores.

"There is fuel. People are panicking because of the war and they are themselves creating these lines. So people are just flocking to the stations, but there is enough fuel in Sri Lanka," said Mohammed Aslem, a 36-year-old three-wheeler driver standing in a fuel queue in Colombo.

Sri Lanka spent $3.83 billion on fuel imports last year, according to government data, with most shipments arriving from India and Singapore.

"Sri Lanka does not have enough storage facilities to store fuel beyond the next few weeks, but there are sufficient confirmed shipments till the end of this month," said S. Rajakaruna, chairman of the state-run Ceylon Petroleum Corporation told reporters.

The CPC also stepped up distribution, releasing more than 5 million litres of fuel despite Monday being a public holiday, Rajakaruna added.

Police have ordered stations to stop dispensing fuel into cans and have warned of legal action against hoarders.

Lanka IOC PLC LIOC.NS, a unit of Indian Oil Corporation, and China's Sinopec 600028.SS who also operate fuel stations reassured the public of adequate supply.

(Reporting by Uditha Jayasinghe; Editing by Hugh Lawson)

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Corrects to remove erroneous references to Indian refiner in first paragraph and Indian Oil Corp in paragraph 3

By Florence Tan and Siyi Liu

SINGAPORE, Feb 23 (Reuters) - State energy major Saudi Aramco 2222.SE has sold several cargoes of ultra light crude oil from its $100 billion Jafurah gas plant to U.S. majors as it prepares to export its first cargo later this month, four trade sources said.

The Jafurah project, estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion barrels of condensate, is central to Aramco's ambitions to boost its gas output to become a major global natural gas player and to expand its offerings of light crude grades.

U.S. major Chevron CVX.N has bought two Jafurah condensate cargoes for loading later this month and in March while Exxon Mobil Corp XOM.N purchased a cargo to be lifted next month, the sources said.

The cargoes were sold at premiums of $2 to $3 a barrel to Dubai quotes on free-on-board basis, they added.

FIRST CARGO LIKELY FOR SOUTH KOREA

Chevron's first cargo is likely to go to its South Korean joint-venture refiner GS Caltex while the second could head to Thailand for Star Petroleum Refining SPRC.TH, two of the sources said.

Saudi Aramco said it is working closely with the Ministry of Energy to safely ramp up production in line with approved development plans and market needs.

Aramco does not comment on market speculation or on specific cargoes, customers or commercial arrangements, it added.

Chevron declined to comment. Exxon and SPRC did not immediately respond to requests for comments. GS Caltex did not have an immediate comment.

BIGGEST SHALE PROJECT OUTSIDE US

Jafurah is potentially the biggest shale gas project outside the U.S. and is expected to reach sustainable production of 2 billion cubic feet per day by 2030.

Aramco could export four to six 500,000-barrel cargoes of Jafurah condensate per month from the country's eastern port of Juaymah, a source told Reuters earlier.

Condensate is a non-gas liquid that can be processed at splitters to produce petrochemical feedstock naphtha and other refined products, or can be blended with crude to be distilled at refineries.

The Jafurah condensate has an API gravity of 49.7 degrees and contains about 0.17% sulphur, according to a preliminary crude assay reviewed by Reuters.

About 40% of its yield is petrochemical feedstock naphtha, mainly the heavier grade, while most of the rest of the output is gasoil and kerosene, the assay showed.

(Reporting by Florence Tan and Liu Siyi in Singapore, Nidhi Verma in New Delhi and Joyce Lee in Seoul; Editing by Lincoln Feast and Louise Heavens)

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Adds context in paragraph 2, details on Chevron's sale to Reliance in paragraph 8, details throughout

By Marianna Parraga, Shariq Khan and Arathy Somasekhar

Feb 24 (Reuters) - Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, a move that will boost deliveries to India, according to four sources and shipping data.

The use of larger vessels, which can carry up to 2 million barrels of oil each, is expected to cut transportation costs for traders and buyers, alleviate a shortage of smaller tankers and accelerate the pace of deliveries starting next month, which could drain the millions of barrels stored in Venezuela more rapidly.

At least three VLCCs chartered by Vitol and Trafigura, the Nissos Kea, Nissos Kythnos and Arzanah, have been assigned March loading windows at Venezuela's main oil terminal, Jose, which is operated by state energy firm PDVSA and handles up to 70% of total crude exports. The tankers are bound for India, the sources said.

Another supertanker, Olympic Lion, was signaling Venezuela as its destination this week with the expected arrival in late March, according to LSEG ship tracking. The charterer was not immediately known.

Most of Venezuela's crude exports had moved since January in Panamaxes and Aframaxes, medium-sized tankers that can carry between 450,000 and 700,000 barrels of heavy oil each, to U.S. refineries. The oil has also moved on Suezmax vessels, which can carry up to 1 million barrels, to terminals in the Caribbean, where traders have been storing oil and shipping it to U.S. and European ports, according to vessel movement data.

BIGGER CARGOES, LOWER COSTS?

The larger cargoes could reduce costs for trading houses, which have complained that prices around $15 per barrel below Brent for Venezuela's Merey heavy crude agreed last month for initial purchases have become too expensive, amid the market's backwardation, in which shipments for later delivery are cheaper than near-term supplies.

U.S. oil major Chevron CVX.N sold its first cargo of Venezuelan crude to India's Reliance Industries RELI.NS since December 2023, according to shipping data and two sources. The Boscan crude cargo, expected to be shipped on the Ottoman Sincerity vessel, marks the first sale of the heavy oil in about six years.

Reliance also bought a 2-million-barrel cargo from Vitol for March loading, and is seeking direct purchases from PDVSA, separate sources said.

Chevron did not immediately comment on the cargoes, but said in its annual report on Tuesday it would continue delivering Venezuelan crude to the international market, which it had not previously disclosed, and to the U.S. Reliance did not respond outside office hours.

Trading houses Vitol and Trafigura have been exporting Venezuelan crude this year as part of a $2 billion deal between the U.S. and Venezuela, and have recently sold Venezuelan heavy crude cargoes to Indian refiners, including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and HPCL Mittal Energy (HMEL) as the Asian country tries to reduce Russian oil imports.

India was the third-largest buyer of Venezuelan crude before Washington imposed sanctions in 2019. The country's oil exports bounced to some 800,000 barrels per day in January as a U.S. oil blockade ended, but the rapid increase from some 500,000 bpd exported in December has left millions of barrels originally intended for U.S. and European buyers unsold in storage.

PDVSA and Vitol did not reply to requests for comment. Trafigura declined to comment.

MORE CARGOES TO THE U.S.

Chevron and U.S. refiners, including Valero Energy VLO.N, Phillips 66 PSX.N and Citgo Petroleum are preparing to boost Venezuelan oil processing at their refineries, which is also expected to raise exports.

Chevron and some U.S. refiners have hired dozens of Aframaxes and Panamaxes, mostly under time-charter contracts for Venezuela, two of the sources said, which means they will exclusively transport Venezuelan oil in the contract period.

Valero, Phillips 66 and Citgo did not respond to requests for comment.

The trading houses' move to larger tankers should ease the search for medium-sized vessels to depart from the Caribbean, which many companies have struggled with, two sources said.

Trafigura, Vitol and Chevron have been exporting the OPEC country's oil under individual U.S. licenses, but in late January, the U.S. Treasury Department issued a general license broadly allowing oil exports.

The new authorization is expected to progressively expand the pool of buyers and the cargoes' destinations.

(Reporting by Marianna Parraga, Shariq Khan, Arathy Somasekhar, Georgina McCartney and Nicole Jao. Editing by Julia Symmes Cobb, Rod Nickel)

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Feb 23 (Reuters) - Pine Labs Ltd PINL.NS:

• PINE LABS AWARDED MULTI-YEAR CONTRACTS BY 3 INDIAN OMCS

• CONTRACTS FROM BPCL, HPCL, AND IOCL

Source text: ID:nnAZN4SHR2B

Further company coverage: PINL.NS

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By Shariq Khan and Nidhi Verma

NEW YORK/NEW DELHI, Feb 18 (Reuters) - India's state-run Bharat Petroleum Corp BPCL.NS has made its first-ever purchase of Venezuelan oil, and private refiner HPCL Mittal Energy Ltd (HMEL) has bought the South American country's crude for the first time in two years, three sources familiar with the trade said on Wednesday.

The two refiners have bought a million barrels each of Venezuela's Merey crude grade, the sources said. The heavy oil, purchased through two separate deals, is planned to be co-loaded on a very large crude carrier to save on shipping cost, and will boost India's imports of Venezuelan crude to at least 6 million barrels through April, the sources said.

Bharat Petroleum and HMEL purchased the Venezuelan oil from trader Vitol, said the sources, who requested anonymity to discuss confidential details. The price details were not immediately known.

BPCL and HMEL did not respond to Reuters requests for comment. Vitol declined to comment.

HMEL, a joint venture of state-run Hindustan Petroleum Corp HPCL.NS and steel tycoon Lakshmi Niwas Mittal, previously received Venezuelan oil in February 2024, trade flow data from LSEG and Kpler showed.

Indian refiners have been buying Venezuelan oil to diversify their supply mix as they reduce Russian oil imports, a move that helped New Delhi clinch an interim trade deal with Washington. HMEL suspended Russian oil imports in October. New Delhi has not officially announced any plans to end oil imports from Russia, but Indian refiners have been avoiding Russian oil.

Reliance Industries, Indian Oil Corp and HPCL have previously bought Venezuelan oil at around $6.5-$7 per barrel below the Dubai crude oil benchmark. Traders Vitol and Trafigura have been marketing and selling the South American country's oil since January under licenses granted by the U.S. as part of a supply deal between Caracas and Washington.

BPCL will split the cargo equally for discharge at Kochi port in the southern state of Kerala for its 310,000 barrel-per-day Kochi refinery, and at Sikka port in western Gujarat state for its 156,000-bpd Bina refinery in central India.

HMEL imports crude through the Mundra port in western Gujarat state for its 226,000-bpd Bathinda refinery in northern India.

Exports of Venezuelan oil to the U.S. are also expected to pick up in April, with refiner Valero Energy VLO.N set to receive up to 6.5 million barrels of Venezuelan crude in March, Chevron rapidly boosting shipments from the country to the U.S. and other U.S. refiners seeking direct purchases from Venezuela, sources have told Reuters.

(Reporting by Shariq Khan in New York and Nidhi Verma in New Delhi; editing by Edward Tobin)

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NEW DELHI/SINGAPORE, Feb 9 (Reuters) - Indian Oil Corp IOC.NS bought six million barrels of crude from West Africa and the Middle East, traders said, as the Asian country steered clear of Russian oil in New Delhi's push for a trade deal with Washington.

Indian refiners are not taking March–April Russian crude offers, and are expected to stay away from such trades for longer, refining and trade sources said.

IOC bought Angola's Pazflor crude and Nigeria's Agbami crude from Totsa, the trading arm of TotalEnergies TTEF.PA. It also bought Nigeria's Akpo and Bonny Light crude from Shell SHEL.L, two of the traders said.

In addition, it purchased two millon barrels from Mercuria, the Upper Zakum crude produced in the United Arab Emirates. The purchases were done via tenders issued last week and for April-delivery, they added.

Indian companies and traders do not comment on spot tenders due to a confidentiality clause.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu in Singapore; Editing by Janane Venkatraman)

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Repeats story with no changes to text

By Nidhi Verma

NEW DELHI, Feb 8 (Reuters) - Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington.

The U.S. and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Indian Oil IOC.NS, Bharat Petroleum BPCL.NS and Reliance Industries RELI.NS are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.

These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.

TRUMP SAYS INDIA 'COMMITTED' TO HALTING PURCHASES

The three refiners and the oil ministry did not respond to requests for comment. The trade minister on Saturday referred questions about Russian oil to the foreign ministry.

A foreign ministry spokesperson said: "Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy" to ensure energy security for the world's most-populous nation.

Although a U.S.-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had "committed to stop directly or indirectly" importing Russian oil.

New Delhi has not announced plans to halt Russian oil imports.

India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.

INDIA'S RUSSIAN-OIL IMPORTS A FRACTION OF 2025 LEVELS

One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.

Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.

Nayara did not respond to an email seeking comment.

Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.

Trump's order said U.S. officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.

Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.

The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.

Indian refiners have been buying more oil from Middle Eastern, African and South American countries as they scale back Russian oil purchases.

(Reporting by Nidhi Verma; Editing by William Mallard)

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Feb 5 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL CORP Q3 NET PROFIT 121.26 BILLION RUPEES

• INDIAN OIL CORP Q3 REVENUE FROM OPERATIONS 2.32 TRLN RUPEES

• INDIAN OIL AVERAGE GRM FOR APRIL-DECEMBER AT $8.41 PER BBL

Source text: ID:nnAZN4S9IVE

Further company coverage: IOC.NS

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Adds background, J.P. Morgan note, Russian foreign ministry's comments in paragraphs 2, 7-8

Feb 4 (Reuters) - India's Russian oil imports slipped in January, continuing a downturn that began in December, as refiners sought more alternative barrels under Western sanctions pressure and ongoing U.S.–India trade talks, Reuters sources said and data showed.

Analysts and traders have said Moscow faces a steep decline in oil and gas revenue, which accounts for nearly a quarter of the Russian government's budget revenue, if Washington succeeds in persuading India to stop importing Russia's oil.

On Monday, U.S. President Donald Trump announced a trade deal with India to cut tariffs to 18% from 50% in exchange for New Delhi halting Russian oil purchases and lowering trade barriers.

Indian refiners have been redrawing crude import strategies in recent months to shift away from top supplier Russia and boost imports from the Middle East.

India imported 1.215 million barrels per day (bpd) of Russian crude in January, of which the Nayara refinery accounted for 0.41 million bpd, with IOC and BPCL taking 0.58 million bpd and 0.19 million bpd, respectively, while Reliance imported no Russian crude last month, according to provisional data from analytics firm Kpler.

India's Russian oil imports in January were down by some 12% on a daily basis from December, Reuters calculations showed. Those oil imports in December dropped about 22% from November to 1.38 million barrels per day.

"Our base case is that India will largely exit from sanctioned counterparties, but will maintain Russian imports at around 0.8–1.0 million bpd, accounting for 17–21% of total crude imports," J.P. Morgan said in a note.

RUSSIA UPBEAT ABOUT OIL TRADE WITH INDIA

Russia's foreign ministry said on Wednesday it had no reason to believe that India had reconsidered its approach to Russian oil imports following a trade deal that New Delhi struck with the U.S.

Indian refiners have not been told by the government to stop buying Russian oil and would need a wind-down period to complete purchases already in process, two refining sources said on Tuesday, following the trade deal with Washington.

India's Reliance Industries Ltd, operator of the world's largest refining complex, will buy up to 150,000 barrels per day of Russian oil from February for its domestic market-focused refinery, a company executive said last week.

The country's largest refiner overall, Indian Oil Corp, has committed to buying more Brazilian crude in the fiscal year starting April, after reducing Russian oil imports.

(Reporting by Reuters; Editing by Hugh Lawson and Paul Simao)