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India’s reliance on Russian oil may be ‘approaching a limit’

Published

2 years ago

July 18, 2023

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An oil refinery, operated by Bharat Petroleum Corp., in Mumbai, India.

Dhiraj Singh | Bloomberg | Getty Images

India’s ability to import more Russian oil may have hit a limit for the rest of the year, analysts tell CNBC, citing infrastructural and political constraints, as well as limitations to Russian oil flows.

“India will look to continue Russian crude imports, but perhaps it has reached its limit, hampering any additional barrels,” according to Janiv Shah, senior analyst at Rystad Energy.

Since the Kremlin’s invasion of Ukraine in February last year, India’s refiners have been snapping up discounted Russian oil.

Moscow has since leapfrogged to become India’s leading source of crude oil, accounting for about 40% of India’s crude imports. June marked the 10th consecutive month-on-month increase in India’s imports of Russian crude, data from commodity intelligence firm Kpler showed.

“An unprecedented feat in recent history, especially given the volumes in question — 2.2 million barrels per day in June,” Kpler’s lead crude analyst, Viktor Katona said.

And that’s the highest volume that India’s imports of Russian oil can go — at least for the rest of the year, according to his predictions.

Any additional supply coming out of Russia … that flows into Asia, I suspect it’s done. It’s maximum amount now.

Daniel Hynes

senior commodity strategist, ANZ

“I would say 2.2 million b/d will be the peak this year … We believe India’s imports of Russian crude will see a slight downward correction to two million barrels per day. That will be the sustainable level of buying,” he said.

However, the volume of crude oil consumed and processed by India’s refineries has now hit a “seasonal peak” and would only trend downwards from here, Rystad Energy’s Shah told CNBC in an email.

His sentiments were echoed by Katona, which highlighted that in addition to refineries being currently shut, demand for oil is set to trickle down too.

“For the first time this year, some of Indian refiners will be undergoing maintenance which was just not the case in January to May 2023 when there were no turnarounds at all. Everyone was firing on all cylinders,” said Katona.

India’s monsoon season started in early June, and the summer period is often associated with lower demand for oil products as a result of lower mobility and construction, Katona added.

Fuel demand in India, the world’s third largest oil consumer, usually enters a lull during the four-month monsoon season. India’s total oil demand in June slipped 3.7% month-on-month to 19.31 million tonnes, according to data from India’s Petroleum Planning and Analysis Cell.

‘Finite limit’ to Russian oil flows?

And it seems the limit goes both ways.

Flows coming out of Russia have a “finite limit,” said Daniel Hynes, senior commodity strategist at ANZ.

“Any additional supply coming out of Russia … that flows into Asia, I suspect it’s done. It’s maximum amount now,” he added.

Russian oil exports fell 600,000 barrels per day to 7.3 million barrels per day in June — the lowest since March 2021, according to a recent report by the International Energy Agency.

Technically, the Indians could be buying more, but they don’t want to antagonize the Middle East too much.

Viktor Katona

lead crude analyst, Kpler

Russia also pledged to trim its crude oil exports earlier in July.

“India has talked about the inability to really pick up significantly additional cargoes from Russia,” Hynes added.

However, that’s not to say that India’s refiners will not attempt to try for another all-time high import of Russian oil next year, said Kpler’s Katona.

“Most probably in the March-to-May period again,” he said, pointing out that demand at that time will be “unrestricted from the Indian side and Russian export availability will be once again boosted by refinery turnarounds.”

Politics matter: India and the Middle East

However, India needs to maintain its relationship with other exporters too, especially key suppliers in the Middle East.

According to Rystad data, 55% of India’s recent seaborne medium sour imports were from Russia, while imports from the Middle East sank to a “historic low of 40%.”

“India may be approaching a limit in its reliance on Russian crude, as it would still need to secure long-term supply agreements with Middle Eastern suppliers,” Shah said.

Crude import from the Middle East region dropped 21.7% to 8.68 kilo tonnes in June compared to the start of the year, data from Refinitiv showed.

Medium sour crude supplies to India tend to come under annual term contracts, which have minimum purchase agreements.

“Technically, the Indians could be buying more, but they don’t want to antagonize the Middle East too much,” said Kpler’s Katona. “Politics matter, too,” he said.

However, Indian buyers are particularly price-sensitive, and could still forsake other countries’ crude for Russia’s at the right price.

“Indian refiners can always take more Russian [crude] at the expense of other grades, e.g the Middle Eastern ones, if the price disparity widens,” said director of Refinitiv Oil Research in Asia, Yaw Yan Chong.

Russian exports to India have soared more than 10 times since February last year, shooting from a pre-invasion average of just 350,000 metric tonne per month to a post-invasion average of 4.57 million metric tonne per month from March 2023 onwards, he said.

Yaw expects India will still pursue Russian imports at elevated levels “for as long as Russian [crude] are under [sanction] and shunned by their traditional European buyers.”

Environment

$250M Series B raise boosts XPeng AeroHT flying car ambitions

Published

7 hours ago

July 18, 2025

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0M Series B raise boosts XPeng AeroHT flying car ambitions

Xpeng Aeroht secures additional $100m in Series B funding

Chinese carmaker XPeng is getting perilously close to bringing its AeroHT consumer eVTOL concept to market, thanks to a $250 million Series B round that’s set to accelerate the company’s modular “flying car” production plans.

XPeng subsidiary AeroHT had its first successful proof of concept test flight ahead of the brand’s annual 1024 back in 2023, where the company unveiled a pair of flying car designs. The X3 is an actual flying “car” that can drive, park, and take off on its own, and a second, modular eVTOL that folds up into the back of an electric van called the Land Aircraft Carrier.

That vehicle pair, shown at CES in January, was set to begin production this year, with the eVTOL component set to begin production in 2026 – and that’s looking a lot more likely thanks to the new infusion of capital!

AeroHT at CES 2025

Xpeng Aeroht raised $150 million in Series B1 funding last August, before launching its Series B2 funding round. The most recent announcement that the company has secured an additional $100 million in its Series B2 funding round brings the total amount raised to more than $750 million, with a $1B pre-revenue valuation.

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CNEVPost reports that company aims to establish itself as a commercial pioneer in urban air mobility ahead of a potential IPO – and may get there sooner than later, thanks to several hundred pre-orders at the $280,000 projected price.

Electrek’s Take

flying car Dubai — AeroHT sixth-generation X3 flying car; via XPeng.

Scooter Doll said it best, writing, “this footage (of the AeroHT test flight) is as scary and concerning as it is exciting and awe-inspiring.” Which is to say that these things are real, they seem like they’re getting built, and they seem like they’ll sell well enough to convince at least one or two remaining boomers that the flying car they’ve been promised their whole lives is – finally! – coming to market.

Here’s hoping.

SOURCE: Xpeng, via CNEVPost; gallery photos by the author.

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Environment

This metro Atlanta factory roof is now a solar record-breaker

Published

9 hours ago

July 18, 2025

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This metro Atlanta factory roof is now a solar record-breaker

Atlanta largest rooftop solar — Photo: © Beaulieu International Group

Flooring manufacturer Beauflor USA just turned on the biggest rooftop solar system by capacity in metro Atlanta — and it’s now powering part of its Georgia factory.

The new 1,040 kW system in Cartersville officially beats metro Atlanta’s previous rooftop solar record of 1,034 kW. The new array produces enough energy to power more than 100 homes. The system is expected to cover about 10% of Beauflor’s electricity needs and cut its carbon emissions by about 920 metric tons annually.

“This solar installation represents our commitment to sustainable manufacturing practices while making sound business decisions,” said Emile Coopman, continuous improvement manager at Beauflor. He added that the system is designed with room to grow: “This is the first step toward more renewable energy.”

The company partnered with Cherry Street Energy to install the nearly 2,000-panel system, which was completed in less than four months. Cherry Street invested $1.8 million into the project and is covering all construction and maintenance costs through a 30-year energy procurement agreement. Beauflor will buy solar power directly from Cherry Street, allowing it to avoid upfront capital costs while still lowering its energy bills.

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“As Georgia’s manufacturers ramp up production amid rising costs for grid energy, sophisticated operators seek ways to quickly and sustainably address their energy needs,” said Cherry Street CEO Michael Chanin. “On-site solar with no capital expense delivers just that: reliable, affordable electricity.”

Chanin added that the system’s power output is especially impressive: “The previous record-holder for metro Atlanta’s largest rooftop solar required over 4,000 panels. We’re using less than 2,000 to reliably generate even more power.”

The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

Environment

Block shares soar 10% on entry into S&P 500

Published

9 hours ago

July 18, 2025

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Block shares soar 10% on entry into S&P 500

Jack Dorsey, co-founder and chief executive officer of Twitter Inc. and Square Inc., listens during the Bitcoin 2021 conference in Miami, Florida, on Friday, June 4, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

Block shares jumped more than 10% in extended trading on Friday, as the fintech company gets set to join the S&P 500, replacing Hess.

It’s the second change to the benchmark this week, after S&P Global announced on Monday that ad-tech firm The Trade Desk would be added to the S&P 500. Trade Desk is taking the place of software maker Ansys, which was acquired by Synopsys in a deal that closed Thursday.

Hess’ departure comes just after Chevron completed its $54 billion purchase of the oil producer, prevailing against Exxon Mobil in a legal dispute over offshore oil assets in the South American nation of Guyana.

Block will officially join the S&P 500 before the opening of trading on July 23, according to a statement from S&P. Stocks often rally when they’re added to a major index, as fund managers need to rebalance their portfolios to reflect the changes.

Most alterations to the S&P 500 take place during the index’s quarterly rebalancing. However, in the case of the closing of an acquisition, a company can be removed from the index and replaced off schedule. Last week monitoring software company Datadog took Juniper Networks’ place in the S&P 500 as part of the index’s quarterly change.

Block’s addition brings further tech heft to an index that’s been steadily moving in that direction in recent years, reflecting the market cap gains of companies across the sector. Block, which gained popularity as Square due to the rapid growth of the company’s payment terminals, has expanded into crypto, lending and other financial services.

Founded by Jack Dorsey in 2009, Square changed its name to Block in 2021 to emphasize its focus on blockchain technologies.

Block shares are down 14% this year, underperforming the broader U.S. market. The Nasdaq is up more than 8%, while the S&P 500 has gained 7%. Still, with a market cap of about $45 billion, Block is valued well above the median company in the index.

In May, Block reported first-quarter results that missed Wall Street expectations on Thursday and issued a disappointing outlook, leading to a plunge in the stock price. Block’s forecast for the second quarter and full year reflected challenging economic conditions that followed sweeping tariff announcements by President Donald Trump.

“We recognize we are operating in a more dynamic macro environment, so we have reflected a more cautious stance on the macro outlook into our guidance for the rest of the year,” the company wrote in its quarterly report.

The company is scheduled to report second-quarter results after the close of regular trading on Aug. 7.

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