IOC

By Florence Tan and Siyi Liu

SINGAPORE, April 6 (Reuters) - Spot premiums for U.S. West Texas Intermediate crude have jumped to all-time highs as competition between Asian and European refiners for supply heats up to replace Middle Eastern oil flows disrupted by the Iran war, industry sources said.

Europe is typically the largest importer of U.S. crude, but competition has escalated with Asian buyers scouring for supply from the Americas to Africa and Europe to replace Middle Eastern oil that is unable to move through the Strait of Hormuz.

The jump in crude prices is driving up costs and widening losses for refiners on both continents, sources and analysts said, putting severe pressure on companies including state-owned firms that are required by governments to keep producing fuel for national security.

"Asian refiners, shut out of Middle Eastern supply, are bidding aggressively for every available Atlantic Basin barrel," said Paola Rodriguez-Masiu, chief oil analyst at Rystad Energy, in a note dated April 3.

'EVERY DAY THERE'S A NEW PRICE'

Offers for WTI Midland crude delivered to North Asia in July on very large crude carriers had premiums of $30 to $40 a barrel, depending on the benchmark used, traders said.

One trader pegged the premium at $34 a barrel to Dubai quotes while another put it at $30 a barrel above dated Brent. Two others said offers have gone closer to $40 a barrel above an August ICE Brent basis.

Those levels are up from premiums of close to $20 a barrel for deals concluded in late March and early April, when Japanese refiners including Taiyo Oil purchased WTI crude, traders said.

"Every day there's a new price," one of the traders said, adding that Asian refiners face severe losses from the premiums.

Another trader said refiners would be better off reducing crude runs and buying products - if anyone is offering.

Spot premiums jumped after the prompt monthly spread for WTI futures CLc1 hit its widest backwardation on Thursday. Backwardation refers to when prompt prices are higher than those in future months.

Wider discounts on U.S. crude oil compared with global benchmark Brent have also spurred demand for tankers on the U.S. Gulf Coast, reducing vessel availability in the region and driving up freight rates.

In Europe, bids for WTI Midland delivered to the continent climbed to a record premium of close to $15 a barrel against dated Brent on Thursday. CRU/E

"At current physical differentials and freight rates, European refiners buying spot crude cannot make money running those barrels through their systems," Rodriguez-Masiu said.

(Reporting by Florence Tan and Siyi Liu in Singapore; Editing by Thomas Derpinghaus)

((Florence.Tan@thomsonreuters.com;))

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

((reuters.briefs@thomsonreuters.com;))

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)

((nidhi.verma@thomsonreuters.com; X: @nidhi712;))

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

((Reuters.Briefs@thomsonreuters.com;;))

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)

((nidhi.verma@thomsonreuters.com; 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)

((siyi.liu@thomsonreuters.com;))

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)

((Akanksha.Khushi@thomsonreuters.com;))

By Nidhi Verma

NEW DELHI, March 17 (Reuters) - Indian state-owned fuel retailers are seeking advance payments for gasoline and gasoil supplied to fuel pumps nationwide, dealers said, as the companies are suffering significant revenue losses from retail sales.

About 90% of the country's 101,470 retail fuel stations are linked to state refiners and retailer Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum Corp JPCL.NS.

Indian refiners, hit hard by a declining rupee, are facing revenue losses from retail sales as cracks for gasoline GL92-SIN-CRK and gasoil GO10SGCKMc1 surged to multi-year highs.

India has not raised the retail prices of gasoline and gasoil to shield consumers despite a surge in global oil prices LCOc1 to over $100 per barrel as the supplies through the Strait of Hormuz are disrupted by the US-Israeli war on Iran.

The three fuel retailers did not respond to Reuters email seeking comments.

The state refiners were previously giving a five-day credit to the dealers for the sale of gasoline and gasoil, dealers said.

"Dealers are very upset because we also run our business on credit, and some dealers sell fuel to the clients, such as government departments and transporters, on a credit basis," said Ajay Bansal, President of All India Petroleum Dealers Association, which represents about 92,000 fuel stations in the country.

(Reporting by Nidhi Verma; Editing by Michael Perry)

((nidhi.verma@thomsonreuters.com; X: @nidhi712;))

Add details on jet fuels

By Nidhi Verma

NEW DELHI, March 16 (Reuters) - Indian state fuel retailers' sale of liquefied petroleum gas (LPG) slowed in the first half of March, preliminary data showed, as the country reels from its worst LPG crisis in decades due to shipping disruption in the Strait of Hormuz.

India buys about 90% of its imports of LPG - mainly used for cooking - from the Middle East and its supplies have been disrupted after traffic through the strait ground to a near standstill in the wake of the U.S.-Israeli war on Iran.

State fuel retailers Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS sell cooking gas in India.

The three companies sold about 1.15 million metric tons of LPG in the first half of March, a decline of 17.3% from a year earlier and 26.3% from the same period in the previous month, the data showed.

India has 22 tankers, including six LPG ships, four crude carriers and one liquefied natural gas vessel, stranded in the Strait of Hormuz, said Rajesh Kumar Sinha, special secretary in the federal shipping ministry.

The federal government has cut supplies of LPG for industries to shield ​households from any shortage of cooking gas.

Sales of jet fuel by the three retailers totalled 327,900 tons in the first half of this month, a decline of about 12.3% from the previous month and a 4% fall from the same period a year ago, the data showed.

Since the United States and Israel launched air strikes on Iran , Tehran has largely halted ​traffic through the strait, which runs past its coast and normally supplies around 20% of global oil ​and seaborne LNG.

Iran has said it will not permit any supplies for ⁠the United States or its allies to leave the strait, but India has sought exemptions.

(Reporting by Nidhi Verma;
Editing by Bernadette Baum and Emelia Sithole-Matarise)

((nidhi.verma@thomsonreuters.com; X: @nidhi712;))

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)

((Shivangi.Acharya@thomsonreuters.com;))

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/shritama.bose@thomsonreuters.com))

By Sethuraman N R

NEW DELHI, March 10 (Reuters) - India will likely lean more on its coal capacity to meet peak power demand this summer as liquefied natural gas supplies tighten after shipping disruptions linked to the U.S.-Israeli war on Iran hit exports from major producers, two industry officials said.

New Delhi typically pushes power plants to ramp up generation during the April-June summer months, including costly gas-fired generation, to meet surging electricity demand and subsidises the cost for companies to shield customers from higher prices.

But so far the government has received no bids from power companies to supply 12,000 megawatt-hour of gas-based power for the summer months, an official with knowledge of the matter said. The tender will close in the next two days.

A second official said the power ministry is looking to bring coal plants out of planned outages and advising generators to avoid shutdowns during the peak summer months.

Top utility NTPC NTPC.NS has already told India's grid regulator it will not be able to supply gas-fired power during the April–June summer months, two company sources said.

NTPC and the federal power ministry did not respond to Reuters emails seeking comment.

EMERGENCY PROVISIONS

India has invoked emergency provisions and declared force majeure, reprioritising natural gas supplies to key sectors such as households and fertiliser plants.

India's Petronet LNG Ltd PLNG.NS, the country's top gas importer, has also issued a force majeure notice to customers including top power suppliers GAIL (India) Ltd, Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS after supplies from Qatar and Abu Dhabi National Oil Company were halted.

The country has about 20 gigawatts (GW) of gas-based generation capacity, which typically operates at 6-10% utilisation due to costly LNG, but rises to about 30% during the summer months.

Even if peak demand reaches 250–260 GW this summer, India is unlikely to face material power cuts given ample coal, lignite, nuclear, hydro and wind capacity, said Gautam Shahi, senior director at Crisil Ratings.

India relies on coal power for nearly 75% of its power generation.

"India's thermal coal market is seeing steady import demand, particularly for coal grades used by power producers," said Vasudev Pamnani, director at Gujarat-based coal trader i-Energy Resources.

(Reporting by Sethuraman NR; Editing by Saad Sayeed)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net/))

March 9 (Reuters) - Indian refiners slumped on Monday, as the widening U.S.-Israeli war with Iran propelled crude prices to their highest in almost four years.

Indian Oil IOC.NS lost 6.6%, HPCL HPCL.NS dropped 7.5%, while BPCL BPCL.NS slid 7.1%. Reliance Industries RELI.NS shed 2%.

Brent crude LCOc1 jumped as much as 26.4% to $117.16 a barrel and was last up 23% at $114.08 by 9:15 a.m. IST. O/R

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

((Yagnoseni.Das@thomsonreuters.com;))

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)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

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)

((Mohi.Narayan@thomsonreuters.com; https://twitter.com/_mohi_;))

By Nidhi Verma

NEW DELHI, March 5 (Reuters) - Refiners in India have started tapping Russian oil aboard vessels floating off the country's coast to make up for the loss of Middle Eastern crude due to the Iran war, two sources with direct knowledge of the matter said on Thursday.

India is vulnerable to energy supply shocks, with crude stocks covering only about 25 days of demand.

India was the top buyer of Russian seaborne crude after Moscow's 2022 Ukraine invasion, but in January its refiners started to reduce purchases, helping New Delhi avoid 25% tariffs imposed by Washington and clinch an interim trade deal.

On Thursday, the Suezmax tanker Odune carrying about a million barrels of Russian oil berthed at eastern Paradip port for delivery to state refiner Indian Oil Corp IOC.NS, according to a shipping source. The vessel had been floating in Indian waters, the person said.

IOC is also scheduled to receive about 700,000 barrels of Russian oil loaded on the Spring Fortune at Vadinar port in western India on Saturday, the source said.

A source at Indian Oil said his company is expediting purchases of Russian oil, including that loaded on vessels floating around India.

Indian Oil did not immediately respond to a request for comment.

About 9.5 million barrels of Russian crude is floating near Indian waters and able to arrive within weeks, an industry source with direct knowledge of Russian trade told Reuters.

A source at another Indian refiner said his firm was also considering buying Russian oil floating near India.

"Should Middle Eastern inflows tighten, Indian refiners could pivot back toward Russian grades relatively quickly," said Sumit Ritolia, analyst at ship-tracking firm Kpler.

Kpler tracking shows about 30 million barrels of Russian oil available and loaded on vessels in the Indian Ocean, Arabian Sea region and Singapore Strait, including volumes in floating storage, he said.

"Some of these vessels have not yet declared their destination ... If Indian refiners won't act, all these can start moving to China in a day or two," Ritolia said.

​

(Reporting by Nidhi Verma; Editing by Kirsten Donovan)

((nidhi.verma@thomsonreuters.com; X: @nidhi712;))

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)

((nidhi.verma@thomsonreuters.com; X: @nidhi712;))

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)

((nidhi.verma@thomsonreuters.com; X: @nidhi712;))

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)

((Uditha.Jayasinghe@thomsonreuters.com;))

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)

((Florence.Tan@thomsonreuters.com;))

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)

((marianna.parraga@thomsonreuters.com; +1 713 371 7559; Reuters Messaging: @mariannaparraga))

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

((Reuters.Briefs@thomsonreuters.com;;))

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)

((Shariq.Khan@thomsonreuters.com; Twitter/X: @shariqrtrs; Office: (646) 261-7893;))

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)

((siyi.liu@thomsonreuters.com;))

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)

((nidhi.verma@thomsonreuters.com; X: @nidhi712;))

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

((Reuters.Briefs@thomsonreuters.com;;))

Corrects percent change to 12% from 9% in the headline and in paragraph 5

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.

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.

In January, India imported 1.215 million barrels per day (bpd) of Russian crude, of which the Nayara refinery accounted for 0.41 million bpd, IOC took 0.58 million bpd, and BPCL took 0.19 million bpd, 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 last December, Reuters calculations showed. December oil imports dropped about 22% from November to 1.38 million barrels per day.

While it remains unclear to what extent India may ultimately have to scale back its imports of Russian oil, any further reductions would make it increasingly difficult and costly for Moscow to secure alternative buyers for its crude, Reuters sources said.

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.

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.

India’s reduction in purchases of Russian oil is affecting the freight market for its grades, as traders are increasingly using tankers to store Russia's Urals crude at seas.

(Reporting by Reuters; Editing by Hugh Lawson)

By Nidhi Verma

NEW DELHI, Feb 2 (Reuters) - A deal between Indian Oil Corp IOC.NS and global trader Vitol to form an equal trading joint venture has been delayed due to differences over some clauses in the contract, two sources familiar with the matter said.

These include the volume of IOC's crude purchases that will come under the joint venture's control and the timing of an exit clause for the trader, the sources said.

IOC had hoped to sign the deal with Vitol at the India Energy Week conference last week as the country's top refiner wanted to leverage the trader's expertise and global network to expand its footprint in international crude and fuel trading similar to majors like Exxon Mobil XOM.N and Shell SHEL.L.

IOC was expecting the proposed joint venture to handle a fraction of its overall imports, sources said.

Vitol wants to control 10% to 15% of IOC's spot crude import volume, the sources said, adding that the firms were still negotiating the volume.

IOC and Vitol did not respond to emails seeking comment.

The joint venture, which the companies had planned to set up in Asia's oil trading hub Singapore, will initially operate for five to seven years, a source had previously said, adding that an exit clause would be included for both partners.

Vitol is asking to extend the tenure of exit clause to at least 10 years, the sources said.

Globally, traders have turned their focus to India, amid its rising fuel demand and refining capacity. Indian refiners are also widening their crude import sources, buying more from the Middle East and South America as it cuts imports from top supplier Russia.

Indian Oil, along with its subsidiary Chennai Petroleum, controls about 31% of India's 5.2 million barrels per day (bpd) of refining capacity.

Another state refiner Bharat Petroleum Corp (BPCL) BPCL.NS plans to set up a trading desk in Singapore in February.

(Reporting by Nidhi Verma; Editing by Florence Tan and Bernadette Baum)

((nidhi.verma@thomsonreuters.com; X: @nidhi712;))

By Mohi Narayan and Nidhi Verma

SOUTH GOA, INDIA, Jan 30 (Reuters) - A rare combination of rising fuel demand and expanding refining capacity is drawing global commodity traders to India, with firms such as Trafigura seeking long-term partnerships with state oil companies.

As consumption growth slows in most major economies, trading firm executives told the India Energy Week conference that they see opportunities across crude, refined fuels and liquefied natural gas (LNG).

"We see massive opportunities in India," said Sachin Gupta, chief executive of Trafigura India, pointing to strong demand for diesel, gasoline and liquefied petroleum gas and adding that India would be buying "a lot" of liquefied natural gas.

Gupta expects Indian oil demand to reach closer to 9 million barrels per day by 2050, from about 5 million barrels per day currently.

On Friday, Trafigura said it signed a "landmark crude supply agreement" with Bharat Petroleum Corp to supply Iraqi Basrah and Omani crude to the Indian state refiner. BPCL also signed a term agreement with TotalEnergies TTEF.PA for the procurement of UAE crude.

GROWING DEMAND

Indian Oil Corp (IOC), the country's largest refiner, last year signed a five-year import deal with Trafigura to buy 2.5 million metric tons of LNG in a deal valued at $1.3 billion-$1.4 billion.

IOC's head of marketing, S.P. Srivastava told reporters at the conference that the company expects annual diesel demand to grow by 2-3% and gasoline demand to rise by 5-6% by 2030.

It signed a preliminary agreement with Paris-based Engie at India Energy Week for LNG and other natural gas trading opportunities in the Asia-Pacific region, IOC Chairman A.S. Sahney said.

Top gas importer Petronet LNG forecasts LNG imports will rise to 28 million-29 million tons in 2026, from about 25.5 million tons last year.

Trading giant Vitol expects most of India's refinery output to be absorbed domestically.

"There is 500,000 (barrels per day) of refining capacity coming online," said Kieran Gallagher, Vitol's Asia head. "Outside...summer seasonality and exports, largely the products derived from that capacity are going to be consumed within the country itself."

Opportunities for traders also extend to petrochemicals, where supply remains structurally short despite government estimates that production will rise by 29.62 million tons to 46 million tons by 2030.

(Reporting by Mohi Narayan and Nidhi Verma; additional reporting by Anjana Anil and Tanay Dhumal; editing by Mayank Bhardwaj, Kirsten Donovan)

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