India's May oil imports see record high from Russia in 10 months

24 Jun 2024 CW Team

In May, India saw a significant increase in its imports of oil from Russia, reaching a new high of approximately 2.1 million barrels per day (bpd). According to trade sources and shipping data, this surge was attributed to wider discounts offered on Russian oil, stemming from reduced demand from China.

The data revealed that Russia's share of India's oil imports, which is the world's third largest, rose to nearly 41% last month. Meanwhile, Saudi Arabia's supply to India dropped to its lowest point in ten months, following a second consecutive month of increased term prices by Saudi Aramco in May.

Indian refineries have been heavily purchasing Russian oil, taking advantage of discounted prices amidst a scenario where some European countries have refrained from buying Russian oil since Moscow's invasion of Ukraine in February 2022. Additionally, comparable grades from other regions, particularly the Middle East, have been more expensive.

Data indicates that India imported approximately 5.1 million bpd of oil in May, marking a 5.6% increase from April. Specifically, Indian imports of Russian oil in May were 14.7% higher compared to April and 5.9% higher than the same period last year.

An official from one of India's refineries mentioned, "Russian oil was abundantly available last month, with better discounts due to reduced demand from China."

Furthermore, Indian private refiners such as Reliance Industries and Nayara Energy, which are predominantly owned by Russian entities, have secured a term agreement for purchasing Russian oil.

Infrastructure Transport

11 May 2026

Shivraj Chouhan Launches PMGSY IV and Announces Package for Madhya Pradesh

Union Minister Shivraj Singh Chouhan launched the Pradhan Mantri Gram Sadak Yojana (PMGSY) IV at Bhairunda in Sehore district during the 25 year celebrations and announced a development package for Madhya Pradesh. The programme was organised by the Union Ministry of Rural Development and attended by Chief Minister Dr Mohan Yadav, ministers of state, state ministers, legislators and senior officials from the centre and the state. The minister said the central government under the Prime Minister is committed to strengthening rural livelihoods through improved connectivity, housing and women's in..

DMR Engineering Reports FY 25-26 Financial Results

DMR Engineering reported its half year results for the financial year ended 31 March 2026 and published full year figures on a standalone basis. Standalone revenue from operations decreased by 2.01 per cent year-over-year to Rs 102.58 million (mn), while profit after tax declined by 43.94 per cent to nine point five six mn, leaving a profit after tax margin of nine point zero five per cent. Earnings per share stood at Rs zero point nine two, a fall of 44.71 per cent year-over-year. The company attributed part of the decline to one-off provisioning for bad debts and additional financing charges..

Atlanta Electricals Posts Strong FY26 Growth And Debt Free Finish

Atlanta Electricals reported audited consolidated results for the quarter and year ended 31 March 2026. The company recorded significant year-on-year revenue growth driven by capacity ramp-up at new facilities and higher utilisation at legacy plants. The announcement summarised operating improvements and strategic milestones achieved during the year. For Q4 the company reported revenue of Rs 7.48 bn and for FY26 revenue of Rs 18.52 bn, representing robust growth versus the prior year. EBITDA in Q4 was Rs. 1.49 bn and Rs. 3.44 bn for the full year, with margins expanding to 20 per cent in the q..