IOCL books some Oil Cargoes for Loading from Red Sea Port

Indian refiner, Indian Oil Corp has booked some oil cargoes for loading from the Red Sea port of Yanbu, ‌a company source said.

The US-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.

- Russia's Deputy Prime Minister Alexander Novak said 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, 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.