Oil falls 5% after Israel's counterattack on Iran; Brent crude drops to $71.92 per barrel
Oct 29, 2024, at 07:21 pm
New York/IBNS: Oil prices fell by about $4 per barrel on Monday (Oct. 28) after Israel's weekend counterstrike on Iran left key oil and nuclear sites untouched, easing concerns over potential disruptions to energy supplies.
Finance Ministry to decide on scrapping windfall tax as crude prices decline, says PM's advisor
Oct 24, 2024, at 05:43 am
New Delhi: The Union finance ministry is expected to decide on scrapping the windfall tax on crude oil, as falling prices have made the levy less relevant, said Prime Minister’s advisor Tarun Kapoor, media reports said.
Global oil prices shoot up for third consecutive day amid escalating Middle East conflicts
Oct 03, 2024, at 08:38 pm
New York/IBNS: Escalating tensions between Israel and Iran in the Middle East have driven global crude oil prices upward, and the situation could worsen following Iran's launch of around 180 ballistic missiles at Israel in response to the deaths of Hamas, Hezbollah, and Iranian military leaders.
Asian shares decline, oil and safe-haven assets surge following Iran's strike on Israel
Oct 02, 2024, at 06:56 pm
Mumbai/IBNS: Oil and safe-haven assets surged after Iran launched a missile attack on Israel, causing US stocks to fall on Tuesday (Oct. 1) as investors sought safety, reports Bloomberg.
Sep 17, 2024, at 08:28 pm
New York/IBNS: Oil prices surged by nearly 2 percent on Monday (Sept. 16), buoyed by continued disruptions to U.S. Gulf Coast oil production, despite ongoing concerns about demand stemming from weak economic data from China.
Oil prices tumble on weak demand concerns, Brent dips below $70, near 3-yr low
Sep 11, 2024, at 06:02 am
Brent futures fell below $70 a barrel for the first time since December 2021, marking a new low in a price slump driven by strong supply, demand concerns, and heavy speculative selling, according to Bloomberg.
Crude oil prices rise on Mideast escalation fears, US rate cut expectations
Aug 26, 2024, at 10:04 pm
London/IBNS: Crude oil prices climbed 1 percent on Monday (Aug 26) on renewed concerns that an escalating Gaza conflict could disrupt regional oil supplies, extending gains from Friday when the prospect of US interest rate cuts lifted the global economic and fuel demand outlook, reports Reuters.
Govt slashes windfall tax on crude oil to Rs 2,100 per tonne
Aug 17, 2024, at 05:27 pm
New Delhi/IBNS: The Union government has reduced windfall tax on domestically produced crude oil to Rs 2,100 per tonne from previous Rs 4,600 per tonne, while windfall tax on export of diesel and aviation turbine fuel (ATF) has been kept at nil, reports said.
Oil gains after US inflation data pushes Wall Street to lift Fed rate cut bets
Jul 12, 2024, at 08:57 pm
Washington/IBNS: Crude oil prices extended gains on Thursday (July 11), keeping the Brent crude benchmark above the $85 per barrel-mark, after Wall Street experts lifted bets on interest rate cuts by the United States Federal Reserve, reports Mint.
Oil prices plunge on deflated US interest rate cut expectations, OPEC+ decision
Jun 08, 2024, at 06:25 pm
New York/IBNS: Oil prices plunged on Friday and posted a third straight weekly loss as investors weighed OPEC+ reassurances against the latest United States jobs data that lowered expectations that the Federal Reserve will cut interest rates soon, reports said.
Saudi Arabia to launch Aramco share sale this Sunday to raise $10 bn: Report
May 31, 2024, at 05:03 am
Riyadh: Saudi Arabia is set to officially launch a secondary offering of shares in the oil giant Saudi Aramco, to raise over $10 billion, as early as Sunday, according to sources familiar with the matter, reported Bloomberg.
Reliance Industries inks one-year deal with Russia's Rosneft for oil purchase in roubles: Report
May 29, 2024, at 02:44 am
Mumbai: Mukesh Ambani-led Reliance Industries, which operates the world's largest refining plant, has signed a one-year agreement with Russia's Rosneft to purchase at least 3 million barrels of oil monthly in roubles, Reuters reported.
Oil prices rise over 1% ahead of inflation data after downbeat week
May 28, 2024, at 06:26 pm
Houston/IBNS: The prices of crude oil rose over 1 percent in muted trade owing to public holidays in Britain and the United States after a downbeat week characterised by the outlook for US interest rates in the face of sticky inflation, reports said.
Govt asks PSU refiners, RIL to collaborate on negotiating oil-deal with Russia: Report
May 21, 2024, at 10:14 pm
New Delhi: The government has asked its state-run oil refiners and private company Reliance Industries Ltd. to collaborate on negotiating a long-term supply agreement with Russia, Bloomberg reported.
India plans to set up first privately run strategic petroleum reserve by 2029-30: Report
Apr 04, 2024, at 05:31 am
New Delhi: India intends to set up its first privately operated strategic petroleum reserve (SPR) by 2029-30, allowing the operator the autonomy to trade the entire oil stock, media reports said.
Bharat Petroleum inks deal with BP to buy US crude
Mar 21, 2024, at 02:25 am
New Delhi: Public sector oil refiner Bharat Petroleum Corporation Ltd (BPCL) has inked a deal with BP to purchase 1 million barrels every month of U.S. West Texas Intermediate (WTI) crude for a period of four months, media reported.
Centre increases windfall tax on petroleum crude to Rs 9,800/ton
Nov 01, 2023, at 04:45 am
New Delhi: The Centre on Tuesday increased the windfall tax on petroleum crude from Rs 9,050/ton to Rs 9,800/ton, effective from November 1, a government notification said.
Oil prices reach highest in 10 months
Sep 20, 2023, at 06:07 am
Oil prices surged by more than 1% on Tuesday, reaching the highest levels in 10 months, Reuters reported.
May 28, 2023, at 04:26 am
Maritime services company Lloyd's Register has informed Gatik Ship Management, a major carrier of Russian oil following the Ukraine war, that it will revoke certification for 21 of its vessels by June 3, according to a statement by the company to Reuters.
Russia remains top crude oil supplier to India in March with 1.64 million bpd
Apr 08, 2023, at 01:58 am
Russia supplied 1.64 million barrel per day (bpd) of crude oil to India, surpassing traditional suppliers such as Saudi Arabia and Iraq, Moneycontrol reported.
India's Feb crude oil imports from Russia hit record high
Mar 05, 2023, at 10:54 pm
New Delhi/IBNS: India's crude oil shipments from Russia in February reached an unprecedented 1.6 million barrels per day, surpassing the combined imports from traditional suppliers Iraq and Saudi Arabia.
India's imports from Russia jump 5 times amid Russia-Ukraine conflict
Feb 16, 2023, at 06:15 pm
New Delhi: India’s imports from Russia multiplied nearly five times to $ 37.31 billion in the April-January period in FY23 owing to an increase in crude oil import from that country, according to the commerce ministry data.
India's crude oil imports jump by 53 pc during Apr-Nov period, shows latest govt data
Dec 17, 2022, at 06:14 am
New Delhi/IBNS: India’s crude oil import grew by 52.58 percent to $146.57 billion during April-November during FY23, according to data shared by the Ministry of Commerce.
Russia replaces Iraq as the largest oil supplier to India in Nov: Report
Dec 15, 2022, at 05:58 am
New Delhi: Russia for the first time in November replaced Iraq as the top exporter of crude oil to India, media reports said.
Russian oil: India to examine West's price cap proposal, says report
Oct 20, 2022, at 07:27 am
India has said it would examine the proposal by the United States and the European Union (EU) to put a price cap on Russian oil, Reuters reported.
Cheap Russian crude likely to pose tough competition to Saudi Arabia in India
Aug 06, 2022, at 06:36 am
New Delhi: Russia and Saudi Arabia could be soon locked in a battle over securing a bigger share of India's crude import market, with Moscow offering a cheaper alternative to one of the world's biggest importers.
Govt exploring all ways to buy crude oil at affordable rates, says Finance Ministry
Apr 08, 2022, at 06:45 am
New Delhi: The Centre is trying to find out "all viable options" to buy crude oil at affordable rates, the finance ministry said on Thursday.
India has no plans to buy Russian oil in rupees: Report
Mar 29, 2022, at 06:13 am
New Delhi: India does not plan to buy oil from Russia or any other country with Indian rupees, Minister of State Ministry of Petroleum and Natural Gas Rameswar Teli told parliament on Monday, amid scores of sanctions imposed by Western nations on Russia over its invasion of Ukraine, media reports said.
India's oil imports in Feb increased amid surge in demand
Mar 19, 2022, at 01:56 am
India's crude oil imports in February increased to 4.86 million barrels per day (bpd), its highest since December 2020.
Ukraine War: Mukesh Ambani's RIL supplying diesel to Europe from Jamnagar refinery
Mar 11, 2022, at 07:06 pm
Mukesh Ambani-led Reliance Industries is sending shipments of diesel to Europe amid a global energy crunch spurred by Russia’s invasion of Ukraine, media reports said.