Oil companies may cut price of petrol and diesel in next few months

India’s largest private fuel retailer, already announced selling petrol and diesel at Re 1 less than the fuel sold by government-owned companies.

Oil price up by nearly 2% after Saudi announces reduction in production

Saudi Arabia announces fresh output cut to boost oil price

Analysts had largely expected OPEC+ producers to maintain their current policy, but signs emerged this weekend that the 23 countries may make deeper cuts.

India could continue to buy Russian crude: Finance Minister

The South Asian nation needs to constantly look for the best deal since it imports almost 80% of its crude oil requirements.

India's Russian oil imports now double of Iraq

The purchases from Russia in March were double of 0.82 million barrels per day (bpd) of oil bought from Iraq, which has been India's top oil supplier since 2017-18.

India scraps windfall taxes on petroleum export after OPEC's decision to cut oil production

This comes after the oil exporting countries, including Saudi Arabia, Iraq and Russia, decided on Sunday to cut production by nearly 1.6 million barrels a day to stabilise the crude price.

Oil prices up 6 pc after OPEC’s output cut, to inflate India’s crude basket cost

The OPEC+ countries including Saudi Arabia, Iraq and Russia, on Sunday said they will slash output by 1 million barrels a day, accounting for about 3.7 per cent of global demand.

Core sector growth slows down to 6 per cent in February

Coal production grew year-on-year at 8.5%, a four-month low. Natural gas output grew at 3.2%, refinery products at 3.3%, steel at 6.9% and electricity at 7.6%.

India inks deal to ramp up Russian oil imports

The deal assumes significance as it comes at a time when India is increasingly facing diplomatic pressure from Western countries to curtail imports of ‘cheaper crude’ from Russia.

Domestic oil exports earnings up 60 per cent to USD 86 billion in Apr-Jan FY23

From April 2022 to January 2023, the Netherlands ($8.9 billion) the UAE ($6.6 billion), and the US ($4.8 billion) were the top buyers of petroleum products from India.

Banking crisis: Crude oil falls to 15-month low

The crude price in the international market fell to their lowest in 15 months due to fallout from banks in the US and Europe. 

Rupee far from being a global currency

The reasons are a fear of short-term mass exodus of capital and massive exchange rate volatility.

'No other option': Russia's unequal economic marriage with China

Temur Umarov, a fellow at the Carnegie Endowment for International Peace, said Russia's economic stability "depends on China".

OMCs will benefit from low crude prices: Experts

Anuj Gupta, VP-Research at IIFL Securities, expects the crude to go down further and could test $65 to $70 levels very soon.

Russia shipped 40 per cent of India’s crude imports in Feb, says IEA report

In a bid to stop Russia from making a profit on crude, a key source of its revenue, western countries had put a price cap on its oil export.

CPCL to immediately decommission faulty pipeline

A few days after the leak was finally arrested, the pipeline oozed out a small quantity of entrapped oil on Friday, leading to a fresh round of anxiety among the local fishers.

A year after the Ukraine invasion, oil market much changed

With the addition of Russia to the list of sanctioned countries alongside crude exporters Iran and Venezuela, almost 20 per cent of global supply is cut off from major markets, including US.

Ukraine conflict: India's Russian oil imports hit record high as refiners snap up cargoes at a discount

Russia is selling record amounts of crude oil to India to plug the gap in its energy exports after the European Union banned imports in December.

India's Russian oil imports hit record high in Feb; surpass combined imports of Iraq and Saudi

India, the world's third-largest crude importer, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow.

Crude oil leaks into sea off Nagapattinam coast in Tamil Nadu

The state government is likely to form an expert committee to quantify the leak and assess the extent of damage to the environment.