 | OPEC+ suppliers struggle to agree on cuts to oil production even as prices tumbleAnother big question is whether Saudi Arabia and Russia will extend their additional voluntary cuts of 1 million barrels per day and 300,000 barrels per day, respectively, into 2024. |
 | Discount on Russian crude declines to lowest level since March 2022“Total oil exports increased by 460 thousand barrels per day (kb/d) to 7.6 million barrels per day (Mbd), with crude oil accounting for 250 kb/d of the increase. |
 | Check inflation as Gaza war pushes up crude oil pricesIran, a major oil producer, had been pumping more oil after the US began easing sanctions on Tehran. |
 | Oil spikes as “chances of a mistake” run high in the Middle EastAnalysts say Netanyahu is on the backfoot, and he cannot be seen as weak. This could lead to further escalation and disruption in oil supply. |
 | Crude oil prices decline to $85 a barrel on demand fallPetroleum and Natural Gas minister Hardeep Singh Puri on Wednesday said rising crude oil prices could create organised chaos and devastation in several parts of the world. |
| Crude oil imports from Russia rebound in SeptemberThe data also noted that India’s crude oil imports from Iraq also increased, reaching 926,000 barrels per day, marking a 14.6% year-on-year increase and an 8.54% month-on-month rise. |
 | Is the US heading for a repeat of the ‘Great Inflation’ of the 1970s?Several factors are in place for the return of stagflation in the world’s largest economy, which could accelerate the decline of the dollar as the world’s reserve currency. |
 | After BPCL, ONGC signs up HPCL for sale of oil from Mumbai offshore fieldsONGC produces 13-14 million tonnes per annum of crude oil from its fields in the Arabian Sea, off the Mumbai coast. |
 | Real GDP to grow at 6.5% in FY 2024: Finance MinistryThe review pointed to encouraging signs of economic activity, citing high-frequency indicators like record e-way bill generation and electronic toll collections. |
 | High crude prices new risk to global financial stability: RBIThe global economy could slowly be approaching an inflection point beyond which things will change to local growth booms but production inefficiencies worldwide. |
| Crude prices touch 10-month high of USD 94 per barrelAccording to analysts, crude oil prices could even touch $100 a barrel in the next few weeks. Crude oil was trading at $82 a barrel (bbl) in January, after falling to $70 a bbl in June. |
 | August merchandise trade deficit widens to USD 24 billionOverall, exports in August 2023 stood at $60.87 billion as against $63.52 billion in the same month previous year. |
| Oil prices steady after hitting 10-month high as Saudi Arabia, Russia cut supplyThe inflated crude price in the international market will raise cost of India’s crude basket, and oil marketing companies will have to shell out more to import crude. |
 | India's imports of Russian oil fall to seven-month low in AugustIndian refiners also cut imports from Iraq, another top supplier, to 866,000 barrels per day from 891,000 bpd. |
| Windfall profit tax on crude oil cut; levy on diesel, ATF exports hikedA windfall tax is levied on domestic crude oil if rates of the global benchmark rise above USD 75 per barrel. |
 | Crude oil imports from Russia fell 20% in AugustIn August 2023, import from Russia was the lowest in the past seven months as crude imports from the country fell by 440kbd to 1.63 mbd. |
 | Control interest rates to check rupee volatilityThe widening gap between US-India interest rates offers meatier returns on dollar assets than emerging markets, and predictably, companies are gravitating towards advanced economies. |
 | A tanker believed to hold sanctioned Iran oil starts offloading near Texas despite Tehran's threatsU.S. officials and the owners of the ship, Suez Rajan, the Los Angeles-based private equity firm Oaktree Capital Management, did not immediately respond to requests for comment. |
| India's imports from Russia doubled to USD 20.45 billion in April-July periodThe imports from UAE too contracted to USD 13.39 billion during April-July 2023 as against USD 18.45 billion in the same period last year. |
 | Centre hikes windfall tax on crude oil, diesel exportsThe tax, levied in the form of special additional excise duty, on domestically produced crude oil has been raised to Rs 7,100 per tonne from Rs 4,250 per tonne, according to an official notification. |
