Prosecutors say shippers tried to disguise the shipment by labeling it as “Basra light crude” from neighboring Iraq.
The result was a 52 per cent jump in inventory gains from the Rs 5,622 crore recorded during the previous quarter.
Despite the sharp rise in cases in India among the three largest oil consumers in the world brent crude oil prices rose to just below the $70 per barrel mark on Wednesday.
With regard to gross refining magind, the outlook is modest as capacity addition is expected to exceed to refined products demand growth.
The company has obtained an order amount of Rs 299.07 crore excluding GST for supply of...external coated carbon steel line pipes to Numaligarh Refinery.
The cartel had brought in these production cuts in order to stabilise oil prices after the pandemic destroyed a major portion of demand last year.
The fall in oil prices comes after a massive wave of Covid-19 infections continued to impact large parts of Europe.
Aramco achieve the required capex to buy a stake, they added, since both companies have indicated that talks are still going on regarding their earlier announced partnership.
Having breached the $70 per barrel mark early this month, crude prices have dived over the past week on concerns over rising Covid cases Brent crude was trading at $63.67 per barrel on Friday.
While the taxes haven't come down, a spike in global oil prices on demand recovery has pushed petrol and diesel to an all-time high, leading to demand for them come under the GST.
On Thursday, Brent crude oil hit levels last only seen on January 8, 2020 at $67.70 per barrel, before easing a little to fall just below the $67 mark.
With Chinese oil demand turning out to be stronger than expected, crude prices will likely keep trending upward if the status quo on output is maintained.
The GSPA said that the buyer on his part will be obliged to offtake the committed gas volumes or pay for it i.e. take or pay.
Domestic crude production contracted by nearly 5 per cent in the month of November after production in the Cairn Vedanta-owned Rajasthan oil fields fell sharply.
Reliance-BP in November 2019 auctioned initial gas from the R-Series field at a biddable percentage of Brent crude oil price.