crude oil

OPEC+ suppliers struggle to agree on cuts to oil production even as prices tumble

Another 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.

published on : 30th November 2023

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.

published on : 14th October 2023

Check inflation as Gaza war pushes up crude oil prices

Iran, a major oil producer, had been pumping more oil after the US began easing sanctions on Tehran.

published on : 11th October 2023

Oil spikes as “chances of a mistake” run high in the Middle East

Analysts say Netanyahu is on the backfoot, and he cannot be seen as weak. This could lead to further escalation and disruption in oil supply.

published on : 9th October 2023

Crude oil prices decline to $85 a barrel on demand fall

Petroleum 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.

published on : 6th October 2023

Crude oil imports from Russia rebound in September

The 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.

published on : 3rd October 2023

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.

published on : 29th September 2023

After BPCL, ONGC signs up HPCL for sale of oil from Mumbai offshore fields

ONGC produces 13-14 million tonnes per annum of crude oil from its fields in the Arabian Sea, off the Mumbai coast.

published on : 24th September 2023

Real GDP to grow at 6.5%  in FY 2024: Finance Ministry

The review pointed to encouraging signs of economic activity, citing high-frequency indicators like record e-way bill generation and electronic toll collections.

published on : 23rd September 2023

High crude prices new risk to global financial stability: RBI

The global economy could slowly be approaching an inflection point beyond which things will change to local growth booms but production inefficiencies worldwide.

published on : 19th September 2023

Crude prices touch 10-month high of USD 94 per barrel

According 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.

published on : 16th September 2023

August merchandise trade deficit widens to USD 24 billion

Overall, exports in August 2023 stood at $60.87 billion as against $63.52 billion in the same month previous year.

published on : 16th September 2023

Oil prices steady after hitting 10-month high as Saudi Arabia, Russia cut supply

The 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.

published on : 7th September 2023

India's imports of Russian oil fall to seven-month low in August

Indian refiners also cut imports from Iraq, another top supplier, to 866,000 barrels per day from 891,000 bpd.

published on : 3rd September 2023

Windfall profit tax on crude oil cut; levy on diesel, ATF exports hiked 

A windfall tax is levied on domestic crude oil if rates of the global benchmark rise above USD 75 per barrel.

published on : 2nd September 2023

Crude oil imports from Russia fell 20% in August

In 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.

published on : 1st September 2023

Control interest rates to check rupee volatility

The widening gap between US-India interest rates offers meatier returns on dollar assets than emerging markets, and predictably, companies are gravitating towards advanced economies.

published on : 26th August 2023

A tanker believed to hold sanctioned Iran oil starts offloading near Texas despite Tehran's threats

U.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.

published on : 20th August 2023

India's imports from Russia doubled to USD 20.45 billion in April-July period

The 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.

published on : 15th August 2023

Centre hikes windfall tax on crude oil, diesel exports

The 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.

published on : 15th August 2023
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