Two of the world’s prominent energy organisations—Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA)—have revised upwards their demand forecast for oil this year, which could help sustain a price rally. Demand will increase by 5.95 million barrels per day this year, which is around 70,000 barrels per day more than last […]
State-owned major sector oil refiner Bharat Petroleum Corporation (BPCL), slated to be disinvested, plans to further reduce its dependence on crude oil from West Asia to 50 per cent from 65 per cent. The company plans to increase its sourcing from countries in West Africa, Far East, and Latin America. The plan, to be implemented in […]
India is likely to resume buying crude oil from Iran the moment US sanctions are eased, helping it diversify its import basket. India stopped importing oil from Iran in mid-2019 following sanctions on the Persian Gulf nation by the Trump administration. The US and other world powers are meeting in Vienna to revive the Iran […]
Saudi Arabia has hiked its crude oil prices for Asian buyers by $0.40 per barrel and cut those for European and US buyers by $0.20 and $0.10 per barrel, respectively, Reuters has reported, noting the increase is for May cargos, from the prices for April cargos. This means the May shipments price for Arab Light—Saudi […]
Amid tensions with Saudi Arabia over oil production cuts, India has asked its state refiners to review contracts they enter into for buying crude oil from the Middle East nation and negotiate more favourable terms. Few weeks ago the energy minister of the Saudi kingdom had summarily dismissed India’s plea to relax production curbs and […]
After raising cooking gas prices by Rs 125 per cylinder last month, state-owned oil firms on Wednesday announced a Rs 10 per cylinder cut in LPG rates on softening international oil prices. A 14.2-kg LPG cylinder — both for subsidised and market price users — will cost Rs 809 from April 1 as against Rs […]
With Saudi Arabia giving cold shoulder to India’s plea for easing production controls, India is reported to be scouting to purchase crude oil from any country that will give it at cheaper rates and on favourable business terms. Refineries in India, the world’s third-biggest oil importer are snapping up more cargoes from outside the Middle […]
Saudi Aramco, the world’s largest crude oil exporter, lowered its guidance for capital expenditures (capex) for 2021 even amid a pick-up in demand for oil and natural gas in Asia. The oil firm’s capex will be around $35 billion this year, down from previous guidance of $40 billion to $45 billion, Aramco said in a […]
Despite record-high fuel prices, India’s Finance Minister Nirmala Sitharaman said there is no proposal as of now to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST). “At present, there is no proposal to bring crude petroleum, petrol, diesel, ATF and natural gas under GST,” Sitharaman […]
India’s finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices. A doubling in the price of crude oil over the past 10 months has contributed to record fuel prices at gas stations in India. Retail prices of petrol and diesel are hovering near Rs […]
