India’s Bharat Petroleum Corporation Ltd. (BPCL) has bought 2 million barrels of Russian Urals for May loading from trader Trafigura, Reuters reported. Refiners in India, the world’s third biggest oil importer and consumer, have been snapping up Russian oil through spot deals since Russia’s invasion of Ukraine on Feb. 24, taking advantage of deep discounts as other […]
Sanctions-hit Russia is offering hefty discounts to India for direct oil purchases. Russia is offering a hefty discount of as much as $30-35/barrel on its flagship Ural grade to India. The discount will be applied on prices that were prevailing before its invasion of Ukraine on February 23. Considering Brent crude prices having risen from […]
Domestic cooking gas (LPG) price has been hiked by Rs 50 per cylinder in line with a spike in international energy prices. A 14.2-kg non-subsidised LPG cylinder will now cost Rs 949.50 in the national capital. This is the first increase in LPG rates since early October. Prices have been on a freeze since then […]
India’s oil imports from the United States will rise by 11% this year, as the severely energy-deficient country looks to secure supplies from producers around the world, including heavily-sanctioned Russia. The surge in oil prices following Russia’s invasion of Ukraine last month threatens to fan Indian inflation, stretch public finances and hurt growth just when […]
Close on the heels of Indian Oil Corporation (IOC) buying Russian crude, Hindustan Petroleum Corporation Ltd (HPCL) has also bought two million barrels of Russian crude oil as Indian refiners stepped up efforts to secure Russian oil available at deep discounts. Just like IOC, HPCL also bought Russian Urals crude through European trader Vitol. Separately, Mangalore Refinery and […]
India’s mineral production rose 2.6 per cent in December 2021 over the same month a year ago, the mines ministry said. The index of mineral production of mining and quarrying sector at 120.3 was 2.6 per cent higher in the month under review as compared to the level in the same period of 2020, the […]
Oil touched $90 a barrel for the first time in seven years, supported by tight supply and rising political tensions in Russia that raised concerns about further disruption in an already-tight market. Brent crude rose $2.02, or 2.3%, to $90.22 on Wednesday, the first time the global benchmark has broken $90 since October 2014. U.S. […]
Jet fuel or aviation turbine fuel (ATF) price was hiked by 4.2 per cent – the second increase in rates this month due to firming international oil prices. Petrol and diesel prices however, remained unchanged for the 72nd day in a row. Aviation turbine fuel (ATF) price was hiked by Rs 3,232.87 per kilolitre, or […]
OPEC and allied oil-producing countries have decided to pump more oil to the world economy amid hope that travel and demand for fuel will hold up despite the rapid spread of the omicron variant of COVID-19. The 23-member OPEC+ alliance led by oil cartel member Saudi Arabia and non-member Russia said it would add 400,000 […]
Saudi Arabia’s crude oil stockpiles rebounded in September after hitting their lowest on record in August, as the country boosted production while using much less for power generation and slightly reducing refinery runs, data from the Joint Organizations Data Initiative showed. Saudi Arabia exported 6.516 million barrels per day (b/d) of crude in September, its […]
