India’s Oil and Natural Gas Corp has for the first time sold oil through a three-month local tender, commanding $5-$8 per barrel more than existing rates under new rules that allow producers marketing freedom, industry sources said in a Reuters report. ONGC, the country’s top oil explorer, accepted bids at that level through auction of […]
India first imposed windfall profit tax on July 1, joining a growing number of nations that tax super normal profits of energy companies. Export duties of Rs 6 per litre (USD 12 per barrel) were levied on petrol and aviation turbine fuel and Rs 13 a litre (USD 26 a barrel) on diesel. A Rs 23,250 per […]
India’s procurement of Russian crude oil is not under any government-to-government framework and Indian entities make the purchase from the market to respond to the country’s energy security requirement, Foreign Secretary Vinay Kwatra said. Kwatra also chose not to comment on the proposed price cap on Russian oil, a move initiated by the G7 countries […]
Oil prices rose more than $2 a barrel on Monday, extending gains as OPEC+ producers agreed to cut oil output targets by 100,000 bpd in October. Brent crude futures futures for November delivery rose $3.57 to $96.59 a barrel, a 3.8% gain. U.S. West Texas Intermediate crude was up $2.13, or 2.5%, at $89 after a […]
India’s demand for petroleum products like petrol and diesel will grow by 7.73 per cent in 2022, the fastest pace in the world, an OPEC report said. India’s demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2021 to 5.14 million bpd in 2022, OPEC said in its monthly oil […]
State-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) posted a combined loss of Rs 18,480 crore on holding petrol and diesel prices despite a rise in cost. According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and […]
Indian Oil Corporation sold petrol at a loss of Rs 10 per litre and diesel at Rs 14 a litre during April-June, leading to the firm reporting its first quarterly net loss in over two years. The nation’s largest oil refining and fuel retailing firm reported a net loss of Rs 1,992.53 crore in April-June […]
Saudi Arabia, the leading nation of OPEC+ is expected to price its flagship crude to Asia at a record differential for September even as traders see the scope for a weaker spot market the following month, highlighting a potential turning point for the market. The world’s top crude exporter is expected to price its Arab Light […]
Although the quantum of Oil imports from Brazil constitutes a small fraction of India’s overall crude oil import basket, the official data available with the Brazilian government shows the quantum of Oil imports have more than doubled since FY 2019. According to a top Brazilian diplomat quoted in Financial Express, the total quantum of crude […]
The UAE and Saudi Arabia’s oil production is nearing their limit, French President Emmanuel Macron told his U.S. counterpart during the G7 meeting this week. The French president was referring to a conversation he had with the rule of the Emirates, as reported by Reuters. According to the cited conversation, the UAE was already “at maximum,” […]
