India’s biggest refiner, Indian Oil Corporation (IOC), is sticking to Middle Eastern oil as suppliers are offering deep discounts. With such discounts, the competition producers may have a tough time making inroads in the world’s third-largest crude importer. Gulf producers such as Iraq and Saudi Arabia — which together supplied around 40 per cent of […]
The availability of smuggled Vietnam pepper from Myanmar and Nepal has curtailed the demand in Jharkhand and Bihar markets, HinduBusinessline reports. Traders are slow in procuring from the domestic market, as they can source the imported stuff at lower prices with hardly any GST in cash and carry mode. Vietnam pepper is priced at Rs.150 a […]
Oil prices have surged to two-month highs – $31 a barrel yesterday – on growing signs of a rebound in oil demand, as the easing of lockdowns spread worldwide. At its peak in April, global lockdown measures affected around 3.9 billion people. But an estimated 3.7 billion people are now living in areas that are experiencing […]
Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed US crude inventories are still rising. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced […]
At no time since Ibn Saud first consolidated his Arabian conquests into the Kingdom of Saudi Arabia in 1932 has the ruling Saud dynasty faced such an existential threat to its continued rule over the country. It is true that Saudi Arabia has been able to gain some temporary advantage in key Asian export markets, […]
Oil futures rose yesterday on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand. Brent crude futures advanced 0.7 per cent, or 22 cents, to $29.85, […]
Small cardamom exports to Saudi Arabia are likely to increase during the current Ramadan season with the Saudi authorities agreeing to accept the globally accepted Codex Food Standards of the United Nations, the Spices Board has said. In the past, Indian small cardamom had a steady share of over 50% in export volume and value […]
With the prices of popular mango varieties of alphonso and kesar dwindling due to the coronavirus-induced lockdown, the growers of another famous variety, dussehri, have knocked at the doors of the Uttar Pradesh government for relief. In a letter to UP Chief Minister Yogi Adityanath, Mango Growers Association of India has demanded a slew of urgent measures to protect state mango farmers, […]
Top oil-producing countries including Russsia have agreed for output cuts in order to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers, dominated by Saudi Arabia, and allies led by Russia met via videoconference for an hour in a last-ditch effort to cement an accord that rested […]
OPEC, Russia and other oil-producing nations have finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, reports ABC News admin
