Crude Oil

Others, too, believe that $100 a barrel could become a reality

The risks to Indo-Russian oil trade escalate when Urals crude starts trading above the cap imposed by the European Union

The quantity of crude that India imported was 6 per cent lower in 2021-22 at 212 million tonnes compared to 2018-19

Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share

India's fuel demand hit its highest level in at least 24 years in February, with industrial activity in Asia's third biggest economy boosted by cheap Russian oil

This means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax

The latest pledges bring the total volume of cuts by Opec+ to 3.66 million bpd, including a 2 million barrel cut last October, equal to about 3.7 per cent of global demand

Industry executives said imports from Russia may rise further as talks are on to address difficulties in paying for Russian crude

Previously in March, the Centre had slashed the windfall tax by Rs 900 per tonne to Rs 3,500 per tonne from Rs 4,400 per tonne

Oil benchmarks jumped 6% on Monday, the day after the OPEC+ group jolted markets with plans to cut more production, raising fears of tightening supplies

Consumes nearly half a million barrels a day more than in 2019

The move would likely raise prices at the pump, further straining relations between Riyadh and Washington as the world copes with inflation fuelled in part by the war in Ukraine

Oil supplies from Russia surged after the G7's stringent sanctions, relegating traditional suppliers Iraq and Saudi Arabia to second and third place

The firms also say that while crude oil prices have cooled off, they must sustain at current levels for actual impact to be seen on manufacturing operations

The aftermath of European Union sanctions on Russia mean that the Turba has been enlisted into a vast shadow fleet carrying Moscow's oil around the globe

Petrol and Aviation Turbine Fuel (ATF) have been exempted from the export levy

Growth in bulk segments, but grey clouds hover over container cargo

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Iran on Friday strongly pitched for faster implementation of the Chabahar port project as well as use of the facility by India to send various shipments saying the key transit hub will benefit both the countries. Iranian Ambassador Iraj Elahi also sought resumption of import of crude oil by India from Iran while citing New Delhi not succumbing under pressure by the Western powers to not continue procurement of petroleum products from Russia following the Ukraine crisis. India stopped procurement of crude oil from Iran after the US did not continue with sanction waivers to India and several other countries. "We believe that India is and was strong and powerful to stand against the pressure of the West... India is a rising power. India has a powerful economy. So India could easily resist pressure from the US and the West," the ambassador told a group of journalists. Citing India's resistance against pressure to not buy oil from Russia, Elahi hoped that New Delhi would soon start ...