Oil

Oil prices surged on Monday after Saudi Arabia and other OPEC+ oil producers announced a surprise round of output cuts, a potentially ominous sign for global inflation

MOSCOW (Reuters) - Russia's largest oil producer Rosneft and India's top refiner Indian Oil Corp have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India, Rosneft said on Wednesday.

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

Almost 1,200 miles away in Dubai, a small office in a run down industrial estate, offers no clues that it, too, is a small cog in Russia's vast new petroleum supply chain

Prime Minister Sheikh Hasina has said that her country's first cross-border oil pipeline with India will play a vital role in ensuring fuel security in Bangladesh at a time when the world was facing a serious energy crisis due to the Ukraine war. Hasina said this while virtually inaugurating with her Indian counterpart Narendra Modi the 131.5-km Bangladesh-India Friendship Pipeline' on Saturday. Terming India a "true friend" of Bangladesh, Hasina said she wanted this friendship to remain intact. The pipeline costing Rs 377 crore is part of energy sector cooperation between the two neighbouring countries through which Bangladesh will import petroleum, especially diesel from India. When many countries across the world are on the verge of a fuel crisis due to the Russia-Ukraine war at that time this pipeline will play a vital role in ensuring the fuel security of our people, Hasina said. "The friendship pipeline is a milestone achievement in cooperation for the development between th

India, the world's biggest vegetable oil importer, buys sunflower oil from the Black Sea region, which accounts for 60% of the world's sunflower oil output and 76% of exports

President Joe Biden will prevent or limit oil drilling in 16 million acres in Alaska and the Arctic Ocean, an administration official said on Sunday. The announcement, which is expected as soon as Sunday evening, comes as regulators prepare to announce a final decision on the Willow project, a controversial oil drilling plan pushed by ConocoPhillips. The official requested anonymity to discuss the conservation effort before it is officially unveiled. The plan has two parts. First, the official said, Biden will bar drilling in nearly 3 million acres of the Arctic Ocean, closing off the rest of its federal waters from oil exploration. Second, the administration will develop new rules for more than 13 million acres in a vast swath of land known as the National Petroleum Reserve - Alaska. The official said the area includes the Teshekpuk Lake, Utukok Uplands, Colville River, Kasegaluk Lagoon and Peard Bay Special Areas. It's unclear whether the announcement will mollify environmentali

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

Oil prices were little changed on Tuesday after five sessions of gains, with weak oil data from top crude importer China balanced by concern over supply

The government slashed windfall profit tax on export of diesel to its lowest of Rs 0.50 per litre and nil on jet fuel (ATF) while the levy on domestically produced crude oil was marginally increased, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has hiked to Rs 4,400 per tonne from Rs 4,350 per tonne, the order dated March 3 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). The government has also cut the tax on export of diesel to Rs 0.5 per litre from Rs 2.5, and the same on overseas shipments of ATF was cut to nil from Rs 1.50 a litre. The new tax rates come into effect from March 4, the order said. This is the second reduction in rates in a fortnight. Rates were cut on February 16. The export levy on diesel and ATF is the lowest since the tax was introduced in July last year. The tax rates are .

The rupee depreciated 11 paise to 82.60 against the US dollar in early trade on Thursday, weighed down by strength of the American currency in the overseas market. Sustained foreign fund outflows further dented investor sentiments, according to forex traders. At the interbank foreign exchange, the domestic unit opened weak at 82.57 against the dollar, then fell to 82.60, registering a decline of 11 paise over its last close. On Wednesday, the rupee settled at 82.49 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 11 per cent to 104.59. Brent crude futures, the global oil benchmark, advanced 0.04 per cent to USD 83.34 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 303.83 points or 0.51 per cent lower at 59,107.25. The broader NSE Nifty declined 80.70 points or 0.46 per cent to 17,370.20. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday

Cottonseed oil cake prices on Monday declined by Rs 74 to Rs 2,554 per quintal in futures trade as participants reduced their bets following weak trends in spot markets. On the National Commodity and Derivatives Exchange, cottonseed oil cake for March delivery fell by Rs 74 or 2.82 per cent to Rs 2,554 per quintal with an open interest of 36,580 lots. Analysts said a sell-off by participants at existing levels amid a subdued trend in the market mainly weighed on cottonseed oil cake prices.

But its impact has been kept under check

EU set to propose fresh sanctions on Moscow tech and vehicles

State-run explorer Oil India reported a bigger-than-expected 40% jump in third-quarter profit on Friday, aided by increased production and better price realisation

The European Union ban on seaborne Russian fuel shipments, coupled with earlier restrictions on the bloc's crude purchases, give more impetus for Moscow to ramp up the flows to India

Although the front-month Brent futures contract was down 37 cents to $84.53 a barrel in low volumes, the more actively traded April Brent futures rose by 89 cents, or 1.1%, to $85.39 by 12:47 p.m. EST

UN Secretary-General Antonio Guterres delivered his message on the second day of the elite gathering of world leaders and corporate executives in Davos

But OPEC kept its 2023 global demand growth forecast unchanged

The 30-share BSE Sensex rallied 562.75 points or 0.94 per cent to settle at 60,655.72