Oil Export

The 130-km-long friendship pipeline on West Bengal border will transport diesel from Numaligarh Refinery in Assam

India will be unable to use Western tankers and insurance if it refuses to adhere to price cap

Western governments are aiming to cap the price of Russia's oil exports in an attempt to limit the fossil fuel earnings that support Moscow's budget, its military and the invasion of Ukraine. The cap is set to take effect on Dec. 5, the same day the European Union will impose a boycott on most Russian oil its crude that is shipped by sea. The EU was still negotiating what the price ceiling should be. The twin measures could have an uncertain effect on the price of oil as worries over lost supply through the boycott compete with fears about lower demand from a slowing global economy. Here are basic facts about the price cap, the EU embargo and what they could mean for consumers and the global economy: WHAT IS THE PRICE CAP AND HOW WOULD IT WORK? U.S. Treasury Secretary Janet Yellen has proposed the cap with other Group of 7 allies as a way to limit Russia's earnings while keeping Russian oil flowing to the global economy. The aim is to hurt Moscow's finances while avoiding a sharp

Recently, IOC signed a deal to procure oil from Colombia's Ecopetrol SA and Brazil's Petroleo Brasileiro SA (Petrobras)

A higher than expected production cut by the group will add to the strain on government finances

The government has hiked the windfall profit tax on the export of diesel to Rs 13.5 per litre and that on jet fuel exports to Rs 9 per litre. The levy on domestically-produced crude oil too has been increased by Rs 300 per tonne to Rs 13,300. At the fourth fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 13.5 per litre from Rs 7, while on ATF (Aviation Turbine Fuel) exports, it was hiked to Rs 9 per litre from Rs 2, according to a finance ministry notification issued on Wednesday.

Gulf oil exporters will most likely not cut crude supplies to India significantly next year in a bid to satisfy growing demand from Europe

Moscow's invasion of Ukraine has caused turmoil across energy markets this year, and that disruption is set to extend into 2023

It is likely to continue with the levy till the Indian basket of crude is above $80 a barrel

SEA executive director BV Mehta said that several oil companies in India have been resorting to the unfair practice of packing the oil at a higher temperature to reduce the weight

LONDON (Reuters) -Oil prices rose on Friday after a U.S. official told Reuters an immediate Saudi oil output boost is not expected, while indications that the U.S. central bank could raise interest rates less aggressively than anticipated also supported crude.

Reversal in price trends, policy measures such as windfall tax by the government and fall in refining margins are among key downside risks

Exports fell slightly to 6.937 million bpd from 6.949 million bpd in November, according to monthly figures provided by Saudi Arabia and other oil-exporting countries to JODI

Saudi Arabia's crown prince said the world's top oil exporter aims to reach "net zero" emissions of greenhouse gases

India, the world's third-biggest oil importer and consumer that imports over 80% of its oil needs, is mirroring a model adopted by some other countries.

Domestic production of oil and gas has been lagging

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme

Brent crude futures were down 6 cents at $68.40 a barrel by 0039 GMT, having jumped 3% on Monday. US West Texas Intermediate futures fell 8 cents to $65.97 a barrel

World's largest oil exporter plans to reverse recent unilateral production cut, signalling confidence in recovery

The imposition of the sanctions was part of a push by the Trump administration to oust Venezuelan President Nicolas Maduro