India is the world's third-biggest oil importer and consumer and meets almost 85 per cent of its oil requirements from overseas
India is the UAE's second-largest trade partner and officials are working on a mechanism to boost trade in dirhams and rupees
India's appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's imports rose to 1.27 million barrels per day in January, taking a 28 per cent share, according to energy cargo tracker Vortexa. India, the world's third-largest crude importer after China and the United States, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine. From a market share of just 0.2 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's imports rose to 28 per cent in January 2023. Officials attending India Energy Week (IE
With India burning more fossil fuel to grow, state-owned refiners are likely to struggle to meet their targets
The seven-month-old windfall profit tax on domestically produced crude oil and export of fuel is likely to give about Rs 25,000 crore in the current fiscal ending March 31 and the levy will continue for now as international oil prices are up again, top government officials said. "As of now, crude prices are again on the rise. So, for time being windfall tax will continue," CBIC chairman Vivek Johri told PTI here. Separately, Revenue Secretary Sanjay Malhotra said the budget has estimated collection from windfall tax at Rs 25,000 crore in the current fiscal. As the geopolitical situation continues to be volatile, Johri said it would be "difficult to predict how long the windfall taxes will continue". India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF, and Rs 13 a litre (USD 26 a barrel) on diesel
Nearly half of overall expenditure would be for refineries expansion and upgrade while about 44% will be used for exploration and production of hydrocarbons, the data provided in the budget documents
India imported between 1.27 to 1.42 million barrels of Russian crude per day, which made up 28% of India's supplies in January, the highest ever
India's Bharat Petroleum Corp plans to shut its multiple refineries for maintenance in the coming months
A weaker US currency makes dollar-denominated commodities such as oil cheaper for buyers using other currencies
Russia continued to be the top oil supplier to India in December, shipping a record 1.25 million barrels per day (bpd)
Last week Brent rose 2.8%, while the U.S. benchmark logged a 1.8% gain
For the week, Brent was heading for a gain of about 1.2% and the U.S. benchmark for a 0.8% rise
But OPEC kept its 2023 global demand growth forecast unchanged
Brent crude futures, the global oil benchmark, advanced 0.65 per cent to $86.48 per barrel
Guyana and India in 2021 failed to reach an agreement for direct sales of Guyana's sweet crude to Indian state refiners
It cut its windfall tax on crude to Rs1,900 ($23.28) per tonne from Rs 2,100 per tonne, effective Tuesday
A weaker greenback tends to boost demand for oil, as it makes the commodity cheaper for buyers holding other currencies
Brent crude rose $1.18, or 1.4%, to $83.85 a barrel by 1250 GMT, while U.S. West Texas Intermediate crude gained $1.15, or 1.5%, to $78.56
A weaker dollar can boost demand for oil, as dollar-denominated commodities become cheaper for holders of other currencies
Brent crude was up $1.96, or 2.5%, at $80.53 a barrel by 1450 GMT while U.S. West Texas Intermediate crude rose $2.10, or 2.9%, to $75.87