Oil prices hit seven-week low on growing concern over China virus
India imports 84 per cent of its oil needs and two-thirds of its import come from the Middle East with Iraq and Saudi Arabia being the top suppliers
US crude soared 4.42% to $65.47 a barrel
Brent Crude Futures surged over 3 per cent to trade at $68.25 per barrel-mark. The West Texas Intermediate, too, gained 2.71 per cent to $62.84 per barrel.
A few companies who got blocks under DSF-I are considering surrender of their blocks too as they are left with only three months to start production
Expect rupee to trade in a range of 71.60-72.40 in the near term
OPEC and its allies will consider whether to deepen cuts to crude supply when they next meet in December
Saudi Aramco said it would sell 1.5 percent of the company in a blockbuster initial public offering worth between $24 billion and $25.6 billion
September crude output fell by 660,000 bpd to 9.129 million bpd, figures from the Joint Organizations Data Initiative (JODI) showed.
OPEC's share of India's imports in September was about 81 per cent although total volumes were lower
OPEC and its partners have been limiting supply since 2017
Trump said on Saturday that talks with China were moving along "very nicely"
The government is focusing on increased use of bio-fuels and raising domestic crude oil and gas production to reduce imports
Gross domestic product grew by more than a six-year low of 5 per cent in the first quarter
Though the government is mulling options to create a gas hub, doing so demands higher volume and maturity in the domestic market
Fearful of the flames that have been rising from the oil rig, anxious villagers say they are afraid that it might catch fire and pose a threat to their lives
The United States in January prohibited US-dollar transactions for oil sales from Venezuela's PDVSA or its units
Reliance had in March capped oil purchases from the Latin and halted selling diluent.
As part of the deal, Saudi will supply as much as 5,00,000 barrels per day of crude oil or 25 million tonnes annually to Reliance
Vision 2030 of Crown Prince Mohammed bin Salman will also result in significant expansion of trade and business between India and Saudi Arabia