Page 5 - Crude Oil

India faces no immediate impact of oil tanker pileup in Turkey: Officials

Situation could change if jam in Bosphorus Strait continues as a result of sanctions on Russian seaborne crude, they say

G-7 price ceiling on Russian oil not low enough to hit Kremlin's revenues

European officials touted the cap - negotiated last week after months of haggling among the US and its allies - as a way to starve Russia's war machine

European sanctions on Russian oil lead to a traffic jam on Turkey's coast

The government in Ankara is insisting the ships have a letter from their insurer guaranteeing cover while in Turkish waters -- something that's yet to happen

India's existing deep discounts on Russian crude oil will stay: Officials

A record 24.8 percent of India's crude oil imports came from Russia in the April-September period

MEA Jaishankar strongly defends India's import of crude oil from Russia

India on Monday stoutly defended its import of crude oil from Russia amid the Ukraine conflict with External Affairs Minister S Jaishankar asserting that New Delhi's procurement was just one-sixth of the European purchase in last nine months, in comments that came as a G7 price cap on Russian crude at USD 60 a barrel came into effect. At a media briefing after holding wide-ranging talks with visiting German foreign minister Annalena Baerbock, Jaishankar also noted that Europe can't make choices to prioritise its energy needs while asking New Delhi to do something else, asserting that discussions between India and Russia to expand the trade basket started much before beginning of the Ukraine conflict. The two foreign ministers also inked a bilateral mobility pact that will make it easier for people to study and work in each other's country even as the two sides vowed to ramp up cooperation in areas of defence and security, trade, climate change and clean energy. In the joint presser,

Crude concerns: India may have to rely on dark fleets for Russian imports

India will continue to buy Russian oil, and the lack of ships or insurers will not be a hindrance, said an oil ministry official

Indian Oil plans to upgrade supply locations, aviation fuel station in Goa

Indian Oil Corporation plans to invest Rs 6 crore on the upgradation of supply locations and aviation fuel station in the coastal state, a senior company official said. Anirban Ghosh, Executive Director and State Head of Maharashtra and Goa State Office, told reporters that the Indian Oil Company had the highest market share of 38.1 per cent and sold 256.4 TMT of petrol, oil and lubricant products in Goa in 2021-22. He said that in the current Financial Year, the Indian Oil will invest Rs 6 crore on the upgradation of supply locations and Aviation Fuel station. Ghosh added that the investment in the development of new retail outlets and upgradation of old ones for the fiscal 2022-23 is Rs 5.50 crore. He said that Indian Oil has a network of 38 retail outlets in the state, ensuring uninterrupted POL supplies at all times. There are five distributors of Indian Oil LPG in the state, Ghosh added. Ghosh said that the contribution to the exchequer of Goa has been Rs 438.58 crores which .

Centre cuts windfall tax on crude oil output and diesel exports

The revised tax rates become effective from December 2, 2022

Pakistan asks Russia for 30-40% discount on crude oil; Moscow denies

A Pakistani delegation holding talks with their Russian counterparts has asked for a 30-40 per cent discount on crude oil, a demand turned down by Moscow which said it could not offer anything right now as all volumes were committed, according to a media report on Thursday. The delegation comprising State Minister for Petroleum Musadik Malik, Secretary Petroleum Capt (retd) Muhammad Mahmood, joint secretary and officials of the Pakistan Embassy in Moscow asked for a discount during talks in Moscow on Wednesday, The News reported. The talks ended with no cogent conclusion but the Russian side promised to consider Pakistan's demand and to share its decision later on through diplomatic channels, the paper said, citing its sources. The paper said that Russia can offer crude at the rates it is providing to its large client countries, which are reliable and sound economies, at a suitable time. Right now all volumes are committed with big buyers, sources said. The Russian side asked ...

Core sector output growth slows to 20-month low of 0.1% in October

Output accelerated by only 0.1% in October; 4 of 8 core industries reported production contraction

Crude oil prices can rise up to $110 a barrel in 2023, say analysts

Brent crude oil prices have slipped nearly 15 per cent in the last few weeks, from a peak of around $98 a barrel to a little over $83 a barrel now despite OPEC+ cutting supply

India purchased 40% of seaborne Russian Urals oil in Nov, shows data

At the same time, shipments of the grade to Europe, which was previously the largest consumer of seaborne Urals, in November amounted to slightly less than a quarter

India's crude import basket at 10-month low but pump prices to remain high

Fear of worsening economic slowdown in China has dealt the latest blow to global crude oil, with daily prices falling to their lowest since January 4, 2022

As Russia becomes India's premier oil supplier, Saudi is not losing sleep

Despite losing its place to Russia in India, the world's third biggest oil importer, the kingdom is confident it holds the cards for crude supplies in the long term

Top headlines: Windfall tax on crude hiked, India's 1st export contraction

Business Standard brings you the top headlines at this hour

Windfall profit tax on crude oil hiked, levy on export of diesel cut

The government on Wednesday hiked windfall tax on domestically produced crude oil while reducing the rate on export of diesel. The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC), was hiked to Rs 10,200 per tonne, from Rs 9,500 per tonne, with effect from November 17, a government notification said. In the fortnightly revision of windfall tax, the government cut the rate on export of diesel to Rs 10.5 per litre, from Rs 13 per litre. The levy on diesel includes Rs 1.50 per litre road infrastructure cess. The export tax on jet fuel or ATF, which was set at Rs 5 a litre in the last review on November 1, has not been altered. When the levy was first introduced, a windfall tax on export of petrol alongside diesel and ATF too was levied. But the tax on petrol was scrapped in subsequent fortnightly reviews. While the windfall profit tax is calculated by taking away any price that producers are getting above a threshold, the levy on fuel expo

No anxiety over proposed cap on Russian crude by West: Hardeep Singh Puri

"I have no anxiety on that. Market forces will deal with that. We will act according to the situation," Puri said on being asked about the proposed cap on Russian crude

ONGC Q2 profit tumbles 30% to Rs 12,826 crore on windfall tax woes

Profit fell 15.6 per cent over the preceding June quarter when it had reported a net of Rs 15,205.85 crore

Oil prices jump by over 2% as China eases some coronavirus restrictions

Brent crude futures rose $2.39, or 2.6%, to $96.06 a barrel by 0745 GMT, extending a 1.1% rise in the previous session

Dollar still being used to import Russian oil by Indian companies: Report

According to Indian importers, the rupee trade mechanism that was devised in July by the Reserve Bank of India (RBI) has not gained much traction yet