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Crude Oil News

02 Oct 2024

Iran's Missile Attack On Israel Sends Oil Prices Skyrocketing

The ongoing tensions highlight the importance of Iran's oil industry for maintaining stability in energy markets, especially during periods of political unrest or possible supply shortages.

26 Aug 2024

Rupee Closes 3 Paise Higher At 83.87 Against US Dollar

On the domestic equity market front, Sensex advanced 611.90 points, or 0.75 per cent, to close at 81,698.11 points. The Nifty rose 187.45 points, or 0.76 per cent, to 25,010.60 points.

12 Jul 2024

'Petrodollar Deal': Did Saudi Arabia Not Renew Deal With US? EXPLAINED

Media reports have stated that a 50-year longstanding Petrodollar deal between Saudi Arabia and the United States has lapsed in July. What does it mean? We explain.

aviation turbine fuel

01 Jun 2024

ATF Price Cut By 6.5%, Windfall Tax On Crude Petroleum Reduced

The government has reduced the windfall tax on domestically-produced crude oil to Rs 5,700 per tonne from Rs 5,700 which is effective from June 1, 2024.

30 May 2024

Sensex Falls 314 Points Amid Muted Global Cues

Crude oil remains flat -- Brent crude at $79 per barrel and WTI crude at $83 per barrel.

India import bill

02 May 2024

Govt's Firm Stand On Buying Russian Oil Saves $8 Bn In India's Import Bill

Prime Minister Narendra Modi-led government has stood firm in maintaining its ties with Russia despite the Western sanctions against Moscow.

01 May 2024

Govt Cuts Windfall Tax On Crude Oil, ONGC, OIL India Ltd To Gain

Upstream oil exploration and production companies ONGC and Oil India Ltd stand to gain as they will have to pay a lower tax on their crude.

19 Apr 2024

Global Oil Prices Rise Amid Increasing Middle East Conflict

India imports over 85 per cent of its crude oil requirement and a substantial spike in global oil prices could raise the country’s oil import bill.

09 Jan 2024

With First Oil Discovery, India's Close To Atmanirbhar Bharat In Energy Sector

The discovery of oil in ONGC's Krishna Godavari basin concurs with dreams of India's mission for an 'Aatmanirbhar Bharat'.

23 Nov 2023

Oil Marketing Stocks In Limelight On Account Of Fall In Crude Price

Sugar stocks too witnessed fresh buying due to improved domestic demand.

06 Sep 2023

BIG UPDATE On Petrol, Diesel Price; Govt May Cut Fuel Prices By Rs 3-5 A Litre

Last week, the government cut the price of the domestic 14.2kg LPG cylinder by Rs 200/LPG cylinder for all 330 million consumers w.e.f. August 30.

India-UAE relations

15 Aug 2023

'Historic': India Makes First Crude Oil Payment To UAE In Rupees

A Local Currency Settlement (LCS) system was established as a result of a Memorandum of Understanding (MoU) exchanged during PM Narendra Modi's visit to the UAE last month.

15 Jun 2023

India's Export, Import Fell In May, Trade Deficit Rises To 5-Month High

As a result, the trade deficit rose to a five-month high of $22.1 billion. India has been consistently witnessing a trade deficit for many years now.

21 Mar 2023

Windfall Tax On Diesel Export Hiked To Re 1 Per Litre

The government raised the tax on the export of diesel to Re 1 per litre from Rs 0.50.

13 Mar 2023

Iran says oil exports reach highest level since US reimposed sanction in 2018

The Iranian oil Minister claimed that the country`s gas exports have witnessed a year-on-year rise of 15 per cent in the current Iranian calendar year, noting that Iran has raked in $6.5 billion from its liquefied petroleum gas exports since March 2022.

16 Feb 2023

Petroleum products can be brought under GST once states agree: FM

The 49th meeting of the GST Council is scheduled to be held here in the national capital on February 18, to be chaired by finance minister Sitharaman.

30 Dec 2022

Rupee ends as worst-performing Asian currency in 2022: Report

Indian rupee ended 2022 as worst-performing currency with a fall of 10.14%. It had seen the biggest annual decline since 2013. The rupee was also a victim of a rally in oil prices sparked by Russia-Ukraine conflict.

16 Dec 2022

Non-fossil sources to meet 62 % of India's total energy demand by 2030

India is expected to source about 62 per cent of its energy requirements from non-fossil sources by 2030. India is already sourcing about 42 per cent of its energy requirements from non-fossils sectors. India has a very robust power grid running from North to South and East to West of the country.

11 Dec 2022

Russia welcomes India's decision to not support G7's price cap on Russian oil

Russia welcomes India's decision to not support the price cap on Russian oil. Earlier, West put a cap on Russian oil to $60 per barrel. India's Ministry of External Affairs has defended the decision of purchasing Russian oil.

04 Dec 2022

Russia rejects West-imposed oil price cap; says to respond soon

Russia "will not accept" a price cap on its oil by Western countries and is analysing how to respond. Russia has repeatedly said it will not supply oil to countries that implement the cap. Russia's embassy in the United States criticised what it called the "dangerous" Western move and said Moscow would continue to find buyers for its oil.

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