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International oil News

26 May 2016

Brent oil pushes above $50 for first time in nearly seven months

Brent had climbed 34 cents to $50.08 a barrel by 0520 GMT, its highest since Nov. 4. It ended the previous session up $1.13, or 2.3 percent.

24 Feb 2016

Global crude down 2/3rd since May '14; petrol falls only 16%

A litre of petrol cost Rs 71.41 in May 2014 when international oil was at USD 106.85 per barrel but even after over two-third fall in global rates, the price of petrol has witnessed only 16 percent decline and remains at Rs 60 per litre.

11 Feb 2016

Oil slumps again; US crude at 2003 low

Without any particular market-moving news but a persistent global crude oil glut, the oil market slid again Thursday, dragging US crude to its lowest price in nearly 13 years.

14 Jan 2016

Brent falls to another 12-year low on oversupply gloom

It was the second time in two days for Brent, the global benchmark, to drop below $30 a barrel.

28 Aug 2015

Savings on oil will help in funding social security schemes: FM

India, which imports close to 80 percent of its oil needs, spent about USD 124 billion in 2014-15 on shipping oil.

28 Aug 2015

'India's oil imports dependence may hit 90% in next 2 decades'

India imports 79 percent of its oil needs, and spent USD 138.3 billion on the same.

31 Mar 2015

Govt allocates Rs 4,948 cr for filling strategic oil reserves

Taking advantage of lower oil prices, the government on Tuesday allocated Rs 4,948 crore to full India's maiden strategic oil reserves to insulate itself from supply disruptions.

15 Oct 2014

US bid for oil supremacy shakes crude market

Propelled by surging shale output, the United States is fighting for supremacy in the global oil market even as a pullback in crude prices threatens to challenge the boom.

01 Sep 2014

Diesel under-recovery declines steeply, deregulation imminent

This is the first time in over a decade that retail pump prices are almost in line with imported cost of the nation's most consumed fuel.

16 Jul 2014

Losses on diesel sales fall to Rs 2.49 per litre

The difference between the cost of diesel production and the retail selling price had more than doubled to Rs 3.40 a litre in the first half of July.

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