Category: Oil & Gas

Washington: Two senior US treasury officials are in India to urge New Delhi to maintain the implementation of the oil price cap aimed at limiting profits to Russia, while also promoting stable global energy markets. Acting Assistant Secretary for Terrorist Financing Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand are travelling […]

The government on Wednesday increased the windfall tax on domestically produced crude to Rs 6,800 per tonne from Rs 4,900 per tonne, with effect from April 4. The tax is levied in the form of Special Additional Excise Duty (SAED).

India plans to build its first privately managed strategic petroleum reserve (SPR) by 2029-30, granting the operator the freedom to trade all of the stored oil, the chief executive of Indian Strategic Petroleum Reserves Ltd (ISPRL) said. Allowing a fully commercial SPR mirrors the model adopted by countries such as Japan and South Korea, which […]

India, the world’s third biggest oil consumer and importer, plans to build its first commercial crude oil strategic storage as part of efforts to shore up stockpiles as insurance against any supply disruption. Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle created by the government for building and operating strategic petroleum reserves in […]

Crude oil’s climb towards $90 per barrel is a matter of anxiety for India, oil secretary Pankaj Jain has said. “Whenever prices go up, it does cause anxiety, cause concern,” Jain said. Brent, the international crude benchmark, has risen to $89 per barrel, adding $15 in about four months. “Does it stop at $90? That’s […]

The Chatterjee Group (TCG) is in talks with local and global companies to partner with its majority-owned petrochemical firm Haldia Petrochemicals Ltd (HPL) to build a more than $10 billion project in southern India, HPL’s chief executive said. The private equity firm plans to build the oil-to-chemical project, capable of producing 3.5 million metric tons […]

Shares of Indian Oil Corporation Ltd. rose 0.98 per cent to Rs 169.4 in Monday’s trade. It hit an intraday high of Rs 171.25 and low of Rs 169.05, respectively, during the day. The stock quoted a 52-week high price of Rs 196.8 and low of Rs 76.66. As of 12:23PM (IST), the counter saw […]

Oil prices stayed near five-month highs on Monday as markets expected tighter supply due to OPEC+ cuts and after attacks on Russian refineries, while Chinese manufacturing data supported a stronger demand outlook. Brent crude was 35 cents lower at $86.65 a barrel by 1230 GMT after rising 2.4% last week. U.S. West Texas Intermediate crude […]

Shares of GAIL (India) Ltd. rose 1.02 per cent to Rs 183.0 in Monday’s trade as of 11:57AM (IST) even as the benchmark Nifty ruled at 22476.3, up 149.4 points. The scrip had closed at Rs 181.15 in the previous session. The stock quoted a 52-week low of Rs 102.95 and a high of Rs […]

Oil prices gained in early Asian trading on Tuesday, underpinned by signs of improved demand and escalating Middle East tensions that had sparked a rally in U.S. futures to a five-month high in the previous session. Brent futures for June delivery rose 37 cents to $87.79 a barrel by 0046 GMT. The May contract for […]

Shares of Indian Oil Corporation Ltd. gained 2.09 per cent to Rs 172.75 in Tuesday’s session as of 10:25AM (IST) even as the equity benchmark Sensex traded 119.64 points lower at 73894.91. Earlier in the day, the stock witnessed a gap up start to the session. The stock quoted a 52-week high price of Rs […]

Oil prices edged down slightly on Monday, holding on to most of their recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data. Brent crude fell 17 cents, or 0.2%, to $86.83 a barrel by 0017 GMT after rising 2.4% last week. U.S. West Texas Intermediate […]