A Reserve Bank of India (RBI) paper on Tuesday said that while the initial inflationary pressure was due to successive supply shocks, a“revenge rebound” in spending is now generalising price pressures and making them persistent. The paper, which analysed the inflation trajectory in the country after February, said that supply-side shocks resulting from the Russia-Ukrainewar […]
Category: Oil & Gas
Centre cuts windfall tax on domestic crude oil by 65%
The government has slashed the windfall profit tax levied on domestically-produced crude oil as well as on export of diesel and ATF following a drop in global oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut steeply to […]
ONGC to start drilling in Bengal
Oil and Natural Gas Corporation Ltd is planning to drill seven development wells in the state, setting the stage for the long awaited commercial exploitation of hydrocarbon deposits from the Bengal basin. A proposal to drill the wells in and around Ashoknagar in North 24-Parganas, the epicentre of the PSU’s exploration activities in Bengal, will […]
India buying more Russian crude than ever as West slaps tougher rules on Russian oil exports
The West has just imposed tough new rules on buying Russian oil. But as the measures come into force, India has been snapping up more Russian crude than ever before. Since the cap was imposed, one tanker a day has sailed out of Russian ports heading towards India’s west coast. That works out to about […]
Russia offers India help in leasing and building large-capacity ships to overcome G7’s oil price cap
Russia has welcomed India’s decision to not support the price cap on Russian oil announced by G7 and its allies and offered it cooperation on leasing and building large-capacity ships to overcome the ban on insurance services and tanker chartering in the European Union and Britain to continue buying discounted oil. The offer came as […]
ONGC appoints Arun Kumar Singh as chairman and managing director
Arun Kumar Singh, former chairman of oil refining and marketing company BPCL, was on Wednesday appointed chairman and managing director of ONGC — the first instance of a retired person being appointed the head of a maharatna PSU. “The Appointments Committee of Cabinet (ACC) has approved the proposal of the ministry of petroleum and natural […]
India may assert Sakhalin-I rights
The restoration of ONGC Videsh’s stake in Russian oil field Sakhalin-1 is marred in confusion as it is yet to get a formal communiqué on its rights over the field that was nationalised by Russian President Vladimir Putin in July. India has been pressing for the restoration of its stake in the project. Now that […]
Russia to provide fuel at discounted rates: Pakistan govt
Cash-strapped Pakistan on Monday said Russia has agreed to provide it with crude oil as well as petrol and diesel at discounted rates, as Islamabad battles to contain a current account deficit swelled by energy payments, mostly for oil. The development comes a month after Finance Minister Ishaq Dar said that Pakistan is exploring the […]
Cap on Russian crude oil sours market mood
Stocks kicked off the week on a poor note — hit by rising oil prices on account of the new cap on Russian crude and the relaxation in China’s Covid restrictions. In volatile trade on Monday, the BSE Sensex after falling 360.62 points to 62507.88, ended with a 33.9-point loss to settle at 62834.60. The […]
Opec oil cartel to stick to its oil output targets in face of Moscow sanctions uncertainty
Opec+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply. The decision comes two days after the Group of Seven (G7) nations agreed a price […]
Reliance Industries buys Russian naphtha
Reliance Industries, operator of the world’s largest refining complex, is snapping up Russian refined fuels, including rare purchases of naphtha, after some Western buyers stopped Russian imports, trade flows data from Refinitiv showed. Western sanctions against Russia over its invasion of Ukraine have led to an emergence of rare trade routes for Russian crude and […]
Price cap on Russian oil will benefit emerging markets, help constrain Putin’s finances: US
The US has welcomed the USD 60-per-barrel price cap on Russian oil, describing it as an “important tool” that will benefit emerging markets and low-income economies and further cripple President Vladimir Putin’s finances used to fund his “brutal invasion” on Ukraine. The European Union reached a deal on Friday for a USD 60-per-barrel price cap […]