Category: Oil & Gas

India’s appetite may be waning for crude oil from Russia, the country’s biggest source, with discounts shrinking by 77 per cent from a record high in early 2023, and by 61 per cent from the months after the invasion of Ukraine in February, suggests exclusive data accessed by Business Standard. But even record-low discounts at […]

India’s appetite may be waning for crude oil from Russia, the country’s biggest source, with discounts shrinking by 77 per cent from a record high in early 2023, and by 61 per cent from the months after the invasion of Ukraine in February, suggests exclusive data accessed by Business Standard. But even record-low discounts at […]

Oil and LNG prices are likely to shoot up if Iran is to block Strait of Hormuz, through which countries like India import crude oil from Saudi Arabia, Iraq and UAE, leading to a spike in inflation, analysts said on the Iran-Israel conflict. The Iran and Israel conflict has escalated over the last few days. […]

Oil edged higher on Friday, following an earlier price spike of more than $3 a barrel, after Iran played down a reported Israeli attack on its soil, a sign that an escalation of hostilities in the Middle East might be avoided. Brent futures were up 59 cents, or 0.68 per cent, at $87.70 a barrel […]

Exxon Mobil Corp. surpassed Tesla Inc. in market value for the first time in more than a year after the electric vehicle maker’s sales slowed and investors bet on consumers’ reluctance to ditch gas-powered cars. Tesla is down 41 per cent in a punishing start to the year, marked by renewed growth worries, widespread job […]

India, the world’s third biggest oil importer and consumer, discussed recent trends and volatility in the global oil market and their impact on global energy stability with OPEC secretary general on Friday, a government statement said. During the telephone conversation with Haitham Al-Ghais India’s oil minister Hardeep Singh Puri “emphasized the importance of balancing market […]

Russia became the top oil supplier to India during the fiscal year 2023/24 for a second year in a row, squeezing the market share of Middle Eastern and OPEC producers to historic lows, ship tracking data from industry sources showed. New Delhi has been gorging on Russian oil sold at a discount after Western nations […]

The rupee depreciated 6 paise to 83.58 against the US dollar in early trade on Friday, weighed down by a negative trend in domestic equities and elevated crude oil prices. Forex traders said the strength of the American currency in the overseas market also dented investor sentiments. At the interbank foreign exchange, the rupee opened […]

Woodside Energy posted a fall in first-quarter revenue on Friday compared with the previous three-month period due to lower realised oil and liquefied natural gas prices and flagged declining production volumes at some of its major projects. Australia’s largest LNG exporter said production from its Bass Strait project in Victoria and Pyrenees and Pluto LNG […]

The latest flashpoint in West Asia has derailed India’s preliminary plans to resume crude oil imports from Iran, officials said. In January, officials of the Ministry of Petroleum and Natural Gas had told Business Standard that the government had been studying proposals for the same, given that India was trying to expand sources of imports. […]

Noida International Airport on Tuesday said Bharat Petroleum Corporation Ltd will lay a 35-km dedicated aviation turbine fuel (ATF) pipeline from its Piyala Terminal to the tank farm at the airport in Jewar. The airport and the BPCL have entered into an agreement, signed on February 20, for the work to efficiently meet the airport’s […]

Reliance Industries Ltd. offered US oil to other buyers in Asia last week, an unusual move for refiners who rarely seek to resell crude within weeks of buying it. India’s biggest private processor tried to sell West Texas Intermediate Midland crude for May loading, according to traders with knowledge of the matter who asked not […]