Category: Business Standard

Ministers from International Energy Agency (IEA) member states are weighing the release of 60 million barrels from oil reserves, two sources familiar with the talks said on Tuesday, to cool oil prices soaring from Russia’s invasion of Ukraine. US Energy Secretary Jennifer Granholm is chairing the extraordinary ministerial meeting of the Paris-based IEA, which represents […]

LONDON (Reuters) -Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports. Brent crude rose $2.65, or 2.7%, to $100.58 by 1255 GMT after touching a high of $105.07 a barrel in early […]

Crude oil jumped while the rouble plunged nearly 30% to a record low on Monday after Western nations imposed tough new sanctions on Russia for its invasion of Ukraine, including blocking some banks from the SWIFT global payments system. Safe-haven demand boosted bonds along with the dollar and yen while the euro sank after Russian […]

Jet fuel prices on Tuesday were increased by 3.3 per cent to all-time high levels across the country, in step with international oil prices surging to over seven-year-high. This is the fifth hike in jet fuel or Aviation Turbine Fuel (ATF) prices this year following an unrelenting rise in global oil prices, but petrol and […]

MELBOURNE (Reuters) -Oil prices jumped on Monday on escalating sanctions against Russia over its invasion of Ukraine, which in turn led President Vladimir Putin to put his country’s nuclear deterrent on high alert. Brent jumped back above $100 a barrel, initially surging more than $7, as the nuclear alert and bank payment constraints heightened fears […]

Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports. Brent crude rose $ 2.79, or 2.85 per cent, to $100.72 by 9.12 pm IST after touching a high of $105.07 a barrel […]

The prices of 19 kg commercial LPG cylinders have been increased by Rs 105 in Delhi from March 1. With this increase, 19 kg commercial cylinder will cost Rs 2,012 in Delhi from Tuesday. The price of 5 kg cylinder also increased by Rs 27. Now 5 kg cylinder will cost Rs 569 in Delhi. […]

State-run Indian refiner Bharat Petroleum Corp. is seeking extra oil from Middle Eastern producers for April, fearing Western sanctions against Russia could hit deliveries of Urals crude, a source familiar with the matter said. BPCL, India’s second biggest state refiner, on an average buys two million barrels of Russian Urals every month on a delivered […]

India’s top refiner Indian Oil Corporation (IOC) will no longer accept cargoes of Russian crude oil and Kazakh CPC Blend on a free-on-board (FOB) basis due to insurance risk, according to a tender notice and a source familiar with the matter. The letter was sent on Monday to traders who submit cargo offers into IOC’s […]

India’s top refiner Indian Oil Corp will no longer accept cargoes of Russian crude oil and Kazakh CPC Blend cargoes on a free-on-board (FOB) basis due to insurance risk, according to a tender notice and a source familiar with the matter. The letter was sent on Monday to traders who submit cargo offers into IOC’s […]

Shares in BP fell nearly 7% on Monday after the British energy major revealed plans to sell its nearly 20% stake in Russian oil giant Rosneft over the weekend following Moscow’s invasion of Ukraine. State-owned Rosneft accounts for around half of BP’s oil and gas reserves and a third of its production. A sale of […]

HOUSTON (Reuters) -Exxon Mobil likely will face new pressure to severe ties with Russia’s largest oil producer, said analysts, after rival BP agreed to unload a Rosneft stake. Russia’s attack on Ukraine has unleashed broad economic and political rebukes and corporate withdrawals by banks, technology and other firms unprecedented in their extent. BP on Sunday […]