Category: Oil & Gas

Moscow: Turkey and Brazil last year became the biggest importers of Russian seaborne diesel and gasoil after European Union sanctions barring the import of Russian refined products took effect, data from market sources and LSEG showed. Before the full EU embargo was implemented in February 2023, Europe was Russia’s biggest buyer. Traders have since diverted […]

Betul (Goa): India is likely to sign on Tuesday a multi-billion dollar deal to extend import of 7.5 million tonnes of LNG per year from Qatar for another 20 years beyond 2028 at rates that are lower than current prices, sources said. Petronet LNG Ltd will sign the deal to extend import contract with Qatar […]

New Delhi: India’s crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation’s insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil […]

Beijing: Oil prices stabilised in early Asian trading on Monday after sharp falls last week, amid continued attempts to reach a ceasefire in the Israel-Palestinian conflict even as the US planned new strikes on Iran-backed groups. Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while US West Texas Intermediate […]

India raised its windfall tax on petroleum crude to 3,200 rupees/ton from 1,700 rupees from Saturday while keeping the windfall tax on diesel and aviation turbine fuel at zero, the government said late on Friday. On Jan. 16, the government cut windfall tax on petroleum crude from 2,300 rupees a ton. From July 2022, India […]

New Delhi: The government has hiked windfall tax on domestically produced crude oil to Rs 3,200 per tonne from Rs 1,700 per tonne with effect from Saturday. The tax is levied in the form of Special Additional Excise Duty (SAED). According to an official notification, SAED on export of diesel, petrol, and jet fuel or […]

New Delhi: Reliance Industries Limited (RIL) on Friday reported a consolidated net profit of Rs 17,265 crore for the quarter ended December 31, posting a year-on-year (YoY) growth of 9.3%, but marginally lower than the previous quarter as “inspection shutdown” and lower price realisation on its oil business hit earnings. The company’s revenue from oil-to-chemicals […]

New Delhi: Reliance Retail Venture Ltd (RRVL) on Friday reported a 31.87 per cent rise in its net profit to Rs 3,165 crore for the third quarter ended in December 2023. Its revenue from operations surged 23.75 per cent to Rs 74,373 crore in the December quarter of FY24, led by its grocery, fashion & […]

Bengaluru: ONGC Videsh, the overseas investment unit of the country’s top explorer, Oil and Natural Gas Corp, has received a five-year over Rs 34 thousand crore loan from DBS Bank and Bank of Baroda , a company spokesperson said on Thursday. The loan will strengthen ONGC Videsh’s available cash as it contends with shrinking free […]

Davos, Switzerland: Supply cuts by OPEC+, costly shipments from some traditional Middle East suppliers and geopolitical tension is driving India, the world’s third biggest oil importer, to diversify its crude sources and accelerate its energy transition, its Oil Minister Hardeep Singh Puri said. “Whenever there is vulnerability and uncertainty in the market, the transition gets […]

Davos, Switzerland: Global oil markets will cope with Red Sea disruptions in the short run, although prolonged attacks by the Houthis on ships would lead to a shortage of tankers due to longer voyages and a supply delay, the CEO of Saudi oil giant Aramco said. Amin Nasser told Reuters he expected the oil market […]

India cut its windfall tax on petroleum crude to Rs 1,700 a tonne from Rs 2,300 a tonne, according to a government notification on Monday. The cut will be effective from Jan. 16, the order said. On Jan. 2, the government had lifted the windfall tax on petroleum crude oil to Rs 2,300 a tonne […]