Category: Oil & Gas

The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. The decision at a meeting of oil ministers Sunday comes a day […]

Russia said on Saturday it would continue to find buyers for its oil, despite what it said was a “dangerous” attempt by Western governments to introduce a price cap on its oil exports. A coalition of Western countries led by the G7 group of nations agreed on Friday to cap the price of Russian seaborne […]

With India continuing to import oil from Russia at discounted rates amid the war in Ukraine, the US envoy in New Delhi said Friday that while the goal of Washington’s policy is to reduce revenues to Russia to fund its war, it is a “sovereign decision” of countries to make. In her first media interaction […]

The Commission for Air Quality Management (CAQM) has laid out a roadmap for phasing out all diesel-run autorickshaws in the National Capital Region (NCR) by end of 2026. According to a directive by CAQM, in the NCR areas of Haryana, Uttar Pradesh and Rajasthan, registrations of only CNG or electric autorickshaws would be allowed from […]

The Group of Seven (G7) nations and Australia on Friday said they had agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland and hammered out a political agreement earlier in the day. The EU agreed the price after holdout Poland gave its support, paving […]

On a clear morning in late October, the jewel-blue hull of the Madame Gu, one of the world’s most luxurious superyachts, gleamed, its aluminum rails shimmering in the sun. Workers on the pier said they had recently seen people painting, cleaning and generally keeping the ship with its helipad and six guest staterooms in pristine […]

The Haryana government Thursday approved a draft policy for scrapping old petrol and diesel-run vehicles, which will also offer incentives, including a rebate on registration fee, of a new vehicle. The policy, to be effective for five years, will be in sync with the voluntary vehicle fleet modernization programme of the Government of India to […]

Reliance Industries has emerged as the most valuable listed company followed by Tata Consultancy Services and HDFC Bank, according to a list released on Thursday. In the ‘2022 Burgundy Private Hurun India 500 Top 10’ list, companies, on an average, were worth a total of Rs 226 lakh crore (USD 2.7 trillion). The Mukesh Ambani-led […]

A Pakistani delegation holding talks with their Russian counterparts has asked for a 30-40 per cent discount on crude oil, a demand turned down by Moscow which said it could not offer anything right now as all volumes were committed, according to a media report on Thursday. The delegation — comprising State Minister for Petroleum […]

The government on Thursday slashed to less than half the windfall profit tax on domestically produced crude oil and also reduced the levy on diesel. The revised tax rates become effective from December 2, 2022. The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) has been reduced […]

The Kirit Parikh panel to review natural gas prices in India has recommended a price band of $4-6.50/unit for gas from old legacy fields, which account for over 70 per cent of the domestic output, and ushering in of fully market-determined rates by January 2027. It proposed price escalation for the old fields, with an […]

The government has received about Rs 5,001 crore as dividend tranche from ONGC, taking the total dividend receipt from all CPSEs (Central Public Sector Enterprises) so far this fiscal to Rs 23,797 crore. “The government has received about Rs 5,001 crore from ONGC as dividend tranche,” Department of Investment and Public Asset Management (DIPAM) Secretary […]