Iran and the United States must take a political decision within days to prevent the failure of indirect talks on reviving the 2015 nuclear deal after 11 months of negotiations rocked by a last-minute Russian demand of a sanctions exemption. The European Union’s top envoy Enrique Mora, who coordinates the talks, tweeted: “Just to clarify. […]
Category: Oil & Gas
IOC to accept Russian crude oil on cost-inclusive freight basis
Indian Oil Corporation has set tougher terms for crude from Russia. In its latest tender issued this week, the state-owned refiner said it would accept Russian and Black Sea loading grades on a delivered at place (DAP) basis or cost-inclusive freight (CIF) basis. Previously, IOC purchased Russian and Kazakh crudes on either a free-on-board basis […]
Rupee declines 14 paise to close at 75.94 against dollar
The rupee declined 14 paise to close at 75.94 against the dollar on Thursday, pressured by surging crude oil prices amid intensifying conflict between Russia and Ukraine. Persistent foreign capital outflows and subdued domestic equity markets also affected market sentiment, forex dealers said. At the interbank foreign exchange market, the rupee opened strong at 75.76 […]
Ukraine crisis: Brent soars above $112, inflation fears rise
The benchmark Brent crude soared above $112 per barrel on Wednesday as fighting intensified in Ukraine. The decision by the International Energy Agency to release crude from its reserves also failed to dampen prices. Higher energy prices could worsen the inflation that’s already threatening economies everywhere and prompting concern among central banks. In India, state-owned […]
More Western firms expected to pull out of Russia
More Western companies are expected to pull out of Russia on Tuesday as corporations and investors across industries follow the lead of energy firms BP and Shell that abandoned their multi-billion-dollar positions after the invasion of Ukraine. Leading banks, airlines, auto makers and more have cut shipments, ended partnerships and called Russia’s actions unacceptable. Many […]
India’s crude oil import bill set to exceed $100 billion
India’s crude oil import bill is set to exceed $100 billion in the current fiscal, almost double its spending last year as international oil prices trade at seven-year highs. The country spent $94.3 billion in the first 10 months (April-January), according to data from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC). It spent […]
BP exit opens new front in West’s campaign against Russia
Energy major BP opened a new front in the West’s campaign to isolate Russia’s economy, with its decision to quit the oil-rich country the most aggressive move yet by a company in response to Moscow’s invasion of Ukraine. Western allies have ramped up efforts to punish Russia with new sanctions including shuttering their airspace to […]
Russia invasion of Ukraine batters shares, rupee; more turmoil ahead
India is feeling the immediate whiplash from Russia’s full-throttle invasion of Ukraine in the form of higher oil prices and stock market turmoil. Global crude prices soared by more than $7 on Thursday, day one of Russia’s assault, with more price hikes seen in the pipeline, while the eruption of hostilities has wreaked carnage on […]
Cabinet in a huddle as Brent tops $105
Oil prices jumped on Thursday, with the benchmark Brent crude rising above $105 a barrel for the first time since 2014, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply. The Modi government went into a huddle to assess the economic implications as India imports over 85 per cent of its […]
Ukraine crisis: Brent recedes after flaring over $99
The Centre is keeping a close watch on crude prices as any flare-up on account of the Ukraine standoff will impact the prices at retail outlets. The price of futures contract for Brent crude oil with April delivery on London’s ICE rose 4.18 per cent to $99.38 per barrel on Tuesday morning before paring some […]
Haldia Petrochemicals acquires Coastal Oil
Haldia Petrochemicals Ltd, the flagship company of NRI businessman Purnendu Chatterjee-led The Chatterjee Group (TCG), has acquired Coastal Oil & Gas Infra Ltd (COGIL) from the National Company Law Tribunal as the company looks to build a petrochemical complex in Tamil Nadu. COGIL is a subsidiary of Nagarjuna Oil Corporation Ltd (NOCL), which was acquired […]
Move to fill up crude oil storages
India has invited bids from oil companies to lease out storage space equivalent to 1.05 million tonnes (mt) of crude oil as global prices simmer on account of the Russia-Ukraine conflict. The West has threatened Russia, a top oil and gas supplier, with new sanctions if it attacks Ukraine; Russia denies planning any attacks. Indian […]