NEW DELHI: Record high imports of crude oil from Russia in fiscal 2022-23 helped India’s refiners boost exports of diesel and jet fuel to Europe as the continent shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa showed. Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to […]
Category: Oil & Gas
Gas price for April at $7.92 but price for consumers capped at $6.5: Govt order
NEW DELHI: The government on Friday announced a natural gas price of USD 7.92 per unit for the remainder of April according to the just approved new pricing formula, but rates for consumers have been capped at USD 6.5 per unit. According to an order of the Oil Ministry’s Petroleum Planning and Analysis Cell, the […]
GAIL Gas cuts CNG, PNG prices by Rs 7
NEW DELHI: GAIL Gas Ltd, the city gas arm of the nation’s largest gas firm GAIL (India) Ltd, on Sunday announced a reduction of up to Rs 7 in the prices of CNG and piped cooking gas following a reduction in input gas price. GAIL Gas cut the price of the gas that households received […]
‘Bank of Baroda stops clearing payment for above-cap Russian oil’
NEW DELHI: India’s Bank of Baroda has stopped clearing payments for Russian oil sold above the price cap set by the West from this month, three sources with direct knowledge of the matter said, a move that could expedite transition to a rupee trade mechanism. Some Indian refiners were paying in the United Arab Emirates […]
Fuels from Russian oil gets backdoor entry into Europe via India
NEW DELHI: Record high imports of crude oil from Russia in fiscal 2022-23 helped India’s refiners boost exports of diesel and jet fuel to Europe as the continent shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa showed. Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to […]
Explainer: How OPEC+ gives Russia an edge over West
Saudi Arabia and other OPEC+ oil producers have announced surprise production cuts of around 1.16 million barrels per day from May until the end of the year. So what? This move increased oil prices by more than 6% on Monday.
Fuel retailer stocks slide on crude production cut
MUMBAI: Stock prices of oil marketing companies like Bharat Petroleum, Hindustan Petroleum and Indian Oil slid on Monday, while that of producers like ONGC and Oil India rallied after the Opec+ block of major crude exporters globally decided on Sunday for a surprise production cut from May. The decision could push up oil prices globally, […]
Saudis to cut oil production by 500,000 barrels per day
DUBAI: Saudi Arabia said Sunday it will cut oil production by 500,000 barrels per day from May until the end of 2023. The move would likely raise prices at the pump, further straining relations between Riyadh and Washington as the world copes with inflation fueled in part by the war in Ukraine. The Saudi Energy […]
Oil prices jump in blow to global inflation hopes
SYDNEY: Oil prices surged on Monday after Saudi Arabia and other OPEC+ producers announced a surprise round of output cuts, a potentially ominous sign for global inflation just days after a slowdown in U.S. price data had boosted market optimism. Brent oil futures jumped $4.30 to $84.19 a barrel on news output would be cut […]
Adani-Total JV primes Dhamra LNG with first gas consignment
NEW DELHI: At 8am on Saturday, Malta-registered vessel ‘Milaha Ras Laffan’ docked at the Dhamra LNG (liquefied natural gas) import terminal in Odisha to deliver the first cargo of superchilled gas to the Rs 6,000 crore project built by Adani Total Pvt Ltd, an equal joint venture between the Ahmedabad-based conglomerate and French major TotalEnergies. […]
Fuel sales growth dips in March on untimely rains
NEW DELHI: The pace of growth in India’s diesel and petrol consumption slowed to single digits in March as untimely rains caused by western disturbances disrupted harvesting in large parts of the country, affecting demand from the farm sector and related transportation needs. Preliminary data shows diesel sales, considered a barometer of economic activities, growing […]
Adani-Total’s Dhamra LNG primes with 1st gas supply
NEW DELHI: At 8 am on Saturday, Malta-registered vessel ‘Milaha Ras Laffan’ docked at the Dhamra LNG (liquefied natural gas) import terminal in Odisha to deliver the first cargo of superchilled gas to the Rs 6,000-crore project built by Adani Total – an equal joint venture between the Ahmedabad-based conglomerate and French major TotalEnergies. The […]