Category: Oil & Gas

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 Ministry […]

A petrol station located on the Kunihar-Nalagarh road near Jepla village was damaged after retaining walls erected below it caved in this afternoon. No loss of life was, however, reported in the incident as the staff managed to run away as the soil started sinking. Parwanoo DSP Pranav Chauhan confirmed that an Indian Oil petrol […]

Russia’s largest oil producer Rosneft and Indian Oil Corporation (IOC) have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India, Rosneft said on Wednesday. The deal was signed during a working trip to India by Rosneft CEO Igor Sechin, the company said. It did not reveal the details […]

Indian Oil Corporation (IOC) on Wednesday signed a deal to raise oil imports from Russia’s Rosneft as it looked to capitalise on the discounted oil available post Ukraine war. “Rosneft Oil Company and Indian Oil signed a term agreement to substantially increase oil supplies as well as diversify the grades to India,” the Russian firm […]

The Centre today decided to extend Rs 200 subsidy per LPG cylinder under the Pradhan Mantri Ujjwala Yojana by a year in the wake of high prices of petroleum products in the international market. The move will benefit 9.6 crore families. Union Minister Anurag Thakur told the media the decision would entail a total expenditure […]

India’s top oil company IOC will invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha — its largest-ever investment at a single location — as it doubles down on its transition plan. In a statement, Indian Oil Corporation (IOC) said its board has given “Stage-1 approval for setting up Paradip petrochemical […]

The government has hiked the windfall profit tax on export of diesel to Re 1 per litre while the levy on domestically produced crude oil has been cut by a fifth, according to an official order. The levy on crude oil produced by companies such as ONGC has been reduced to Rs 3,500 per tonne […]

Iran wants India to speed up the development of the Chabahar Port as well as resume its purchases of crude in the wake of the Saudi-Iran agreement. Iranian President Sayyid Ebrahim Raisi is likely to take the talks forward when he arrives in India in September for the summit of the Shanghai Cooperation Organisation where […]

Prime Minister Narendra Modi and his Bangladesh counterpart Sheikh Hasina will inaugurate the India-Bangladesh Friendship Pipeline on Saturday via videoconferencing. This is the first cross-border energy pipeline between India and Bangladesh built at an estimated cost of Rs 377 crore. It is also the second trans-national pipeline in the Indian subcontinent after the Nepal-India pipeline.

India’s fuel demand fell in the first half of March after posting a record growth in the previous month, preliminary industry data showed on Thursday. Fuel sales soared to the highest levels in February on the back of robust demand from the agriculture sector as well as transport picking up after the winter lull. March […]

Cash-strapped Pakistan is making concerted efforts to procure Russian crude oil at USD 50 per barrel, at least USD 10 per barrel less than the price cap imposed by the G7 countries due to Moscow’s invasion of Ukraine, media reports said on Sunday. Crude oil is currently being sold globally at USD 82.78 per barrel. […]

Oil giant Saudi Aramco said Sunday it earned a USD 161 billion profit last year. The firm, known formally as the Saudi Arabian Oil Co., said in its annual report that higher crude oil prices propelled its profits. It made the announcement on Riyadh’s Tadawul stock exchange. In 2021, Aramco declared profits of USD 110 […]