Crude

India became a major importer of Russian crude after the start of the war in Ukraine in 2022, but the South Asian nation was recently slapped with crushing US tariffs for the trade

Mechanical completion of the project remains at 82%, commissioning to begin in March

Following the conflict in Ukraine, India's energy suppliers in the Middle-East gave priority to provide petroleum products to Europe that paid higher prices and New Delhi did not have any option but to procure Russian crude oil which in turn stabilised the global energy market, External Affairs Minister S Jaishankar has said. In an interview to German economic daily Handelsblatt, Jaishankar also suggested that India was open to play the role of a mediator to end the Russia-Ukraine conflict if approached, but at the same time, said New Delhi does not believe that it should initiate anything in this direction on its own. He asserted that just as India does not expect Europe to have a view of China that is identical to New Delhi's, Europe should understand that India cannot have a view of Russia that is identical to the European one. The external affairs minister said India has had a "stable" and "very friendly" relationship with Russia, and that Moscow never hurt New Delhi's ...

The gap between Reliance Industries Ltd's standalone and consolidated net profit has more than doubled to Rs 22,400 crore in the last couple of years, as the retail and telecom businesses housed in separate subsidiaries saw significant growth, a report said. "The gap between Reliance's standalone and consolidated profit after tax (PAT) has increased significantly - from Rs 8,400 crore in FY20 (April 2019 to March 2020) to Rs 22,400 crore in FY23, as telecom and retail have ramped up," JP Morgan said in a note that used data from the firm's annual reports to reconcile the difference between the two reported profit numbers. Reliance reported a standalone net profit of Rs 30,902 crore in 2019-20 fiscal year, which grew to Rs 44,205 crore in 2022-23 fiscal. Consolidated net profit soared from Rs 39,354 crore in FY20 to Rs 66,702 crore in FY23. As many as 335 individual standalone companies/associates/joint ventures accounted for the difference between Reliance's consolidated and ...

The Liberian-flagged ships hit with sanctions are the Kazan, Ligovsky Prospect and NS Century, according to the Treasury Department

Berger Paints India Ltd, the country's second-largest paint manufacturer, does not foresee any significant impact on its profit margins despite the recent surge in crude oil prices, according to a senior company official. Production of paint heavily depends on crude-based derivatives which are used as raw materials. Berger said the current pain is mostly covered with its previous price increases and is not considering any further hikes in the festive season to push sales. However, if crude oil prices continue to remain elevated for a longer duration, the company anticipates a potential dip in profits compared to the first quarter levels. "If the prices remain at this level, which we expect, we see no immediate or significant impact going forward, except that profitability may be lower than in Quarter 1," Berger Paints Managing Director & CEO Abhijit Roy told PTI. Brent crude, a benchmark for India, has at one point of time surged to nearly USD 98 per barrel from USD 75 in July. It

The government on Monday hiked special additional excise duty on crude petroleum to Rs 7,100 per tonne with effect from August 15. In the last fortnightly review, windfall tax on domestically produced crude oil was set at Rs 4,250 per tonne. Besides, the Special Additional Excise Duty (SAED) or duty on export of diesel will be hiked to Rs 5.50 per litre from Re 1 per litre at present. A duty of Rs 2 per litre will be imposed on jet fuel or ATF with effect from August 15. Currently, there is no SAED on the jet fuel. SAED on petrol will continue to be zero. India first imposed windfall profit taxes on July 1, 2022.

Despite losing its place to Russia in India, the world's third biggest oil importer, the kingdom is confident it holds the cards for crude supplies in the long term

The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- has been increased by Rs 19,757.13 per kilolitre, or 16.26%, to Rs 1,41,232.87 per kl (Rs 141.2 per litre) in Delhi

At the interbank forex market, the rupee opened at 76.48 against the greenback and moved in a range of 76.43 to 76.69 in the day trade

Indian Oil Corp, the country's top refiner, has purchased a total of 4 million barrels of crude via tenders for May and June loading, traders said on Wednesday.

Hindustan Petroleum Corp Ltd has made a rare purchase of 2 million barrels of Russian Urals crude for loading in May, trade sources said.

BPCL has deferred a maintenance shutdown of a crude unit at a 240,000 barrels per day Mumbai refinery to May as its seeks to gain from strong fuel cracks

The move dovetails with an earlier push to reduce India's reliance on Middle Eastcrudes to enhance energy security.

Will work towards increasing share of natural gas in energy mix

The first one million barrels of Guyanese Liza crude for Indian Oil Corporation Ltd has been loaded from FPSO Liza Destiny, informed the High Commission of India in Guyana

Another surprise build up in US inventory also helped the crude oil prices pushing down below 4,600 but overall trend still is bullish as there is no reversal pattern on daily chart

Any trend reversal for crude oil will only be validated below the 4,350 region

Exhaustion is being witnessed in Copper as on daily scale, there has been an emergence of 'Bearish Engulfing' candlestick pattern

Russia said on Wednesday it would not reverse its decision as it still believed cutting output would make no sense if the virus hit demand deeper than expected