Oil Crisis

About Rs 1,600-1,700 crore per day, over Rs 1 lakh crore in 10 weeks. That's the cost that state-owned oil firms incur for insulating Indian consumers from the global energy shock but ever-widening losses are now raising questions on how long they can continue bearing the cost without financially capitulating. Since the war broke out in the Middle East 10 weeks ago, state-owned oil marketing companies (OMCs) have ensured uninterrupted supplies of petrol, diesel and cooking gas LPG at rates that are way below cost, unlike many global energy systems that imposed rationing or passed through steep price increases. This has resulted in the three OMCs - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - running record high under-recoveries (the difference between cost and retail selling price), two sources with direct knowledge of the matter said. The combined under-recovery on petrol, diesel and cooking gas LPG is Rs 1,6

Israel's strike on South Pars has put focus on the world's largest gas field shared by Iran and Qatar, a key source of energy that powers both economies and influences global gas supply

IEA's record 400-million-barrel reserve release aims to stabilise global oil markets after the Strait of Hormuz closure triggered one of the biggest energy shocks in decades

Within days of the US-Israel attacks on Iran, crude oil prices have surged past $100 a barrel for the first time since the early fallout of Russia's invasion of Ukraine

Stocks to Watch today, March 9, 2026: HDFC Life Insurance, Tata Power, GNFC, Avenue Supermarts, and Meesho are among the top stocks to remain in focus today

Saudi Arabia, the world's biggest net exporter of crude, is using renewables to drastically reduce its petroleum consumption

At present, the prospects for oil are looking better for consumers like India despite the escalating hostilities

India may contribute around 8% to global GDP growth in 2024 while accounting for over 22%of global oil demand growth

Union minister Hardeep Singh Puri discusses India's oil economy management amid escalating West Asia tensions and affirms BJP's strategic electoral stance in Punjab

Expansions in the West are non-existent," said Giovanni Serio, Vitol Group's head of research

Oil rose more than 1% on Monday as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruptions.

The Biden administration said Friday it is buying 3 million barrels of oil to begin to replenish U.S. strategic reserves that officials drained earlier this year in a bid to stop gasoline prices from rising amid production cuts by OPEC and a ban on Russian oil imports. President Joe Biden withdrew 180 million barrels from the Strategic Petroleum Reserve starting in March, bringing the stockpile to its lowest level since the 1980s. The purchase, to begin in January, will start to replenish the reserve and is likely to be followed by additional purchases, officials said. The Energy Department called the purchase "a good deal for American taxpayers'' since the price will be lower than the $96 per barrel average the U.S. oil was sold for. The replenishment also will strengthen U.S. energy security, the department said in a statement. The purchase price was not announced, but benchmark West Texas Intermediate crude oil was selling at $74.50 per barrel late Friday. Gasoline prices, ...

G7 nations, including the United States, as well as the European Union and Australia, are planning to implement a likely price cap of $65 to $70 a barrel on sea-borne Russian oil exports from Dec 5

OPEC kingpin Saudi Arabia on Friday defended the oil cartel and its partner's decision to cut crude oil production, saying they were doing the right job to secure and stabilise the market. OPEC+ alliance "is doing the right job", said Saudi Energy Minister Abdulaziz bin Salman here. The minister is on a day-long visit to prepare the ground for Saudi Prime Minister and Crown Prince Mohammed bin Salman's trip to India next month. OPEC+ earlier this month decided to cut crude oil production quotas by 2 million barrels per day, starting in November. The decisions of OPEC+ are aimed at securing, stabilise and sustaining the markets, he said. Since the OPEC+ decision on October 5, Dated Brent peaked at USD 98.775 per barrel on October 7 and was down to USD 91.35 on Friday. The visiting minister held discussions with top Indian ministers including Commerce and Industry Minister Piyush Goyal, Oil Minister Hardeep Singh Puri and Power Minister RK Singh. The Saudi Minister said bilateral

Strikes in France's major refineries continued, leading fears over fuel shortage across the country

The under-recoveries suffered by OMCs are around Rs 20-25 a litre for diesel and Rs 14-18 a litre for petrol, said sources.

US gasoline stocks fell despite sky-high pump prices. Analysts had expected gasoline stocks to rise 1.1 million barrel but this was not the case

Amin Nasser said on Monday he was sticking to the target of expanding capacity to 13 million barrels per day from the current 12 million by 2027, despite calls to do it faster

The Greek-Bulgaria border is where the European Union is redrawing the region's energy map to ease its heavy reliance on Russian natural gas

A source told Reuters that OPEC+ agreed to increase oil production by 400,000 bpd from March after a short meeting