Oil Export

Indian Oil will supply Mauritius' entire import requirement of petrol, diesel and aviation turbine fuel under a long-term agreement with the State Trading Corporation

Diesel export duty lowered to ₹24 a litre from ₹25.5, while petrol levy is scrapped and ATF tax cut to ₹19.5 a litre as oil prices fall

Global refining capacity has effectively fallen by close to 10 per cent, or about 7-8 mbpd.

India is embarking on what could be one of the world's first large-scale programmes to fund high-risk offshore oil and gas exploration directly from the national budget, wagering that the country's largely untapped deepwater reserves can help curb its growing dependence on imported crude and gas. The Union Cabinet last week approved the Rs 84,084-crore Samudra Manthan National Offshore Exploration Scheme, under which the government will fund half of the the cost of drilling a deepsea and ultra-deep water exploration well or Rs 650 crore, whichever is lower, directly from the budget, officials said. "This perhaps is the first time that any government in the world is funding risk exploration from the budget," an official said, adding that in all, 60 deepwater and ultra-deepwater exploration wells over the next five years will be funded from the budget. Besides underwriting part of the cost of drilling exploration wells, the government will part-fund common infrastructure, including ..

Detailing the broader economic strategy, Bessent noted that the Treasury Department is intensifying financial restrictions through "Operation Fury"

Amid rising Iran tensions, Gulf nations are reportedly exploring pipelines and new trade corridors to reduce dependence on the Strait of Hormuz

The US and Israel's war with Iran has thrust the Strait of Hormuz once again into the crosshairs of a geopolitical conflict. Iran has ground to a halt nearly all traffic in the waterway that connects the Persian Gulf to the rest of the globe's oceans, shutting down a critical path for the world's flow of oil. Attacks on commercial ships and threats of further strikes have stopped nearly all tankers from carrying oil, gas and other goods through the passage. That's also led to cuts from some of the world's largest producers, because their crude has nowhere to go. This is hardly the first time the Strait of Hormuz has been weaponised. Ship seizures and past fighting in the region have raised alarm for commercial ships, at times severely disrupting their ability to sail through. Iran has also repeatedly threatened to close the strait in response to sanctions and other tensions over the years, but stopped short of cutting off traffic entirely. Even with the bulk of traffic halted amid t

Washington has brushed aside attempts by West Asian allies to open talks

With Kharg Island handling most of Iran's crude exports, any disruption could intensify oil market volatility already driven by supply losses through the Strait of Hormuz

As the Iran war disrupts Gulf oil exports, higher prices and rising demand from India and China are delivering Russia an estimated $150 million a day in additional revenues

Iran's revolutionary guards say Arab and European countries that expel Israeli and US ambassadors will be granted full freedom to pass through the Strait of Hormuz, according to Iranian state media

"Everybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters in the Gulf region will have to call force majeure," Kaabi told the FT

The overhaul also enables authorities to lower taxes and royalties paid to the government, although Petroleos de Venezuela will remain under state ownership

Lower palm oil imports by India, the world's largest buyer of vegetable oils, could lift inventories in top producers Indonesia and Malaysia

Short-term weakness masks the supply crunch building later in the decade as demand stays firm and forward prices mislead again

The investment will expand the company's core operations in oil refining and fuel marketing, along with ventures in petrochemicals, natural gas, and renewable energy

Edible oil industry body SEA has demanded that the government lift the ban on export of De-Oiled Rice Bran (DORB) to protect domestic processors and enhance farmers income. At present, the ban is valid till September 2025. In a statement on Thursday, the Solvent Extractors' Association of India (SEA) said it has appealed to Prime Minister Narendra Modi and Home Minister Amit Shah to withdraw the ongoing ban on the export of DORB. "SEA has urged the government not to extend the ban beyond September 30, 2025," the association said. It has written a letter to the prime minister, home minister as well as Food and Consumer Affairs Minister Pralhad Joshi, Commerce Minister Piyush Goyal, Agriculture Minister Shivraj Singh Chouhan and Fisheries, Animal Husbandry and Dairying Minister Rajiv Ranjan Singh. Before the ban that was imposed in 2023, the SEA noted that India exported 5-6 lakh tonnes of DORB annually, worth about Rs 1,000 crore, mainly to Asian countries, to stabilise feed and mi

The government has cut the minimum export price (MEP) on natural honey from USD 2,000 per tonne to USD 1,400 per tonne till the end of this year, according to a notification. Exports below this MEP are not permitted. "MEP on natural honey is revised from USD 2,000 per metric tonne to USD 1,400 per metric tonne with immediate effect, till December 31, 2025," the Directorate General of Foreign Trade (DGFT) has said in a notification. The MEP was introduced in March 2024. The major exporting destinations are the US, UAE, Saudi Arabia and Qatar. The Centre has rolled out the National Beekeeping and Honey Mission (NBHM) for promoting scientific beekeeping for the holistic growth of the sector. The main honey producing states are Uttar Pradesh, West Bengal, Punjab, Bihar and Rajasthan. In 2023-24, India exported the commodity worth USD 177.52 million.

Pakistan's untapped shale reserves have long intrigued energy analysts. A 2015 US report had already mapped billions of barrels underground

Mukesh Ambani-led Reliance Industries, India's largest company by market capitalisation, dropped 2 per cent, contributing significantly to the sector's weakness