Page 22 - Crude Oil

India cuts windfall tax on petroleum crude from Rs 4,100 per tonne to zero

Prior to this, the government announced the reimposition of the windfall profit tax on domestically produced oil from zero to Rs 6,400 per tonne. The government also scrapped the export duty on diesel

NSE launches WTI crude oil, natural gas futures contracts after Sebi's nod

The National Stock Exchange (NSE) on Monday launched rupee denominated futures contracts on underlying NYMEX WTI crude oil and natural gas in its commodity derivatives segment. This came after the exchange, in March, received approval from markets regulator Securities and Exchange Board of India (Sebi) to launch these contracts. The addition of these contracts has expanded NSE's product offering in the energy basket as well as its overall commodity segment. The launch of these contracts will provide effective trading and hedging opportunities to the market participants, with the availability of key energy products on a single trading platform. "It gives us immense pleasure to inform the market participants that NSE has launched the NYMEX WTI crude oil and natural gas futures contracts today," Sriram Krishnan, Chief Business Development Officer, NSE said. "With NSE Clearing Ltd providing settlement guarantee and ease of collateral fungibility across all NSE market segments, we hope

ONGC discovers crude oil, natural gas in in two blocks in Mumbai offshore

State-owned Oil and Natural Gas Corporation (ONGC) has discovered crude oil and natural gas in two blocks in Mumbai offshore, the company said on Thursday without giving details of reserves found. The discoveries, which have been named 'Amrit' and 'Moonga', were made in the blocks that the company won in recent open acreage licensing rounds. In a statement, the firm said it "has made discoveries of oil and gas in MBS171HAA-1 (Amrit) in OALP (Open Acreage Licensing Policy) block MB-OSHP-2017/1 in Mumbai Offshore (SW) on the Arabian Sea." "There is another remarkable discovery in MBS182HDA-1(MBS182HDA-A) named 'Moonga' in OALP exploration Block in Mumbai Offshore." ONGC said a detailed assessment of the discoveries was in progress. "With these discoveries, ONGC continues its impressive streak in the OALP blocks by making new discoveries in consecutive years," it said. ONGC Director (Exploration) Sushma Rawat said that with these notable findings in the OALP-I and OALP-III rounds, O

Pakistan likely to pay for importing Russian crude in Chinese currency

The shipping cost of the Russian oil has also been estimated somewhere at $15 per barrel, but it will be finalised after it arrives at the Pakistan port

Jordan renews crude supply deal with Iraq, will import 10,000 barrels a day

Jordan suspended its oil imports from Iraqi after the previous extension expired on March 31

Top 5 headlines: Windfall tax slashed on petroleum crude, IBM pauses hiring

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Govt cuts windfall tax on petroleum crude to Rs 4,100/tonne from Rs 6,400

The government left the windfall tax on petrol, diesel and aviation turbine fuel at zero

Tracking the economic indicators: Oil imports from Russia make a new record

US supplies were one the biggest casualties of Russian inroads into India's crude oil market

Global economic uncertainty means higher oil prices; forecasts unreliable

The economic outlook and Chinese consumption growth are key to demand expectations, while Russia is the wild card in terms of supply

Top headlines: WTO ICT levy dispute, Micron's semiconductor plant & more

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India's unabated tryst with Russian crude oil is slowly coming to an end

Russian oil now trades above the G-7 price cap, leaving India searching for creative solutions to fill the breach

Turkey starts delivery of natural gas from Black Sea field to cut imports

Turkey has started the delivery of natural gas from its Black Sea field, as part of its flagship project aiming at reducing the country's dependence on energy imports.

The slippery slope of oil exploration keeps India heavily import-dependent

Motorists have taken comfort in frozen pump prices and gas price caps but producers face high taxes, and restrictions on pricing freedom

India sees oil cuts, war impact as biggest risks to economy: FM Sitharaman

She also said possible recessions in the US or other developed countries could be a drag on India by hurting exports, particularly manufacturing

NSE to introduce WTI crude oil, natural gas futures contracts from May 15

National Stock Exchange (NSE) on Friday said it will launch futures contracts on underlying WTI crude oil and natural gas in the commodity derivatives segment from May 15. This comes after the exchange, last month, received approval from markets regulator Sebi to launch the rupee-denominated Nymex WTI crude oil and natural gas futures contracts in its commodity derivatives segment. These contracts will expand NSE's product offering in the energy basket and its overall commodity segment. Experts believe that these contracts would provide the market participants with an efficient avenue to hedge their price risk. "Futures contracts on underlying WTI crude oil and natural gas (Henry Hub) would be available for trading in commodity derivatives segment with effect from May 15, 2023," NSE said in a circular. In February, NSE signed a data licensing agreement with CME Group. The pact allows the bourse to list, trade and settle rupee-denominated WTI crude oil and natural gas derivatives .

Crude oil at sea surges in fresh sign of Russian flows going farther

The increase reflects the recasting of the global oil market following Russia's invasion of Ukraine

Avoid paint stocks as crude oil may keep margin cheer at bay: Analysts

Analysts advise investors to avoid the sector over the short-to-medium term

Statsguru: Six charts show higher crude prices tend to push up inflation

The quantity of crude that India imported was 6 per cent lower in 2021-22 at 212 million tonnes compared to 2018-19

Russian oil & Opec effect: Outcome of buying Urals oil above cap are severe

The risks to Indo-Russian oil trade escalate when Urals crude starts trading above the cap imposed by the European Union

Fuels from Russian crude oil get backdoor entry into Europe via India

Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share