Page 23 - Crude Oil

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

Refiners' February crude processing stays elevated amid robust demand

India's fuel demand hit its highest level in at least 24 years in February, with industrial activity in Asia's third biggest economy boosted by cheap Russian oil

Windfall tax on domestic crude oil cut to nil, on export of diesel halved

This means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax

Oil price stable as markets weigh OPEC+ surprise cuts amid demand woes

The latest pledges bring the total volume of cuts by Opec+ to 3.66 million bpd, including a 2 million barrel cut last October, equal to about 3.7 per cent of global demand

India will not be impacted by Opec+ production cut, officials say

Industry executives said imports from Russia may rise further as talks are on to address difficulties in paying for Russian crude

Centre cuts all windfall tax on domestically produced crude oil from today

Previously in March, the Centre had slashed the windfall tax by Rs 900 per tonne to Rs 3,500 per tonne from Rs 4,400 per tonne

Oil leaps 6% as Opec+ shocks markets with plans to cut output target

Oil benchmarks jumped 6% on Monday, the day after the OPEC+ group jolted markets with plans to cut more production, raising fears of tightening supplies

Crude oil can hit $100 a barrel if production cuts continue: Analysts

Others, too, believe that $100 a barrel could become a reality

India's oil demand outpaced world amid pandemic, Russia-Ukraine war

Consumes nearly half a million barrels a day more than in 2019

In surprise move, Opec+ cuts daily oil output by over 1 million barrel

The move would likely raise prices at the pump, further straining relations between Riyadh and Washington as the world copes with inflation fuelled in part by the war in Ukraine

Russia pulls off revolution in India's overall crude oil basket

Oil supplies from Russia surged after the G7's stringent sanctions, relegating traditional suppliers Iraq and Saudi Arabia to second and third place

Consumer, tyre companies wait for crude derivative prices to ease

The firms also say that while crude oil prices have cooled off, they must sustain at current levels for actual impact to be seen on manufacturing operations

Ageing shadow fleet carrying Russian oil poses disaster risk: Report

The aftermath of European Union sanctions on Russia mean that the Turba has been enlisted into a vast shadow fleet carrying Moscow's oil around the globe

Windfall tax on crude oil slashed to Rs 3,500/tonne, duty on diesel hiked

Petrol and Aviation Turbine Fuel (ATF) have been exempted from the export levy

Coal, crude oil spike lead port cargo charge in FY23, shows govt data

Growth in bulk segments, but grey clouds hover over container cargo

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Iran seeks crude oil export to India, execution of Chabahar port project

Iran on Friday strongly pitched for faster implementation of the Chabahar port project as well as use of the facility by India to send various shipments saying the key transit hub will benefit both the countries. Iranian Ambassador Iraj Elahi also sought resumption of import of crude oil by India from Iran while citing New Delhi not succumbing under pressure by the Western powers to not continue procurement of petroleum products from Russia following the Ukraine crisis. India stopped procurement of crude oil from Iran after the US did not continue with sanction waivers to India and several other countries. "We believe that India is and was strong and powerful to stand against the pressure of the West... India is a rising power. India has a powerful economy. So India could easily resist pressure from the US and the West," the ambassador told a group of journalists. Citing India's resistance against pressure to not buy oil from Russia, Elahi hoped that New Delhi would soon start ...

Rupee rises 4 paise to 82.33 against US dollar on positive domestic equity

The rupee appreciated by 4 paise to 82.33 against the US dollar in early trade on Wednesday, tracking positive sentiments in the domestic equity market and relatively weaker dollar against major currencies. At the interbank foreign exchange, the domestic unit opened stronger at 82.32 against the US dollar and then gained ground to 82.30. Later, it slipped to 82.33 against the greenback, registering a rise of 4 paise against its previous close. On Tuesday, the rupee settled at 82.37 against the US dollar. Anand James, Chief Market Strategist at Geojit Financial Services, said there could be slippage to 82 level. "It would require consistent trades above 82.36 to rekindle positivity again." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.10 per cent lower at 103.49. Global oil benchmark Brent crude futures rose 1.21 per cent to USD 78.39 per barrel. The 30-share BSE Sensex was trading 403.21 points or 0.70 per cent higher

Oil prices continue slump in fallout from Silicon Valley Bank shutdown

Brent crude futures were down $1.11 or 1.3% to $79.66 a barrel at 6.26 PM, having earlier touched a low of $78.76