Page 36 - Crude Oil

Russia likely to flood Asia with fuel as Europe ramps up sanctions

India and China took a combined 2.7 million barrels a day of Russian crude and products last month, 54% higher than a year earlier

Latest news LIVE: India logs 4,043 new Covid cases; active tally declines

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ONGC wants govt to scrap windfall tax, use dividend to tap into earnings

India's top oil and gas producer ONGC wants the government to scrap windfall profit tax levied on domestically produced crude oil and instead use the dividend route to tap into bumper earnings resulting from surge in global energy prices. The firm also favours a floor price for natural gas at USD 10 per million British thermal unit -- the current government-dictated rate -- to help bring deposits in challenging areas to production, two sources aware of the matter said. State-owned Oil and Natural Gas Corporation (ONGC) management during discussions with government officials stated that levying windfall profit tax on domestic oil producers, while at the same time reaping rich savings from buying discounted oil from Russia was unfair. Buying discounted Russian crude oil, which was shunned by the West since the Ukraine conflict, has helped save Rs 35,000 crore and this savings should be ploughed back by boosting domestic output, they said. ONGC management has told the government the .

Top Headlines: Govt slashes windfall tax, Adani overtakes Tata, and more

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Bonds, rupee strengthen as crude oil prices fall below $90 a barrel

Hope of global index inclusion drags down bond yields, FPI flows bolster rupee

Explained: How have India's crude import sources changed over time?

The top three countries have changed significantly before and after the military action in Ukraine

Bias negative for MCX Crude Oil; Natural Gas may slide below Rs 500-mark

The bias for MCX Crude Oil September futures is likely to favour the bears as long as the commodity trades below Rs 7,170; For MCX Natural Gas futures the key support range of Rs 630 - Rs 620.

India's crude oil supplies to come mostly from Gulf: Hardeep Singh Puri

Indian refiners have been snapping up relatively cheap Russian oil, shunned by Western companies and countries since sanctions were imposed against Moscow.

In meeting on Russia's Far East, India to focus on expanding oil footprint

PM Modi to address by video four-day meeting of Eastern Economic Forum in Vladivostok

Opec+ to cut crude oil output by 100k barrels per day from October

In a step that may increase prices in India, the group has decided to reduce output quotas for October, after a fall in global oil demand outlook.

India's oil imports from Russia fall in last two months, down 25% from June

In August, India imported 7,38,024 barrels per day from Russia, 18 per cent lower than in July

Crude oil is headed for longest slump since 2020 amid growth concerns

Bearish sentiment is mounting amid slowing economic growth for major oil consumer China while Fed officials reaffirmed their commitment to raising interest rates to cool rapid inflation

India's shaky energy security and growing dependency on foreign fuels

New Delhi is yet to announce a comprehensive and detailed policy across the energy spectrum to tackle this very real threat to economic growth

Iran may drain offshore crude oil cache if nuclear agreement reached

About 93 million barrels of Iranian crude and condensate are currently stored on vessels in the Persian Gulf, off Singapore and near China

West's criticism of India for Russian oil imports double standards: Russia

The criticism of India by the Western countries on its imports of Russian crude oil while exempting themselves from their "own illegitimate sanctions" is a reflection of their unprincipled position and double standards, Russian Ambassador Denis Alipov said on Sunday. In an exclusive interview to PTI, the envoy said trade between India and Russia has been on an upswing and both sides have several payment systems in place and that there is an option even of using currencies of third countries with certain "partners" in Asia and in the Middle East offering viable choices. Historically, Russia has not been a major source of fossil fuel for India but the imports of discounted Russian crude oil have seen a massive increase in the last few months, notwithstanding rising disquiet in many Western capitals. "Those in the West who criticise India not just slyly keep silent about the fact that they themselves actively buy Russian energy resources exempting them from their own illegitimate ...

It's time to rewrite the war playbook

Why did the think-tanks, the military experts and the policy wonks get the Russia-Ukraine war so wrong?

US urges India to join Western crude price cap coalition against Russia

US dy secretary of treasury Wally Adeyemo meet FM Sitharaman during the final lap of his three-day trip to India, after visiting RBI governor Shaktikanta Das on Thursday

India's crude oil imports from US dip by one million tonnes in June quarter

At the same time, share of Russian oil in India's crude basket rose from 2.2% in FY22 to 12.9% in the first quarter of FY22

Russia mulls up to 30% oil discounts for some Asian buyers: Report

India is reluctant to join the scheme, since its industry worries it could lose out to other buyers on the chance to buy discounted Russian crude, say people familiar with the views of Indian firms

Brent oil climbs above $100 a barrel amid talk about OPEC output cuts

Brent for October settlement reached a three-week high, trading up $1.30, or 1.3%, at $101.52 a barrel by 0850 GMT. U.S. crude was up $1.18, or 1.3%, at $94.92 a barrel.