Page 7 - Oil Imports

Turning the tide on oil

India has faltered in locating its oil reserves for decades, but now a path is being paved to facilitate its transition from an oil importer to an exporter

Govt wants Saudi Aramco to develop strategic petroleum reserve: Report

India, the world's third-biggest oil importer and consumer, imports over 80% of its oil needs and has built strategic storage at three locations in southern India

China saves billions of dollars from record-sanctioned oil imports

China's purchases are also a revenue lifeline for Moscow, Tehran and Caracas, whose economies are otherwise curtailed by Western sanctions and a decline in investment

Mkts slump, oil prices rise on West Asia turmoil; Sensex, Nifty drop 0.7%

The Sensex ended the session at 65,512, a decline of 483 points or 0.7 per cent. The Nifty closed the session at 19,512, a drop of 141 points or 0.7 per cent

Indian Oil, RIL tap Iraqi oil wells amid surging cost of Russian Urals

This reflects India's growing reliance on Russian grades while balancing them out with purchases from Iran suppliers

Explainer: How serious is Russia's fuel export ban and who will be hit?

Russia said exports would resume once it had stabilised its domestic market, but did not give a precise timeline

Oil imports fall for third month in row in Aug on lower Russian shipments

Crude imports fell 3.9% month-on-month to 18.73 million metric tons in August, Petroleum Planning and Analysis Cell (PPAC) data showed

Oil down on weak economic data, US Fed chief's speech in spotlight

Brent crude fell 19 cents, or 0.2%, to $83.02 a barrel by 0619 GMT, while U.S. West Texas Intermediate crude dropped 24 cents, or 0.3%, to $78.65 a barrel

Oil prices rise for third day as tighter market offsets demand risks

Meanwhile, some refined products such as diesel - the workhorse fuel of the global economy - have started pricing in scarcity this winter, boosting their premium to the oil from which they are made

Dollar hits highest in more than a month on China economy concerns

Analysts said investors bought the dollar as shelter from concerns about the health of the global economy, particularly China

Oil dips further on China's economic recovery worries, strong dollar

U.S. West Texas Intermediate crude settled down 68 cents, or 0.82%, at $82.51 a barrel. Brent crude futures finished at $86.21 a barrel, down 60 cents, or 0.69%

Price of petro products in Pak likely to be increased by PKR 20: Report

The price of petroleum products in Pakistan is likely to witness a rise by Pakistani Rupees (PKR) 20 per litre, Pakistan-based ARY News reported citing sources. As per the details, the price of crude oil has increased from USD 86 to USD 91 per barrel due to the rise in petroleum products' global prices. In addition, a premium charge of USD 2 per barrel has been applied to crude oil. The per litre price of both petrol and diesel has increased from USD 97 to USD 102, demonstrating an upward trend, ARY News reported. If these prices persist, the price of petrol could potentially witness a rise of PKR 15 per litre, while the cost of diesel might see a surge of PKR 20 per litre, across the nation.During its tenure, the Pakistan Democratic Movement (PDM)-led government increased the cost of petroleum products and the prices reached as high as PKR 129.25 per litre for petrol, according to ARY News report. Meanwhile, the basic electricity tariff was increased by up to PKR 15.41 per ...

Russia's oil to India in June the cheapest since Ukraine war began

The price for each barrel including freight costs was $68.17, down from $70.17 in May and $100.48 a year earlier, according to the latest figures from India's Ministry of Commerce and Industry

India's imports of sunflower oil to fall as Black Sea grain deal expires

The drop in sunflower oil imports would force the world's biggest buyer of vegetable oils to increase purchases of palm oil and soyoil to compensate

Edible oil imports up by 39.31% to 13.11 lakh tonnes in June on high demand

India's import of edible oils grew by 39.31 per cent in June to 13.11 lakh tonnes compared to the same month last year due to increased demand, industry body Solvent Extractors' Association of India (SEA) said on Friday. Edible oil import in June 2022 stood at 9.41 lakh tonnes, SEA said in a statement. The overall imports of vegetable oils (edible and non-edible) grew by 49 per cent to 13.14 tonnes in June compared to 9.91 lakh tonnes in the corresponding month last year. The imports consisted of 2,900 tonnes of non-edible oils which are mainly imported by soap and oleo-chemical industries. With a sharp reduction in domestic prices of edible oils, demand has returned which is evident from the rising import in spite of better domestic availability, the SEA added. The import of crude palm oil recovered to 4.66 lakh tonnes in June compared to 3.48 lakh tonnes in the previous month. The import of RBD Palmolien jumped to 2.17 lakh tonnes from 85,000 tonnes in the previous month, ...

India faces complex payment situation as Russian oil tops $60/barrel cap

India used to pay in dollars, however, this is no longer possible as the price exceeds G7 nations' fixed cap, and Russia is not keen on accepting the Indian rupee

Rupee weakens by 21 paise as oil importers' demand for dollar grows

A stop loss is a type of order that investors or traders use to limit their potential losses in the market, said experts

Can India continue with purchasing spree of Russian oil as discounts narrow

The shift to date has suited the Kremlin, looking for new markets as Western buyers and established oil traders pull back. It's worked for India too, eager to snap up cheaper fuel

Reducing duty on refined oil imports won't cool prices: Edible oil firms

The companies said it takes about 50 days for the oils to be imported to India, during which they lose their quality and original taste

India's import of discounted Russian crude hits all-time high in May

Russian oil supplies exceeded the combined shipments of the next six biggest shippers, including Iraq, Saudi Arabia, Mexico, UAE, Kuwait and the US in May