Page 2 - Oil

SOCAR Turkey CFO Teymur Abasguliyev to head Nayara Energy as CEO

Russian oil giant Rosneft-backed Nayara Energy has appointed Teymur Abasguliyev as the new CEO of the company, replacing a European national who had to resign following EU sanctions on the company. The appointment of Abasguliyev, an Azerbaijan national who currently as the chief financial officer at SOCAR Turkiye Enerji A.S, was confirmed by the Nayara board at its meeting on Tuesday, two sources aware of the matter said. Nayara spokesperson did not immediately respond to an email sent for comments. Educated at Azerbaijan's Baku State University, Abasguliyev previously worked at PricewaterhouseCoopers from 1996 to 2013. He has been the CFO of Group Companies at SOCAR Trkiye Enerji A.S. since 2013. Nayara Chief Executive Alessandro Des Dorides had to quit shortly after the European Union imposed sanctions on the refiner as part of a new raft of measures against Russia over its war with Ukraine. Sergey Denisov, who was Nayara's Chief Development Officer, was named the interim CEO ..

Oil India share price tanks 5% post Q1 results; check stock strategy here

Oil India stock was trading 5 per cent lower at ₹403.55 per share compared to the previous day's close of ₹425.1 per share on the NSE

India's state refiners pause Russian oil buys amid US tariff pressure

Companies including Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle

Marico Q1 results: Net profit rises 9% to ₹504 crore on steady demand

Domestic volumes rose 9 per cent, led primarily by its Saffola brand cooking oils and hair oils

Russia suspends sunflower oil duty till end of August to boost exports

Russian lobby group Oil and Fat Union estimates that Russia is the world's leading producer of sunflower oil and the second largest exporter after Ukraine

CBSE asks schools to set up 'oil boards' to curb high-fat food intake

The Central Board of Secondary Education (CBSE) has asked schools to set up "oil boards" to educate students and staff about harmful effects of consuming high-fat foods and oils and to serve as daily reminders promoting healthier eating habits, according to officials. The directive comes two months after the board asked schools to set up "sugar boards" to monitor and reduce the sugar intake of children. "Oil Boards" refer to posters or digital displays installed in shared spaces such as cafeterias, lobbies, and meeting rooms within school premises. These boards will aim to educate students and staff about the harmful effects of consuming high-fat foods and oils and to serve as daily reminders promoting healthier eating habits. "The data points out that there is a sharp rise in obesity among both adults and children. As per National Family Health Survey-5 (NFHS-5), 2019-21, over one in five adults in urban areas are overweight or obese," said Pragya M Singh, CBSE Director ...

India should continue buying Russian oil; must reject US pressure: GTRI

India should resist the US pressure to stop purchasing oil from Russia and continue buying the commodity from Moscow as it has helped India manage inflation and maintain economic stability in a volatile global environment, economic think tank GTRI said on Thursday. US President Donald Trump has threatened to impose a 100 per cent tariffs on Russian oil buyers. "India must reject this pressure and stay firm on its Russia strategy. Buying discounted Russian oil has helped India manage inflation and maintain economic stability in a volatile global environment," the Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. Altering that policy will not stop US threats and it will only invite more, he said, adding this isn't an isolated demand, Trump regularly issues tariff threats for various reasons. "Given this pattern, India sees no value in giving in to US pressure on Russian oil. It won't resolve the larger issue of future unpredictable US demands. Even a trade deal wi

'Cautions against double standards': MEA hits back at Nato chief's warning

Addressing a press conference in the national capital, MEA spokesperson Randhir Jaiswal said, 'We have seen reports on the subject and are closely following the developments'

Opec trims oil demand for next four years, says no peak in sight

The forecasts for demand in 2026 through 2029 are all lower than last year. Demand will average 106.3 million bpd in 2026, OPEC said, down from 108 million bpd seen last year

OIL targets LatAm lithium; govt weighs soft finance, quicker nods

A team from OIL - the first state-run oil firm to set up a dedicated department for critical minerals - visited the so-called Lithium Triangle last month

Shares rally, oil slumps as Iran-Israel ceasefire goes into effect

Brent futures had already slid 7% on Monday and U.S. shares jumped after Iran made a token retaliation against a US base and signalled it was done for now

EU plans legally binding ban on Russian gas imports by end of 2027

The proposals set out how the European Union plans to fix into law its vow to end decades-old energy relations with Europe's former top gas supplier, made after Moscow's 2022 invasion of Ukraine

Indian refiners eye Iranian crude oil as US-Iran nuclear talks progress

Plans to resume crude oil imports had been shattered in the wake of multiple airstrikes between Israel and Iran in April last year

Understanding the unlikely Saudi Arabia push for lower oil prices

To appreciate Saudi oil policy, it always helps to focus on what the kingdom does, rather than on what it says - whether in public or private

US Prez Trump threatens sanction against those who purchase Iranian oil

President Donald Trump on Thursday threatened sanctions on anyone who buys Iranian oil, a warning that came after planned talks over Tehran's rapidly advancing nuclear program were postponed. Trump wrote on social media that All purchases of Iranian Oil, or Petrochemical products, must stop, NOW! He said any country or person who buys those products from Iran will not be able to do business with the United States. The threat came after Oman announced planned nuclear negotiations for this coming weekend had been postponed. A message online from Omani Foreign Minister Badr al-Busaidi made the announcement in a post on the social platform X. For logistical reasons we are rescheduling the US Iran meeting provisionally planned for Saturday May 3rd, he wrote. New dates will be announced when mutually agreed. Al-Busaidi, who has mediated the talks through three rounds so far, did not elaborate. Iran's Foreign Ministry spokesperson Esmail Baghaei issued a statement describing the talks as

BSE oil and gas index up 3%; check what put all these stocks on fire today

The BSE Oil & Gas index touched intraday high of 26,551.71, up 3.12 per cent from previous session's close of 25,746.71. HPCL, BPCL, IOC were among the top gainers in trade on April 29, data shows

Trump announces 25% tariff on nations buying Venezuelan oil and gas

Venezuelan crude has made up less than 1 per cent of all crude imports for India in FY25

No windfall tax on oil, gas companies after new law: Hardeep Singh Puri

Oil and gas companies will not face any new taxes like the windfall profits tax after the coming into effect of a new law that promises stability of fiscal regime, Petroleum Minister Hardeep Singh Puri said. Parliament has passed the Oilfields (Regulation and Development) Bill, 2024 that provides policy stability to investors, decriminalises provisions and promotes ease of doing business. "After this bill, it will be difficult to levy (new taxes like) windfall tax because somebody will sue us (for failing to keep the promise of fiscal stability)," he said at a reception he hosted to celebrate the passage of the bill. Investors looking to invest in finding and producing oil and gas want fiscal stability, and new taxes that seek to take away gains made when prices are high, without compensating for low or no margins when rates are low, are often a deterrent. India imposed a windfall profit tax on July 1, 2022 joining a growing number of nations that tax super normal profits of energy

EU extends Russia sanctions by 6 months after Hungary lifts veto threat

The European Union agreed a 6-month extension Monday for a raft of sanctions aimed at depriving Russia of funds to finance its war against Ukraine after Hungary lifted its objections to the move. The sanctions target trade, finance, energy, technology, industry, transport and luxury goods. They include a ban on the import or transfer of seaborne crude oil and certain petroleum products from Russia to the EU. They will now remain in place at least until July 31. Some measures were introduced in 2014 after Russia annexed Ukraine's Crimean Peninsula, but the list grew significantly after Moscow's full-fledged invasion of its neighbour almost three years ago. On Friday, Hungarian Prime Minister Viktor Orbn called on the EU to intervene in a gas dispute that his country has with Ukraine. He said Kyiv's decision to halt the transit of Russian gas into Central Europe had forced Hungary to turn to alternative routes, which raised energy prices. To satisfy Orbn's demand, the European ...

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