Page 3 - Oil

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 ...

Best of BS Opinion: How much change and continuity can we expect this year?

The best of Business Standard's opinion pieces for today, curated for you

US imposes sanctions on 35 entities, vessels for transporting Iranian oils

The United States on Tuesday imposed sanctions on 35 entities and vessels, including two from India, for transporting Iranian oil to other countries. The two India-based entities are Vision Ship Management LLP that manages and operates the PHONIX, and Tightship Shipping Management (OPC) Private Limited. Entities and vessels from the United Arab Emirates, China, Liberia, China, Hong Kong among others have also been slapped with sanctions. In a statement, the Department of Treasury said this action imposes additional costs on Iran's petroleum sector following Iran's attack against Israel on October 1, as well as Iran's announced nuclear escalations, building upon the sanctions issued on October 11. Petroleum revenues provide the Iranian regime with the resources to fund its nuclear program, develop advanced drones and missiles, and provide ongoing financial and material support for the terrorist activities of its regional proxies, it said. Acting Under Secretary for Terrorism and ..

Edible oil body SEA urges govt to lift ban on commodity futures trading

Edible oil industry SEA on Monday called on the government to lift a ban on futures trading in key agricultural commodities, including crude palm oil and soyabean, citing significant financial impact on its members. The ban, first implemented in December 2021 on seven agricultural commodities, has been extended multiple times with the current extension running through December 20, 2024. The Solvent Extractors Association of India (SEA) has appealed to five ministers, including Home Minister Amit Shah and Finance Minister Nirmala Sitharaman, arguing that the absence of futures trading has hindered price risk management and market development. "The industry was hopeful that the suspension would be lifted to enable smoother operations, but the continuation of this restriction has further weakened an essential risk mitigation tool," SEA President Sanjeev Asthana said in a representation made to the ministers. SEA emphasised that studies have shown futures trading does not significantly

TotalEnergies, Oil India sign pact on methane emissions detection

French energy giant TotalEnergies and state-owned Oil India Ltd (OIL) signed a cooperation agreement to carry out methane emissions detection and measurement campaigns at the Indian firm's sites. The two will use TotalEnergies' pioneer AUSEA technology, the French firm said in a statement. OIL recently joined the Oil and Gas Decarbonization Charter (OGDC), a global industry initiative launched at COP28, co-chaired by TotalEnergies' CEO. The OGDC's ambition is to work towards net-zero operations by 2050, as well as near-zero upstream methane emissions and zero routine flaring by 2030. Moreover, OGDC members are committed to measuring and publicly reporting progress. "In line with the OGDC's principle of sharing good practices, TotalEnergies makes this technology available to other operators among the signatories, as an effective and recognized tool to detect, measure and eventually abate methane emissions on their own assets," the statement said. Mounted on a drone, the AUSEA gas .

India's diesel consumption expected to rise 3%-4% in FY25: IOC Chairman

The arrival of the monsoon in July caused diesel demand to drop due to heavy rains in various parts of India

Crude oil can hit low $60s by 2025-end despite geopolitical conflict

Oil price outlook: Given the low level of oil inventories, there could be a sustained geopolitical premium in crude price until the conflict is resolved in the short-term