In a culture where children take up the profession of their father, her becoming a politician was seen as natural and acceptable.
Margins for the oil refining and retailing sector have moved off their peaks, and the average integrated margins (refining plus marketing) for oil marketing companies (OMCs) have normalised. The ascent in crude oil prices, combined with static retail prices, has depressed marketing margins for diesel and petrol. However, the fall in marketing margins has been offset by increased gross refining margins (GRMs).
It's the sovereign right of the Organization of Petroleum Exporting Countries to decide on the oil production capacities, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said Friday. Refraining from commenting on the controversial decision of OPEC on cutting oil production by two million barrels a day, which has taken the world by surprise, Puri said it is likely to be scrutinized very carefully. During an interaction with a group of Indian reporters, he said that India as one of the major consumers of oil and gas also has a major say in the global oil market.
Global crude oil prices slipped below $45 a barrel in early Asian trade on Monday after the Organization of Petroleum Exporting Countries cartel decided not to cut production.
The Organization of Petroleum Exporting Countries (OPEC) in its latest monthly oil market report projected the world's third-biggest energy consumer to add 0.39 million barrels per day (bpd) of crude oil demand in 2022. India's oil demand rose from 4.51 million barrels per day in 2020 to 4.76 million bpd in 2021, recording a 5.61 per cent growth.
Price of non-subsidised cooking gas (LPG) was today cut by Rs 43.50 per cylinder as international oil rates slumped to their lowest since May 2009.
India has taken up the issue of high oil prices with producer nations and OPEC, demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha on Monday. Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May. Petrol is retailing above Rs 100 a litre in more than a dozen states.
India, the world's third-largest energy consumer and importer, on Wednesday warned of high oil prices hurting the nascent and fragile global economic recovery and floated an idea of long-term supply contracts that provide predictable and stable pricing. Speaking at the India Energy Forum by CERAWeek, Oil Minister Hardeep Singh Puri said there was a mismatch between demand for oil and the supplies producers such as OPEC+ were making and there was a case for raising the production. The world, he said, needs "predictable, stable and affordable" prices for it to recover back to pre-pandemic levels.
India imports about 25 million tonnes of oil from Iraq each year.
There is positive correlation between crude oil prices and Indian equities and investors can expect more upside after the recent rally in Brent crude price.
Oil prices jumped nearly $3 a barrel and gold and safe-haven bonds rallied on Friday after the killing of top Iranian commander Qassem Soleimani in an airstrike by the US in Baghdad.
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
CARE Ratings, in a report, said it foresees an increase in the retail prices of petrol and diesel in the coming few days, depending on how the oil markets react in the reduction in supply from the cartel.
Rising production from OPEC as well as the US also weighing on prices
India is estimated to spend $1.36 billion more a year for every one dollar a barrel increase in crude oil prices, says Subhayan Chakraborty.
Aramco Trading Co, a subsidiary of state oil giant Saudi Aramco, offered 2.8 million barrels of ultra low sulphur diesel for loading in late July to early August
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
Indian basket at 6-month low of $49.11 a bbl
No stock on BSE Sensex ended in red while only 3 stocks in the broader Nifty50 index settled the day negative
Emissions would still keep rising till 2030, and the path towards global warming would improve to 2.7c.
India's macroeconomic situation has benefited from oil prices' decline.
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