Of the 1.32 trillion capex target for FY26, State-run oil firms have already spent 1.07 trillion in the first 10 months.
India will restrict crude oil purchases from Russia as part of an agreement reached with the US in exchange for lower trade tariffs, sources said, adding imports will continue for now by refiners such as Nayara Energy, which have no other alternative source. US President Donald Trump announced overnight that the United States will cut the reciprocal tariff on imports of Indian goods to 18 per cent from 25 per cent under a broader bilateral understanding.
US sanctions against two of Russia's largest oil companies are expected to impact Reliance Industries' crude imports from Russia, while state-run refiners may continue purchases through intermediary traders for now.
India has called for a ceasefire, release of all hostages, and peaceful resolution of the Israel-Hamas conflict through dialogue and diplomacy. The Centre informed Parliament that India welcomed the agreement on the first phase of the Gaza Peace Plan. The article also covers India's energy sourcing strategy and the release of Indian fishermen by Pakistan.
Saudi Arabia's steep cut in LPG benchmark prices has pushed India's household LPG underrecoveries to their lowest level in over two years, slashing oil companies' losses from Rs 200-250 per cylinder last year to about Rs 20-40 now.
India is set to reduce its direct imports of Russian crude from late November, following new US sanctions on Rosneft and Lukoil, effective November 21.
Under the defence partnership, India and the UAE are eyeing defence industrial collaboration and cooperation in advanced technologies, cyberspace training, special operations, interoperability of their militaries and counter terrorism.
A rally marking the 41st anniversary of the Bhopal gas tragedy was disrupted by a controversy over an effigy allegedly depicting an RSS 'sevak,' leading to an FIR against organizers.
The fiscal tilt towards capex benefits companies in investment-related sectors like capital goods, defence equipment, engineering & construction and metal & mining. The planned cut in revenue expenditure will weigh on companies in consumption sectors like FMCG, consumer durables and retail.
The government is likely to give a subsidy of Rs 30,000-35,000 crore to state-run oil companies - Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) - to compensate for losses incurred from selling LPG at below cost over the past 15 months, according to a senior official.
More than one oil company bidding for same overseas assets.
Petroleum Minister Dharmendra Pradhan was to give away the awards but he could not attend because he was travelling.
Notwithstanding the windfall tax placing a cap on profits, oil and gas producers like Oil India (OIL) and Oil and Natural Gas Corporation (ONGC) have done well in the October-December quarter (third quarter, or Q3) of 2022-23 (FY23). ONGC faces the drag of poor results from its subsidiary Hindustan Petroleum Corporation, and in comparative terms, OIL is better off. Standalone net sales in Q3FY23 stood at Rs 5,900 crore - up 57 per cent year-on-year (YoY), up 2 per cent quarter-on-quarter (QoQ).
After dropping a Rs 5,000 crore plan to fill parts of strategic oil storages, the government will lease out space in the underground rock caverns to domestic and international firms to store oil, a top executive said on Tuesday. India Strategic Petroleum Reserve Ltd has built underground storages at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka to store 5.33 million tonnes of oil that can be used in any emergency situation like supply disruption or war. UAE's Abu Dhabi National Oil Company (Adnoc) has already hired half of the 2.5 million tonnes storage capacity at Padur and 1.5 million tonnes facility at Mangalore.
India's crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation's insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker Vortexa. Russia however continues to remain India's top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world's third largest energy consumer imported in January.
Leading oil companies dedicated the second day of India Energy Week (IEW) 2025 to announcing strategic deals and business agreements across the supply chain - from sourcing more crude oil supply to deploying more domestic ships and building gas distribution capacity.
The government will take home Rs 4,022 crore (Rs 40.22 billion) by way of interim dividend bonanza declared by the state-owned oil companies in the last one week.
However, copious oil supplies amid growing global output and slowing Chinese oil consumption will put India in a better bargaining position with Gulf suppliers.
US strikes on Iran's three main nuclear facilities have once again raised concerns that Tehran might shut down the Strait of Hormuz - one of the world's most critical chokepoints, through which a fifth of global oil and gas supply flows.
Moody's Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to 'stable' from 'negative'. This follows the upgrade by the US-based rating agency in India's sovereign rating outlook to 'stable' from 'negative' on Tuesday. The agency had affirmed the sovereign rating at 'Baa3'.
The Oil Ministry has fixed the subsidy payout by upstream firms like Oil and Natural Gas Corporation and Oil India Ltd at Rs 15,546.65 crore (Rs 155.46 billion) for the April-June quarter.
Minister of state for petroleum and natural gas Jitin Prasada in a written reply to a question in the Lok Sabha said that IOC and MRPL have been allocated 0.20 million tonnes each in 2009-10, while HPCL would offtake 0.30 million tonnes of Rajasthan crude. In 2010-11, IOC would buy 1.5 million tonnes of the crude oil from the nation's most prolific oil discovery in more than two decades, while MRPL would double its offtake to 0.40 million tonnes.
Price of international crude oil - the raw material for making petrol and diesel - dropped to a three-year low before marginally recovering but a revision in domestic petrol and diesel rates is likely only if lower rates are sustained, industry sources and officials said. Global oil benchmark Brent crude futures fell below $70 per barrel on Tuesday - the first time since December 2021 - but gained thereafter after Hurricane Francine hit crude supply in the Gulf of Mexico. Brent rose above $71 a barrel on Thursday while West Texas Intermediate advanced to trade near $68.
State-owned fuel retailers are losing close to Rs 3 per litre on selling diesel while the profit on petrol has trimmed due to recent firming up in international oil prices, industry officials said detailing reasons for continuing to hold retail prices. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), who control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower.
Afraid of US sanctions, State Bank declines payment facilitation for oil imports from Iran.
The government on Wednesday said there was no proposal to either merge Hindustan Petroleum and Bharat Petroleum with Oil and Natural Gas Corp or Oil India Ltd with Indian Oil Corporation.
The 12-digit unique number that the UIDAI will generate will be combined with the the smart card project of the Oil Ministry for distribution of PDS kerosene and domestic LPG through biometric identification of beneficiaries.
India's minister for privatisation on Friday said a much-awaited stake sale in state-run refiners Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited could go ahead as soon as the prime minister gave his approval.
India is back on the diplomatic table pushing oil producing countries to raise production in a bid to cool down runaway oil prices. Brent crude oil prices traded above $90 a barrel, on Thursday, for the first time since 2014. Brent is the most popular marker for crude oil trade. It is used as a benchmark for two-thirds of the world's internationally traded crude oil.
The dealers are protesting against the use of petrol pumps for government campaigns and seeking of personal data of over a million people working there
India may have to lean more on West Asian nations for supplies of liquefied petroleum gas (LPG), a cooking fuel, in the coming years after Indian state-run refiners drew up big plans to diversify into producing more profitable petrochemicals. This shift leads to reduced LPG output, Indian refining executives said. The mantra for state-run oil companies, from Indian Oil Corporation (IndianOil) to liquefied natural gas (LNG) importer Petronet LNG, which are looking to diversify their businesses from lower-margin fuels, has been value-added petrochemicals.
Upstream firms have a tremendous financial pressure due to selling crude at subsidised rates to oil marketing firms.
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