Pricey crude hurts in all sorts of fiscal ways -- but it could also spur crucial investment in alternative fuels.
Subir Raha, the former chairman and managing director of Oil and Natural Gas Corp, has been awarded the prestigious 'Energy Executive of the Year' award instituted by London-based renowned energy journal Petroleum Economist.\n\n
Estimated to cost $44 billion, the project was expected to be commissioned by 2025.
Subir Raha, the former chairman and managing director of Oil and Natural Gas Corp, has been short-listed for the prestigious "Energy Executive of the Year" award instituted by London-based renowed energy journal 'Petroleum Economist'.
Oil tanked to a 7-year low as OPEC decided to maintain production.
Top companies across sectors -- automobile maker Maruti Suzuki, consumer electronics giant Samsung to IT giant Infosys -- have reopened factories and offices as India took its first steps towards resuming economic activity after weeks under a near-total coronavirus lockdown.
The ongoing oil price decline is mainly a result of oversupply in the global market
The rupee had shed 9 paise to end at 64.13 on Friday.
Crude oil futures again flirted with the $60 a barrel mark Friday as prices rose on speculative buying and fears of supply disruptions due to refinery glitches.
The policy review observed that the moderation in inflation, excluding food and fuel, that was witnessed in the first quarter of 2017-18 has "by and large, reversed".
Sensex ends belowe 26,800 on domestic concerns.
Economics and politics both have major roles in determining oil prices.
In the next quarter, the country will also start gearing up for various Assembly elections could put the government as well as the OMCs under pressure
The Indian benchmark remained static in its last closing on May 28, while Brent prices dropped further to $75.71 a barrel. Less Brent crude in Indian basket makes prices sticky.
The dollar index eased 0.05 per cent to 98.69.
Emissions would still keep rising till 2030, and the path towards global warming would improve to 2.7c.
The rupee edged higher by three paise to 66.46 against the US dollar in early trade on Wednesday.
'Equities are likely to be range-bound with a downward bias for the remaining part of the year.'
Inflation shed another 0.12 per cent to tick eight months' low of 5.25 per cent for the week ended January 29, despite costlier fruits and vegetables.
Balance with the United Kingdom shifted from a deficit of $0.5 billion to a surplus of $0.5 billion in March
Apart from this, state refiners are looking at optimising crude oil inventory levels without in any way affecting fuel supplies in the domestic market.
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Rupee ends flat after hitting 9-1/2 month low.
An analysis of year-wise movements of average global crude oil prices versus India's GDP reveals no inverse correlation, contrary to wide belief.
The 6-member Monetary Policy Committee, headed by Reserve Bank of India Governor Urjit Patel, in its fifth bi-monthly review, kept the repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent.
Various global and domestic factors had a sizable impact on the performance of the Indian markets
The rupee weakened even as the dollar fell against major global currencies
Top gainers include Yes Bank, HUL, Vedanta, NTPC, Bharti Airtel, Adani Ports, PowerGrid and Tata Motors, rising up to 5 per cent.
The S&P BSE Sensex shed 286 points to close at 24,539 and the Nifty50 lost 100 points to end at 7,456.
'The impact of COVID-19 on the economy has been so overwhelming that even a significant drop in global oil prices, which in normal times would have brought cheer, has posed new challenges for the government,' observes A K Bhattacharya.
The value of oil has dropped by 30 per cent in a week, having peaked at nearly $40 last month. A big wave of extra OPEC oil arriving in the West, replacing supply lost from war-torn Iraq, also helped ease the threat of shortages.\n\n\n\n
The rupee on Friday snapped its two-day gaining streak against the US dollar.
Indian refiners, who buy about 7,000 barrels a day of Iraqi crude from the spot market, have made alternative arrangements for supplies if there is a war in Iraq, Oil Minister Ram Naik said on Thursday.
A stronger dollar makes oil more expensive because it raises the cost for imports for most of the world's countries
NSE Nifty, after shuttling between 10,809.60 and 10,725.90, finished 30.95 points, or 0.29 per cent lower at 10,741.10.
