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India and the European Union (EU) on Tuesday announced the conclusion and finalisation of negotiations for the proposed free trade agreement (FTA).
India's exports contracted 11.8 per cent to $34.38 billion in October, showed government data released on Monday. Imports jumped 16.63 per cent to $76.06 billion.
Gold imports climbed 349.22 per cent to $12.07 billion in January, while silver imports rose 127 per cent to $2 billion.
India and the European Union are set to announce on January 27 the conclusion of negotiations and finalisation of a free trade agreement, which is aimed at boosting economic ties between the two regions amid disruptions in global trade due to US tariffs, an official said.
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
India's merchandise trade deficit widened to a record $41.68 billion in October, as gold imports trebled and outbound shipments registered their sharpest contraction in 14 months, according to data released by the commerce department.
In a culture where children take up the profession of their father, her becoming a politician was seen as natural and acceptable.
Russian President Vladimir Putin's visit to India this week aims to secure energy supplies, stabilise defence deliveries and ensure bilateral trade continues smoothly despite strong Western sanctions, GTRI said on Tuesday.
India's goods exports rebounded in July after two months of contraction, with outbound shipments rising 7.3 per cent to $37.24 billion, led by a surge in exports to the United States before the country's reciprocal tariff kicked in and bolstered by a recovery in exports to other key markets.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
The trade war between the US and China is expected to benefit Indian exporters in increasing their shipments to the American market, sources said. They said the country was the fourth-largest gainer when the US imposed higher duties on Chinese goods during US President Donald Trump's first tenure.
'The US is strongly placed to expand its crude supplies to India.'
'Trump is good news for us. Energy poverty is real, and fossil fuels are the answer.'
Cooking oil is often discarded after being used for frying at home or in restaurants. However, a refinery of IndianOil has now won a certification to use the same oil to produce sustainable aviation fuel (SAF), the company chairman Arvinder Singh Sahney said.
The Oil prices have surged and surpassed $85 per barrel after several oil producer countries announced surprise cuts in production, TASS Agency reported. According to the Russian News Agency, this is the first time since March 7 that the price of futures contracts of Brent crude oil surged. The price of futures contracts of Brent crude oil for June 2023 delivery on London's ICE surpassed $85 per barrel.
After remaining in the positive zone for three months, India's exports contracted 1.2 per cent to $33.98 billion in July, while the trade deficit widened to $23.5 billion.
However, copious oil supplies amid growing global output and slowing Chinese oil consumption will put India in a better bargaining position with Gulf suppliers.
India recorded the highest monthly exports during the fiscal in February, registering an 11.9 per cent growth to $41.4 billion, mainly driven by increased shipments of engineering goods, electronic items and pharma products. The trade deficit during February worked out to $18.7 billion, up from $16.57 billion in the year-ago month, as gold imports surged significantly. Merchandise imports were valued at $60.11 billion, up 12.16 per cent compared to $53.58 per cent in February 2023.
Markets crashed the world over, share prices slumped, prices of airline tickets went up. All because of global crude oil prices, which touched a record $41 per barrel and output capacity of OPEC. Take the rediff biz quiz and know all about OPEC
Of Trump's reciprocal tariffs and trade deals
The assurance came after a meeting of the Saudi Arabia's Supreme Council for Petroleum and Mineral Affairs, which was chaired by King Abdullah. The meeting, which reviewed world oil market developments, referred to the resolution taken by the last OPEC summit in Riyadh in which leaders said they would manage petroleum resources to ensure sustained development. The summit expressed its satisfaction over the progress of work at new investment projects.
India has asked oil cartel Organization of the Petroleum Exporting Countries to raise crude oil production to stem the relentless rise in international oil prices that have threatened to derail import dependent economies such as India.
The Union government on Thursday ruled out any hike in the price of petroleum products till June 15.
The Budget has given signals that India is sensitive to the US needs and willing to walk the extra mile, but if need be, we should respond in equal measure as a sovereign nation, notes Ajay Srivastava.
Soft oil prices are expected to persist in 2015 and will be accompanied by significant real income shifts from oil-exporting to oil-importing countries.
'As the markets are expected to remain jittery in the near term, we advise investors to use this opportunity to enter quality largecaps from a long-term perspective.'
Indian imports of Russian crude oil may stabilise or even decline in 2024 from record 2023 levels amid shrinking discounts, lower output, and a rebound in West Asian supplies, according to the ship-tracking data and industry executives. This may impact the billions of dollars in annual savings that India made last year. Imports of Russian oil jumped by a record 140 per cent in calendar 2023 to 1.79 million barrels a day (b/d) from 740,400 b/d in 2022, when Russia marched into Ukraine in February, and from just 102,000 b/d in 2021, according to the data from Paris-based market intelligence agency Kpler.
After a spike in crude oil and gas prices in October following the Hamas terror attack, prices eased down 9 per cent month-on-month in November. The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices. The best guess here is that crude prices (currently at $75/barrel, or bbl) will not likely cross significantly above $80, and gas prices are also likely to remain subdued unless there's a further escalation in the Israel-Hamas conflict.
While OPEC has been unable to agree on an output freeze in an effort to support prices, Iraq was the latest Middle East producer to raise its exports quota
The reference case forecast takes into account the dire state of the world economy and expects global demand to fall by 900,000 barrels per day (bpd) in 2009. It also does not foresee any further compliance by OPEC countries with the quota reductions announced last December. Dated Brent was expected to have average $45 per barrel in the first quarter, rising to $50.4 per barrel in the second and $51.8 per barrel in the third, then up to $53.4 per barrel.
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.
Contrary to expectations, global oil prices, which have touched a 21-year high, are unlikely to fall substantially even if oil producer cartel OPEC raises production, industry officials said on Thursday.
The Organization of the Petroleum Exporting Countries (Opec) and its partners, such as Russia, collectively termed Opec+, have decided to cut crude oil production by 100,000 barrels per day (bpd) from October onwards, at a meeting on Monday. In a step that may increase prices in India, the group has decided to reduce output quotas for October, after a fall in global oil demand outlook. The cut in output is equal to 0.1 per cent of global supply.
Economic recovery from the pandemic in the US has helped India achieve the $400-billion mark for exports for the first time in any fiscal year. According to the preliminary data compiled by the Department of Commerce, India exported goods worth $73 billion to the US from April 1 to March 21 - up 47 per cent, compared to last year. The US' share of exports, compared to total exports, stood at 18.2 per cent. The country is also India's largest trading partner and export destination.
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.
India imports about 25 million tonnes of oil from Iraq each year.
India's crude oil imports are coming in from a changing mix of countries, with the top three accounting for around 60 per cent of total imports. Russia emerged as the largest source of crude oil imports for India in June, as per the latest available data from the Organization of the Petroleum Exporting Countries (OPEC). The data which is released with a lag, showed that Russian imports accounted for 24 per cent of the total crude imports into the country.
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