'2019 was fought on delivery. But in 2024, you can see the before and after effects.'
India's import of discounted crude oil from the Russian Federation hit an all-time high in May, with state-run refiner IOC becoming the biggest importer of Russian oil, relegating Reliance Industries to the second place, trade and shipping data show. Indian imports of Russian oil, accounting for over 46 per cent of its total crude oil imports in May, have grown after strong backing by New Delhi, with state-run refiners powering imports of discounted crude. Discounts on Russian oil average around $10 a barrel, said an official from a state-run refiner. IOC's May purchases rose by 64 per cent on the month, and accounted for half of its total crude imports last month, ship tracking data show.
Because of his proximity to Indira Gandhi, he was able to intervene directly at the level of the PMO, which he did in the days leading up to the partition of Pakistan in 1971 when he transferred crucial information about Pakistan's moves via information handed to him by an East Pakistani diplomat in Poland where he was posted.
'While criticising India's high tariffs, Mr Trump stated he would impose reciprocal taxes on Indian products if re-elected.' 'However, since India's tariffs follow WTO rules, Mr Trump's actions would violate these rules,' Ajay Srivastava points out.
Sri Lanka on Thursday signed an agreement with India to jointly redevelop the strategic World War II-era oil tank farm in the island nation's eastern port district of Trincomalee, in a new milestone in bilateral economic and energy partnership.
Pakistan was ready to buy petroleum products from India if these were offered at "right prices", the country's minister of Petroleum and Natural Resources Asim Hussain said.
The fields have reserves of about 89 million tonnes
The Oil Sector Officers Association, which claims to represent executives at 14 state-run firms, is protesting against a pay increase smaller than it had demanded.
Among the 30 Sensex companies, Tech Mahindra, HCL Technologies, State Bank of India, NTPC, Infosys, Larsen & Toubro, Tata Consultancy Services and Wipro emerged as the biggest gainers. Hindustan Unilever, Asian Paints, Mahindra & Mahindra, Nestle, IndusInd Bank and Sun Pharma were among the laggards.
Adani Ports, NTPC, Infosys, Hindustan Unilever, HCL Technologies and Sun Pharma were among the other big gainers. However, Larsen & Toubro, Bajaj Finance, State Bank of India, Axis Bank and HDFC Bank were amonh the major laggards.
According to Jaishankar, the problem is that the Russian authorities maintain that these Indian nationals entered into contracts for services with the Russian army.
More than three months after RBI scrapped a long-standing payment mechanism used to pay for Iranian crude imports, India has resumed payments to the nation's second largest oil supplier using an alternative system.
The climate for 'doing business' remains forbidding, taxtortion is still rife, corruption at state and district levels has increased, oil prices remain extortive with high taxation, and the continued red tape has kept the enterprise system as stifled as before, points out Debashis Basu.
Indian imports of Russian oil plunged by a record in August month-on-month (M-o-M) as discounts on the fuel shrank in tandem with rising Brent oil prices. Higher crude prices will drive inflation or hurt earnings at oil companies and India's fiscal position if such spikes are not passed on to consumers. Indian purchases of Russian crude declined by around 24 per cent in August from July to the lowest level since January, with refiners expecting volumes to drop further amid rising rates of Russian benchmark Urals grade, substantial stocks at refiners, and planned maintenance at Indian refineries, according to ship tracking data and industry officials.
'Elections are fought to win.' 'In our party, the leadership takes the final decision, and our leaders are very clear about it.'
The organisation of oil producing and exporting countries on Monday ruled out any increase in oil output to cool the high international oil prices.
It is learnt that Lavrov is expected to travel to India either on Thursday or Friday after concluding a two-day visit to China.
With palm oil having 55 per cent share in total edible oil imports, the National Mission on Edible Oil-Oil Palm (NMEO-OP) would ensure that farmers get all facilities, from quality seeds to technology to promote cultivation of palm and other oil seeds, he said. Modi made this announcement after virtually releasing the ninth installment of Rs 19,500 crore to 9.75 crore beneficiary farmers under the government's flagship scheme PM-KISAN.
India and the US had on July 17 signed a preliminary agreement for cooperating on emergency crude oil reserves, including the possibility of India storing oil in the US emergency stockpile.
A CCEA meeting is scheduled for tomorrow but the approval for the Cairn-Vedanta deal is not listed on its agenda so far.
Defence Ministry has declared 7 blocks including RIL's KG-D6 which has been in production since September 2008 and its gas discovery block NEC-25 for reasons like overlapping with proposed Naval base or being close to missile launching and Air Force exercise area.
The banned Baloch Liberation Army (BLA) claimed responsibility for the attack, saying the blast was a suicide attack targeting a convoy of Chinese engineers and investors leaving the Jinnah International Airport.
Reddy, who moved from urban development to the oil ministry, got down to tackling the task straightaway with a brainstorming session with senior ministry officials on Thursday.
On the back of rising crude oil purchases, India's bill for imports from sanctions-hit Russia jumped 3.5 times in a year in April to $2.3 billion, showed data from the commerce ministry. In April, India's crude oil imports from Russia were valued at $1.3 billion, 57 per cent of India's total inbound shipments from Russia. Other major imported items during the month included coal, soybean and sunflower oil, fertilisers, and non-industrial diamonds. That month, Russia was also the fourth-largest crude petroleum supplier to India, after Iraq, Saudi Arabia, and the United Arab Emirates (UAE).
'The Indian government is better prepared this time and has reached out to all contenders and not putting all eggs in one basket.'
Arshad Nadeem's home village erupted into rapturous celebrations after he clinched Pakistan's first Olympic medal in athletics
OIL, which had paid a total dividend of 190 per cent in 2011-12, in January declared an interim dividend of 110 per cent for the current fiscal.
India's trade deficit with Russia continued to widen for the second consecutive year to $57 billion in the financial year 2023-24 (FY24), with Moscow becoming New Delhi's largest source of crude oil imports. All eyes will now be on Prime Minister Narendra Modi's visit to Russia during July 8-9, where he is set to meet President Vladimir Putin. This will be Modi's first visit to the Kremlin since the Russia-Ukraine conflict began over two years ago.
Among the 30 Sensex companies, Kotak Mahindra Bank, Asian Paints, Reliance Industries, ITC, Sun Pharma, ICICI Bank, Axis Bank and JSW Steel were the major laggards. Larsen & Toubro, Tata Motors, Maruti, NTPC, Mahindra & Mahindra and UltraTech Cement were among the gainers.
When S Jaishankar became India's external affairs minister in May 2019, he was largely considered a political lightweight despite his undisputed mastery over foreign policy.
Iran may offer Indian oil firms equity in its oil and gas fields in return of New Delhi agreeing to buy natural gas from it.\n\n\n\n
Petrol and diesel prices on Thursday climbed to fresh highs in the country as rates were hiked by the most in recent times, even as fuel retailers said the government can cut taxes to ease consumer burden. Petrol and diesel price was hiked by 35 paise per litre each after a gap of a week, according to price notification of state-owned fuel retailers. The increase took petrol prices to a fresh high of Rs 86.65 a litre in Delhi and to Rs 93.20 in Mumbai.
In retrospect, it appeared that the bitterness of the war was still strong and the Ukrainian success in occupying Russian territory just a few days ago had added to the complexity of the situation. The positive US response to the visit, however, remains a silver lining in the dark clouds, notes Ambassador T P Sreenivasan.
Geo-political reasons are to be blamed for spike in global oil prices, he says.
Teheran bargains on OilMin plan for more rupee payment via increased import; wants investment deal on gas block.
Benchmark equity indices Sensex and Nifty ended lower on Monday after hitting their all-time high levels in early trade amid selling in blue-chip IT stocks and HDFC Bank. After breaching the 77,000-mark during the early trade, the 30-share BSE Sensex came under selling pressure at the fag-end of the session and ended 203.28 points or 0.27 per cent lower at 76,490.08. During the day, the benchmark jumped 385.68 points or 0.50 per cent to hit a new record of 77,079.04.
Larsen & Toubro, Axis Bank, Reliance Industries, UltraTech Cement, Mahindra & Mahindra, IndusInd Bank, ICICI Bank and Tata Steel were the other big gainers. Sun Pharma, HCL Technologies, Asian Paints, Nestle and Infosys were the laggards.
Talks on the Iran-Pakistan-India gas pipeline project are in the final stage where the technical aspects are being looked into, according to Iranian Deputy Oil Minister Reza Kasai'i Zadeh.
Oil Minister Murli Deora on Wednesday said his ministry is not in favour of raising diesel and domestic LPG prices as response to spurt in global crude oil prices, as the move will add to already high inflation rate.
Contrary to reports, oil PSUs will not make a counter bid to Vedanta Resources' $9.6 billion offer to buy Cairn India, as the oil ministry is disinclined to a rival bid.
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