Murali Deora, Minister of Petroleum & Natural Gas has urged the need for sustainable international oil prices stating that the high oil prices are neither in the interest of oil importing countries nor beneficial to the exporting nations.
After a three-month slowdown, India's oil imports (already landed) from Russia bounced back in the first 15 days of October to 1.8 million barrels per day.
Come December, India may have to re-evaluate purchases of Russian oil if a price cap on crude oil proposed by the US and the European Union (EU) comes into effect. That impacts nearly a quarter of India's oil purchases that come at a discount, helping limit marketing losses for India's state refiners and enabling New Delhi to manage inflation by freezing pump prices of motor fuels. In September, India imported 1 million barrels a day or 24 per cent of its overall imports from Russia, which became the biggest supplier of oil to India.
The BJP has criticised the Congress party for allegedly prioritising its vote bank and outdated ideologies over India's national interest and citizen safety in its foreign policy approach towards Iran.
The Indian government has revised its natural gas allocation priorities, placing LPG production alongside CNG and piped cooking gas at the top, due to disruptions in imported gas supplies caused by the conflict in West Asia.
If international crude oil prices zoom past the current level of about $90 per barrel and move towards $100 and beyond, middle-class consumers are not going to keep quiet about their discomfort, points out Arun Balakrishnan, former chairman and managing director, Hindustan Petroleum.
India could save $1 billion in crude oil imports annually if the country switches 10 per cent of its diesel usage in the transport sector to liquefied natural gas.
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.
The rupee breached 90-levels against the greenback for the first time on Wednesday, falling 6 paise to 90.02 in early trade, as banks kept buying US dollars at higher levels and FII outflows continued.
The government has reduced the tariff value for import of edible oil, including palm oil, by up to $112 per tonne, a move which experts said can lead to lower domestic prices. The Central Board of Indirect Taxes and Customs (CBIC), through a notification, has cut the tariff import value of crude palm oil by $86 per tonne, and of RBD and crude palmolein by $112 per tonne each. It also reduced the base import price of crude soyabean oil by $37 per tonne. The changes in tariff value of edible oil are effective from Thursday (June 17).
'Without ground troops the US will not be able to oust the Iranian Islamic regime. Political change does not happen just by using bombs or planes.'
Researchers at CSIR-NCL have developed a technology for producing dimethyl ether (DME) as an alternative to liquefied petroleum gas (LPG), potentially reducing India's reliance on imports and enhancing energy security.
The US government, under President Trump, justifies the intervention as a security necessity rather than a resource grab. The primary official reasons include: narco-terrorism charges, national security and migration crisis.
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.
Gold imports climbed 349.22 per cent to $12.07 billion in January, while silver imports rose 127 per cent to $2 billion.
Reliance Industries Ltd has consistently remained compliant with international sanctions and is expected to adhere to upcoming measures on Russian oil, analysts said, estimating that oil sourced from Russia contributes just 2.1 per cent to its consolidated EBITDA. Reliance operates the world's largest single location refining complex, with more than half of the capacity exclusively dedicated for exports.
Worried about the possibility of oil prices' pushing up inflation, the Reserve Bank on Tuesday said chances of prices going up in the coming days need to be viewed against this background.
While investors would focus on the results and guidance for the third quarter of financial year 2025-26 (Q3FY26) in the normal course of business, the US-Israeli attack on Iran and the latter's retaliation at Gulf allies of the US has forced them to weigh the consequences of the event.
The current oil prices at nearly $83 a barrel, which are slightly above the $70-80 band, are ideal for producers and consumers and are at sustainable levels, Saudi Arabia Minister of Petroleum and Mineral Resources Ali Al-Naimi has said in a news report.
Edible oil prices in the major retail markets across the country have declined by Rs 5-20 per kg after various measures, including an import duty cut, by the government, Food Secretary Sudhansu Pandey said on Friday. The official said that branded oil makers have also revised the rates for new stock. Domestic edible oil prices have soared in tandem with the global prices which shot up due to reduced availability of edible oils for food use following diversion for biofuel in Indonesia, Brazil and other countries.
Vedanta, a conglomerate in mining and metals, has seen a surge in its share price on the back of multiple triggers. Its demerger appears to be on track, a strong non-ferrous commodity cycle is boosting margins, and silver bulls are interested in Hindustan Zinc, its subsidiary.
India's marine product exports facing rough weather from punitive US tariffs are expected to get a big boost following the reduction of 26 per cent tariff as part of the India-EU Free Trade Agreement (FTA), but concerns over non-tariff barriers, which are a dominant aspect of marine trade to the EU, still remain.
To meet liquidity pressure because of advance tax outflows this month, the Reserve Bank of India (RBI) has adopted a measured approach with its latest announcement of open-market operations (OMOs), worth Rs 1 trillion.
Retail inflation stood at 2.75 per cent in January under the new series of All India Consumer Price Index (CPI), with 2024 as the base year, released on Thursday.
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.
Dubai's core promise -- that it is an oasis untouched by regional storms -- has been tested in full public view. The coming months will show whether investors view the attacks as a short-lived disruption or a deeper signal of lasting risk, points out Asif Ullah Khan.
Rising crude oil prices are alarming, says PM. He considers all possible options to deal with it.
With crude palm oil prices on the rise, companies have started to jack up rates of soaps and edible oils in order to pass on the hike to consumers. Crude palm oil, one of the main ingredients in the manufacture of some consumer goods, saw a price rise of 45.2 per cent in the last three months. One of the country's largest consumer companies, Hindustan Unilever, said it has already started to take price increases in the skin cleansing category.
It also receives large investments from the Europe.
'The problem is not just slower growth, but also the quality of growth.'
OPEC's move to cut output has pushed up oil prices. From here it could go either way: oil could reach $100/barrel or an analysis of demand and supply might follow, say Abheek Barua & Bidisha Ganguly.
Brent crude oil prices may rise to $110 a barrel in 2023, up nearly 33 per cent from the current levels, said analysts at Morgan Stanley, in a recent note. This is, however, lower than the peak level of nearly $127 touched earlier in 2022 as geopolitical concerns took centre stage amidrising demand. "Looking ahead, Brent oil price growth will decelerate even more in the coming quarters. "This comes even as our global oil strategist expects a rise in oil prices back to $110 a barrel by the second half of 2023.
Petroleum Minister Mani Shankar Aiyar on Monday hoped that international crude oil prices will ease in the near future and said India was in a comfortable position to sustain prices at around $50 a barrel.
In an event-heavy week ahead, stock markets are expected to track Q3 corporate earnings from several blue-chip firms, including TCS and Infosys, while inflation data and global trends would also dictate investors' sentiment, analysts said.
Though some ingredients such as mild odours or silicones might not be actually harmful, others such as sulphates, parabens or formaldehyde releasers can result in skin irritation, hormonal imbalances and skin barrier damage, advises Dr Ameesha Mahajan.
Brent crude oil prices can touch $150 a barrel (bbl) - up a whopping 103 per cent from the current levels - in the worst-case scenario if the Israel-Iran geopolitical tensions escalate, suggest analysts.
Reliance Industries Ltd on Thursday said it has halted the use of Russian crude at its export-only refinery in Jamnagar, Gujarat, as the company moves to comply with European Union sanctions. Reliance is India's largest buyer of Russian oil, which it processes and turns into fuel, such as petrol and diesel, at its giant oil refining complex at Jamnagar.
India is deeply concerned over the spike in the price of oil due to the Russia-Ukraine conflict and it is "breaking our back," External Affairs Minister S Jaishankar has said. Addressing a joint press conference with US Secretary of State Antony Blinken after holding bilateral talks, Jaishankar on Tuesday said there is a very deep concern among developing countries about how their energy needs are addressed. Speaking about the Ukraine war, he said: "We have taken the position privately, publicly, confidentially and consistently that this conflict is not in anybody's interest."
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