'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
RIL is doing better than the regional benchmark due to its ability to process heavy and sour crude, coupled with the higher product prices of petroleum products in the overseas markets. The company's GRMs were $13.6 a barrel in Q2 FY08. Analysts at domestic brokerage houses are estimating the GRMs of Reliance Industries at $14-$15 a barrel compared with the regional benchmark Singapore refining margin of $8 a barrel last month.
'Nobody explained why. After that there was panic buying, there was hoarding -- and then nothing reached us.'
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.
Mumbai hotels and restaurants are facing potential closures due to a critical shortage of commercial LPG cylinders, with similar disruptions reported across India. The crisis stems from revised government priorities for domestically produced natural gas, impacting the hospitality sector and potentially affecting tourism.
Petroleum Minister Ram Naik on Wednesday hoped the high international crude oil prices will ease as soon as the winter season demand for oil in western countries is over.
Market sentiment is likely to remain cautious as investors position themselves for the upcoming Union Budget and the US Fed's interest rate decision, where expectations are muted.
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.
Fight on toward goals that keep receding, or exit with most objectives unmet. Trump is agitated, his poll numbers falling below the Plimsoll line, his base fractured between those who back the war and those who remember that he campaigned on ending them.
When everyone has footage and no one can verify it, the loudest voice wins, notes Prem Panicker who begins a daily blog on the War in the Middle East.
From February to mid-March, oil prices receded rapidly.
India's trade account could come under pressure and there could be an inflation push if crude oil prices remain above the $90 per barrel (Brent) for a prolonged period since India imports over 85 per cent of its oil and roughly 50 per cent of its gas. A rebound in economic activity is bound to lead to higher fuel demand. While India is the third-largest importer of crude, it is a net exporter of refined products, which helps to compensate to some degree.
India, which imports 73 per cent of its oil needs, has been hit by the surge in international crude oil prices that touched $96 a barrel last week. State-run fuel retailers Indian Oil, Bharat Petroleum and Hindustan Petroleum are currently losing Rs 240 crore (Rs 2.4 billion) per day on selling petrol, diesel, domestic LPG and PDS kerosene as the government has not allowed them to raise retail prices in line with the surge in cost.
The urgency for a resolution is underscored by the military situation, as joint operations by Israel and the US have consistently been "targeting Iran's missile systems, launch sites and other critical infrastructure" since the onset of the conflict.
The Planning Commission on Tuesday made a case for increasing prices of petrol and diesel arguing that it was not a good idea to check inflation by keeping prices of petroleum products low.
Foreign exchange reserves of the oil producers have increased by $1.1 trillion over the past decade.
Former Haryana Chief Minister Bhupinder Singh Hooda criticises the state government over alleged LPG cylinder shortages and black marketing, urging immediate action to alleviate public hardship. He also addresses concerns regarding farmers' MSP and the SYL canal issue.
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.
AICC President Mallikarjun Kharge criticised Prime Minister Narendra Modi's relationship with US President Donald Trump, alleging that Modi is acting as Trump's 'slave' and jeopardising India's interests on trade, oil and foreign policy.
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.
India is the world's fourth-largest importer of natural gas, accounting for six per cent of the global market.
The Reserve Bank on Wednesday said that global crude oil prices, which are nearing the $100 a barrel mark, could impact inflation in India. "High and volatile crude oil prices in the international markets pose a major risk to domestic price stability," the RBI said in its report on 'Trend and Progress in Banking'.
Crude oil prices in July last year rose to a historic high of $147 and then plumetted to four-year low of $37 per barrel, all in just four months time. The minister said the global financial crisis which was the primary reason for the slump in international oil prices, has forced India to revise growth targets.
'Every day the meter is ticking. Like a time bomb.' Shipping giants are billing Indian exporters up to $3,000 per container in war surcharges -- on cargo that sailed before the war began -- as the Strait of Hormuz shuts down.
Dan Denning analyses the correlation between the soaring oil prices and banking rates in the Western world.
US-Israel air attacks intensified on the seventh day of war, striking Tehran and other Iranian cities.
Tamil Nadu Petroleum Dealers' Association urged people not to panic-buy petrol or diesel, stating that 14 terminals in Tamil Nadu have enough stock to replenish 7,000-plus retail outlets as per their demand.
What was in the world of reasonable oil prices a sunny economy slips into gloom and doom.
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.
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.
For weeks, the war skirted the edge of catastrophe without tipping over. Missiles flew, there was much destruction, commanders were assassinated, cities across the Gulf and even in Israel struggled to absorb the shock. But one line held: Energy infrastructure, the arteries of the global economy, remained largely untouched. That is no longer true. Prem Panicker continues his must read daily blog on the Gulf War.
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 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.
Gold imports climbed 349.22 per cent to $12.07 billion in January, while silver imports rose 127 per cent to $2 billion.
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
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