Oil prices this year could surge up to $80 a barrel due to the increasing demand for the gasoline and disruptions in crude supplies from Nigeria, said a senior Iranian oil official.
The ongoing oil price decline is mainly a result of oversupply in the global market
The Indian government is dealing with the matter having in mind the national interests of this country in the first place, he said.
Baghaei also alleged that recent unrest in Iran was fuelled by foreign interference, claiming riots were triggered by "very evident" interventionist remarks by US and Israeli officials.
'Indian refiners can operate without Russian crude from a technical standpoint, but the shift would involve major economic and strategic trade-offs'
Crude oil's long price slide might be ending, feel some experts. Last Friday, the price of Brent crude, seen as a benchmark for what India uses, saw a low of $75.3 a barrel - it is now trading around $79. The fall has been nearly a third from its high seen in June, only five months earlier.
Asian Paints reported a good performance for the second quarter (July-September) of 2025-26 (Q2FY26), with some help from base effects, despite strong competition and extended monsoon. Volume grew in low double digits in the key domestic decorative paints, and value in that segment grew by 6 per cent. Ebitda (earnings before interest, taxes, depreciation, and amortisation) grew 21 per cent year-on-year (Y-o-Y), and PAT (profit after tax) grew 14 per cent. Asian Paints also defended market share better after several quarters where it had lost ground to Birla Opus.
The Consumer Price Index-based inflation rose to 5.11% in January
As US President Donald Trump claimed that India will significantly reduce Russian oil imports by year-end, Congress MP Shashi Tharoor on Thursday hit back by criticising him for making announcements on behalf of New Delhi.
Notwithstanding global headwinds, the Indian economy saw further momentum in October on the back of goods and services tax (GST) rate rationalisation and festival spending, as indicated by high-frequency indicators, the Reserve Bank of India's (RBI's) monthly State of the Economy report said.
The drop in oil to around $50 a barrel this year has triggered steep cutbacks in production of US shale oil
The central bank is conducting a series of these meetings with individual banks as it prepares to announce the annual monetary and credit policy for the financial year 2011-12 on May 3.
Volumes remain a concern because people still do not have confidence in the market.
The government will cut petrol and diesel prices when there is a sustained drop in global crude oil prices, Petroleum Minister Murli Deora said on Tuesday.
Indian Oil Corporation's (IOC's) Q2FY26 operating profit of 14,600 crore beat Street estimates and was up 16 per cent on a sequential basis. It surged 287 per cent over the year-ago quarter on account of an improved refining performance.
During a visit to the UK, former US President Donald Trump reiterated his claim of intervening to resolve a conflict between India and Pakistan, linking it to trade negotiations. He also discussed tariffs on India for buying Russian oil and the Russia-Ukraine conflict.
Projecting that global oil prices would stabilise at around $30-35 and help ease pressures on consumers, Reliance Industries Chairman Mukesh Ambani on Wednesday sought deregulation of natural gas, terming it as an alternate fuel in the medium term.
From the 30-Sensex firms, Eternal declined by 4.02 per cent, followed by Bajaj Finance (3.88 per cent), Sun Pharma, InterGlobe Aviation, Trent, Asian Paints, Mahindra & Mahindra and Bajaj Finserv. HDFC Bank emerged as the only gainer from the pack.
Modi made a strong case for a partnership between the producers and consumers in the oil market as it exists in other markets.
Bank shares were the top gainer in early trades with Bank of Baroda up over 4%.
The Indian industry wants the government adopt a multi-pronged approach to de-risk the country's oil needs by conserving energy, promoting alternative sources and building strategic reserves, a Federation of Indian Chamber of Commerce and Industry su
India's crude oil imports from Russia strengthened in the first half of October, reversing a three-month slide in arrivals seen during July-September as refineries were back on full stream to meet festive demand, according to ship tracking data.
The price of jet fuel (ATF) was sharply increased by 7.5 per cent on Tuesday, while the cost of LPG used in commercial establishments was reduced by Rs 58.50 per cylinder, reflecting shifts in international benchmark rates. After three rounds of price cuts, aviation turbine fuel (ATF) price was increased by Rs 6,271.5 per kilolitre, or 7.5 per cent, to Rs 89,344.05 per kl in the national capital - home to one of the busiest airports in the country, according to state-owned fuel retailers.
Trump announced that India and the US agreed to a trade deal under which Washington will charge a reduced reciprocal tariff on Delhi, lowering it from 25 per cent to 18 per cent.
The value of the rupee, which has slipped to the 92 per dollar mark, does not accurately reflect India's stellar economic fundamentals, the Economic Survey said on Thursday.
"We have the toughest sanctions ever imposed. But on oil, we want to go a little bit slow because I don't want to drive the oil prices in the world up," Trump told reporters.
Daily essentials and food products will be cheaper from Monday, as leading FMCG companies have slashed prices, extending GST cut benefits to consumers.
The government will continue the policy of equitable burden sharing between the state, oil companies and consumers for absorbing the impact of the upward spiral in global oil prices.
'Trump had done a deal with the current regime minus Maduro. The current regime is giving Trump entry into Venezuelan oil. They are obeying him and doing whatever he says.' 'They are happy because they have saved their heads by sacrificing only two, Maduro and his wife. Thousands of Venezuelan military leaders would have been jailed or killed in American action had Maduro stayed in power.'
CAD, which is the difference between outflow and inflow of foreign currency, touched a historic high of 6.7 per cent in the third quarter.
India's large foreign exchange reserves can cushion a short-term jump in oil prices, but a long drawn conflict in Iraq could hurt the economy
Rising geopolitical uncertainty, a falling dollar and the growing speculative interest in commodities trading will keep crude prices volatile.
The Indian rupee, swaying through multiple headwinds, tiding over global trade disruptions and massive foreign fund outlfows, is unlikely to arrest its descent until tariff impact overhangs, notwithstanding robust domestic macroeconomic tailwinds. The Reserve Bank of India (RBI), which sees the rupee's depreciation as a silver bullet to offset the tariff shock, expects the currency to find its stable course once India reaches a trade deal with its largest trading partner, the US.
There has been a dramatic decline in oil prices from the high of $147 a barrel in July, to less than a third of that today. However, it is too early to say if this is a fundamental change in the direction of oil prices, resulting from the announced cuts in production by the oil-exporting countries, or a blip in a falling market. The government seems to be assuming (or hoping that it is) the latter and is rushing ahead with its price cut plan.
The government should start with two assumptions: first, that oil prices are fundamentally unstable and susceptible to wide fluctuations, and second, that raising the prices of petroleum products is politically difficult.
With an eye on the adverse fallout of rising oil prices, the Reserve Bank of India (RBI) on Monday said the government's subsidy bill for petroleum products and fertilisers might cross the projections for 2011-12 and put fiscal consolidation plans under strain.
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