Pushing a barrel of oil back to around $100 would require a reduction of production of about two million barrels a day - a cut that would fall predominantly on Saudi Arabia.
Among the Sensex firms, Tata Motors jumped over 3 per cent. Tech Mahindra, Infosys, HCL Technologies, Axis Bank, Mahindra & Mahindra, ICICI Bank, UltraTech Cement and Kotak Mahindra Bank were the other major gainers. NTPC, Asian Paints, Titan and Power Grid were among the laggards.
Old timers in Oil and Natural Gas Corporation (ONGC) still remember how in early 2000 its overseas subsidiary, ONGC Videsh Ltd (OVL), was on the verge of closure. Though OVL was set up in 1965, the only discovery the company had made till then was in Vietnam offshore, with more investment needed to monetise it. In 2001, when OVL started looking for new blocks abroad, the company's previous acquisition was 13 years old.
As global tensions put pressure on the cost of crude oil, sending petrol prices above 1 a litre across the UK, This is Money investment writer Philip Scott investigates how investors can profit from rising oil prices.
State-owned Gas Authority of India Ltd has discovered oil and gas near Ahmedabad, in onshore block awarded under the exploration policy.
The prospect of further falls in remittances is a hindrance for the Reserve Bank of India, as it seeks to bullet-proof the economy against sudden capital outflows
OVL, which has a 20 per cent stake in the oil field in Russia's far east, currently gets around 38,000 barrels of oil per day of the total production of 190,000 barrels per day. OVL's share is expected to fall to 32,000 barrels even as the overall production from the field is likely to come down to 160,000 barrels from next year. OVL, a 100 per cent subsidiary of India's biggest oil producer, paid $1.7 billion for a 20 per cent stake in Sakhalin I.
The two obvious best choices are to combine OTT viewing time with some good eating, because Joe, Rishi and Co don't have to be the only ones dining well.
The wholesale price-based inflation declined for the fourth consecutive month to 10.7 per cent in September on softening in prices of food, fuel and manufactured items. The Wholesale Price Index-based inflation was 12.41 per cent in August and 11.80 per cent in September last year. This year, the Wholesale Price Index (WPI) touched a record high of 15.88 per cent in May. September is the 18th consecutive month of double-digit WPI inflation.
The policy review observed that the moderation in inflation, excluding food and fuel, that was witnessed in the first quarter of 2017-18 has "by and large, reversed".
Bookmark this recipe to add to your Christmas menu. When you bite into the chops Jenny D'Souza promises you will experience 'heaven on earth'.
Analysts are divided on their retail price inflation forecast, with some saying the first quarter numbers will overshoot the RBI target by as much as 60 bps while others are softer in their estimate. Consumer price inflation retreated from its 15-month peak of 7.4 per cent in July to 6.8 per cent in August, much lower than the market expectations, despite vegetable prices remaining elevated at 26.1 per cent. Food inflation eased to 9.9 per cent from 11.5 per cent, led by some cooling of inflation in vegetables, cereals, pulses and milk.
'A positive oil shock has a detrimental effect on growth and activity.'
Kotak Mahindra Bank was the biggest loser in the Sensex pack, sliding 2.68 per cent, followed by Tech Mahindra, Mahindra & Mahindra, Axis Bank, Hindustan Unilever, Tata Motors, Tata Consultancy Services, Bajaj Finserv, Bajaj Finance, Nestle and Titan. In contrast, NTPC, Power Grid, Larsen & Toubro, HDFC, Reliance and HDFC Bank were the gainers.
The move would help the PM Modi shape a women-centric narrative.
The rupee rose by 12 paise to close at 79.78 against the US dollar on Monday due to a weak dollar in overseas markets and an improved appetite for riskier assets. Stronger regional currencies also supported the rupee sentiment ahead of the US Fed policy decision on Wednesday. Weak domestic equities and FII outflows, however, capped sharp gains. At the inter-bank forex market, the local unit opened at 79.86 against the greenback and moved in a range of 79.70 to 79.87 in the day trade.
Maintaining that the Indian economy was resilient to oil price shocks, Reserve Bank of India Governor Y V Reddy on Wednesday said the oil prices needed to be closely monitored, though it is not a disturbing factor.
'An eerie similarity with 2019 inflation trajectory could now mean that the RBI and market inflation estimates could go awry.'
From the Sensex firms, Bajaj Finance, HDFC, HDFC Bank, Bajaj Finserv, Asian Paint, State Bank of India, Tata Consultancy Services, Bharti Airtel, Reliance Industries and Tata Steel were the biggest gainers. HDFC climbed 2.59 per cent after the housing finance major on Thursday reported a 20 per cent growth in standalone net profit to Rs 4,425 crore for the quarter ending March 2023 on the back of higher interest income. IndusInd Bank, Nestle, Power Grid, ITC, Tata Motors and Mahindra & Mahindra were the major laggards.
Oil and Natural Gas Corp, India's largest oil producer, has proposed an investment of Rs 7967 crore (Rs 79.67 billion) in setting up a 7.5 million tonnes refinery at the site of recent oil find in Rajasthan.\n\n
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.
Costlier oil due to rising conflict in Iraq threatens to hurt the India economy that is already battling price rise and slowing growth.
India's foreign exchange reserves are at an all-time high.
The wholesale price-based inflation eased for the third consecutive month in August to 12.41 per cent, on softening in prices of manufactured items, even as food items saw an uptick. The Wholesale Price Index-based inflation was 13.93 per cent in July and 11.64 per cent in August last year. August is the 17th consecutive month of double-digit wholesale price inflation (WPI).
The Sensex finished above the psychologically key 60,000-mark while the Nifty surged past the 18,000-level on Monday on across-the-board buying amid a mixed trend overseas. A depreciating rupee and concerns over the US Federal Reserve hiking rates later this week failed to quell investors' appetite for stocks, traders said. The 30-share BSE Sensex rallied 786.74 points or 1.31 per cent to settle at 60,746.59.
India's macroeconomic fundamentals are strong to deal with global challenges and the central government is committed to sticking to the fiscal deficit target of 6.4 per cent of the GDP for the current fiscal, official sources said on Monday. The government is taking steps to deal with the spiralling crude oil prices in the international market, the sources said. India meets nearly 85 per cent of its oil demand through imports and a weaker rupee makes imports costlier.
Afraid of US sanctions, State Bank declines payment facilitation for oil imports from Iran.
The country's exports rose by about 6 per cent to a "record" $447 billion during 2022-23 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma and chemicals and marine, Commerce and Industry Minister Piyush Goyal said on Thursday. The country's imports also grew by 16.5 per cent to $714 billion in 2022-23 as against $613 billion in 2021-22. He said that the exports of goods and services together scaled "new heights" and has increased by 14 per cent to $770 billion in 2022-23 as against 676 billion in 2021-22.
In addition to undertaking to validate prospects identified by the joint venture, GCA employed a play-based exploration methodology on the D3 block to address both the current prospect inventory and the 'yet to find' resource potential. In D3, GCA estimated 9.5 Tcf of inplace reseves. D-3 and D-9 blocks in the same KG basin may hold 9.5 Tcf and 10.8 Tcf of gas reserves respectively, UK-based Hary Oil and Gas Plc said.
The police on Friday detained Shiv Sena (UBT) MP Vinayak Raut at Barsu village in Maharashtra's Ratnagiri district after he joined a section of local people in their protest against the proposed oil refinery project there, triggering chaos at the site for some time, officials said.
With the steep rise in international price of oil, the two largest retailers in the oil-rich United Arab Emirates have threatened to shut down their petrol pumps.
Domestic stock markets would be driven by inflation numbers, global trends, and the last batch of Q4 earnings this week, analysts said. Markets will also react to industrial production data and consumer inflation numbers that were released after market hours on Friday. "Participants will react to macroeconomic data viz. IIP and CPI first, which were released post-market hours on Friday.
Saudi Arabia's deep pockets and a strong financial system could help the country to ride out a low-price environment in order to protect its market share.
Lowering excise duty on petrol, diesel, and other fuels, branded fuels.
Plenty of other factors are likely to keep a lid on prices.
RBI feels that oil firms seeking a single quote for their dollar requirement, instead of present practice of floating enquiring with several pubilc and private sector banks, would help check volatility and arrest the free-fall of the rupee.
"This year (2009-10), our WPI is low and I don't see any problem on the horizon which could destabilise us except oil prices which remain a question," said Rajya Sabha MP and former Reserve Bank Governor Bimal Jalan. On the high fiscal deficit, Jalan said he did not think stimulus packages posed a problem. On taxation, he said it would not be good for the country not to have a reasonable rate of tax on profit and dividend.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, will invest close to $150 million in the seven oil and gas blocks it recently acquired in Cuba.
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