India will send a technical team to the United States and Japan to prepare a blueprint for building strategic oil reserves for the 70 per cent import-dependant country as an insurance against contingencies like disruption of supplies.\n\n\n\n
Government plans to sell 5 per cent of its shareholding in ONGC in the follow-on public offer next month.
India will consult with the United States on building a 45-day strategic oil reserve, Oil Minister Ram Naik told reporters on Tuesday.
Buttered prawns and the prawn head oil elevates a simple veggie soup.
Institute of Economic Growth warned on Wednesday that the rise in oil prices due to fears of war in Iraq might "hamper" the government's plan for acquiring and maintaining strategic oil reserves for 45 days and the import bill was bound to go up
Reliance Industries Ltd has discovered huge oil reserves in its gas-rich D6 block in Krishna Godavari basin off the east coast, its minority partner Niko Resources of Canada has said.
Government is planning to levy a 10-20 paise per litre cess on petrol and diesel to fund build up 45 days' strategic crude oil reserves to meet contingency requirement like disruption in supplies in the event of war.
The term peak oil refers to the maximum rate of the production of oil in any area under consideration, recognising that it is a finite natural resource, subject to depletion. Cumulative production is the sum of all oil that has ever been produced until a specific date. Cumulative production can be given for a field, oil basin, country or the world. Decline rate refers to production only. Depletion differs from the decline rate as it takes into account the amount of oil left.
Big movements in the price of oil can have significant impact on the economy.
Scientists have developed a new tool that can precisely pinpoint where petroleum and gas reserves have accumulated.
Although the world has enough oil to last it for some more years, it is not an unlimited resource. So which nations have the largest oil reserves in the world? Check this out . . .
Huge oil and gas reserves have been discovered in four districts of Rajasthan, bordering Pakistan, the state government announced on Friday.
Major General S C N Jatar, who passed into the ages on Monday night, thwarted anti-national forces at the peak of the Assam agitation. Colonel Anil A Athale (retd) salutes this officer and gentleman.
'It will be important strategically and geographically because there is no port in India which is as close to the international shipping route as Vizhinjam.'
The Organization of the Petroleum Exporting Countries (Opec) and its partners, such as Russia, collectively termed Opec+, have decided to cut crude oil production by 100,000 barrels per day (bpd) from October onwards, at a meeting on Monday. In a step that may increase prices in India, the group has decided to reduce output quotas for October, after a fall in global oil demand outlook. The cut in output is equal to 0.1 per cent of global supply.
Vedanta chairman Anil Agarwal on Saturday pressed for further liberalisation of the defence sector and called for corporatisation of defence factories to make the country self reliant in respect of arms and ammunition. There are 52 defence factories for manufacturing arms and ammunition in the country but most of them are running at 10 per cent capacity, he said. "We (India) can be the largest producer of arms and ammunition. "If the defence factories are corporatised it will bring in a new way of thinking," Agarwal said while addressing the inauguration of a post graduate programme for executives virtually from London.
Something to keep your insides warm in winter.
PowerGrid was the top gainer in the Sensex pack, rising around 4 per cent, followed by NTPC, Tata Steel, Bharti Airtel, Sun Pharma and Bajaj Finserv. On the other hand, IndusInd Bank, Asian Paints, Infosys, Bajaj Auto and Maruti fell up to 2.59 per cent.
Since jobs will remain scarce for the foreseeable future, an unemployment allowance should be the next big social-security initiative, suggests T N Ninan.
Petrol and diesel price hikes are likely to resume after state elections get over next week to bridge the Rs 9 a litre gap created by international oil prices soaring past $100 a barrel. International crude oil prices shot above $110 a barrel for the first time since mid-2014 on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions. The basket of crude oil India buys rose above $102 per barrel on March 1, the highest since August 2014, according to information from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry.
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.
Qatar Petroleum while confirming the withdrawal, tweeted, "Qatar announces it was withdrawing from the Organisation of Petroleum Exporting Countries effective 1 January 2019."
'The big power struggle in faraway Europe erupted at a most critical juncture when India has been increasingly sceptical about American policies and statesmanship,' argues Ambassador M K Bhadrakumar.
Ahead of a meeting of oil producers' cartel OPEC, India on Tuesday said the current oil prices are "very challenging" and rates need to be a "little bit sober" lest they impact a consumption-led recovery of the global economy. Oil Minister Dharmendra Pradhan, who last week again urged OPEC to phase out its production cuts, said India is a price-sensitive market and it will buy oil wherever it gets competitive rates. The rebound in international oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
India has experienced hands and will emerge with flying colours, declares Inspector General Gurdip Singh Uban (retd).
Foreign Minister Mohammad Javad Zarif tweeted that the attack near the Iraqi border was carried out by 'terrorists recruited, trained, armed & paid by a foreign regime'.
The UP minister condemned the terror attack as unfortunate and reportedly said that "European countries can't be lit up with the ill-gotten wealth from the oil reserves of Middle East".
The USS John Paul Jones acted like a dog marking the lamp post, observes Ambassador M K Bhadrakumar.
Chances are any such disruption will not occur on the major shipping lanes but on some edge of the ocean between India and China. Even if there is no actual disruption, the costs of averting one can be punitive. The setting for this is provided by the energy shortage both countries face, says Subhomoy Bhattacharjee.
Any form of entanglement with India or the US on the strategic plane will be anathema to Sri Lanka's Rajapaksa rulers, observes Ambassador M K Bhadrakumar.
We take a look at Libya's Colonel Muammar Gaddafi, who has been Africa's and the Arab world's longest-ruling, most erratic leader, presiding for 42 years over this desert republic with vast oil reserves and just 6 million people.
Oil prices have declined by more than 60 per cent since January with benchmark crude falling well below $30 per barrel, driven by an acute oil demand decline caused by the coronavirus and a lack of production cuts by OPEC and other oil producing countries.
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