India, the world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects.
Iran's growing proximity to China may have also played a part.
The virtual meeting comes in the midst of some disquiet in Washington over India's position on the Ukraine crisis as well as its decision to procure discounted Russian oil.
From February to mid-March, oil prices receded rapidly.
Notwithstanding the robust turnaround in the financial performance for the June quarter (Q1FY24), stocks of state-run oil marketing companies have been in a downtrend in the last month. The fall comes on a rise in crude oil prices that have surged to a 7-month high of $88 a barrel. A busy political calendar in the months ahead that may see the government keep a lid on auto fuel prices is also a dampener, analysts said. Shares of Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) have shed 9-11 per cent since their respective earnings announcement between July 26 to August 4.
An unidentified attacker in a car shot Nemtsov four times in the back as he crossed a bridge in view of the Kremlin
A Russian court sentenced US basketball star Brittney Griner to nine years in prison on Thursday after finding her guilty of deliberately bringing cannabis-infused vape cartridges into Russia, a ruling that President Joe Biden called "unacceptable."
Saddening glimpses of the impact of the Russian invasion on Ukraine's children.
Russia has defaulted on the supply of at least 5 cargoes or shiploads of LNG to India after its retaliatory sanctions hit one of the companies that supply gas to India, sources said. India's largest gas firm GAIL has a long-term deal to import 2.85 million tonnes of liquefied natural gas (LNG) per annum from a Singapore-based unit of Russian gas producer Gazprom. The company has since June defaulted on the supply of 5 cargoes of LNG under that contract citing difficulty in sourcing gas due to sanctions, two sources briefed on the matter said.
'By taking over these reactors, it will ensure Ukraine's supply of electricity is cut off.'
Russian swimming chief Vladimir Salnikov said on Tuesday the atmosphere surrounding his team at the Olympics reminded him of the Cold War, and criticised American breaststroke champion Lilly King for attacking the integrity of her Russian rival.
Stock market investors became poorer by Rs 8.30 lakh crore as equities continued their slide for the sixth consecutive day on Friday. The BSE Sensex has tumbled 1,855.58 points or 3 per cent since February 16. During this period, the combined market capitalisation of BSE-listed firms has tanked Rs 8,30,322.61 crore to reach Rs 2,60,00,662.99 crore. "The domestic market is broadly demonstrating a lack of confidence, registering its sixth consecutive day of losses despite global markets turning green.
Given that India will get a huge part of its oil supplies from Iran through its government-owned oil PSUs, any unwelcome shocks in global crude rates could be absorbed well enough.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 46 per cent jump in net profit for the three months ended June on the back of bumper earnings from oil and telecom businesses. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 17,955 crore during April-June period -- the first quarter of 2022-23 fiscal year -- from Rs 12,273 crore in the year-ago period, it said a stock exchange filing.
There is a congruence of interests between Ukrainian intelligence and its Western mentors to destroy Wagner and eliminate it from the geopolitical chessboard altogether, argues Ambassador M K Bhadrakumar.
The ruble has recouped most of its losses and become the top-performing currency globally. It continues to gain and is up 60 per cent against the US dollar from its lows in the first week of March. The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7.
There is the problem of regions in the North East being theatre for power-play by nations with borders and influences converging in those parts, which in turn requires a sizable presence of the armed forces, notes Shyam G Menon.
Though OVL has made a solo bid of about $2.5 billion for takeover of Russia-focused Imperial Energy, the overseas arm of state-run Oil and Natural Gas Corporation may rope in a company like Rosneft to win Moscow's approval for the acquisition, London-based investment banking sources said. OVL is mindful that no company can be successful in taking over a company having assets in Russia unless it has the backing of Moscow.
Economics and politics both have major roles in determining oil prices.
The talks took place on the sidelines of the G-20 foreign ministers' meeting in the Indonesian city of Bali.
Ukrainians from the eastern and central parts of the country have increasingly fled to the country's western cities, that have so far been considered safer, as Russian forces advance toward Kyiv from three sides.
The rising dependence on discounted crude oil has resulted in India's trade deficit with Russia hitting the second-highest place last year, after China, reveals Department of Commerce data. From April through January 2022-23 (FY23), India's maximum trade deficit was with China, at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold - from $4.86 billion in April-January of 2021-22 (FY22) to $34.79 billion during the same period in FY23.
Tea planters and exporters are "extremely worried" over the possible impact on their shipments to Russia, India's second largest buyer of tea, in the wake of the Russia-Ukraine crisis. Western sanctions and disruption of payments in dollars as well as transhipments to Russia are expected as a fall-out of Russia launching an attack on Ukraine on Thursday. "The Russian market for Indian tea is extremely important as there are payment issues for shipments to Iran, another vital tea export destination. "Around 18 per cent of India's tea shipments go to Russia," India Tea Association chairperson Nayantara Palchoudhuri told PTI.
Oil and gas deals are high on the agenda as President Pratibha Devisingh Patil began a weeklong visit to Russia and Tajikistan.
Daniil Medvedev quelled the challenge of wildcard Arthur Fery and Marta Kostyuk fought back to upset Maria Sakkari and storm into the Wimbledon second round on a rainy Wednesday.
International oil prices surged close to $100 a barrel on Tuesday after Russian President Vladimir Putin sent troops into Ukraine, but petrol and diesel prices in India continue to be on freeze and are expected to rise once assembly elections in states like Uttar Pradesh end. Amid fears of supplies being disrupted because of Russian aggression, the price of futures contract for Brent crude oil with April delivery on London's ICE rose by 4.18 per cent to $99.38 per barrel on Tuesday morning, before paring some gains to settle just above $98. The last time Brent exceeded $99 per barrel was in September 2014. Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production.
Overall, the Brazil, Russia, India, China and South Africa gap has widened as developed economies are taking the lead.
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
"No one has ever accused India of supporting what is going on in Ukraine. What India seems to be doing is trying to operate within the policy outlined by Nehru 65 years back," said a source.
A Russian court on Tuesday dismissed US WNBA basketball star Brittney Griner's appeal against a nine-year sentence for possessing and smuggling vape cartridges containing cannabis oil, paving the way for her to be sent to a penal colony, in a court case that Washington has called "sham".
India will ship its share of crude oil from Russian oilfield Sakhalin-I in October-December, Minister of State for Petroleum and Natural Gas Dinsha Patel said on Thursday.
For the past four months, 92-year-old Maria Nikolaevna has lived underground with her daughter, son-in-law and the family cat.
'There is a view that there is a Pakistan angle to this.' 'Pakistan has a large presence in Qatar and would want India to be blacklisted.'
Billionaire philanthropist George Soros believes the turmoil at Gautam Adani's business empire may weaken Prime Minister Narendra Modi's hold on the government -- a statement which was strongly countered by BJP as an attack on Indian democracy.
The rupee depreciated further by 13 paise to hit a new life-time closing low of 82.30 against the US dollar on Friday as a firm American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and elevated crude oil prices sapped investor appetite, forex traders said. At the interbank foreign exchange market, the local currency opened at 82.19, then fell further to 82.43. It finally settled at an all-time low of 82.30 against the American currency, registering a decline of 13 paise over its previous close.
Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even. International crude oil prices shot above $120 a barrel for the first time in nine years on Thursday before retreating a little to $111 on Friday, but the gulf between cost and retail rates has only widened. With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
India's macroeconomic situation has benefited from oil prices' decline.
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