Soaring output has left the world awash with cheap crude as supply exceeds demand by 1 million to 2 million barrels per day
India's imports from Iran rose to 250,200 barrels per day
'The coronavirus impact is much bigger than what the market had predicted. We are helpless and simply watching the market at present. Nothing can be done,' said Anil Devli, chief executive officer (CEO) of Indian National Shipowners' Association (INSA).
"10 minutes before the strike I stopped it, not proportionate to shooting down an unmanned drone".
The top court termed the Rs 10 crore compensation paid by the Republic of Italy over and above the payment already made as "reasonable and adequate".
Italy has regretted that the case of two of its marines accused of killing two Indian fishermen should have been resolved in the first three days of the incident, before the issue became enmeshed in India's "deadly judicial and political-electoral gears".
The Central government on Friday told the Supreme Court that it has deposited with the top court Rs 10 crore paid by the republic of Italy as compensation to the families of the two Kerala fishermen who were shot dead in 2012 by two Italian marines aboard the MV Enrica Lexie ship -- an Italian flagged oil tanker -- in lieu of closure of criminal cases against the two navy personnel in India.
India may see a structural shift in supplies of crude oil with Russia emerging as a key source of fuels, a development that reduces New Delhi's dependence on West Asian oil, gives Indian refiners better bargaining power with price-setter Saudi Arabia, and improves overall energy security. The unexpected surge in supplies of Russian crude in the last few months, unthinkable until the war in Ukraine, may also deliver other unforeseen gains such as boosting exports of refined fuels to Europe, which historically has counted on Russian shipments. India has jumped on to the bandwagon of opportunistic buying of Russian crude but if calibrated carefully, Urals crude can be a long-term asset for India refiners.
Italy will take up at the "international level" the trial of two marines in India for the killing of two Indian fishermen, Premier Enrico Letta has said.
The price of diesel sold to bulk users has been hiked by about Rs 25 per litre in line with a near 40 per cent rise in international oil prices, but retail rates at petrol pumps remain unchanged, sources said. Petrol pump sales have jumped by a fifth this month after bulk users like bus fleet operators and malls queued up at petrol bunks to buy fuel rather than the usual practice of ordering directly from oil companies, widening the losses of retailers. Worst hit are private retailers like Nayara Energy, Jio-bp and Shell, who have so far refused to curtail any volume despite a surge in sales.
Captain Menon, Master of the oil tanker 'Sampurna Swarajya' of Shipping Corporation of India, is to receive the 2016 IMO Award for Exceptional Bravery at Sea for her role in the dramatic rescue of seven fishermen from a sinking fishing boat in tumultuous seas.
Taking note of a plea by some fishermen seeking compensation, the Supreme Court on Thursday directed the Kerala high court not to disburse any amount from the Rs 2 crore earmarked for the owner of fishing boat St Antony in which two fishermen were killed by Italian marines in 2012.
The Supreme Court on Wednesday allowed Massimiliano Latorre, the second Italian marine accused of killing two Indian fishermen off the Kerala coast in 2012, to remain in his country till the international arbitral tribunal decided the jurisdictional issue.
The Supreme Court on Friday directed the Centre to deposit in its account the compensation given by Italy for the kin of two Indian fishermen killed by Italian Marines off the Kerala coast in February 2012.
The attack did not result in any human losses, it said, adding that the remnants of the intercepted and destroyed ballistic missiles fell in separate areas around Abu Dhabi.
Hours after India decided not to prosecute two of its marines accused of killing Indian fishermen under the strict anti-piracy SUA law, Italy said the decision was the "fruit of Italian firmness".
India's fuel sales fell in the first half of April as a record rise in prices in a short 16-day period dented demand, preliminary industry data showed on Saturday. Petrol sales fell almost 10 per cent in the first half of April when compared with the same period in the preceding month, while diesel demand slid 15.6 per cent. Even cooking gas LPG, which had consistently shown growth even during the pandemic period, saw a 1.7 per cent month-on-month fall in consumption during April 1-15.
'If it weren't for Om Puri, a whole range of our big city experiences wouldn't have found their honest representations on the screen.'
According to industry figures, the pre-Covid demand for liquid medical oxygen (LMO) before the pandemic was 700 tonnes per day across the country. Now, with the second wave, the demand has gone up more than seven times, reports Jyoti Mukul.
the SC said, "We want that adequate compensation be paid to the victims' family".
IOC has been forced to shut down its Digboi refinery in Assam and is operating Guwahati unit at minimal throughput, while OIL has been forced to shut LPG production and its crude oil production has dropped by 15-20%. Sources said the agitation has blocked the movement of tankers and trucks, which are mostly used to supply petrol, diesel and LPG from the refineries to different parts of the North East.
The Centre said that the arbitration under United Nation Convention on the Law of Sea (UNCLOS), which was instituted on a request from the Republic of Italy has delivered its Award on May 21, 2020.
Indian Oil Corporation's Raxaul depot resumed supplies after the obstruction by protesters was removed from the main 'Maitreyi' (Friendship) Bridge connecting the two countries.
The Congress leader said he had warned the people of Assam before the Assembly elections in 2016 that hard earned peace would be hampered if the BJP came to power.
Violent agitations continued to rock parts of West Bengal for second consecutive day on Saturday as people protesting against the amended Citizenship Act set several buses on fire and torched portions of a railway station complex, officials said.
The year 2004 has been pretty volatile for the global shipping industry, including the Indian players, as freight rates were impacted by uncertain moods of the oil market and a natural disaster towards the end of the year.
The South Korean appeal court overturned a lower court ruling and found the super tanker Hebei Spirit and its officers partly to blame for the oil spill in December last year, which polluted miles and miles of beaches. The ship's owner was fined $21,000.
Mumbai-based Pratibha Shipping Company, which owns six tanker vessels, has secured a contract from Mangalore Refinery & Petrochemicals, a subsidiary of ONGC, for transporting fuel to Mauritius for three years.
As tensions between the armies of India and China at the LAC show no sign of ebbing, both sides have significantly ramped up the presence of their troops.
'The clean break between Russia and Europe that this foolish attack is creating may actually last long.' 'It will undermine Europe and benefit the US and China.'
Cash, weapons, bullet-proof jackets and commando dresses were on Sunday found even as lockers were opened at arrested godman Rampal's Satlok Ashram, where he was taken by the police for the first time since his arrest on November 19.
Around 15 years ago, when Reliance Industries (RIL) struck natural gas in the Krishna-Godavari (KG) basin off the east coast, the government made plans to supply that fuel cheaply to scores of generators that sprang up in India triggered by the discovery. Most of the plants, which account for 6 per cent of India's total generation capacity, operate sparsely after the KG-D6 area first failed to meet production targets, and then finally shut shop. Affordable domestic gas was why those thermal plants came up and the rate of the fuel today is why those generators hardly operate. Record liquefied natural gas (LNG) rates may yet again unravel India's ambitions to expand use of gas in industries, households and vehicles. Rates, while volatile, may stay strong this decade as developed nations with higher purchasing power embrace gas as the transition fuel.
In a blow to Italy's attempt to internationalise the case of two Italian marines being tried in India for killing two fishermen, UN Secretary-General Ban Ki-moon has asked Rome to resolve the issue bilaterally.
Buyers find ways to cope with shipping restrictions.
Oil and Natural Gas Corporation has received the first shipment of Sakhalin-I crude oil from Russia at its subsidiary Mangalore Refinery and Petrochemicals Ltd.
Aramco Trading Co, a subsidiary of state oil giant Saudi Aramco, offered 2.8 million barrels of ultra low sulphur diesel for loading in late July to early August
A relatively dry spell in Chennai and its neighbourhood brought relief to the flood affected residents and rescue agencies, as hopes of water receding fast went up.
Sources aware of the development said as part of the project, the airline had signed an agreement with Reliance Industries Ltd, which would extend quality control services at its coastal terminals for ATF imported by the airline.
'It has taken bombings in Beirut, bombing of a Russian airliner and now terror attacks in Paris for people to realise that we are not going to achieve our objectives of destroying ISIS if we drive in second gear. We need to get into top gear.'
Soaring fuel prices give birth to a jugaad system in Bihar's border towns abutting Nepal with residents smuggling in India-supplied cheaper petrol and diesel from the mountain kingdom.
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