'Indian refiners can operate without Russian crude from a technical standpoint, but the shift would involve major economic and strategic trade-offs'
India's purchase of US crude oil has picked up in 2025 and could easily double their previous levels, government officials said on Wednesday. The surge comes in the wake of the then-incoming Donald Trump administration's announcement that it would consider hiking tariffs on a reciprocal basis, and pushed some countries, especially those with large trade surpluses with the US, to buy more of its energy.
Even as Russia and West Asia have been slugging it out for market share in India to sell their crude oil, the US is quietly making its moves on the sidelines. The US has doubled its share of the Indian crude market in the past few months, according to industry sources and ship-tracking data. Some of the increase in America's market share may have come at the expense of Russia, India's biggest crude oil supplier, said industry sources.
TCS will acquire 20.67 per cent in WTI Advanced Technology for which it has reached an agreement with the International Finance Corporation, the private lending arm of the World Bank.
'We expect market consolidation and recommend buying during market dips.'
Crude oil shipments from the US to India rose to the highest levels in November since the conflict began in Ukraine in late February, sparking hopes of a resurgence in oil flows from the US to the subcontinent, reveals shipping data. Shipments from the US have surged as Western nations prepare to impose additional sanctions on Russian crude flows. The US shipped around 450,000 barrels per day of crude last month to India, twice that of shipments in October, according to data from London-based commodity intelligence provider Vortexa.
If the war in the Israel-Gaza region escalates into a larger West Asian conflict, it could pose problems.
The Oil prices have surged and surpassed $85 per barrel after several oil producer countries announced surprise cuts in production, TASS Agency reported. According to the Russian News Agency, this is the first time since March 7 that the price of futures contracts of Brent crude oil surged. The price of futures contracts of Brent crude oil for June 2023 delivery on London's ICE surpassed $85 per barrel.
A swift recovery in oil demand in India is not only helping the stability of the global market, it is giving huge fiscal headroom to the government in terms of additional excise duty.
IndusInd Bank was the top laggard in the Sensex pack, sinking over 12 per cent, followed by Bajaj Finance, ICICI Bank, Axis Bank, M&M, Tata Steel, ONGC and Maruti. On the other hand, Bharti Airtel, Hero MotoCorp and Nestle India were the gainers. NSE Nifty plummeted 280.40 points, or 3.03 per cent, to 8,981.45.
Park officials said the striped cat, possibly a female, was spotted at 8.30 am near the national highway along the southern edge of the national park.
Stating that the economic costs of shutdown of the global economy are accumulating rapidly, Moody's projected that all G-20 advanced economies would contract by 5.8 per cent in 2020.
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
India's rupee is likely to remain under pressure due to high prices of crude oil and other commodities, and may stabilise at around 79-80 against the US dollar in the near term, say experts amid limited headroom available with the Reserve Bank to check the weakening of the domestic currency. The currency has slumped over 5 per cent this year after Russia's invasion of Ukraine sent international crude oil prices soaring to a decade high. On Monday, rupee ended at a fresh all-time low of 78.34 (provisional) against the US dollar.
A government official said out that with hardly any economic activity, an immediate duty hike will not be productive and could be announced once the lockdown eases and demand revives.
Centre for Wildlife Rehabilitation and Conservation staff rescued rhinos, elephants, hog deer and even a tiger from the floods in the Kaziranga National Park.
The NSE Nifty slid 40.75 points, or 0.39 per cent, to 10,490.75 after scaling a new peak of 10,552.40.
Petrol price on Wednesday touched a new high of Rs 84.45 per litre in the national capital after state-owned fuel retailers hiked prices after a five-day hiatus. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies. In Delhi, petrol now costs Rs 84.45 per litre and diesel is priced at Rs 74.63. In Mumbai, petrol comes for Rs 91.07 a litre and diesel for Rs 81.34. This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.
Prices are sustainable and not just driven by speculative gains
Over the previous eight sessions, Brent had lost about $7 a barrel, almost 20 per cent
Professionals in this field wear multiple hats irrespective of their credentials -- scientist, researcher, writer, advocate and activist, to name a few.
As the oil moneybags get lighter, it will be increasingly difficult for Saudi Arabia and other Gulf states to continue to support incendiary radicals. And over time, there will be greater integration of Muslim life and culture into the "mainstream".
While OPEC has been unable to agree on an output freeze in an effort to support prices, Iraq was the latest Middle East producer to raise its exports quota
Petrol and diesel prices were on Wednesday hiked by 24-25 paise per litre, the steepest increase since July 5 Union Budget, as a fallout of turmoil in global oil markets following drone attacks on Saudi Arabian crude oil facilities.
EIA expects the price of West Texas Intermediate crude oil to average about $100 per barrel in 2012.
A painstaking effort is on to bring the one-horned rhino back to Assam's Manas National Park, the place it once inhabited
No change in retail prices as oil marketing firms to absorb increase
Expects exemption of oil and gas profits from minimum alternate tax and all cess in the nature of excise duty are to be subsumed in GST.
Where do the commodities market go in the new year? Sonali Ranade offers an insight.
Oil prices have already fallen over 70 per cent since the downturn began in mid-2014.
A massive drone strike on the world's largest crude-processing facility operated by Saudi Arabia's Aramco has driven oil prices to their highest level in nearly four months. The attack has knocked out over half of Saudi Arabia's production as it cut 5.7 million barrels per day or over 5 per cent of the world's supply.
The tribunal has been convened in various cities around the world during the last two years, including New York, London, Berlin, Rome, Brussels and Tokyo.
On Tuesday, Petroleum Minister Dharmendra Pradhan met Russian oil giant Rosneft's chief executive officer Igor Sechin and discussed raising crude imports from that country, in addition to talks about going for more acquisitions.
The NSE 50-share index, after moving between 10,469.90 and 10,395.25, finally concluded at 10,458.65, up 41.50 points
The rupee on Friday closed 10 paise higher at 65 against the US dollar on fresh selling of greenback by banks.
The rupee on Friday snapped its two-day gaining streak against the US dollar.
Increased demand for the American unit from importers weighed on the rupee
Once the US dollar launches into its final bull leg from the 79 region towards 84, the appreciating currency should put a lot of pressure on commodities that will perhaps trigger the capitulation that the market needs in commodities liker gold, silver and WTI crude, says Sonali Ranade.
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