India plans to set up first privately run strategic petroleum reserve by 2029-30: Report
New Delhi: India intends to set up its first privately operated strategic petroleum reserve (SPR) by 2029-30, allowing the operator the autonomy to trade the entire oil stock, media reports said.
Bharat Petroleum inks deal with BP to buy US crude
New Delhi: Public sector oil refiner Bharat Petroleum Corporation Ltd (BPCL) has inked a deal with BP to purchase 1 million barrels every month of U.S. West Texas Intermediate (WTI) crude for a period of four months, media reported.
Centre increases windfall tax on petroleum crude to Rs 9,800/ton
New Delhi: The Centre on Tuesday increased the windfall tax on petroleum crude from Rs 9,050/ton to Rs 9,800/ton, effective from November 1, a government notification said.
Oil prices reach highest in 10 months
Oil prices surged by more than 1% on Tuesday, reaching the highest levels in 10 months, Reuters reported.
Maritime services company Lloyd's Register has informed Gatik Ship Management, a major carrier of Russian oil following the Ukraine war, that it will revoke certification for 21 of its vessels by June 3, according to a statement by the company to Reuters.
Russia remains top crude oil supplier to India in March with 1.64 million bpd
Russia supplied 1.64 million barrel per day (bpd) of crude oil to India, surpassing traditional suppliers such as Saudi Arabia and Iraq, Moneycontrol reported.
India's Feb crude oil imports from Russia hit record high
New Delhi/IBNS: India's crude oil shipments from Russia in February reached an unprecedented 1.6 million barrels per day, surpassing the combined imports from traditional suppliers Iraq and Saudi Arabia.
India's imports from Russia jump 5 times amid Russia-Ukraine conflict
New Delhi: India’s imports from Russia multiplied nearly five times to $ 37.31 billion in the April-January period in FY23 owing to an increase in crude oil import from that country, according to the commerce ministry data.
India's crude oil imports jump by 53 pc during Apr-Nov period, shows latest govt data
New Delhi/IBNS: India’s crude oil import grew by 52.58 percent to $146.57 billion during April-November during FY23, according to data shared by the Ministry of Commerce.
Russia replaces Iraq as the largest oil supplier to India in Nov: Report
New Delhi: Russia for the first time in November replaced Iraq as the top exporter of crude oil to India, media reports said.
Russian oil: India to examine West's price cap proposal, says report
India has said it would examine the proposal by the United States and the European Union (EU) to put a price cap on Russian oil, Reuters reported.
Cheap Russian crude likely to pose tough competition to Saudi Arabia in India
New Delhi: Russia and Saudi Arabia could be soon locked in a battle over securing a bigger share of India's crude import market, with Moscow offering a cheaper alternative to one of the world's biggest importers.
Govt exploring all ways to buy crude oil at affordable rates, says Finance Ministry
New Delhi: The Centre is trying to find out "all viable options" to buy crude oil at affordable rates, the finance ministry said on Thursday.
India has no plans to buy Russian oil in rupees: Report
New Delhi: India does not plan to buy oil from Russia or any other country with Indian rupees, Minister of State Ministry of Petroleum and Natural Gas Rameswar Teli told parliament on Monday, amid scores of sanctions imposed by Western nations on Russia over its invasion of Ukraine, media reports said.
India's oil imports in Feb increased amid surge in demand
India's crude oil imports in February increased to 4.86 million barrels per day (bpd), its highest since December 2020.