India to Keep Buying Quality Crude Oil, Says GovernmentÂ
India will continue purchasing crude oil from countries where it is available at affordable prices and of high quality, while factoring in geopolitical shifts and avoiding sanctioned sources, the government told a parliamentary panel on Tuesday. Ministry of External Affairs and Commerce’s senior officials briefed the Parliament Standing Committee on External Affairs, chaired by Congress…
Himanshu
India Falls to Third Place in Russian Crude Oil Imports
India’s imports of Russian crude oil have dropped since the implementation of the price cap policy, with a significant 29 per cent month-on-month decline, but they are making a strong comeback in January this year. Centre for Research on Energy and Clean Air (CREA) reported that the deterioration occurred despite total imports growing marginally. The…
Indian Diesel Exports Are Diverted From Europe To Asia
Shipments of Indian diesel to Europe have decreased significantly and now are at the lowest in the last 2 years. The presence of Houthi pirates in the Red Sea is disrupting international trade and the turmoil has forced ships to take new and longer routes, which drives the freight costs higher. According to data given…
Shipra Prajapati
Ongoing Red Sea Crisis Builds Pressure On Asian Exporters
The crisis in the Red Sea region is still going on, and now, it has started to mount pressure on Asian exporters, especially those that ship their goods to Europe. Moreover, the probability of attack has caused Asian exporters to take longer routes to their destination, which is causing disruptions in shipping times and freight…
Oil Rates Climb $2 Amid The Ongoing Conflict In West Asia
Recently, the war between Israel and Palestine has disrupted the international supply chain. The most affected trade is the oil trade, which has been uncertain since the war started. To add to the trade disruption, oil prices rose $2 per barrel on Tuesday to $78.12. The reason for this is the ongoing war and the…
Aman Goyal
Crude Oil Slips Continuously Amid Raging West Asian War
It has been almost 2 weeks since Israeli forces entered the Gaza Strip. With the war raging between Israel and Hamas, many experts expected oil prices to surge, but contrary to popular belief, the oil prices are slipping continuously. On Wednesday, oil prices fell almost 4% to a 3-month low with Brent crude oil selling…
Chandan Kumar
Oil Minister Urges OPEC To Have A Sense Of Pragmatism
Oil prices have risen a lot in the last few months, since August 2022 the OPEC and OPEC+ group of oil exporters have decreased their oil production by 5% which resulted in a 34% hike in oil prices around the world. The price of a single barrel of oil in August 2022 was $72/bbl while…
Yash Sharma
Oil Price Plunge-Producers Grapple With Volatility
In a bid to combat falling oil prices and volatile market conditions, oil-producing countries have once again agreed to production cuts. The recent meeting of OPEC+ nations, led by Russia, resulted in Saudi Arabia announcing a voluntary reduction of one million barrels per day (bpd) in July. Additionally, OPEC+ has agreed to further cuts of…
India’s Dependency On Imported Crude Oil Price Rises
Amidst the growing shift to other fuels and electronic vehicles, India’s economy is witnessing a rise in the demand for petroleum products and fuel. With the growing demand, India is also witnessing stagnancy in domestic crude oil production. This has led to an increased reliance on imported crude oil to meet the needs. This dependency…
Oil Prices Rise On Hope As China Started Reopening
Oil prices surged on Wednesday as the market was optimistic about the fuel demand since China continues to ease its COVID-19 restrictions. Brent futures for February delivery rose 31 cents to $84.64 a barrel, a 0.4% gain, by 0117 GMT. Besides, US crude advanced 22 cents or 0.3%, to $79.75 per barrel. Both standard prices…
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