G7 price cap on Russian oil: All you need to know

BRUSSELS: The Group of Seven nations, Australia and the 27 European Union countries imposed on December 5 a price cap on Russian crude oil transported by ships, aiming to reduce Moscow’s ability to finance its war in Ukraine and preserve stability on the global oil market. The price cap comes on top of an EU […]

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Russia Rejects USD 60-a-barrel Cap on Its Oil, Warns of Cutoffs

Russian authorities rejected a price cap on the country’s oil set by Ukraine’s Western supporters and threatened Saturday to stop supplying the nations that endorsed it. Australia, Britain, Canada, Japan, the United States and the 27-nation European Union agreed Friday to cap what they would pay for Russian oil at $60-per-barrel. The limit is set […]

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EU reaches deal for $60 per barrel price cap on Russian oil

BRUSSELS: The European Union reached a deal Friday for a $60-per-barrel price cap on Russian oila key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. After a last-minute flurry of negotiations, the EU presidency, held by […]

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EU tentatively agrees $60 price cap on Russian seaborne oil

BRUSSELS: European Union governments tentatively agreed on Thursday on a $60 a barrel price cap on Russian seaborne oil – an idea of the Group of Seven (G7) nations – with an adjustment mechanism to keep the cap at 5% below the market price, according to diplomats and a document seen by Reuters. The agreement […]

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G7’s Oil Price Cap Sanctions To Have Little Impact On Russian Revenue Immediately

Proposed G7 oil price cap to have little immediate impact on Russian revenue LONDON/NEW DELHI/MOSCOW: The Group of Seven (G7) nations’ proposed price cap of $65-$70 a barrel on Russian oil would have little immediate impact on Moscow’s revenues, as it is broadly in line with what Asian buyers are already paying, five industry sources […]

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G7 Price Cap on Russian Oil: What is the Mechanism, How Will It Affect Moscow’s Revenue

India stood to gain from the G7-imposed price cap mechanism on Russian oil, said US treasury secretary Janet Yellen and hoped the country will take advantage of it. She said as long as India did not avail of western insurance, finance and maritime services bound by this cap, the country could buy as much oil […]

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Indian Oil Corporation Reports Rs 272 Crore Loss In Second Quarter

IOC as well as other state-owned fuel retailers had booked heavy losses in the first quarter. New Delhi: State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore for July-September – the second straight quarter of loss arising from selling petrol, diesel and cooking gas LPG at rates below cost. […]

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Oil futures rise on hopes of recovery in China’s fuel demand

NEW DELHI: Oil prices rose on Monday after China rolled over liquidity measures to help its pandemic-hit economy, igniting hopes for a better fuel demand outlook from the world’s top crude importer. Brent crude futures rose 66 cents, or 0.7%, to $92.29 a barrel by 0430 GMT, recovering from a 6.4% fall last week. US […]

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India Pushes Refiners To Diversify Purchases After Production Cut By OPEC (Oil Producers)

India pushes oil refiners to diversify after surprise OPEC+ cuts JAIPUR RAJASTHAN: India said it will speed up its diversification of oil imports to hedge against any surprise output cuts by the Organization of the Petroleum Exporting Countries and its allies. “This will hurt large importers like India, who spent around $120 billion last year […]

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US vs Saudi Over Oil Supply Cut, Riyadh Rejects Charges Of Backing Russia

Saudi Aravian rejected accusations it was “taking sides” as Ukraine war rages on. (File) Washington: The United States and Saudi Arabia traded bitter barbs Thursday over last week’s OPEC+ oil output cut, with Washington accusing Riyadh of knowingly boosting Russian interests. The Saudi-led OPEC+ cartel — which includes Russia — angered Washington by cutting production […]

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India offers 26 oil, gas blocks in mega offshore round

NEW DELHI: India is offering 26 blocks or areas for finding and producing oil and gas in a mega offshore bid round, upstream regulator DGH said on Tuesday. Simultaneously, 16 areas for prospecting for coal-bed methane (CBM) are also being offered in a separate round. The “government announces the offer of 26 blocks covering an […]

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Oil Falls Over 2% On Global Recession And China COVID-19 Fears

Oil prices slide as dollar strengthens, China COVID-19 restrictions dampen demand Oil slid more than 2 per cent on Tuesday, extending losses of nearly 2 per cent in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand. World Bank President David Malpass and International Monetary […]

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OPEC+ makes big oil cut to boost prices; pump costs may rise

FRANKFURT: The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections. Energy ministers meeting at the Vienna headquarters of the OPEC […]

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Govt cuts windfall taxes on diesel, aviation fuel and local oil

NEW DELHI: India slashed windfall taxes on locally produced crude oil, and for exported diesel and aviation turbine fuel, in line with the decline in international prices. The tax on crude oil produced from domestic fields, introduced from July 1, was cut from Sunday by about 24% to 8,000 rupees ($98.3) a ton, according to […]

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Govt Slashes Base Import Price of Palm Oil, Gold

Last Updated: October 01, 2022, 16:47 IST India is the world’s biggest importer of edible oils. The government revises base import prices of edible oils, gold and silver every fortnight India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement late […]

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Base Import Price Of Palm Oil, Gold Reduced

India is the world’s biggest importer of edible oils and silver and the second-biggest consumer of gold. Mumbai: India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement late on Friday, as prices corrected in the world market. The government revises […]

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Indian companies are still buying Russian oil using dollars

NEW DELHI: Indian companies are still buying Russian oil using dollars after Dubai’s Mashreq Bank declined to handle payments from at least two refiners in Emirati Dirhams as requested by the supplier, according to three sources familiar with the matter. Russia has been hit by sanctions from the United States and allies following its invasion […]

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ONGC Gets Better Price For Oil Under New Rules: Report

India ONGC gets better price for oil under new rules: Report NEW DELHI: India’s Oil and Natural Gas Corp has for the first time sold oil through a three-month local tender, commanding $5-$8 per barrel more than existing rates under new rules that allow producers marketing freedom, industry sources said. ONGC, the country’s top oil […]

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ONGC gets better price for oil under new rules: Report

NEW DELHI: Oil and Natural Gas Corp has for the first time sold oil through a three-month local tender, commanding $5-$8 per barrel more than existing rates under new rules that allow producers marketing freedom, industry sources said. ONGCthe country’s top oil explorer, accepted bids at that level through auction of light sweet oil from […]

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Fuel price cut held hostage by volatile oil, rupee fall and inflation

NEW DELHI: A cut in domestic fuel prices has been held hostage to the volatility in the global oil market and the sharp fall in the rupee’s value against the Greenback due to interest rate hike by the US central bank. Benchmark Brent crude dropped $3.74 a barrel to $86.72 on Friday as the rate […]

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