Crude Oil Price Hike Leads To Expensive Raw Material, Says JSPL MD
Jindal Steel and Power Ltd (JSPL) Managing Director V R Sharma stated that Crude oil is leading towards a hike in the Raw Material Prices, amid Ukraine-Russia War. ''Some oil companies are taking advantage of the situation. Respective governments across the world can keep price control as everything is run by energy,'' stated Sharma. Notably, the oil prices have hiked to 120 USD a barrel, and is expected 180 USD.
Tags: business, Crude Oil, Price Hike, V R Sharma, JINDAL STEEL AND POWER
Courtesy: The Economic Times
Fuel Prices Likely To Drop As Centre Decides To Release Crude Oil From Its Reserves
The Centre has agreed to release 50 lakh barrels of crude oil from its Strategic Petroleum Reserves, which might lead to a further decline in gasoline prices in the coming days. The decision was made after Hardeep Singh Puri, Minister of Petroleum and Natural Gas, met with top ministry officials and executives from oil marketing corporations. Besides, the U.S also contacted India to surrender its petroleum reserves to reduce crude oil prices… read-more
Tags: Crude Oil, India, business, America, Hardeep Singh Puri
Courtesy: India TV
United States To Release Emergency Oil Reserve To Cut Prices
The United States is set to announce a loan of crude oil from its emergency reserve on November 23, as part of a plan to cut energy costs. The action is intended to bring down increasing costs after OPEC and its allies turned down repeated demands from Washington to pump more swiftly to keep up with surging demand. A "swap" from the US Strategic Petroleum Reserve (SPR) will be disclosed soon.
Tags: United States, Crude Oil, oil reserve, Control Energy Corp, FUEL DEMAND
Courtesy: Reuters
Indian Refineries To Work With Govt To Seal 'Wise' Crude Oil Deals
With local gasoline and gasohol prices rising to record highs in India's worst power crisis, the nation wants to redouble efforts to buy crude oil wisely. Hence, India is forming a group bringing together state and private refiners to seek better crude import deals. India also asked the Organisation of the Petroleum Exporting Countries (OPEC), and its allies OPEC+, to boost output to bring down global oil prices.
Tags: International Oil Markets, Crude Oil, INTERNATIONAL CRUDE OIL, Petrol diesal price
Courtesy: reuters
Saudi Arabia To Increase Crude Oil Production To Pre-Covid Levels
Following the Eighteen months since the pandemic, Saudi Arabia is now set to pump 9.8 million barrels a day that will almost be equal to the pre-Covid levels of production. Reportedly, Riyadh slashed its production several times in 18 months. The decision will also help the country to revive its economy soon. Saudi Energy Minister Prince Abdulaziz bin Salman even revived crude prices to $80 a barrel.
Tags: Saudi Arabia, International Oil Markets, OPEC, Crude Oil
Courtesy: The Economic Times
Oil Production Continues To Decline in India
A data released by Ministry of Petroleum and Natural Gas has revealed that India's oil production has declined by 3.2 percent in 2021. India's Oil production had previously declined by 3.37 percent in 2020. The decline seems to continue as India's largest oil and gas producer "ONGC" produced only 1.6 million tones of oil in 2021, which is 4.2 percent lower than last year.
Tags: India, Crude Oil, Production, REVENUE DECLINE
Courtesy: News Track Live
Petrol, Diesel Prices Remain Stable In India Amid Rising Covid Cases
While Petrol and diesel prices decline in international markets due to the rise in Covid-19 cases, they remain unchanged in India. According to sources, crude oil prices have been hovering around $70-75 a barrel in July as industrial recovery is taking a simultaneous hit. In India, petrol prices cost Rs 101.84 in Delhi, while diesel is priced at Rs 89.87 per liter, both remain unchanged.
Tags: Petrol Price, Oil Marketing Companies, Crude Oil, India, diesel prices
Courtesy: The Economic Times
Petrol, Diesel Prices Might Decrease: Petroleum Minister Dharmendra Pradhan
Union Petroleum Minister Dharmendra Pradhan has intimated a decrease in fuel prices in the coming days as the international market situation improves. According to Pradhan, petrol, diesel, and LPG prices will go down as the reduction of crude oil prices in the international market will benefit customers. However, fuel prices in major cities like Delhi and Mumbai remain the same.
Tags: petrol diesel price, Dharmendra Pradhan, Crude Oil, International Oil Markets
Courtesy: Zee News
FM Says India Eyeing To Tap New Supply Chains Of Crude Oil
Finance Minister Nirmala Sitharaman on March 20 stated the government will look for alternative sources of crude oil supply. She said the new chains will ensure a sustained fuel procurement. However, the minister assured that it will not affect the fuel prices in the nation. Meanwhile, both the Centre and State governments will deliberate on the impact of rising fuel prices, She added. Besides, Sitharaman informed, food inflation was being… read-more
Tags: Nirmala Sitharaman, Finance Minister, Crude Oil, fuels
Courtesy: LiveMint
India Finds Alternatives For Oil Trade Amid Saudi's Aggressive Policy
The HPCL chairman Mukesh Kumar Surana said that India already had accelerated its plans to cut dependence on Middle Eastern crude by switching to alternative energy. The comment came amid Saudi Arabia restricting supplies to pull crude-oil prices. Moreover, terming the price hike as detrimental, Mukesh said India is hopeful over Iran’s re-entry in the market, currently led by Riyadh. Notably, the Brent price galloped to over $72/barrel on… read-more
Tags: Oil trade, Saudi Arabia, India, Crude Oil, riyadh, Brent, Iran
Courtesy: Economic Times