The cabinet committee approved the deregulation of the sale of domestically produced crude oil, on June 29. The move has come with an initiative to further the growth of economic activities in the country and to incentivize making investments in the upstream oil and gas sector. The transperancy in the production and marketing of oil and gas has been brought to facilitate more operations.
India has reduced the basic import costs of crude and refined palm oil while increasing the price of crude soy oil, according to a government statement issued late on May 31. Every two weeks, the government updates the basic import prices for edible oils, gold, and silver, which compute the amount of tax an importer must pay. India permitted duty-free imports of 2 million tonnes of soy oil last week.
Courtesy: DNA India
India is eyeing a deeper discount on Russian oil. The country is reportedly seeking Russian cargoes at less than 70 US dollars per barrel. This could make up for additional obstacles, like securing financing for purchases. India imports around 85% of its oil. India is among the few nations that still purchases crude oil from Russia, which is a significant source of revenue for the Russian regime.
Iran's Foreign Minister Hossein Amir-Abdollahian, on October 2, revealed that US officials tried to discuss restarting nuclear talks last month, but he insisted they must first release $10 billion of Iran's frozen funds as a sign of goodwill. "The Americans tried to contact us through different channels, and I told the mediators if America's intentions are serious then a serious indication was needed...," the Minister said.
Courtesy: The Hindu