OMCs Face Crude Shocks
State-owned oil marketing companies bore the brunt of high oil prices and suppressed marketing margins in FY23. Cheap Russian supply and softer crude oil prices may change the script in FY24.
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Paying for Russian oil in Yuan will hurt globalisation of Rupee
Indian oil refining firms paying in Yuan for Russian oil may be inevitable but would open a floodgate to weaken INR further; Brazil, B'desh, and Argentina shifting to Yuan trade is a big threat too
How Russian Oil Bulked Up India's Exports
Import of petroleum-related products from Russia accounted for $27.7 billion in April-December 2022, a 700 % increase from $3.4 billion a year ago.
India to get fuel at far cheaper rate than anyone else: FM
India continues to import fuel at a far cheaper rate despite the energy prices going through the roof due to Ukraine crisis, says Nirmala Sitharaman.
Half of India's electricity will come from renewable energy by 2030: PM Modi
At the G20 summit in Bali, Prime Minister Modi urged countries to not put any restrictions on the supply of energy.
Russian crude absorbs India's boiling inflation
CPI declined to 6.77% in October from 7.41% in September when Russia topped the chart of India's oil suppliers.
India to ignore the West, continue importing Russian crude to fight inflation
The country procures Russian oil at deep discount of around $15-20 a barrel.
Halting Russian oil imports will jack up international crude prices: Govt
The government warned that many countries in the immediate neighbourhood are facing severe fuel shortages and chaos due to high fuel inflation.
Russia-Ukraine war: Global crude market to lose three million barrels per day from Russia
Russia is the world's largest oil exporter, shipping 8 million barrels per day of crude and refined oil products to customers across the globe.
Russia-Ukraine crisis: 31 IEA members releasing 62.7 million barrels of crude stock
The initial release of 60 million barrels, or 4% of IEA stockpiles of 1.5 billion barrels, is equivalent to 2 million barrels a day for 30 days.
