Crude Oil

February 10, 2025 5:39 PM

India expands crude imports to 40 countries; Argentina joins as new supplier: Hardeep Puri

India has further diversified its crude oil imports, now sourcing from 40 countries, with Argentina joining as the latest supplier, Union Petroleum Minister Hardeep Singh Puri announced on Monday. Speaking at a press conference ahead of India Energy Week 2025, Puri highlighted the country’s ongoing efforts to secure oil supplies from multiple sources to meet its growing energy demands. "From 27 suppliers, we have now expanded to 40 suppliers. We recently added Argentina to the list," Puri to...

January 31, 2025 10:39 PM

Core sector industries record 4% growth in December

India's eight core sector industries recorded a 4% year-on-year growth in December 2024, driven by increased production in coal, steel, and electricity, according to government data released on Friday. The core industries include coal, natural gas, crude oil, refinery products, fertilizers, cement, steel, and electricity, comprising 40.27% of the Index of Industrial Production (IIP). The growth rate of these industries serves as an indicator of overall industrial growth. With the exception of ...

December 2, 2024 6:56 PM

Govt withdraws windfall tax on ATF, crude, petrol, and diesel, easing burden on oil companies

The government on Monday announced the withdrawal of the windfall tax on Aviation Turbine Fuel (ATF), crude oil, petrol, and diesel through a notification introduced in the Lok Sabha. The decision comes as a major relief for oil companies like Reliance Industries and ONGC, which had been bearing the burden of the tax since its imposition in July 2022. The windfall tax was initially introduced to capture a portion of the excess revenue earned by oil companies due to soaring global crude prices a...

October 4, 2024 4:27 PM

Israel-Iran conflict will not significantly impact India’s crude oil imports

The ongoing conflict between Israel and Iran is unlikely to have a significant impact on India's crude oil imports, as analysts point out that India sources only a negligible volume of oil from Iran. The country currently imports oil from around 40 nations, including major suppliers like Russia, Iraq, Saudi Arabia, Abu Dhabi, and the USA, allowing India to effectively manage its supply needs. However, the geopolitical tensions between Israel and Iran could lead to increased price volatility in...

September 27, 2024 4:23 PM

Govt may save over Rs 60,000 crore on crude imports this fiscal: experts

The Indian government could potentially save up to Rs 60,000 crore on crude oil imports this fiscal year due to a decline in global crude prices, according to experts. The international market has seen a softening of crude prices, offering India an opportunity to reduce its import bill compared to the previous year. Estimates suggest that for every USD 1 per barrel drop in crude prices, India saves approximately Rs 13,000 crore annually on its import bill. The 2024 Economic Survey had forecaste...

May 17, 2024 9:15 PM

India’s exports grow in April despite global disruptions

India's trade deficit is facing limited immediate challenges from ongoing geopolitical uncertainties, although it remains a crucial area to monitor, according to a recent Crisil report on India's trade deficit. Despite these potential disruptions, the forecast for improved trade growth this year by key multilateral organizations brings encouraging news for Indian exports. In April, India's exports recorded positive growth despite the disruptions in global trade routes and uneven global economic...