Total oil consumption expanded at the fastest pace in 14 months to 16.9 million tons from 15.3 million a year ago, according to the oil ministry’s Petroleum Planning and Analysis Cell.
Iraq has signed an agreement to build a 70,000-barrels-per-day oil refinery near the northern city of Kirkuk, the oil ministry said on Thursday.
India’s oil refining capacity is set to jump 80%, or by 194 mt (mt), by 2030 as state refiners, Reliance Industries and Rosneft line up expansion plans, undeterred by the renewables explosion, hoping to meet future demand.
With crude prices on the boil and general elections just around a year away in 2019, the pressure is mounting on the government to reduce the excise duty on auto fuels in order to lower the burden on consumers and to keep a lid on inflation.
Ministry of Petroleum and Natural Gas is pushing for a cut in excise duty on petrol and diesel in the upcoming 2018/19 budget to cushion the impact of rising oil prices on its vast consumer base, two oil ministry officials told Reuters on Monday.
India’s oil ministry is pushing for a cut in excise duty on petrol and diesel in the upcoming 2018/19 budget to cushion the impact of rising oil prices on its vast consumer base, two oil ministry officials told Reuters on Monday.
There’s a spanner in the works in the ONGC- HPCL deal. Sources tell ET Now that the Oil Ministry had two-three weeks ago expressed valuation concerns regarding the deal, that aims to create a big oil behemoth.
India’s crude oil import bill will likely swell 15% to $81 billion in the current fiscal year as prices soar amid output cuts led by OPEC and Russia.
ET reported that state-owned oil refiner Bharat Petroleum Corporation Ltd (BPCL) has written to the oil ministry proposing its integration with gas-transmission utility GAIL or upstream firm Oil India Ltd (OIL), petroleum minister Mr Dharmendra Pradhan said.
Iraq’s oil ministry said on Thursday it had started to take over the operations of the Majnoon oil field from Royal Dutch Shell.