India’s crude oil import bill is likely to surge by about $26 billion in 2018-19 as rupee falling to a record low has made buying of oil from overseas costlier, government officials said on Thursday.
Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Monday.
Monetization of heavy oil discovered from the oldest sedimentary rock of Rajasthan now seems a reality with trials for producing heavy oil from 570 million year old rock beds being started by Oil India Limited (OIL).
Crude oil prices rose more than 1.0 percent on Friday as U.S. sanctions against Iran looked set to tighten supply, but futures contracts posted a weekly decline as investors worried that global trade disputes could slow economic growth and hurt demand for energy.
Oil prices rose on Tuesday with revived U.S. sanctions against major crude exporter Iran expected to tighten global supply. Brent crude oil futures were up 50 cents to $74.25 per barrel at 0928 GMT and U.S. West Texas Intermediate (WTI) crude futures were up 29 cents at $69.30 a barrel.
Oil prices rose on Tuesday ahead of the introduction of US sanctions against major crude exporter Iran. Spot Brent crude oil futures were at $73.88 per barrel at 0241 GMT on Tuesday, up 13 cents, or 0.2 percent, from their last close.
The Nagpur bench of Bombay high court in its recent judgment stopped the construction of three petrol pumps coming up on police land in violation of rules and lambasted the city police and municipal commissioners for their lackadaisical approach in this regard.
India’s monthly oil imports from Iran surged by about 30 percent to a record 768,000 barrels per day (bpd) in July, as state refiners’ intake surged ahead of U.S. sanctions in November, preliminary tanker arrival data obtained by Reuters showed.
Petrol and Diesel prices were raised in four metro cities applicable from 6:00 a.m. on 3rd August 2018. Petrol prices were hiked by 7 paise in Delhi, Mumbai, and Chennai respectively while in Kolkata petrol prices were hiked by 9 paise.
Claiming that traders were routing edible oils produced in Malaysia and Indonesia through SAARC countries to evade import duties in India, Saurashtra Oil Mills Association (SOMA),