Iran’s new oil export terminal is located near Jask port on the Gulf of Oman. (File) Tehran: Iran has opened its first oil export terminal outside the strategic Strait of Hormuz, a chokepoint patrolled by warships of its arch foe the US, President Hassan Rouhani announced Thursday. The new terminal is located near Jask port … Read more
India has taken up the issue of high oil prices with producer nations and OPEC, demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha on Monday. Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May. Petrol … Read more
NEW DELHI: India’s crude oil imports in June fell to their lowest in nine months, as refiners curtailed purchases amid higher fuel inventories due to low consumption and renewed coronavirus lockdowns in the previous two months. India, the world’s third-biggest oil importer and consumer, shipped in about 3.9 million barrels per day (bpd) of crude … Read more
India has been facing a sharp rise in petrol prices over the past few months. (Representational) New Delhi: Petroleum Minister Hardeep Singh Puri on Thursday called Organization of the Petroleum Exporting Countries kingpin Saudi Arabia to convey India’s concerns about high oil prices which have pushed fuel rates to a record high. A day after … Read more
NEW DELHI: A day after Riyadh and Abu Dhabi reached a broad deal to unlock more oil, India’s new petroleum minister Hardeep Singh Puri on Thursday dialled his Saudi Arabian counterpart Abdulaziz bin Salman to offer India’s co-operation in keeping prices affordable. Puri’s outreach with Salman resets New Delhi’s energy ties with the OPEC lynchpin … Read more
DUBAI/LONDON: Saudi Arabia and the United Arab Emirates (UAE) have reached a compromise over Opec+ policy, an Opec+ source said on Wednesday, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices. Brent oil prices fell on the news by as much as $1 … Read more
NEW DELHI: As fuel prices climbed to a record high, India’s new petroleum minister Hardeep Singh Puri has started dialling oil-producing nations to impress upon them for a need to make prices affordable for consumers. Puri, who last week called energy minister of Qatar, on Wednesday dialled his counterpart in the UAE, Sultan Ahmed Al … Read more
MUMBAI: Palm oil prices in India have risen more than 6% even after the government cut import tax and allowed shipments of refined palm oil as its price overseas jumped in anticipation of strong demand from the world’s biggest buyer, industry officials said. Higher palm oil prices could weigh on Indian demand and may prompt … Read more
DUBAI: The OPEC+ oil cartel is facing its biggest crisis since a price war at the start of the coronavirus pandemic. The United Arab Emirates, the group’s fourth-biggest producer, argued against a deal proposed by Saudi Arabia and Russia to extend quota limits until the end of next year, rather than ending them in April … Read more
NEW DELHI: Indian Oil Corp, the country’s top refiner, has made its first purchase of Guyana’s Liza light sweet crude as it seeks to diversify its crude purchases, a source familiar with matter said. The 1 million-barrel cargo will set sail around July 4 on Greece-flagged tanker Militos for India’s Paradip port, where it is … Read more