India's move to broaden the scope of its exploration policy beyond petroleum and natural gas while lately abolishing a windfall tax on domestically produced crude oil will likely draw in private and foreign entities to the upstream energy sector, according to S&P Global Commodity Insight
The central government has allowed the Adani Group-owned port at Krishnapatnam in Andhra Pradesh to import petroleum into India by sea in public interest.
The government on Monday withdraws the windfall tax levied on Aviation Turbine Fuel (ATF), crude products, petrol and diesel through a notification introduced in the Lok Sabha.
The Bangladesh Hindu Buddhist Christian Unity Council has condemned a false and harassing case accusing 70 minority lawyers and two journalists from Chittagong of fabricated charges, including 'crude bomb' explosions and car vandalism.
After the Donald Trump's re-election as the U.S. President, Trump 2.0 is likely to see some reduction in global wars, lesser geo political uncertainty and stable crude prices, according to a report by by stockbroking firm Prabhudas Lilladher.
Speaking at the FIPI Oil and Gas Awards Ceremony, the minister highlighted the dramatic shift in India's oil sourcing over the past two years, with Russian oil imports surging from a mere 0.2 per cent in February 2022 to consistently occupying the top spot in recent months.
Edible oil industry body has once again requested the government to reconsider resuming futures trading in internationally traded commodities like crude palm oil and crude soybean oil.
This level, indicative of persistent challenges for the rupee, reflects an ongoing struggle against strong dollar demand, high crude oil prices, and considerable foreign institutional outflows.
Amid the ongoing sell off by the foreign investors, if it coupled with a sharp surge in the crude price it could put India Balance of Payments (BoP) under significant pressure, highlighted a report by DSP Asset Managers.
Union Minister Hardeep Singh Puri on Monday highlighted that India is moving towards a gas based economy from the crude based economy for its energy requirements.
Oil prices in India are expected to remain stable amid the rising geopolitical tensions as the country have several options to buy crude oil indicated Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri in a social media post.