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News
Crude oil imports
Crude oil imports News
Indian Rupee
25 Sep 2022
Weakening rupee to make import of crude oil, commodities expensive
The Reserve Bank is expected to increase the repo-rate or the short-term lending rates by 50 basis points in a bid to tame inflationary pressure. India's trade deficit more than doubled to USD 27.98 billion in August due to increased crude oil imports. Import of 'petroleum, crude & products' stood at USD 17.7 billion in August this year, an annual increase of 87.44 per cent.
Crude oil imports
19 Mar 2022
India's oil imports from US to rise, amid criticism for Russian purchases
The surge in oil prices following Russia's invasion of Ukraine last month threatens to fan Indian inflation. India buys most of its oil from the Middle East, but the United States has emerged as the fourth-biggest source and this year supplies will rise substantially. European countries continue to import Russian oil and gas, and India cannot be stopped from doing so too.
Crude oil imports
18 Mar 2022
India's legitimate energy transactions shouldn't be politicised
India has not supported the Russian invasion of Ukraine. New Delhi has consistently asked all stakeholders to resolve differences through dialogue. It has, however, abstained in all United Nations resolutions against Russia.
Crude Oil
26 Feb 2022
Crude oil at $100 per barrel, Govt may release Strategic Petroleum Reserves
At present Indian refiners hold crude oil reserves of 64.5 days. In addition to that, India also holds 39.62 million barrels of crude oil through its Strategic Petroleum Reserve body ISPRL. Cumulatively at present India has oil storage for 74 days.
Crude oil imports
24 Jan 2022
India's December crude oil imports at one-year peak
Crude oil imports last month rose 7.1% versus November to 19.65 million tonnes. However, imports were down 4.1% compared with a year earlier and were 5% higher from December 2019 before the onset of the pandemic. Oil product imports fell 2.9% to 3.88 million tonnes from a year earlier.
IOCL
03 Jun 2015
IOC to import Iraqi oil for India's maiden strategic reserve
The first of the storages at Visakhapatnam (Vizag) is ready and IOC and Hindustan Petroleum Corp Ltd (HPCL) have been tasked to import Basra Light crude oil of Iraq to fill it, official sources said.
Oil Secretary
01 May 2015
Kapil Dev Tripathi takes over as Oil Secretary
He comes in at a time when the ministry on the one hand is facing arbitration and court cases on multiple issues and on the other trying to ease red-tape and procedures to enable more oil and gas is produced.
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