Tag Archives: Crude oil

India plans refiners’ joint oil deals to cut import bill

India is forming a group that brings together state-run and private refiners to seek better crude import deals, oil secretary Tarun Kapoor said on Tuesday, as the country grapples with soaring oil prices. The world’s third largest oil importer and … Continue reading

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Saudi Arabia holds spot as China’s top crude supplier in April, UAE imports plunge

China’s imports from Saudi Arabia slowed in April but the kingdom retained its position as China’s top supplier of crude oil for an eighth consecutive month, customs data showed on Thursday, while arrivals from the United Arab Emirates plunged. Shipments … Continue reading

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Reliance floats UAE subsidiary for trading in oil

Reliance Industries has incorporated a new subsidiary in the UAE for trading in crude oil, petroleum products and agricultural commodities. Reliance International Ltd has been incorporated as a wholly-owned subsidiary in Abu Dhabi Global Market, the United Arab Emirates (UAE), … Continue reading

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Saudi to supply full crude volumes to at least 4 Asia buyers in June: Sources

Saudi Arabia, the world’s top crude oil exporter, will supply full volumes of crude as requested by at least four Asian refiners in June, five people with knowledge of the matter said on Tuesday. The OPEC kingpin started easing supply … Continue reading

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View: Trump’s inaction makes oil market management harder

By Julian Lee The unprecedented OPEC+ deal in April, which led to drastic output cuts, is now entering its most dangerous phase, with oil demand and prices recovering. At the time, President Donald Trump claimed credit for the breakthrough, even … Continue reading

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Vedanta bets big money on ramping up output, but sets rider

NEW DELHI: Mining mogul Anil Agarwal has said his company Vedanta Ltd will invest over USD 6 billion to double oil and gas production to 4,00,000 barrels per day in 3 -4 years, but wants the government to extend Rajasthan … Continue reading

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Cement industry likely to grow at 4-5 per cent in FY18: Rating firm

MUMBAI: Despite an increase in input cost, the domestic cement industry is expected to grow at 4 to 5 per cent Y-o-Y in FY18, driven largely by the demand stemming from infrastructure activities and a revival in housing requirements in … Continue reading

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HPCL cancels Iran oil shipment after insurer excludes coverage

India’s Hindustan Petroleum Corp (HPCL) cancelled the purchase of an Iranian oil cargo earlier this month after its insurance company refused to provide coverage for the crude because of U.S. sanctions, three sources with knowledge of the matter said. HPCL, … Continue reading

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Centre gives Rs 2.50 per litre relief on petrol, diesel; some states announce additional Rs 2.50 cut

NEW DELHI: The Centre slashed excise duty on petrol and diesel to lower pump prices as global crude surged to a four-year record after a day of hectic parleys amid crashing stocks and a rupee in apparent freefall. Apart from … Continue reading

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MRPL capacity utilisation hit by water shortage

NEW DELHI: Fresh water shortage has forced Mangalore Refinery & Petrochemicals (MRPL) to lower capacity utilisation by a quarter at its 15-million tonne (mt) refinery. MRPL will operate at just 8 mt of capacity from Thursday, said managing director M … Continue reading

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