Oil firms explore using stranded $600 mn to buy Russian oil

Indian Oil Corporation (IOC), a unit of Bharat Petroleum Corporation Ltd, Oil India Ltd and ONGC Videsh Ltd — haven’t been able to repatriate dividend income they accrue from their investments in Russian oil and gas fields. That money is lying in their bank accounts in Russia but could not be brought to India due

EU prohibits vessels attempt to circumvent sanctions

The European Union proposed prohibiting access to its ports for vessels that attempt to circumvent sanctions on Russian oil as it seeks to deter transport of its crude and products below the price caps set by the Group of Seven nations. The measure is part of a broader package of sanctions on Russia following the

Indian biggest buyer of Urals crude

India was the biggest buyer of seaborne Urals oil in March and the country’s demand for the grade means Russia has to maintain high exports, two traders said and Refinitiv Eikon data showed. Refiners in India, which in the past rarely bought Russian oil, because of high transport costs, have emerged as key oil clients

Record high fossil fuel consumption subsidies in 2022

According to the International Energy Agency (IEA), worldwide subsidies for fossil fuel consumption increased dramatically in 2022, surpassing $1 trillion for the first time. This surge in subsidies was caused by energy market turbulence, which led to international fuel prices soaring well above what many consumers paid. Consumption subsidies are energy price cuts for consumers,

Number of crude oil suppliers to India increased

India increased the number of its crude oil suppliers from 27 countries in 2006-07 to 39 in 2021-22 and attributed the growth to the addition of new suppliers like Columbia, Russia, Libya, Gabon, and Equatorial Guinea while India strengthened its relationship with countries like US and Russia. Union minister for petroleum and natural gas Hardeep

US could become world’s largest exporter of crude oil in 2023

The US could become a net exporter of crude oil, amidst sanctions against Russia’s exports of oil and natural gas following its invasion of Ukraine, with the Washington’s massive release of oil from emergency reserves to combat surging gas prices. Sales of US crude to other countries have reached a record 3.4 million barrels per

OPEC and Russia aim to raise oil prices with big supply cut

Saudi Arabia and Russia, acting as leaders of the OPEC Plus energy cartel, agreed to their first large production cut in more than two years in a bid to raise prices, countering efforts by the United States and Europe to choke off the enormous revenue that Moscow reaps from the sale of crude. President Biden

Germany locks LNG supplies for two FRSUs

Germany has signed a memorandum of understanding with its top utilities to ensure the supply of liquefied natural gas (LNG) for the two floating storage and regasification units (FSRUs). Under the deal with Uniper, RWE and EnBW subsidiary VNG, the country’s first two FSRU-based LNG import terminals in Wilhelmshaven and Brunsbuettel will be fully supplied

Indian government revised windfall tax on Crude

The government has once again revised the newly-introduced windfall tax levied on crude, diesel and jet fuel (ATF). The tax on domestically produced crude oil has been raised to ₹17,750 ($226.14) per tonne from ₹17,000 per tonne, while export taxes on jet fuel has been cut to zero from ₹4 per litre. The excise duty

Sinopec purchases Russian crude

China’s Sinopec Corp has cut its purchases of Russia’s ESPO crude oil in July as other buyers, including from India, were willing to pay higher prices. Sinopec bid at discounts of about $20 a barrel below the price of Middle East benchmark Dubai on a free-on-board basis for July shipments, similar to what it paying