Savings on oil will help in funding social security schemes: FM
Savings on oil will help in funding social security schemes: FM

India, which imports close to 80 percent of its oil needs, spent about USD 124 billion in 2014-15 on shipping oil.

'India's oil imports dependence may hit 90% in next 2 decades'

India imports 79 percent of its oil needs, and spent USD 138.3 billion on the same.

India's oil imports from Iran jump in April: Trade

India shipped in more than 17 percent more Iranian oil in April than a year before, buoyed by prospects of a diplomatic deal on Iran`s disputed nuclear programme by end-June, preliminary data from trade sources and compiled by Thomson Reuters Oil Analytics showed.

Govt allocates Rs 4,948 cr for filling strategic oil reserves

Taking advantage of lower oil prices, the government on Tuesday allocated Rs 4,948 crore to full India's maiden strategic oil reserves to insulate itself from supply disruptions.

Make India energy sufficient, cut imports: PM
Make India energy sufficient, cut imports: PM

Modi said plans are afoot to provide piped gas connection to 1 crore households in the next four years from 27 lakh presently.

Modi says India should try to cut oil imports by 10% by 2022

Prime Minister Narendra Modi said on Friday India should try to cut oil imports by 10 percent in 2022 from 77 percent now.

India to import 8 million barrels of oil from Iraq: Source

India is set to import 8 million barrels of Iraqi oil to fill its first strategic petroleum reserve (SPR), taking advantage of cheap prices and lending some support to a market suffering from oversupply.

India slashes Iran oil imports in January trade

India slashed imports of Iranian oil in January as New Delhi scrambled to bring its purchases from the OPEC member in line with 2013 levels, according to data obtained from trade sources and ship tracking data on the Thomson Reuters terminal.

Iran-India officials discuss oil trade issues

Weeks after a historic accord eased restrictions on Iran, a high level Iranian delegation Tuesday discussed with Finance Ministry officials the payment mechanism and shipping arrangements for increased oil trade.

India aims to cut Iran oil imports by 15%: Oil secretary

India aims to cut Iranian crude imports by 15 percent this fiscal year, the oil secretary said on Tuesday, differing from the oil minister who recently said he wanted to hold the shipments at last year's levels.

OilMin unveils mega fuel conservation drive to cut import bill

Staggered office timings for government employees to decongest traffic and staffers taking public transport to workplace once a week are part of a mega fuel conservation drive unveiled by Oil Minister M Veerappa Moily on Tuesday to save USD 5 billion in oil imports.

India's crude oil imports up 9.5% to Rs 3.47 lakh cr in Apr-Aug

India's crude oil import bill has jumped 9.5 percent to Rs 3,47,432 crore in the first five months of the current fiscal on account of sharp depreciation of the rupee against the US dollar.

India to buy oil from wherever it gets 'best deal'

Refusing to "lay down a quota" for importing oil from any country, including Iran which is facing strict financial sanctions imposed by the UN and the US, India on Wednesday made it clear that it will buy oil from wherever it "gets the best deal".

India plans fund to give insurance to refiners using Iran oil

India plans to set up a special fund to provide insurance to refineries after European re-insurers refused to cover units that process oil imported from Iran.

India may cut oil import from Iran by 27%

India may slash import of crude oil from Iran by as much as 27 percent this fiscal because US and European sanctions have made it difficult to ship oil from the Persian Gulf nation.

Sanctions will not impact trade with Iran, says India

Describing Iran as a key trading partner for energy, India Thursday made it clear that unilateral sanctions by the US and European Union will not be allowed to impact trade between the two countries.

New rial-rupee mechanism to settle India-Iran payment issues

India on Wednesday said a new rial- -rupee payment arrangement has been put in place for bilateral trade with Iran.

US sending envoy to help India cut Iran oil imports

The United States is sending a team of energy experts to help India reduce its dependence on Iranian oil, while acknowledging that New Delhi has cut back its oil imports from Tehran.

Iran oil: India says it'll be driven by domestic interests

Undeterred by the pressure of the US to reduce its dependence on Iranian oil, India Wednesday said it will continue to be driven by its own domestic interests in the matter.

India's decision to import Iran oil a slap on US face: Burns

India's decision to continue importing Iranian oil is a slap on the face of the United States, which is galvanising the international community to isolate Tehran, according to a former US diplomat who was Bush Administration's pointman on Indo-US civilian nuclear deal.