Oil PSUs get a free hand, can choose companies for crude buy

Oil PSUs get a free hand, can choose companies for crude buy

In a bid to improve operational efficiency, the government Wednesday gave freedom to public sector oil firms to have their own independent crude import policy based on their commercial requirements.

RBI exploring modalities of oil payments to Iran: Rajan

The Reserve Bank of India is holding discussions with Tehran on modalities of payment of reported dues of USD 6.5 billion for oil imports, Governor Raghuram Rajan said.

India's Iran oil imports set to surge to 7-year high in 2016/17: Sources

India's Iran oil imports set to surge to 7-year high in 2016/17: Sources

India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after the sanctions targeting Tehran ended in January, industry sources familiar with the matter said.

Indian oil imports to drop 10% over next six years: Pradhan

Indian oil imports to drop 10% over next six years: Pradhan

India will cut oil imports by 10 percent in next six years by raising domestic output, conserving fuel and shifting to alternate sources like natural gas, Oil Minister Dharmendra Pradhan said Tuesday.

New crude import policy for spot buys soon: Dharmendra Pradhan

New crude import policy for spot buys soon: Dharmendra Pradhan

Oil Ministry will soon come up with a Cabinet note on new crude import policy for spot crude purchases by state-owned refiners, doing away with the long-followed tendering process, Minister Dharmendra Pradhan said Monday.

IOC raises oil import from Latin America to cut costs

IOC, the nation's biggest oil firm, spent Rs 1.65 lakh crore on import of 43.9 million tons of crude oil in 2014-15.

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.

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 asks state oil producers to pay $1.75 billion subsidy for December quarter: Source

India has asked oil producers to provide 108.96 billion rupees ($1.8 billion) in subsidies to cover some of the losses of state retailers selling fuel at government-set low rates, a source familiar with the plan said on Thursday.

Essar Group signs $10 bn pact to import oil from Russia's Rosneft

In one of the biggest oil deals, Essar Group Thursday signed a USD 10 billion contract to import crude oil from Russia over a 10-year period.

India pays another $500 mn in oil dues to Iran

India on Wednesday paid Iran USD 500 million to clear a part of its past dues for crude oil it buys from the Persian Gulf nation.

US trade gap narrowed in August as oil imports slow

The US trade deficit narrowed in August as exports grew faster than imports, the Commerce Department reported Friday.

BPCL inks deals to import crude oil from Kuwait, UAE

State-owned Bharat Petroleum Corporation Ltd (BPCL) has signed contracts to import over 7 million tonnes of crude oil from Kuwait and the United Arab Emirates.

India's crude oil imports surge on fuel demand ahead of polls

Refiners see demand for fuel, especially diesel, rising as electioneering picks up for the April-May Lok Sabha polls.

India takes nearly 40% less Iranian oil in 2013

India imported nearly 40 percent less Iranian crude last year, with no sign in the last month of 2013 that the easing of Western sanctions in a landmark deal resulted in Indian refiners bumping up their purchases.

Six months relief for India, countries importing oil from Iran

India and other major Iranian oil importing countries have got six months relief from reducing their import after the Islamic Republic agreed to curb parts of its disputed nuclear programme.

Iran, India meeting to discuss oil payments on Tuesday

Indian and Iranian officials are meeting on Tuesday to discuss how to unlock the first oil payments to the Middle Eastern nation since the US and other world powers eased sanctions last month in exchange for curbs to Tehran`s nuclear programme.

US poised to control own energy future: Barack Obama

US President Barack Obama touted Saturday the progress made by his administration in energy production and saving, saying that with reduced oil imports, the country is "poised to control our own energy future".

Oil import needs return to haunt weakening rupee

Barely a month after the rupee hit a two-month high and showed signs of stabilising after its brutal fall this year, the currency is at risk from a re-emergence of heavy demand for dollars from oil importing firms.

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.