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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.

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.

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.

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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