August 16, 2024 New Delhi, India Crude Oil Import India’s crude oil imports from Russia have skyrocketed, with July 2024 witnessing a substantial $2.8 billion worth of purchases. This represents nearly 40% of India’s total oil imports, a sharp contrast to pre-war levels when Russian oil comprised less than 1% of the country’s imports. India,…
February 15, 2023 New Delhi, India US Stockpile Surge Pressures WTI Prices West Texas Intermediate (WTI) crude oil prices took a hit, dipping close to $75.0 per barrel, amidst a significant surge in US crude oil stockpiles. The Energy Information Administration reported an unexpected increase, with stocks rising by 12.018 million barrels to reach 439.5…
February 14, 2023 New Delhi, India Crude Oil Prices Rise Amid Middle East Tensions Crude oil prices saw a notable increase as tensions in the Middle East heightened, leaving markets on edge. The uncertainty surrounding conflicts in the region drove investors to seek refuge in commodities like oil, leading to a 1.87% gain in crude…
February 12, 2023 New Delhi, India Crude Oil Faces Decline Following Israel’s Ceasefire Reports Amidst ongoing geopolitical tensions, the crude oil market experienced a setback as reports emerged of Israel “concluding” its attack on Gaza. This development, coupled with other market factors, has led to a slip in crude oil prices after witnessing a notable…
January 29, 2023 New Delhi, India Crude Oil Scenario Geopolitical tensions in key oil-producing regions have led to a significant surge in crude oil prices, as the market grapples with fears of potential disruptions in the global oil supply chain. Here’s a breakdown of the factors contributing to this uptick: Attacks on US Forces in…
January 23, 2023 New Delhi, India Crude Oil Prices In a recent turn of events, crude oil futures experienced a retreat following a nearly 2% gain on Monday. The market witnessed a drop in both Brent oil futures and West Texas Intermediate (WTI) crude oil futures, driven by various factors influencing the global oil market….
January 16, 2023 New Delhi, India Government Initiates Strategic Tax Adjustment To bolster the domestic energy sector, the Indian government has decided to reduce the windfall tax on domestically produced crude oil. The tax, previously set at Rs 2,300 per tonne, will now stand at Rs 1,700 per tonne, effective January 16. Understanding the Windfall…
January 13, 2023 New Delhi, India Crude Oil Takes a Step Back Amidst Easing Geopolitical Worries Oil prices experienced a retreat in the latest market sessions, with West Texas Intermediate (WTI) falling below the $73.00 per barrel mark. Here’s a breakdown of the key factors influencing the recent fluctuations. Geopolitical Concerns Trigger Initial Surge The…
January 12, 2023 New Delhi, India Geopolitical Tensions Propel WTI Crude Oil Prices In a dynamic turn of events, West Texas Intermediate (WTI) crude oil prices experienced a significant surge, primarily fueled by a mix of geopolitical tensions and positive trade data from China. 1. Military Strikes Escalate Concerns The escalation began as the United…
December 19, 2023 New Delhi, India Indian Oil Stocks Rally Following Government’s Tax Cut and Global Crude Surge In a recent turn of events, Indian oil stocks witnessed a significant upswing as the government announced a reduction in the windfall profit tax on crude oil production and diesel exports. Here’s a closer look at the…
