February 16, 2023 New Delhi, India India Adjusts Oil Taxes In response to the fluctuating global oil market, India’s Ministry of Finance has announced adjustments to oil taxes. Here’s a breakdown of the key changes: Marginally Raised Windfall Tax The windfall tax on the sale of domestic crude oil has been marginally increased to ₹3,300…
February 9, 2023 New Delhi, India Oil Prices Surge Amidst Geopolitical Turmoil Middle East Tensions Drive Oil Prices Up Oil prices surged this week as tensions continued to escalate in the Middle East. Brent crude futures climbed to $81.71 a barrel, marking a 0.1% increase, while US West Texas Intermediate crude futures rose to $76.39…
February 8, 2023 New Delhi, India WTI Price Holds Steady Amid Geopolitical Tensions West Texas Intermediate (WTI) oil price remains relatively stable as geopolitical tensions escalate, influenced by developments in the Israel-Hamas conflict and fluctuations in crude oil stockpiles. Israel Rejects Hamas Ceasefire Offer Israeli Prime Minister Benjamin Netanyahu’s dismissal of Hamas’ ceasefire offer has…
February 7, 2023 New Delhi, India Oil Prices Climb Amidst Production Forecasts and Economic Indicators WTI crude oil rises by 0.87% to $73.51, influenced by various factors including changes in US oil production forecasts and the performance of the US Dollar. Factors Driving the Rise Weaker US Dollar: The weakening of the US Dollar has…
Febuary 2, 2023 New Delhi, India The commodities market witnessed a rollercoaster week with divergent trends impacting Brent crude oil, gold, and copper prices. Let’s delve into the highlights shaping these market movements. Brent Crude Oil: Ceasefire Impact and OPEC+ Decision Crude oil prices faced a setback, dropping over 2% on Thursday amidst reports of…
January 9, 2023 New Delhi, India Oil Prices Oil markets are finding stability following recent fluctuations, with Brent crude futures rising by 0.2% to $76.30 a barrel, and US West Texas Intermediate crude futures inching up by 0.1% to $70.83 a barrel. Middle East Tensions and OPEC Output: Monday witnessed a significant drop in oil…
January 5, 2024 New Delhi, India India-Russian Crude Trade In the face of ongoing threats in the Red Sea, India’s appetite for Russian crude oil remains unwavering, according to a recent report by S&P Global Commodity Insights. India’s Crude Import Landscape: Russia Holds Strong Position India’s reliance on Russian crude continues, constituting over 35% of…
January 2, 2024 New Delhi, India India’s December Sokol Crude Imports Plummet Amid Payment Challenges In a noteworthy development, India experienced a significant decline in crude oil imports from Russia in December, marking the lowest levels since January 2023. The slump is primarily attributed to payment issues surrounding the Sokol grade crude, as reported by…
December 28, 2023 New Delhi, India Red Sea Tensions Impact Oil Prices In the ever-changing landscape of the global oil market, recent developments in the Red Sea have become a key focal point for investors. The aftermath of drone attacks on oil tankers in the region has injected volatility into oil prices, with both Brent…
December 4, 2023 New Delhi, India Crude Oil Prices Dips 2% In a recent turn of events, oil prices witnessed a 2% decline amid growing skepticism among investors regarding the effectiveness of OPEC+ supply cuts. The market is grappling with uncertainties related to global economic trends and geopolitical factors. OPEC+ Supply Cuts Face Investor Doubt:…
