Search Result for : Crude Oil Export

The Dollar Business Bureau US Energy Secretary Rick Perry said on Thursday that export of crude oil from the US to India will help in creating jobs, and bring economic stability in both the nations. The statement comes after a few days of the first-ever consignment of American crude oil reached India. The shipment loaded last month from the terminals of Freeport in Texas and St James in Louisiana and reached at Odisha’s Paradip port on October 2. “This event represents the growing and important strategic energy partnership between the US and India, and I look forward to exploring new opportunities to expand the role of reliable, responsible, and efficient energy sources with our allies,” the Energy Secretary said. He said that following the ...

The Dollar Business Bureau Saudi’s Aramco plans to deepen the cuts in oil to US, reduce the limit in supplies to some of its Asian client countries in July according to Reuters. Aramco has decided to supply full contracted crude volumes to buyers in North Asian countries, while countries like China, South Korea and India will get lower volumes. The reduction in barrels in July will be deeper than seen in June, which is 300,000 bpd. An unofficial release by a spokesperson of Aramco told a media house that the decision to reduce oil supplies to Asia by about 7 million bpd was conveyed in May. This was the first cuts that the region would experience since the ‘OPEC-led output reductions’ took effect ...

The Dollar Business Bureau The latest set of measures taken by the nations to deal with climate change will fail to quench the global thirst of crude, while the global demand of oil will peak within 15 years, the global petroleum bloc has said. Last week, several countries across the world signed a global pact with an aim to battle global warming. But the recent report released by the OPEC has underlined that it will take almost a century to bring down the consumption of oil due to the rising demand of fuel and a slow adaptation of alternative fuel cars, which will continue to affect climate change. The OPEC reports look at how the energy market will perform over the next two decades ...

The Dollar Business Bureau Keeping in view the fact that 85% of crude oil is imported in India, the Centre expressed to the Delhi High Court that crude exports from the country cannot be allowed as it would harm the country’s interests. While opposing UK-based Vedanta group’s Cairn India’s plea seeking permit to export excess crude from its Rajasthan oil fields, the government reiterated that it would not allow crude exports till the country attains ‘self-sufficiency.’ The Additional Solicitor General Tushar Mehta, who represented the Ministry of Petroleum and Natural Gas, said that the decision was a part of the policies formed by the government. Mehta further stated that the natural resources are not just vested in the hands of the Government ...

The Dollar Business Bureau The government, in a submission to the Delhi High Court, stated that Cairn India cannot export crude oil from its Rajasthan oil field until India attains ‘self-sufficiency.’ The Centre claimed that their stand of not allowing export of crude until India becomes self-sufficient was clear and in accordance with the national policy. The submission by the Ministry of Petroleum and Natural Gas was made to a bench comprising Justice Manmohan,  after Cairn India the subsidiary of UK-based Vedanta group, sought permission for exports of crude. Additional Solicitor General Tushar Mehta stated that as the petitioner was bound by a Production Sharing Contract, he is prohibited to export crude till India becomes self-sufficient. At the time when India is dependent on imports ...

The Dollar Business Bureau The Petroleum Ministry on Tuesday rejected a proposal from Cairn India seeking export of crude oil from Barmer block of Rajasthan. Cairn India, one of the largest oil and gas exploration companies had sought permission for exporting crude oil from India’s largest onshore field, citing that exports would result in additional revenue for the state and central governments in terms of taxes and royalty. However, the Petroleum Ministry, reports said, shot down the proposal stating that the company’s production sharing contract (PSC) with the Centre didn’t provide for sales abroad. The company had also proposed a swap mechanism in its proposal to the Ministry, where it expressed readiness to source crude oil at cheaper prices from ...