Search Result for : Oil Exports

The Dollar Business Bureau ONGC, India’s state run oil and natural gas corporation is planning to bid to explore the Israeli oil and gas blocks. This was revealed to the media by the Oil minister, Dharmendra Pradhan today. This could be the first major deal between the two countries. Dharmendra Pradhan had met his Israeli counterpart Yuval Steinitz on the sidelines of the World Petroleum Congress soon after after Prime Minister Modi visited Israel and signed trade deals worth billions of dollars. Israel had issued tenders last year calling for licences to drill 24 blocs of upto 400 square kilometres in size and Indian energy companies like ONGC had announced their participation. According to an evaluation released by the Israeli Ministry of Energy, the Levant ...

The Dollar Business Bureau  State-owned Oil Corporation Ltd (IOC) purchased 1.9 million barrels of crude from the US in its second tender to import oil from the US, which makes it the first Indian oil company to buy Eagle Ford shale oil, a senior official from the company revealed to the media on Friday.  IOC, India’s largest commercial enterprise, purchased 950,000 barrels of light sweet Eagle Ford shale oil and the same quantity of heavy sour Mars crude from trading company Trafigura, for delivery at October end, A.K. Sharma, Finance Director, IOC, told a leading international news agency.  The recent purchase by IOC comes after an earlier import tender where the refiner purchased 400,000 barrels of Western Canadian Select and 1.6 million barrels ...

The Dollar Business Bureau China showed a record level of oil imports in the month of March 2017. Up by 19.4% year-on-year and 10.7% from the month of February, China's oil imports in March stood at 9.21 million b/d (38.95 million mt). The rise in demand for crude oil is attributed to the fear of rising global oil prices, which have prompted oil importers to up the storage of the precious commodity. The independent refineries of China are said to have imported extra loads of crude oil during the month gone by in order to finish the quotas allotted to them. The size of their second allocation, due towards the end of May, is contingent on their fulfillment of the first quota. The independent refineries located in China's provinces ...

The Dollar Business Bureau  Donald Trump has made it amply clear that the landmark Iran nuclear deal negotiated by former President Barrack Obama is a 'bad deal'. Recent test-firing of ballistic missiles by Iran lead to a bitter feud between the two countries, ending in sanctions being imposed on companies and individuals related to missile programs in Iran.  Lack of clarity in Trump's future strategy for Iran has left traders in the middle-eastern country, along with their close trading partners in a limbo. India, one of Iran's closest trading partners, ranks second among its export destinations (after China) and fourth among its major importers (after China, South Korea and Turkey). In fact, oil embargoes on Iran proved to be a blessing in disguise for Iran-India trade, as total ...

The Dollar Business Bureau  Two months into the deal between major oil producing economies, meant to curb global oil supply, the member nations of OPEC and other countries like Russia have agreed to boost compliance, Mohammad Barkindo, the Secretary General of OPEC said, on February 21, 2017.  Crude oil prices which fell to record lows of $30 a barrel in 2015-16 have risen considerably to $50-$60 in the last few months after oil exporting nations cartelised to project an artificial shortage by cutting their supplies. Their efforts to end the supply glut and bring oil prices back to highs of over $100/barrel, many say, are in vain. Especially because US production and export of oil has been on the rise, it is said that the Middle-Eastern nations no ...

The Dollar Business Bureau Canadian Prime Minister Justin Trudeau, on February 13, 2017, for the first time, visited Washington to meet the newly elected President of USA, Donald Trump. During a press conference post their meet at the White House, the two leaders affirmed their intent to continue the historically close alliance and strengthen trade as well as border security in the North American continent. Evading much deliberation on huge underlying ideological differences concerning immigration, intake of refugees and cross-border trade, both the leaders chose to focus on the special bond that Canada and US have shared for long years in defence, counter-terrorism and trade. "Thirty five US states, list Canada as their largest export market and our economies benefit from over $2 billion in two-way ...

The Dollar Business Bureau Saudi Arabia invited India to play a major role in the Gulf nation’s economic transformation as it looks to reduce its dependency on oil exports after a long period of decline in crude oil prices and rise of use of new fuels by expanding its income sources and to attract foreign investment. We are now looking to a post-oil age that will usher in an era of world-class technological research, start-up development, entrepreneurial vigor and vast investment opportunities. We welcome India as a central participant in this exciting new phase of our country's profound growth,” said Saud Al Sati, Saudi Arabia’s Ambassador to India at the ongoing Vibrant Gujarat Global Summit in Gandhinagar on Wednesday. A business delegation of 20 high-profile members has been sent by the Kingdom ...

The Dollar Business Bureau Iraq has become the biggest supplier of crude oil to India overtaking Saudi Arabia. On the other hand, Iran has become the fourth largest exporter after lifting of the sanctions. Iraq supplied around 11 million tonnes of crude to India during the April-June period which is more than the 10 million tonnes procured from Saudi Arabia Dharmendra Pradhan, Minister for Petroleum and Natural Gas said on Monday.Saudi Arabia has been the biggest supplier of crude oil to India, exporting 35 million tonnes in 2014-15 and 40.04 million tonnes in 2015-16. The second largest exporter of crude oil to India in 2010-11 after Saudi Arabia, Iran has been downgraded to the seventh spot in 2013-14 and 2014-15, amongst the 50 major countries supplying to India.  However, with ...