Search Result for : Oil Prices

The Dollar Business Bureau India’s crude oil import bill is expected to increase by 25% to $87.7 billion in the current fiscal of 2017-18, which closes on this weekend as there is a surge in the global oil prices.  In the month of February alone, India’s oil import bill surged by 28% to $8.1 billion as compared to the same month last year, according to the latest data of the Ministry of Petroleum and Natural Gas. For the current financial year, the imports of crude oil are pegged at 219.15 million tonnes for $87.725 billion (about Rs.5.65 lakh crore), as per the latest data available from Petroleum Planning and Analysis Cell (PPAC), an arm of Petroleum Ministry. The country’s crude oil imports were 213.93 ...

The Dollar Business Bureau India looks set to overtake the economies of France and Britain in 2018 to become the fifth largest economy in the world in dollar terms, according to a report by one of the leading economics consultancies in the UK. The World Economic League Table 2018 by Centre for Economics and Business Research (Cebr) consultancy painted a positive view of the world’s economy, supported by cheap prices of energy and technology. India’s rise is a part of the trend that will witness economies in Asia increasingly dominate the 10 biggest economies in the coming 15 years. Douglas McWilliams, Deputy Chairman, Cebr said, “Despite temporary setbacks, India's economy has still caught up with that of France and the UK and in 2018 ...

The Dollar Business Bureau The Reserve Bank of India (RBI) on Wednesday raised its retail inflation forecast to 4.2-4.6% for the second half of 2017-18 owing to the firming international prices of oil and uncertainty on the farm output of the kharif crop. In August, in its last monetary policy review, the Central Bank had predicted the Consumer Price Index (CPI)-based retail inflation to be between 4-4.5% in the second half of current fiscal. “The inflation path for the rest of 2017-18 is expected to be shaped by several factors," the bank said in its fourth bi-monthly monetary policy statement 2017-18. As it sees inflation risks, the monetary policy committee (MPC) of RBI also kept the key lending rates – ...

The Dollar Business Bureau India's share in overall exports to top ten destinations globally rose to 51.6% in the last financial year of 2016-17, as compared to 49% in the fiscal of 2013-14, industry body PHD Chamber of Commerce and Industry (PHDCCI) said on Wednesday.  The major export destinations of India include the US, Hong Kong, Japan, the UAE, China, the UK, Singapore and Germany.  The merchandise exports from the country to the US increased to $42.33 billion in 2016-17 from $39.14 billion in 2013-14, Gopal Jiwarajka, President, PHDCCI said in a statement.  Around 53% of exports to the US are primarily consumer goods, capital goods, intermediates and raw materials.  Similarly, the country’s exports to Hong Kong increased 11.2% to $14.2 billion in the last financial year.  “Going ahead, we are hopeful that our exports will touch $325 ...

The Dollar Business Bureau Russia and Saudi Arabia agreed on Monday to extend oil output cuts for another nine months till March 2018, to address the global crude glut and the increase in oil prices. The timing of the announcement sends a clear signal to other OPEC member countries before their next meeting on May 25, to follow suit. The ministers of both the countries, Khalid al-Falih and Alexander Novak in a joint statement said, they pledged ‘to do whatever it takes to reduce the global inventories to their five-year average’, has surprised the stock markets, raising crude prices up more than 1.5% in the Asian trade markets. Addressing the media in Beijing, Falih and Novak said, "There has been a marked reduction ...

The Dollar Business Bureau Niti Aayog CEO Amitabh Kant is taking no chance in promoting the adoption of electric vehicles (EVs). With oil prices perennially increasing, awareness about ecology and atmosphere being discussed and steps being taken to implement clean energy drive, he says India faces the challenge of not wasting anymore time in adopting measures that would reduce the dependence on diesel and petrol.  In its annual report, India Leaps Ahead: Transformative Mobility Solution, NITI Aayog and Rock Mountain Institute specify that, “Accelerated adoption of electric and shared vehicles could save $60 billion in diesel and petrol costs while cutting down as much as 1 gigatonne (GT) of carbon emissions for India by 2030.” It estimates that the country could save ...

The Dollar Business Bureau Overriding its tapering domestic economy, Japan's foreign trade in the month of March boosted the overall performance of the world's third largest economy. The Japanese administration announced that exports grew more than the expected 12% while imports jumped 16% year on year during March 2017. A revival of stability in Chinese economy supplemented by a gradually normalising global demand has given Japan much reason to cheer. A trade surplus of $5.6 billion was registered in the month of March as exports grossed $66 billion approximately while imports rose to about $60 billion. Japanese exports to China reached $11 billion, showing a whopping 16.4% growth from the same month in the previous year, although the double digit growth is mostly because of a one-month shift in the Lunar New ...

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 ...