Indias crude oil import bill to increase by 25% in 2017-18
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 ...
India asks OPEC to stop charging premium from Asian buyers
The Dollar Business Bureau India on Monday once again asked the Organisation of Petroleum Exporting Countries (OPEC) to end charging premium from its buyers from Asia and said that the producers would not subsidise other buyers at the expense of nations like India. Restating India’s demand for long, Oil Minister Dharmendra Pradhan said that the oil cartel OPEC should have to work towards a ‘responsible price’ that would allow key consuming nations to offer energy to their common people. High prices of oil will force these countries to opt for alternate sources of energy which would slow down the crude oil demand, Pradhan said while addressing the 2nd high-level meeting of OPEC-India Energy Dialogue in Vienna. “During my last visit to Vienna for the ...
India's crude imports from Russia on the rise
The Dollar Business Bureau Due to massive oil production cuts being enforced by OPEC nations, major oil importing countries, especially India, are diversifying their supplier regions. India, for the first time in years, saw its Ural oil imports from Russia drastically surge, as a result of cuts in supplies from its two main oil suppliers – Saudi Arabia and Iraq. While India's crude imports from Russia have never crossed 500,000 tonnes annually, 2017 has already witnessed over 1 million tonnes of Ural import. ONGC, India's oil and gas major, keen on securing India's energy future, intends to invest over $3 billion in Iran's newly discovered Farzad-B natural gas field. Due to disagreements with Iran's authorities over the development rights to this gas field, India has slashed quantities of oil import from ...
OPEC restricts output at 31.85 mn bpd in April
The Dollar Business Bureau The Organisation of the Petroleum Exporting Countries (OPEC), which is contributing to a recent deal to cut oil production, restricted their output at 31.85 million barrels per day consecutively for the second month in April, as revealed in the data released by S&P Global Platts. This matches to the March data which means the cartel has stabilised production at 80,000 bpd level which is below the agreed quota of 31.77 million-barrel (without Indonesia). Saudi Arabia reduces output to 9.97 million barrels per day in the last month, just less than the restriction of 10.1 million-barrel that the Kingdom had agreed in November last year. Iraq, OPEC’s second-largest producer, boasts production 9,000 barrels more than its quota. Iran restricts its production at 3.77 million barrels per ...
India's oil imports from Iran surge marginally in Jan
The Dollar Business Bureau Oil imports of India from Iran surged marginally in the month of January from the previous month as the refiners from India received entire volumes from major OPEC (Organisation of Petroleum Exporting Countries) producers Iraq and Saudi Arabia, as per the shipping data. Iran used to be the second largest supplier of oil to India, but now this position belongs to its regional-competitor Iraq after the West imposed strict sanctions on Tehran over its nuclear programme, which limited its exports and accessibility to finance. In January 2017, Iran was India’s third largest oil supplier after Saudi Arabia, followed by Iraq. Oil imports of India from Iran have increased sharply after the sanctions were removed last year. In the said month, oil ...
Iran names 29 foreign firms to bid for oil and gas projects
The Dollar Business Bureau Iran has allowed 29 companies from over a dozen countries to bid for projects in oil and gas using the latest, less restrictive model - Iran Petroleum Contract (IPC), according to SHANA, the news website of oil ministry. The list of pre-qualified companies include the Netherlands-headquartered Shell, Italy's Eni, Malaysia's Petronas, France's Total, and Russia's Gazprom and Lukoil, and also firms from Austria, China, Japan and some other countries. The Islamic Republic is hoping that the new IPC model, part of its efforts to sweeten the terms it provides on oil development contracts, will help in attracting international investors and enhance output after years of sanctions. The list didn’t include oil multinational British Petroleum (BP). According to The Financial Times, ...
India's oil imports from Iran fell 19% in November
The Dollar Business Bureau India's oil imports from Iran fell 19% last month, while other regional oil-exporting nations Iraq and Saudi Arabia saw a rise in their November oil shipments to the world’s third-largest oil consumer. According to Thomson Reuters Oil Research and Forecasts’ ship tracking data and report, India imported about 620,000 barrels per day (bpd) of oil from Tehran in November. In October this year, total oil shipments from Tehran stood at 765,500 bpd. The drop in November came after OPEC (Organisation of Petroleum Exporting Countries (OPEC) members and non-OPEC producers signed an agreement to cut down on their total oil production in order to strengthen global oil prices. Iran, however, was initially reluctant to reduce oil production, but after Saudi Arabia, ...
Qatar to reduce oil production from next year
The Dollar Business Bureau The State-run company Qatar Petroleum, a leading oil company in the world, announced on Tuesday that it will cut production levels beginning next year. The announcement for reduction in production from January 1 comes after the recent decision by OPEC (Organisation of Petroleum Exporting Countries) and non-OPEC oil-producing nations to limit output. “We have started advising our customers of the expected reductions in oil deliveries to ensure the state's compliance with OPEC's allocations,” Saad Sherida Al-Kaabi, President and Chief Executive Officer, Qatar Petroleum, said in a statement. The decision comes following Qatar's commitment to cut production levels by OPEC members during a ministerial meeting held on November 30, 2016. There are no details regarding the production levels. In the meeting on November ...
