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The Dollar Business Bureau Highlighting the arrival of two shipments of crude oil from the US, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Sunday that the country is emphasising on diversifying its sources for crude oil supply and tapping new markets. The two shipments of 1.6 million barrels of American crude oil were landed at the Paradip Port, Odisha on October 2. “India is putting a lot of emphasis on diversifying its crude oil supply sources and tapping new supply source,” Pradhan said in a meeting with OPEC’s Secretary General, Sanusi Mohammad Barkindo, who is in India for attending the first CERAWEEK India Energy Forum. The three public sector refineries of India have already put a cumulative order of about 7.85 million ...

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  With the first shipment of two million barrels of US crude oil, costing about $100 million, expected to reach India by the end of September and the volume of crude oil that India could buy in the future, it is very likely that the bilateral oil trade between the two countries could increase to $2 billion. With this, India will be in the league of Asian countries such as Japan, South Korea and China in purchasing American crude oil after OPEC reduced its production, leading to a price increase of the heavy-sour crude of Middle East. Tweeting about the development, the Indian Embassy in Washington said, “New breakthroughs! Oil shipments frm US to India has started,” on Wednesday, after ...

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 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 ...

The Dollar Business Bureau Commerce Secretary, Rita Teaotia had led an official and a business delegation to Ecuador and Colombia from 16th to 19th May. The Commerce Secy’s visit to Ecuador could in many ways reveal India’s keenness to further its interests in the country. The Indian side had representatives from Pharma, IT, Auto, Mining & Construction, Bio Fuels, Agro-Chemicals, Iron & Steel and Textiles and representatives from FICCI accompanying the Secretary. Ecuador though a tiny country holds many promises through its natural resources. It has gold reserves of 2,25,000 tons, silver reserves of 12,500 tons and as per an OPEC official release, its total share of OPEC production in crude is 1.7% and as per Jan 2017 stats, has produced 536.00K barrels ...

By Abin Daya The highlight of the week was the finalisation of GST rates for goods and services. This has brought some much needed clarity and has laid the ground further for the July 01 rollout of a unified domestic market. We will try and do a detailed commentary on this in the coming weeks. Equally important were the foreign trade numbers released this week, which showed positive growth in exports for the 8th successive month. The numbers also included the service export numbers for Mar 2017, thus helping compile overall trade numbers for FY17. Suffice to say that while merchandise exports are growing, deficit numbers also seem to be picking up. In fact, trade deficit for Apr 2017 is almost 13% of the ...

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 ...