Tuesday, 18 January, 2022
TopicCrude oil prices

Topic: Crude oil prices

Oil price paradox: Why Modi govt is alarmed by edible oil prices but not petrol & diesel

Both the heavily imported commodities have witnessed double-digit inflation but one is set to become cheaper. 

Modi govt again urges OPEC+ to boost oil supply as rising fuel prices push inflation

It’s not the first time that India has voiced concern over OPEC’s output policy. In Jan, Oil minister Dharmendra Pradhan said OPEC's policy was 'creating confusion for consuming countries'.

India pitches for easing cuts in crude oil production: MEA

MEA spokesperson Arindam Bagchi also said that crude supply should be market determined rather than artificially managed.

India’s petrol, diesel demand yet to recover fully despite end of Covid lockdown

Operations across 23 refineries nationwide were at 77% of capacity in May & amount of crude processed was almost 25% lower year-on-year.

Saudi Arabia faces a double crisis and people are waking up to a harsh new reality

With plunging crude prices and coronavirus shutdowns, the non-oil economy in Saudi Arabia is expected to contract for the first time in over 30 years.

The oil crash couldn’t have come at a better time for India’s rupee

As crude prices tanked, it brought relief for India: The rupee rebounded about 2% from a record low touched last month.

India takes advantage of cheap oil prices, stores it at sea as onshore tanks full

Price of crude oil fell because of fall in consumption due to Covid-19 outbreak and price war between Saudi Arabia & Russia, that forced other producers to slash prices.

Recovery in oil consumption could take decades as aftermath of Covid crisis remains unclear

After the oil-price slump of the mid-1980s, it took two decades for prices to return to their previous levels — longer if you build in the effects of inflation.

Singapore’s coastline is packed with ships full of oil no one wants

About 60 fuel tankers are anchored along the busy strait, some being used to hoard fuel at sea, others waiting to be redirected to any willing buyer.

Should Modi govt let oil crash cushion finances or will lower retail prices revive economy?

The global oil slump has given Modi govt the cushion to hike fuel taxes to meet revenue shortfalls. But retail fuel prices still hover around pre-Covid-19 levels.

On Camera

YourTurn

Priyanka Gandhi Vadra of Congress, a forerunner of women's question in India | PTI

Be it Congress, BJP, AAP—women’s question in India is a partisan issue. And that’s not so bad

India's woman question tests party imagination. Congress's focus on Nirbhaya, Unnao rape victim, and BJP's Uniform Civil Code show how.
President Xi Jingping addressing a meeting

Nations must secure global supply chains, prevent inflation shocks: Xi Jinping at WEF

In his 3rd address to World Economic Forum, Chinese President Xi Jinping said 'we need to resolve various risks and promote the steady recovery of the world economy'.

Defence

HAL likely to be in fray for Navy’s NUHs after defence ministry junks Coast Guard chopper deal

Last week, the Defence Acquisition Council scrapped the Coast Guard programme to buy 14 twin-engine helicopters under Buy Global category. Other projects under review now.
Illustration by Soham Sen | ThePrint

Read my lips, I’m hurting, says Pakistan’s National Security Policy. What it means for India

The new policy is mostly chaff, but it reveals the most inward-looking Pakistan in 3 decades. It needs breathing space, and is realising loss of stature and friendship with US.
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