Sunday, 4 December, 2022
TopicOil

Topic: Oil

‘US happy for India, can buy as much Russian oil as it wants’, says Treasury Secretary Yellen

US Treasury Secretary Janet Yellen said India can buy Russian oil, even outside G7-imposed price cap mechanism, if it steers clear of Western insurance, finance & maritime services.

India under no moral conflict to stop buying Russian oil, says Union Minister Hardeep Singh Puri

Responding to question by CNN, the Union Petroleum Minister also defended India's Russian oil purchases stating that India buys in a quarter what Europe buys in one afternoon.

India’s oil imports from Middle East fall to a 14-month low, Russian imports increase

Russia's share of India's oil imports surged to an all-time high of 23% from 19% the previous month while that of the Middle East declined to 56.4% from 59%, the data showed.

Saudi king names heir Mohammed bin Salman PM, second son as defence minister

The leadership change announced in a royal decree Tuesday, keeps the ruler's other son, Prince Abdulaziz bin Salman as energy minister. Foriegn & Finance ministers have remained the same.

Commercial LPG price slashed by Rs 91.5/cylinder, no change in rate of domestic gas

State-owned oil firms have, however, started imposing limits on a 14.2-kg LPG refill a household can order.

Buying Russian oil is ruble wise but rupee foolish. It bloodies India’s hands

US has no moral rectitude to deliver ethical sermons. But regardless, India must take a holistic view in purchasing oil from Russia—it's not a rosy picture.

Oil resumes decline as market grapples with tumultuous trading

Oil resumed its decline as the fallout from Russia’s war in Ukraine and China’s Covid-19 resurgence continued to rattle the market.

US needs oil, and Iran needs end to sanctions, but they still can’t agree on nuclear deal

In principle, the deal couldn’t be easier. America needs Iran’s oil and gas to help wean the world off Russian hydrocarbons. Iran needs an end to sanctions that have hurt its economy.

Russia offers oil to India at steep discounts on direct purchase

Russian oil has been flowing to Asia in greater volumes as buyers across Europe and the U.S. shun supplies, following the invasion of Ukraine. India and China have been the key buyers.

More petrol, diesel excise duty cuts not expected as Modi govt sees crude prices stabilising

Officials say for fiscal calculations, govt assumes avg price of crude for 12 months, so no need for excise duty cut. Decision on Russia’s offer of crude supply in a few weeks.

On Camera

YourTurn

51 cow universities, old pension scheme, jobs — what RSS affiliates want from 2023 Budget

Welfare schemes and ‘self-reliance’ figure high on Sangh organisations’ wishlists for finance minister Nirmala Sitharaman ahead of the Budget, which she will present on 1 February.

Defence

Navy chief Admiral Hari Kumar addressing a press conference on the eve of Navy Day | ANI

Indian Navy puts on hold plans to build IAC 2, but is considering repeat order of Vikrant

At his annual press conference, Navy chief Admiral Hari Kumar also said they'll soon take a call on whether they'll go in for marine version of Rafale fighters or F/A 18 Super Hornets.
Illustration: Soham Sen | ThePrint

Gujarat election is anything but dull. BJP’s political neurosis about AAP is the hidden headline

Gujarat is the only state where Modi is directly in contention. Even if he wins, the team that runs him closest has much to gain.