Raisi's untimely death has prompted speculation on global markets as Iran is a major oil-producing country. However, experts believe his death won't have a significantly debilitating effect as all state matters are controlled by Iran's Supreme Leader Ayatollah Ali Khamenei.
The OPEC+ cartel’s decision fueled fears of another price increase, putting pressure on central banks to raise interest rates.
Oil price rise in India: Puri is scheduled to meet energy business leaders in Houston on Saturday.
Jet fuel, which makes up for almost 40 per cent of the running cost of an airline, has this year surged to new highs.
Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab -- a period during which the cost of raw material (crude oil) soared by about USD 30 per barrel.
India is planning to purchase discounted crude oil and related commodities from Russia with payment via rupee-rouble transaction amid tough sanctions from the US.
President Joe Biden on Tuesday ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs, in coordination with other major energy-consuming nations, including China, India, and the United Kingdom
The historic rout in oil markets that sent US crude prices plummeting to as much as minus USD 40 a barrel is unlikely to translate into any big reduction in petrol and diesel prices in India as domestic pricing is based on different benchmark, and refineries are already filled up to brim and cannot buy US crude just yet.
Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don’t want to get stuck owning crude with nowhere to store it.
Taking a dig at Prime Minister Narendra Modi, Congress leader Rahul Gandhi on Sunday said he had asked the PM to to pass on the benefit of the global oil price crash to Indian consumers, but instead "our genius" hiked excise duty on fuel.
Indian stock market has seen its worst fall ever on Monday. Market benchmark Sensex plummeted over 1,941 points on Monday, wiping off investor wealth worth around 7 lakh crore, following global market meltdown triggered by rapidly-spreading coronavirus and free fall in oil prices. After sinking over 2,467 points during the day, the 30-share index settled 1,941.67 points or 5.17 per cent lower at 35,634.95.
Large energy consumers, including India and China, may head for an oil bonanza with the world's largest oil producer Saudi Arabia looking to ramp up production to well above 10 million barrels from next month
Crude oil benchmark, Brent futures, surged by almost 20 per cent to USD 71.95 per barrel (intra-day) on Monday after twin drone attacks on Saturday wiped out more than half of Saudi Arabia's crude supply.
Congress calls for Bharat bandh tomorrow, Sonia Gandhi to take part
Faced with an unprecedented economic crunch over its dipping oil revenues, Saudi Arabia has reached an agreement with foreign banks for a $10 billion (Rs 66,200 crore) loan to bridge the gap in its state finances, a media report citing people privy t
New Delhi: The prospects of importing cheaper oil from Iran after it signed a nuclear deal with six world powers led by the US cheered Indian industry and the equity markets on Wednesday.This followed Tuesday's
New Delhi: International oil prices will come down with the imminent lifting of sanctions against Iran and benefit India, Petroleum Minister Dharmendra Pradhan said today."With Iran coming to market, the assumption is that there will
New York: Oil prices plummeted after Greece rejected debt bailout terms.In a Sunday referendum, more than 61 percent of Greeks voted " NO", rejecting a proposal from international creditors that included pension cuts, tax increases
New York: Oil prices rose on the news of the death of Saudi Arabia's King Abdullah on Thursday, but the king's death is not expected to change the course of oil prices over the next
New Delhi: A Rs 2.50 per litre cut in diesel prices and a little less than Re 1 a litre on petrol is in offing as international oil rates fell to a 27-month low.Prices may
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