India's Finance Ministry will consider a proposal to ditch the windfall tax on domestic crude oil production, amid much lower prices compared to when the levy was introduced in 2022, a senior government official said on Wednesday.
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The global price of crude oil today, October 23, 2024
Brent crude futures eased 50 cents, or 0.7%, to $75.54 a barrel by 0640 GMT. U.S. West Texas Intermediate crude futures shed 50 cents, or 0.7%, to $71.24 a barrel.
India's oil minister hopes that global oil prices will come down despite geopolitical tensions as more supplies are coming into the market.
Chinese and Indian oil traders have been responsible for the explosive growth of dark fleet tankers hauling Russian crude to Asia, evading Western sanctions.
India imported 36.85 billion BCM of liquefied natural gas in the first six months of fiscal year, highlighting its growing energy needs and reliance on global LNG supplies. The Indian government is balancing domestic production and LNG imports.
India is expected to receive investments worth $87 billion in the next decade to meet the nation's rising demand for petrochemicals, the country's oil minister Hardeep Singh Puri said on Friday.
Chinese road fuel demand has been struggling this year as EV sales are soaring and diesel sales are falling.
Energy researcher Enverus reports that Canada has 15 profitable oil and gas supplies, nearly triple the US's, despite depressed energy prices.
India is poised for a $87 billion petrochemical boom over the next decade, driven by rising middle class demand for products like plastics and fertilizers, and a significant investment opportunity.
Global crude oil price today, October 18, 2024
Brent crude futures gained 23 cents, or 0.3%, to $74.68 a barrel by 0840 GMT, while U.S. West Texas Intermediate crude was at $70.96 a barrel, up 29 cents, or 0.4%.
Indian Oil Corp, the country's largest refiner, has bought 4 million barrels of U.S. West Texas Intermediate crude via a tender for January delivery, trade sources said on Friday.
India continues to boost imports of Russian crude oil as Russia continues to be the single largest crude supplier to the world's third-biggest oil importer.
India's crude oil imports from Russia increased 11.7% in September, accounting for two-fifths of the country's overall crude imports, according to tanker data.
India Intensifies Efforts to Increase Crude Oil Purchases from Brazil Despite Competition from Discounted Russian Oil and Logistical Challenges Related to Maritime Transport.
Oil and Natural Gas Corporation (ONGC) is exploring plans to set up mini-LNG plants in India to utilise natural gas from wells in areas lacking pipeline connectivity, reported the New Indian Express.
Indian shipping firm Gabbaro Ship Services has been sanctioned by the US for allegedly transporting Iranian oil for sale in Asia, following restrictions on Iran's energy trade following its attack on Israel.
Chennai Petroleum Corporation Limited is negotiating with banks for a $3.33 billion loan to build a refinery in southern India.
The United States hit Iran's oil and petrochemicals sectors with new sanctions Friday in response to Tehran's October 1 attack against Israel, designating dozens of new companies and firms.
Saudi Arabia is actively seeking investment opportunities in a upcoming refinery developed by Bharat Petroleum Corporation Limited as part of its broader investment strategy in India.
Brent crude futures rose 58 cents, or 0.8%, to $77.16 a barrel by 0847 GMT. U.S. West Texas Intermediate (WTI) futures were up 61 cents, or 0.8%, at $73.85.