Topic: Crude oil Imports
Treating Formation Water
The treatment of formation water, a byproduct of crude oil excavation and processing, holds significant importance in preventing environmental pollution and promoting sustainable practices. Scientists from the Institute...
Cut in Windfall Tax on petrol, diesel, ATF
On July 20, 2022, Union government reduced the windfall tax on petrol, diesel, crude oil and jet fuel, following the cut in international rates. Highlights Windfall tax on...
India cuts Crude Palm Oil Import Tax
India has cut import tax on crude palm oil from 15 % to 10% for three months. This new duty would be effective from June 30, 2021. Key...
Crude oil output of India drops
The Ministry of Petroleum and Natural Gas recently released its data for the fiscal year 2020-21. According to the data, crude oil production of India fell to 30.5... US Becomes India’s Second Biggest Oil Supplier
The United States has become the second biggest oil suppliers of India by overtaking Saudi Arabia. This shift comes after the refiners boosted cheaper U.S. crude purchases to...
SBI Research: Fuel Prices will Drop if Brought under GST
A State Bank of India’s report highlights that, the pan-India Prices of fuels will drop if the petrol and diesel are brought under the GST regime to ₹75... First Ship load of Crude Oil reaches India
On April 13, 2020, the first crude oil of 1 million barrels from UAE have reached India. The oil prices have declined by 60% since January, 2020. The...
Gold Imports of 2019-20 dip by 8.86% narrowing Current Account Deficit to 143 billion USD
On March 16, 2020, the Commerce Ministry reported that the gold imports for the period April to February (2019-20) has reduced by 8.86% as compared to the previous...
India Russia sign first ever Term Contract to import crude oil to India
On February 5, 2020, the Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan and the Chairman of Rosneft (Russia’s largest oil producing company) signed the first ever...
India attends Hormuz Peace Initiative
India recently attended the Hormuz Peace Initiative that was held in Tehran. The initiative aimed at stabilizing one of world’s busiest shipping lanes, the Strait of Hormuz amidst...
OPEC cuts production to 500,000 barrels per day
On December 6, 2019, the Organization of Petroleum Exporting Countries reached a deal deepening their output cuts. They have set the target as 500,000 barrels a day. The...
