Environment Concerns of Pet Coke

In February 2017, the Supreme Court directed the centre to take a decision within four weeks on banning polluting fuels like furnace oil and pet coke used in industrial plants, because they have very high level of sulfur and is single biggest source of pollution in Delhi and NCR. Pet Coke Petroleum coke or petcoke […]

Strategic Oil Reserves of India

Currently, India depends on imports for more than 80% of its crude oil needs. Most of these imports come from Middle East. The demand for crude oil is unlikely to go down in near future. Further, since India is also a regional refining hub, we import more crude than our own domestic requirements; so that […]

How Crude Oil is priced?

The collapse of the OPEC administered pricing system in 1986-1988 ushered in a new era in oil pricing in which the power to set oil prices shifted from OPEC to the so called “market”. This system was first adopted by the Mexican national oil company PEMEX in 1986. Soon, it received wide acceptance among most […]

Crude Oil Pricing in pre-OPEC Era

The world oil prices were first administered by the large multinational oil companies in the 1950s and 1960s in the name of a 1927 Red Line agreement and one more such agreement.  At that time, the international oil industry outside the United States, Canada, the USSR and China was characterised by the dominant position of […]