India not violating any sanctions by importing oil from Russia: United States
India | April 12, 2022 3:35 ISTUS said that energy imports from Russia are not banned or part of sanctions, therefore, New Delhi is not violating US sanctions.
US said that energy imports from Russia are not banned or part of sanctions, therefore, New Delhi is not violating US sanctions.
According to some media reports, Indian Oil Corporation purchased 3 million barrels of Russian crude oil, the first such transaction since Russia invaded Ukraine on February 24.
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.
In the past several weeks, the prices of crude oil in the international market had reached up to $140 per barrel, most recently last week. Though it fell down to $110 again but it's still way more than $80 per barrel earlier, causing losses to public sector companies as the government is not allowing petrol, diesel prices to rise for over 120 days now, says Dr. Sudhir Bisht, International crude oil expert.
Moscow has been supplying the European nations with roughly 40 percent of their gas needs, said Russia's deputy Prime Minister Aleksandr Novak.
Sensex tumbled more than 1,600 points to trade below 52,700 on Monday morning while Nifty slumped more than 440 points to trade below 15,800.
Meanwhile, oil prices came under more pressure after Libya's national oil company said an armed group had shut down two crucial oil fields.
The basket of crude oil India buys rose above USD 102 per barrel on March 1, the highest since August 2014. This compares to an average of USD 81.5 per barrel price of the Indian basket of crude oil at the time of freezing of petrol and diesel prices in early November last year.
Sri Lanka's worsening foreign-exchange shortage has seriously impacted the energy sector, which largely depends on imports for fuel.
The Brent-indexed Crude oil prices crossed $96 per barrel, the highest in seven years.
The move is aimed at global energy markets, but also at voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel. Gas prices are at about $3.40 a gallon, more than double their price a year ago, according to the American Automobile Association.
Petrol in Delhi now costs Rs 107.24 a litre and diesel comes for Rs 95.97, according to a price notification of state-owned fuel retailers.
If the turmoil is restricted within Afghan boundaries, the impact would be limited. But if Afghanistan continues to be on the boil, and boil violently, the oil-producing regions of the Middle East and Central Asia could get affected and, consequently, oil prices.
The OPEC oil cartel and allied countries said Thursday that they have decided to add gradually add back some 2 million barrels per barrel per day of oil production from May to July, moving cautiously in pace with the recovery of the global economy from the COVID-19 pandemic.
Oil prices rose Monday as Saudi Arabian oil facilities were targeted by drone strikes just days after the largest crude exporting nations in the world said they would not increase output.
On increasing fuel prices in the country, Union Petroleum and Natural Gas Minister, Dharmendra Pradhan said that it has happened due to increase in prices of crude oil in international markets.
Petrol and diesel prices have gone up in Madhya Pradesh and stood at Rs 96.69 and Rs 87.20 per litre respectively on February 14.As compared to yesterday, the price of petrol has become costlier by 0.32 paise while diesel price increased by 0.4 paise.
The Indian Coast Guard has said oil sheen has been observed astern/backside of the very large crude carrier (VLCC) New Diamond that has been on fire for the past six days. The Coast Guard said oil spill dispersants were sprayed by its Dornier aircraft to neutralise.
Fire fighting assistance has been sought by the Sri Lankan Navy from the Indian Coast Guard for fire and explosion on-board oil tanker 'MT New Diamond' 37 nautical miles east off Sri Lanka coast.
The rupee on Tuesday appreciated by 7 paise to 75.51 against the US dollar on softening crude oil prices and early gains in domestic equity market. Forex traders said the rupee traded in a narrow range as positive domestic equities supported the local unit, while foreign fund outflows and concerns over rising COVID-19 cases weighed on investor sentiment.
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