India not violating any sanctions by importing oil from Russia: United States
India | Apr 12, 2022, 03:35 AM 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.
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.
As Russian economy faces its worst since 1991, Moscow has urged India to increase its investments after sanctions over its oil-gas exports.
Moscow has been supplying the European nations with roughly 40 percent of their gas needs, said Russia's deputy Prime Minister Aleksandr Novak.
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 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.
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.
Traders are still paying more than $20 for a barrel of U.S. oil to be delivered in June, which analysts consider to be closer to the “true” price of oil. Crude to be delivered next month, meanwhile, is running up against a stark problem: traders are running out of places to keep it, as factories, automobiles and airplanes sit idled around the world.
The government on Wednesday slashed import duty on refined palmolein from 50 per cent to 45 per cent, while that on crude palm oil (CPO) from 40 per cent to 37.5 per cent with immediate effect, a move that the industry opposed saying it will hurt domestic refiners.
Benchmark crude oil Brent crude on the International Market Intercontinental Exchange has risen nearly three dollars a barrel this month.
Waves of violent protests have engulfed Baghdad and Iraq’s southern provinces, with demonstrators chanting for the downfall of a political establishment that they say doesn’t prioritize them.
The eight core sectors had expanded by 4.3 per cent in September 2018. Production of seven sectors of coal, crude oil, natural gas, refinery products, cement, steel, and electricity contracted in September.
At the Interbank Foreign Exchange, the rupee opened at 71.83 then lost further ground and fell to an intra-day low of 71.98 against the US dollar.
The American Petroleum Institute (API) on Tuesday reported a decrease of 8.129 million barrels in the US crude oil inventories for the week ending July 5.
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