Oil Export

The slogan 'Drill, baby, drill' was coined in 2008 by Michael Steele, a Republican politician and the first African-American lieutenant governor of Maryland

As Indian companies begin talks with Saudi Arabia and Abu Dhabi this week, traders say discussions between refiners and the OPEC producers will be tense

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, highlighted the stability of the global oil market, supported by increased supplies from the US, Brazil, Guyana, Suriname, and Canada

The thin lineup of vessels carrying palm oil at key ports such as Kandla, Haldia, and Krishnapatnam over the next two weeks suggests imports could drop to about 370,000 metric tons in Jan

An estimated 3,700 tons of low-grade fuel oil has spilled into the Kerch Strait after two Russian ships were seriously damaged by stormy weather, Russian state media reported Monday. The two ships, the Volgoneft 239 and the Volgoneft 212, were transporting roughly 9,200 tons of mazut, a heavy, low-quality oil product. Social media footage from the scene showed a black liquid rising among the waves. Preliminary estimates say that 3,700 tons of mazut leaked into the sea, Russian state news outlet RIA Novosti reported, citing an unnamed source. In a statement, the leader of Russia's nearby Krasnodar region, Gov. Veniamin Kondratev, said that the oil had not yet reached the shore. An emergency rescue operation was launched Sunday after the Volgoneft-212 tanker ran aground and had its bow torn away in storm conditions, Russia's Emergency Situations Ministry said. One sailor in the 13-man crew died, officials said. A second tanker, the Volgoneft-239, was also left damaged and adrift with

The Rajya Sabha on Tuesday passed a bill that seeks to amend existing law governing exploration and production of oil and gas, and delink petroleum operations from mining operations to boost investment in the sector. The Oilfields (Regulation and Development) Amendment Bill, 2024, introduced in the Rajya Sabha in August this year, was passed by a voice vote. Replying to the debate on the bill, Oil Minister Hardeep Singh Puri said that the oil and gas sector involves high investment and long gestation period. "We need oil and gas sector 20 more years. We need to bring this legislation here to provide a win-win confidence not only to our own operators but also to foreign investors so that they can come and do business here with view to benefit everyone," Puri said. He said policy stability, dispute resolution and sharing of infrastructure , especially for small players are new provisions in the bill. He also explained the point of helium raised by members, saying that mineral oils

India's export of oilmeals rose 5 per cent to 3.05 lakh tonnes in October compared to 2.89 lakh tonnes in the year-ago period, according to industry body SEA. However, during the April-October period of the 2024-25 fiscal year, the overall oilmeal exports declined 7 per cent to 23.88 lakh tonnes against 25.66 lakh tonnes in the corresponding period last year, primarily due to lower shipments of rapeseed and castorseed meals. The Solvent Extractors Association of India (SEA) said in a statement that rapeseed meal exports dropped to 1.60 lakh tonnes in October from 1.69 lakh tonnes a year ago. India, traditionally a major exporter of rapeseed meal as cattle feed, shipped about 22 lakh tonnes in the 2023-24 fiscal year, helping farmers secure better prices. "However, this year presents new challenges," SEA said, noting that rapeseed meal exports have fallen 25 per cent in the first seven months of the current fiscal to 11.8 lakh tonnes from 15.1 lakh tonnes in the year-ago period. Th

Aramco's shares are down about 17 per cent this year, trailing the performance of Western oil majors Exxon and Shell, but broadly in line with BP, which is down 18 per cent

Over 60 per cent of Russia's seaborne oil exports go to India

The savings that feed into its refining margins prompted Reliance to secure Washington's blessings in July to import Venezuelan oil

The reduction still leaves Opec at the top end of industry estimates. Oil was steady after the report was released, trading above $80 a barrel

Several members of Opec+, which includes Opec, Russia and other allies, made new cuts in January to counter economic weakness and increased supply outside the group

While more April shipments from India to Europe provided a floor for Asian margins, fewer such voyages in May will likely compel Indian refiners to shift diesel sales back to Asia

In a move that environmentalists called a betrayal, the Biden administration has approved construction of a deepwater oil export terminal off the Texas coast that would be the largest of its kind in the United States. The Sea Port Oil Terminal being developed off Freeport, Texas, will be able to load two supertankers at once, with an export capacity of 2 million barrels of crude oil per day. The USD 1.8 billion project by Houston-based Enterprise Products Partners received a deepwater port license from the Department of Transportation's Maritime Administration this week, the final step in a five-year federal review. Environmentalists denounced the license approval, saying it contradicted President Joe Biden's climate agenda and would lead to disastrous planet-warming greenhouse gas emissions, equivalent to nearly 90 coal-fired power plants. The action could jeopardise Biden's support from environmental allies and young voters already disenchanted by the Democratic administration's .

China imported 1.82 million barrels per day of Russian crude by sea in March, exceeding India's 1.36 million bpd

The government has allowed Abu Dhabi National Oil Company (Adnoc) to export crude oil it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm, an order of the Ministry of Commerce and Industry said on Saturday. At present, crude oil, which is the raw material for producing fuels like petrol and diesel, is not allowed to be exported except through the state-owned Indian Oil Corporation (IOC). In an order, the ministry said the condition of export being allowed only through IOC will continue, but "AMI (Adnoc Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their commercial stockpile at Mangalore strategic petroleum reserve, at their own cost". India, the world's third-biggest oil importer and consumer, imports over 85 per cent of its oil needs and has built strategic storages at three locations to store up to 5.33 million tonnes of oil as insurance ...

Russian media on Tuesday reported that the country has accepted proposals to implement the ban to meet the rising domestic demand

India's oil-buying spree comes as the Organization of Petroleum Exporting Countries and its allies, including Russia, are capping their production amid demand concerns

In spite of global uncertainties, India's oil economy offers an opportunity to usher in reforms in the petroleum sector

Saudi Arabia, the de facto leader of Opec, and its allies are embroiled in a dispute over output quotas for African members