Crude Oil News - Latest Updates & Headlines
Decline in crude prices boosts India's resilience to global uncertainty: Report
New Delhi, April 21: As crude oil prices decline sharply and global commodity markets reel under pressure, India's macroeconomic fundamentals appear much stronger compared to previous global crises, highlights a report by Motilal Oswal.
Oil companies' losses on LPG will reduce to Rs 160/cyl with Rs 50 hike in prices from this month: Report
New Delhi, April 9: Oil marketing companies (OMCs) are likely to reduce losses on selling domestic LPG cylinders over the next few months due to the recent LPG price hike and falling international fuel prices, according to a report by Antique Stock Broking.
Why are we not benefiting from falling crude prices?: Supriya Sule slams centre over LPG cylinder price hike
Baramati, April 8: Nationalist Congress Party (Sharad Chandra Pawar) MP Supriya Sule on Tuesday expressed surprise at the recent hike in LPG cylinder prices, questioning why the public is not getting the benefit of the fall in crude oil prices in the country.
Oil PSUs to absorb excise duty hike on petrol, diesel, no impact on consumers: Hardeep Puri
New Delhi, April 7: The government-owned oil marketing companies will absorb the increase in excise duty on petrol and diesel, announced by the Finance Ministry, as their input costs have come down due to the decline in crude oil prices in the global market, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Monday.
US tariffs: Gold, crude oil prices tumble amid global uncertainty
New Delhi, April 7: The effect of the newly announced reciprocal tariffs by US President Donald Trump is now being felt in the global commodity markets, with sharp declines seen in the prices of key commodities like gold and crude oil.
Govt hikes excise duty on petrol, diesel as oil prices crash in global market
New Delhi, April 7: The government on Monday announced that it has increased excise duty on petrol and diesel by Rs 2 each, with effect from Tuesday, but there will be no increase in the retail prices of the two fuels as oil prices have come down in the global market.
Rupee strengthens against dollar amid Trump's reciprocal tariffs
New Delhi, April 4: The Indian rupee witnessed sharp gains on Friday at below 85 against dollar, as the dollar index and oil prices dropped sharply amid concerns over recession in the US economy after the reciprocal tariffs were announced.
Govt to further reduce dependency on imported crude oil, promote domestic production
New Delhi, March 10: The government has taken various measures to reduce the dependency on imported crude oil and to promote domestic production of oil and gas, the Parliament was informed on Monday.
India's crude oil consumption set to reach 6.5-7 million barrels a day in short to medium term, says Hardeep Singh Puri
Guwahati, February 26: India's crude oil consumption will touch the mark of six and a half to seven barrels a day in short to medium term, said Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, on Wednesday.
ONGC, SOCAR, and MRPL sign MoU to strengthen energy cooperation at India Energy Week 2025
New Delhi, February 15: The State Oil Company of the Azerbaijan Republic (SOCAR), Oil & Natural Gas Corporation (ONGC), and Mangalore Refinery & Petrochemicals Limited (MRPL) have signed a Tripartite Memorandum of Understanding (MoU) during India Energy Week (IEW) 2025 to strengthen energy cooperation at India Energy Week 2025.
Trump's Presidency expected to bring good news for oil market: Vanda Insights
New Delhi, February 14: In agreement with petroleum minister Hardeep Puri's observation that the "Trump presidency is good news for oil", Vandana Hari of Singapore-based Vanda Insights asserted that the year 2025 will be calmer for the oil sector.
US to become key supplier of crude oil and gas to India as energy security ties strengthen
Washington DC, February 14: Following a meeting between Prime Minister Narendra Modi and US President Donald Trump, the two leaders strengthened their energy security partnership and stressed the growing collaboration between India and the United States, said MEA in its official statement.
India's trade deficit likely to narrow to USD 20.88 bn in Jan from USD 21.94 bn in Dec: Union Bank of India
New Delhi, February 13: India's merchandise trade deficit is expected to have narrowed to USD 20.88 billion in January 2025, down from USD 21.94 billion in December 2024, according to a report by Union Bank of India.
Crude prices to remain unaffected by US tariff threat, supply chain disruptions may occur says IOCL Chairman
New Delhi, February 12: Crude oil prices will remain unaffected by US President Donald Trump tariff threats, according to Chairman of Indian Oil Corporation Ltd (IOCL), A S Sawhney.
India buys crude from clean entities, no embargo on Russian oil, says IOCL Chairman
New Delhi, February 12: India continues to purchase crude oil from various global suppliers while ensuring compliance with international sanctions, according to A S Sawhney, Chairman of Indian Oil Corporation Ltd (IOCL).
Brazil's Petrobras looking to partner with Indian oil firms for trade, energy cooperation says its CEO
New Delhi, February 12: Brazil's state-run oil company, Petrobras, is looking to strengthen ties with Indian oil firms by exploring opportunities for trade and collaboration.
No there's no such expectation...': Hardeep Puri on oil purchases from Russia
New Delhi, February 11: Speaking at the India Energy Week 2025, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday stated that there are "no expectations" that oil purchases from Russia will decrease as India is open to energy imports from all sources at the lowest rates.
Trade relations with India based on mutual respect, pragmatism: Russia Deputy Minister of Energy
New Delhi, February 11: Pavel Sorokin, Russia's Deputy Minister of Energy, on Tuesday said trade relations with India are based on pragmatism and mutual respect.
India importing crude from 40 countries; Argentina is new supplier: Hardeep Puri
New Delhi, February 10: Petroleum minister Hardeep Puri on Monday said that India is open to importing crude oil from all possible sources to meets its demand.
India's oil demand to peak later than in other major economies: S&P Global Commodity Insights
New Delhi, February 8: India's refined crude demand will peak later than in other major economies, placing the country in the spotlight driving this demand, according to S&P Global Commodity Insights.
Operating profits of offshore rig operators to surge by 30-35 per cent in 2025-26: Crisil
New Delhi, Feb 4: Indian offshore rig operators will see their operating profits surge 30-35 per cent in the next financial year, after a 25-30 per growth in the current fiscal year, according to a Crisil Ratings report released on Tuesday.
OMCs face near-term pressure amid absence of budgetary support for under-recovery on LPG
New Delhi, February 4: Oil Marketing Companies (OMCs) are likely to face near-term challenges due to multiple factors, including no budgetary support for LPG under-recovery, weak Singapore Benchmark Gross Refining Margins (GRM), and declining integrated margins on auto fuel, according to a report by Dolat Capital.
Lower Brent prices to support margins for Indian fuel refiners: Fitch
New Delhi, January 31: Indian oil marketing companies' EBITDA will rise in the next financial year - 2025-26 -- as demand growth remains steady and Brent crude oil prices fall -- to USD 70 a barrel in 2025 and USD65 a barrel in 2026, said Fitch Ratings.
Crude prices to stay between USD 75-85 in 1H2025, USD 65-75 in 2H2025: Report
New Delhi, January 28: Crude prices to stay between USD 75-85 in 1H2025, and between USD 65-75 in 2H2025: Reporthe international crude price outlook for 2025 will be driven by the prospect of an escalation in the trade war that is expected to depress Chinese demand, as per a report by ICICI Bank. The outlook also hinges on US President Donald Trump's energy policy regime.
Fuel prices in India to remain stable amid fluctuating crude rates says Indian Oil, Chairman
Davos, January 23: Indian Oil Corporation (IOC) Chairman Arvinder Singh Sahney has reaffirmed the company's commitment to maintaining stable fuel prices despite fluctuating crude oil rates.
Fresh US sanctions on Russia to have little impact on India; prices to remain settled at 75-85 USD: IOC Chairman
Davos, January 23: The American sanctions on Russia and threats of further punitive actions by the new Trump administration will have "limited effect" on India, said Indian Oil Chairman Arvinder Singh Sahney. He backed his argument stating that India has multiple sources to meet its energy needs.
India will achieve 20% blending target next month: Union Minister for Petroleum Hardeep Puri
New Delhi, January 21: Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, revealed that India would achieve 20 per cent biofuel blending by next month, well ahead of the original 2030 target, which was later advanced to 2025, at the Society of Indian Automobile Manufacturers (SIAM) 3rd International Symposium for Thriving Eco-Energy in Mobility. Speaking at the event, the minister
US sanctions on Russian Oil may impact India's imports and global crude prices: Morgan Stanley
New Delhi, January 16: The new sanctions on Russia's oil sector by the US will disrupt Russia's oil exports, create supply challenges and impact India's imports from Russia according to a report by Morgan Stanley.
Indian stock market ends lower, IT sector shines
Mumbai, Jan 10: India's domestic benchmark indices closed lower on Friday as the IT sector closed in the green after a gain of 3.44 per cent.