Essar Oil (UK) posts higher Q1 sales, stops importing from Russia
The company also said that it has successfully replaced any shortfall from not importing from Russia by maximising indigenous diesel production as well as sourcing non-Russian diesel. According to Essar Oil (UK), during the first quarter of the current fiscal, its sales volume increased by 10 per cent to 1.72 million tonne as compared to 1.57 million tonne the previous year.
To prevent oil flight, India imposes additional duty
The measure is taken to discourage exports and to avoid artificial scarcity in the domestic market. The government announced the levy cess of Rs 23,250/ton on crude oil as special additional excise duty, since domestic crude producers sell to domestic refineries at international parity prices, and as a result, are making windfall gains. Taking this into account, a cess of Rs 23,250 per tonne has been imposed on crude.
'Market must count all costs in Russian oil flow upheaval'
Russian oil supply makes up some 13 per cent of total oil exports. The EU alone was importing about 2.3 million b/d of Russian crude before the war in Ukraine, which started on February 24. Europe is now weaning itself off Russian Urals and buying more crude from across the Atlantic and via the Middle East.
India's Nov-March edible oil imports up 8% YoY
Notably, the marketing year for edible oil starts in November. In the month of March, the edible oil imports rose nearly 10 per cent year-on-year to 1.05 million tonnes, the SEA data showed. In March 2021, it was at 9,57,633 tonne. In March, 212,000 tonnes of sunflower oil arrived in India as those vessels had left before conflict between Russia and Ukraine started. Ukraine and Russia are two major suppliers of sunflower oil to India.
World's biggest banks 'continue' to pour billions into fossil fuel
The report, released on Thursday, documents that in the six years since the Paris Agreement was adopted, the world's 60 largest private banks financed fossil fuels with $4.6 trillion, with $742 billion in 2021 alone. 2021 fossil fuel financing numbers remained above 2016 levels, when the Paris Agreement was signed.
Biden likely to release another round of US emergency oil stockpile
Croft, a former CIA analyst, added that the size of the release will "likely be larger" than the one announced in November that provided just modest relief to American drivers filling up at gas pumps, the report said.Although emergency oil releases can help cushion the blow from supply shortages, they won't solve the underlying supply-demand imbalance that drove energy prices to seven-year highs even before the invasion of Ukraine.
Indian refineries' profitability dependent on cost recovery
Notably, oil marketing companies have not increased retail prices of petrol and diesel since November 2021. However, the trend might change as high Crude oil prices have kept prices of key refinery-based products elevated in Q4FY22. At present, the Brent-indexed Crude oil is priced over $91 per barrel. Consequently, the Q3FY22 GRMs for Indian refining companies averaged at $9.4 per barrel Ain line with Singapore GRMs.