Oil Market
Global oil inventories expected to grow, prices to drop in next 2 yrs: EIA
The report forecast that global production of liquid fuels will reach an average of 102.8 million barrels per day (b/d) in 2024, up from 100 million b/d in 2022, driven by large growth in non-OPEC production, reports Xinhua news agency. However, uncertainty over Russia's oil supply will persist, particularly in early 2023, the report noted, expecting global consumption of liquid fuels will rise from an average of 99.4 million b/d in 2022 to 102.2 million b/d in 2024.
Ethanol blending hiked from 1.5% to 10% since 2013-14: Government
He said that India has been able to navigate through the most formidable energy crisis the world has seen since the 1973 oil crisis thanks to its energy security strategy focussing on diversification of energy supplies, increasing India's exploration and production footprint, and meeting energy transition through gas-based economy, Green Hydrogen and electric vehicles.
Bridging India's edible oil gap with mustard oil
Just a couple of decades ago, India's edible oil imports were around 4 million tonnes a year. This figure has grown exponentially over the decades and now stands at 14.03 million tonnes (oil year ending October 31, 2022). This adds up to an import bill of INR 1.57 lakh crore, which represents an enormous depletion of our precious foreign exchange reserves.
Petrol export by OMCs rose 142% between 2020-21 and 2021-22
According to official figures, the OMCs exported 668 thousand metric tonnes (TMT) of petrol in 2021-22, which was 142 per cent more than 276 TMT of petrol exported by the country in 2020-21. In 2020-21, the OMCs exported 1,985 TMT of diesel, while in 2021-22, it exported 1,994 TMT of diesel, a growth of less than 1 per cent over the previous year.
India basket of crude rose 102% between Oct 2020-Oct 2022
According to Petroleum Ministry sources, petrol prices stood at Rs 81.06 per litre in October 2020, however by October 2022, they had risen only 19.3 per cent to Rs 96.72 per litre. Similarly diesel prices, which were at Rs 70.53 per litre in October 2020, rose by 27.1 per cent to stand at Rs 89.62 per litre.
Reduction in oil import bill narrows down India's trade deficit in Nov
The trade deficit narrowed month-on-month (MoM) in November to $23.89 billion as against $27.58 billion in October, while up only 13 per cent year-on-year (YoY), said Amnish Aggarwal, Head-Research, Prabhudas Lilladher.
Russia offers to help India overcome crude price cap: Reports
"In order not to depend on the ban on insurance services and tanker chartering in the European Union and Britain, Deputy Prime Minister of Russia Alexander Novak has offered India cooperation on leasing and building large-capacity ships," reports quoting the Russian embassy in New Delhi said. Novak met Indian Ambassador to Moscow Pavan Kapoor on Friday, as per the statement.
India now biggest smartwatch market globally
"India's smartwatch market grew 171 per cent (year-over-year) in Q3 2022 to become the biggest market in the world. The main factor behind the record quarter was India's festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth," said Senior Analyst Anshika Jain.
No anxiety over proposed cap on Russian crude by West, says Hardeep Puri
Hardeep Puri, who was interacting with the media on the sidelines of a function commemorating the World LPG Week, in response to a question on Russian oil company Gazprom not supplying liquified natural gas to GAIL, said that this discussion has been going on between GAIL and Gazprom.
Noise sells 2 mn smartwatches in India in festive season, logs 200% growth
According to Counterpoint Research, India's smartwatch market grew 312 per cent (year-on-year) in Q2 2022. Noise captured the second spot with a 26 per cent share and registered 293 per cent (year-on-year) growth. The brand has ramped up its domestic production in the second quarter and contributed 3/4th of the locally manufactured smartwatches.
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