Oil Market

In a report, S&P, citing sectoral experts, said India is keen to explore such opportunities in other Latin American countries. "Besides expanding strategic petroleum reserves and diversifying its crude supply sources, the government is making effort to bring oil from overseas equity assets in the event of a supply disruption," said Lim Jit Yang, advisor for Asia-Pacific oil markets at Platts Analytics.

The new access agreement will allow Essar to supply fuel directly to airlines at the wingtip and marks another step in Essar's growing aviation fuels business, as air travel continues to recover from the effects of the pandemic.

The vast total captured by the petrostates and fossil fuel companies since 1970 is $52 trillion, providing the power to "buy every politician, every system" and delay action on the climate crisis, said Professor Aviel Verbruggen, the author of the analysis. The huge profits were inflated by cartels of countries artificially restricting supply.

Biden had hoped to secure a promise from Saudi Arabia to increase its output of oil, which could lead to easing of global supply pressures. But Brent crude rose 2.6 per cent to $103.88 on Monday after Saudi Arabia's Foreign Minister, Prince Faisal bin Farhan Al Saud, quelled speculation over an output increase, The Guardian reported.

According to the Solvent Extractors' Association of India (SEAI), the 991,650 tonnes imports this year comprised 941,471 tonnes of edible oils and 50,179 tonnes of non-edible oils. Indonesian palm oil exports had plummeted to a 10 years low due to restrictions imposed on April 28 by the government, resulting in very high stock and full tanks at factories there.

The groundnut 16 liter tin price has touched to Rs 2,750 and cotton seed oil is being quoted at Rs 2,700. The present price rise is because there is no stock of groundnut with farmers, claimed SOMA. Even the state government has hardly 1.50 lakh ton groundnut stock, even if the entire stock is offloaded in the market, it can't increase the volume of groundnut oil production that can stabilise the market, according to traders.

In a tweet, the BPCL said: "We are pleased to support SriLankan Airlines, with refueling of their long-haul flights at Indian airports, to overcome the Jet Fuel shortage in their country. So far, more than 100 flights have been refueled at #Trivandrum, #Chennai & #Kochi airports." In reply the SriLankan Airlines tweeted: "Thank you @BPCLimited! We truly value our partnership."

The Indian government is offering 10 blocks for International Competitive Bidding, and the bids can be submitted through a dedicated online e-bidding portal till September 6, 2022. Successful award of Round-VIII Blocks would add a further 36,316 square km of exploration acreage and cumulative exploration acreage under OALP regime will be increased to 2,44,007 square km, the government said.

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.

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.