Geopolitical tension in the middle-east and expectation of rise in demand for crude oil in the US propped up oil prices in the international market to a one year high. Crude for August delivery settled at $101.24 a barrel on the New York Mercantile Exchange at a recent trading session. Tracking the most-active contracts, futures prices marked their highest settlement and first close above the k
Tag: Crude Oil
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Cargo handling rises 12% in New Mangalore Port
During Apr-June 2013, New Mangalore Port handled a total of 9.66 million tonne of cargo and this is 12.2 percent higher than 8.61 million tonne handled during the year-ago period. The growth in the cargo volume is led by crude oil and coal, media reports suggest. The port traditionally handles crude oil and petroleum products of Mangalore Refinery and Petrochemicals (MRPL). Also, it handles a considerable amo
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Import bill for crude oil set to rise
India's import bill for crude oil is expected to rise sharply despite the fall in the international price of the fuel in recent months, because of depreciation in rupee. The global price of crude oil declined almost 10 percent since January 2013. However, the import bill of the country may rise because of depreciation rupee against the dollar, reports indicate
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MRPL wants to import oil from Iran again
Mangalore Refinery and Petrochemicals would take all necessary steps for recommencement of import or processing of Iranian crude oil in its refinery. This information was given by PP Upadhya, Managing Director of MRPL in a June 29 letter to Oil Secretary Vivek Rae, media reports suggest. The company stopped import of oil from Iran after local insurers said they could no longer cover plants that proc
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Price of Indian basket of crude oil rises
On June 25, the international crude oil price of Indian basket rose to $99.96 per barrel (bbl) from $98.23 per bbl prevailing on the previous trading day of June 24. The price is computed or published by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas. The Indian Basket crude oil price had fallen to 98.23 per bbl on June 24 from $100.10 per bbl on June 21 (the earl
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Minister wants to reduce crude oil import
Union Petroleum Minister Veerappa Moily said he wants to reduce the amount of crude oil imported in the country 50 percent by 2020, 75 percent by 2025. By 2030, he wants India to achieve self-sufficiency and energy independence, Moily said while addressing the International Energy Forum conference held recently
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Finance ministry to decide on oil ministry’s proposal
Union finance ministry will decide on the proposal of petroleum ministry to use Rs 1,000 crore from the the Oil Industry Development Board (OIDB) fund for setting up a proposed insurance fund. The oil ministry proposed to set up a fund to provide insurance to local refining companies that use Iranian crude oil as re-insurance companies from West
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Analysts divided on Cairn India’s demand for relinquished block
Industry analysts are divided on the issue of whether the government must allow Cairn India to explore the to re-explore an area of Barmer block that it had earlier relinquished. Some experts feel that the government should not give back the area to Cairn India and instead put the asset for auction and allow the company to bid for it along with other players
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Minister alleges opposition of lobbies for proposed gas pricing
Import lobby is opposing the proposal to link the domestic price of natural gas to the market price and thereby liberalise the pricing of the fuel, Petroleum minister M Veerappa Moily said recently. However, he said he was clueless about whether the opposition is from the crude oil import lobby or the liquid gas import lobby
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Net profit of IOC rises 14.53% in March quarter
Net profit of Indian Oil Corporation (IOC) rose 14.53 per cent to Rs 14,513 crore during January-March 2013 compared to Rs 12,671 crore in the year-ago period. The rise in profit is attributed to the higher subsidy amount it received from the government for selling petroleum products below the market price