The expectation that China’s harsh COVID-19 regulations will be relaxed will result in a rebound in gasoline consumption in the world’s largest oil importer drove up oil prices on Wednesday, extending gains from the previous session. Following a 1.7% gain in the prior session, Brent crude futures were up 52 cents, or 0.6%, at $86.44…
India’s export of oil meals increased by 60% over the first nine months of the 2022–23 fiscal year, thanks to an increase in the export of rapeseed meal and soyabean meal. The country exported 28.25 lakh tonnes (lt) of oil meals between April and December of 2022–23, up from 17.67 lt during the same period…
India’s overall imports from Russia increased by 400% (year over year) to $32.88 billion in April–December 2022, making it the country’s fourth-largest crude oil supplier. According to data made public by the Commerce and Industry Ministry, the Ukrainian situation led to a rise in the sourcing of discounted crude. Russia ranked as India’s eighteenth-largest trading…
Based on the Wholesale Price Index (WPI), producer inflation fell to a 22-month low in December. WPI-based inflation decreased from 5.85 percent in November to 4.95 percent in December, primarily as a result of lower prices for food items and crude oil. The Monetary Policy Committee is anticipated to face pressure to postpone the increase…
In Mumbai, a residential community is getting ready to move off the grid and use captive solar energy for home purposes. A contract for the provision of solar energy has been inked by Tata Power Renewable Energy Ltd and Vivarea Condominium, a housing association in south Mumbai. The 3.125 MW solar project, a first of…
Goldman Sachs Group Inc predicts that the price of commodities, particularly crude oil, would be largely determined by when China reopens following the Lunar New Year celebrations later this month. If China and other Asian economies entirely remove coronavirus limitations, a barrel of Brent oil may hit $110 by the third quarter, according to Currie….
With effect for the 2023–24 fiscal year, the Union Commerce Ministry has discontinued duty-free imports of soyabean oil under the tariff rate quota (TRQ) regime. Sunflower oil imports, however, will continue to be duty-free under the TRQ system. According to the notification, imports of soyabean oil are still permitted under the TRQ till June 30….
Exports from Indian steel mills climbed by 31% in December over November, reflecting improved sentiment following the Center’s removal of export taxes on November 19. Key exports of non-alloyed steel experienced their largest sequential gain this fiscal year in December (271%) (over the prior month), while exports of alloyed steel fell by half. The steel…
The assumption that the US Federal Reserve may be more cautious in raising interest rates, the decline in the price of crude oil, and banks selling dollars on behalf of exporters and foreign portfolio investors all helped the Rupee close at a five-week high on Tuesday. The Indian rupee (INR) increased 58 Paise from the…
The Coffee Board reduced its most recent post-monsoon estimate of the amount of the coffee crop for the 2022–23 season (October 2022–September 2023) to 3.6 lakh tonnes (lt). This is roughly 8.36% less than its previous projections of a record 3.93 lt. This is mostly because excessive monsoon rains in Karnataka, the State with the…
