The government decreased the windfall tax on diesel exports on Wednesday while raising it on domestically produced crude oil. According to a government statement, the tax on crude oil produced by local companies, such as the state-owned Oil and Natural Gas Corporation (ONGC), was increased from Rs 9,500 per tonne to Rs 10,200 per tonne…
As supply remains constrained and demand worries continue to exceed them, crude oil prices are rising. The MCX crude oil futures (continuous contract) and the Intercontinental Exchange (ICE) Brent crude futures both saw gains last week, closing at $98.62 and 7,556 per barrel, respectively. The risks are inclined to the upside. With the G7 agreeing…
The volatility in the global equity markets, the stability of oil prices at $95 per barrel, and the strength of the dollar, the Indian Rupee is likely to remain stable. On Friday, the USDINR pair opened a little higher and is forecast to move in a range of 82.50 and 83.30. Following the US Federal…
The government reduced the windfall tax on local crude oil exports on Tuesday from Rs 11,000 per tonne to Rs 9,500 per tonne. The windfall tax on aviation fuel exports (ATF) has, however, been raised from Rs 3.50 per litre to Rs 5 per litre. Diesel fuel now costs Rs. 13 per litre after an…
Oil and gas geopolitics, which are a function of supply and demand, are becoming more volatile. Geopolitical conflicts or war in an energy-producing nation have a major impact on crude oil prices. Energy security, the balance of power between energy importers and exporters, and the military might of key states are all being affected. After…
As the dollar and U.S. bond yields fell on Wednesday, gold prices increased to a two-week high on speculation that the Federal Reserve might tone down its hawkish policy of rate hikes from December. After reaching its highest level since October 13, spot gold increased by 1% to $1,669.22 per ounce. At $1,673.80, U.S. gold…
Amidst weaker-than-expected economic statistics from India, the rupee fell last week to a new record low and reached 82.85. While factory output fell for the first time in 18 months, higher food costs caused retail inflation to reach a five-month high of 7.4%. The U.S. core consumer price index jumped 6.6% from a year ago,…
As a result of strong manufacturing activity and rising consumer confidence, India’s crude oil demand is anticipated to increase by 8% sequentially to 5.35 million barrels per day (mb/d) from October through December 2022. The demand for oil in India is predicted to increase by 1.1% quarterly to 5.41 mb/d between January and March of…
Oil prices rose after OPEC+ agreed to limit production by 2 million barrels per day, a rate more than the market had anticipated. Oil prices rose in response to the news, but the gains were limited as the market awaited the U.S. response. OPEC+ has been undershooting its own output for months, so the market…
Saudi Arabia defied expectations by keeping oil prices for its primary market of Asia relatively stable and lowering those for Europe, defying predictions that it would raise them and put additional pressure on consumers a day after OPEC+ decided to reduce output. For supplies to Asia in November, state-controlled Saudi Aramco kept the price of…
