42, while Brent crude fell 51 cents, or 0.22 per cent, lower at Rs 4,066 per barrel in 7,452 lots.The trading sentiment dampened in futures trade after oil prices eased in Asian trade as concerns of a sharp economic slowdown outweighed supply disruption from OPEC's production cutbacks and US sanctions on Iran and Venezuela, analysts said.end-ofTags: crude oil, crude oil futures, multi commodity exchange, oil prices, opecLocation: India, Delhi, New Delhi.At Multi Commodity Exchange, crude oil conical twin screw barrel Factory  
For delivery in April traded Rs 9, or 0.22 per cent to Rs 4,066 per barrel Monday as speculators reduced positions amid a weakening trend overseas.The trading sentiment dampened in futures trade after oil prices eased in Asian trade as concerns of a sharp economic slowdown outweighed supply disruption from OPEC39;s production cutbacks and US sanctions on Iran and Venezuela, analysts said.22 per cent, lower at Rs 4,066 per barrel in 7,452 lots.1 per cent, to USD 58.52 a barrel on the New York Mercantile Exchange.Meanwhile, West Texas Intermediate (WTI) crude was down 63 cents, or 1.8 per cent, to USD 66. (Representational Image)New Delhi: Crude oil futures fell by 0.

He said: "GAIL and Gazprom successfully re-negotiated the long-term LNG Sale and Purchase Agreement reflecting the current global gas market dynamics.5 million tonnes a year of LNG, including price and volume ramp up.end-ofTags: dharmendra pradhan, gail, liquefied natural gas, gazprom, oil ministerLocation: India, Delhi, New Delhi.The contracted volume has been lowered from 2.5 million tonnes to 0.GAIL renegotiated the terms of the 20-year deal to import 2. Last year, India got US energy major Exxon Mobil Corp to lower the price of 1.
After regasification, the imported LNG is distributed to industries and domestic consumers through existing pipeline networks, he said.75 million tonnes in 2019-20 and 1.5 million tonnes a year of LNG.Pradhan said India currently has four operational LNG import terminals at Dahej and Hazira in Gujarat, Dabhol in Maharashtra and Kochi in Kerala with a total LNG import capacity 27.5 million tonnes per annum. The renegotiated price, compared to earlier contract price, will result in saving of approximately Rs 8,500 crore (crude oil at USD 50 per barrel) or Rs 9,000 crore (crude oil at USD 60 per barrel) or Rs 9,500 crore (crude oil at USD 70 per barrel) for the years 2018 to 2040. GAIL renegotiated the terms of the 20-year deal to import 2.5 million tonnes in the first year, 2018-19; 0.5 million tonnes in the first year, 2018-19; 0.
The contracted volume has been lowered from 2.State-owned gas utility GAIL India Ltd had in January taken advantage of the Russian company39;s inability to deliver liquefied natural gas (LNG) from the previously agreed Schtokman project in the Barents Sea, to renegotiate price agreed in 2012.India has been making the most of its position as one of the world39;s biggest energy consumers to strike better bargains for its companies.5 million tonnes in the third year 2020-21.75 million tonnes in 2019-20 and 1.5 million tonnes a year of LNG from Gorgon project in Australia, saving Rs 4,000 crore in import bill.In a written reply in the Rajya Sabha, Pradhan said the first cargo of Russian natural gas under the long-term contract between GAIL India Ltd and Gazprom Marketing & Trading Singapore (GMTS) was received on June 4.5 million tonnes in the third year 2020-21.
5 million tonnes to 0. (Photo: AFP)New Delhi: India39;s renegotiated gas import deal Wholesale single screw barrel with Russia39;s Gazprom will save between Rs 8,500 crore and Rs 9,500 crore over the contract period ending 2040, Oil Minister Dharmendra Pradhan said on Wednesday.The contract period has been extended by three years to accommodate the supplies not taken in initial years as well as getting an additional 2 million tonnes over-and-above the 50 million tonnes it had agreed to take in 2012 over the 20 year contract period."Without giving specific details, Pradhan said the gas price was negotiated depending on many factors like project location, duration of contract and pricing formula.

West Texas Intermediate (WTI) crude futures were at USD 63.32 per barrel, down 8 cents, or 0.13 per cent.OPEC and its allies including Russia, known as OPEC+, will meet in June to decide whether to continue withholding supply.Singapore: Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight the United States for market share, checking a recent rally driven by tighter global production.
Brent crude oil futures were at USD 71 a barrel at 0431 GMT, down 18 cents, or 0.25 per cent, from their last close. Brent ended down 0.5 per cent on Monday.US West Texas Intermediate (WTI) crude futures were at USD 63.32 per barrel, down 8 cents, or 0.13 per cent, from their previous settlement. WTI fell 0.8 per cent on Monday.Russian Finance Minister Anton Siluanov said over the weekend that Russia and OPEC may decide to boost production to fight for market share with the United States, but this would push oil as low as USD 40 per barrel.“There is a growing concern that Russia will not agree on extending production cuts and we could see them officially abandon it in the coming months,” said Edward Moya, senior market analyst, OANDA.
The Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, will foam board barrel screws Manufacturers meet in June to decide whether to continue withholding supply. That comes after they previously agreed to crimp output by 1.2 million barrels per day (bpd) from January 1 for six months.Ballooning shale oil output in the United States has also helped rein in benchmark crude prices.“Rising US shale output has ... imposed headwinds for oil prices,” said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures.
US crude oil output from seven major shale formations is expected to rise by about 80,000 bpd in May to a record 8.46 million bpd, the US Energy Information Administration said in a report.However, losses in oil prices were checked by tighter supplies from Iran and Venezuela amid signs the United States will further toughen sanctions on those two OPEC producers, and on the threat that renewed fighting could wipe out crude production in Libya.end-ofTags: oil prices, crude oil, opec, oil importLocation: Singapore, –, Singapore.

The retail prices of diesel and petrol are the lowest in Delhi, among India’s key metropolitan cities. (Representational Images)The retail prices of diesel and petrol are the lowest in Delhi, among India’s key metropolitan cities. It isn’t cheaper to supply them to the national capital than in Chennai, Mumbai or Kolkata. The difference is that Delhi and Goa levy lower value-added-tax on petroleum products (PP) than poorer jurisdictions, even though they are havens for high-income residents.  
But charity, they say, begins at home. And Delhi - the home of two governments and five municipalities - is the biggest beneficiary of a twisted application of this principle.State-level autonomy should be respected, but not to subsidise the better-off. Goa has the highest per capita gross state domestic product, followed by Delhi. Bringing petro products (PP) under a uniform Goods and Services Tax could ensure equity for consumers across state borders. Punitive tax rates on PP are desirable to slash consumption.We import 80 per cent of our PP requirement.
The net import of crude oil and PP (after subtracting earnings from export) accounts for 50 per cent of our merchandise trade deficit. This is an unsustainable Wood plastic crust foam screw barrel Factory draft on foreign exchange resources. Oil price fluctuations are a source of considerable volatility in the exchange rate of the rupee. This has knock-on negative effects on cross-border capital flows and the servicing of our external debt.In March 2018 the International Energy Agency said that "oil production growth from the United States, Brazil, Canada and Norway could keep the world well supplied, more than meeting global oil demand growth through 2020". We expected lower oil prices. But in May, US President Donald Trump decided that Iran — a major oil exporter — should be threatened with sanctions for alleged deviations from oversight constraints on its nuclear enrichment programme, agreed with the United States under former President Barack Obama.
India is particularly vulnerable to collateral damage on its energy security. This alone is sufficient to push us to use PP mainly for road freight. In addition, there is the global need to curb carbon emissions and the domestic imperative to reduce air pollution and road congestion in cities.Discriminatory taxes on the purchase of vehicles, graded by their carbon intensity and on fossil fuels - other than cooking gas and natural gas for meeting peak electricity demand - are socially desirable. Pricing diesel - an efficient but polluting fuel - the same as petrol can discourage its use for light passenger vehicles.

“The underlying strength in crude markets is quite impressive and a lot of it is predicated by sanctions.“There’s a small drop in trading this morning but volumes are low and there’s not much commitment in the selling.Singapore: Oil prices edged lower on Monday as a rising rig count in the United States pointed to higher production, but prices held near more than three-year highs and were on track to rise for a second consecutive month.US President Donald Trump has until May 12 to decide whether to restore sanctions on Iran that were lifted after an agreement over its disputed nuclear programme.US crude production has soared more than 25 percent since mid-2016 to a record 10.47 last week, levels not seen since November, 2014.3 per cent, from their last settlement.  
Crude futures, the international benchmark, dipped 39 cents, or 0.5 per cent, to $74.”US drillers added five oil rigs in the week to April 27, bringing the total count to 825, the highest level since March 2015, General Electric’s Baker Hughes energy services firm said.The oil complex has been driven by supply concerns amid prospects of the United States reimposing sanctions on Iran, while OPEC-led producers continue to withhold supplies..25 a barrel. The overall trend is positive and there’s potential for the market to close higher again today,” said Michael McCarthy, chief marketing strategist at CMC Markets.US West Texas Intermediate (WTI) crude futures were at $67.3 per cent, from their last settlement.89 a barrel, down 21 cents, conical twin screw barrel or about 0.59 million barrels per day (bpd).“The widening discount for WTI Midland crude could eventually stymie the enthusiasm we’ve seen so far this year in the Permian region, which could be viewed as a supportive checkmark.25 a barrel at 0305 GMT.“Although the overall US oil rig count rose by five, the prolific Permian region saw oil rigs decline by one,” Anthony Headrick, energy market analyst and commodities futures broker at CHS Hedging LLC, said in an email.end-ofTags: oil, oil price, opec, crude oilLocation: Singapore, –, Singapore.  
Prices climbed as high as $75.
Other than that it’s the demand picture around the globe, and if that continues we could see higher prices.“Precisely what happens with Tehran’s nuclear program remains the most significant driver in oil price sentiment,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA.5 per cent, to $74.Brent prices have gained nearly 6 percent this month, buoyed by expectations the United States will renew sanctions.Brent crude futures, the international benchmark, dipped 39 cents, or 0.”Over the past two months, WTI’s discount to Brent has more than doubled to over $6 a barrel from around $3 at the beginning of March. Only Russia currently produces more, at around 11 million bpd.89 a barrel, down 21 cents, or about 0.US West Texas Intermediate crude futures were at $67.