Latest News for: Oil ministry

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Crude Oil Production Drops Even As Prices Remain Elevated | Mint

Live Mint 24 May 2022
India’s crude oil production fell 0.95% from 2.49 million tonnes in April 2021 to 2.46 million tonnes in April 2022 on the back of “less than planned contribution from workover wells, drilling wells and old wells", according to the ministry of petroleum and natural gas.
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India’s Crude Oil Production Falls Nearly 1% In April | Mint

Live Mint 24 May 2022
India’s crude oil production in April 2022 stood at 2.46 milion tonne, lower by 0.95% on a year-on-year basis. In April 2021, crude oil production in the country was 2.49 million tonne.  ... The target of India’s crude oil production in FY23 is 30.22 million tonne. State-run Oil ...
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No duty, agri cess on crude soya, sunflower oils imports for 2 years

Business Line 24 May 2022
The Finance Ministry issued a notification prescribing tariff rate quota under which import of a quantity of 20 lt each of crude soyabean oil and crude sunflower oil per year for two years at nil rate of customs duty and Agricultural Infrastructure and Development Cess ... “This will provide significant relief to consumers,” the Finance Ministry said.
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Documents debunk Imran Khan’s claim about Russia’s cheap fuel offer

The News International 24 May 2022
Officials at the energy ministry were also of the view that as far as import of fuel by India was concerned, it was importing crude oil from Russia for decades and it continued to import it from Russia despite EU, US sanctions because of its war against Ukraine.
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Indonesia to swap subsidy for price caps on raw materials to ensure cooking oil supply

Reuters 24 May 2022
Putu Juli Ardika, Director General for agriculture at the Industry Ministry, told a parliamentary hearing that a subsidy provided to cooking oil makers to help control retail prices will be stopped after May 31, when the government will put in place a new policy to control the raw material price.
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Edible Oil Duty Goes, Sugar Export Cap In | Mint

Live Mint 24 May 2022
The Union government announced fresh measures to cool food inflation on Tuesday, including restricting sugar exports from 1 June and allowing duty-free imports of soyabean and sunflower oil ... Earlier in the day, the finance ministry allowed duty-free imports of 2 million tonnes a year for crude soyabean oil and crude sunflower oil.
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Red tape hinders export of Indonesian palm oil

Business Day 24 May 2022
Indonesia’s frequent export policy changes have unnerved the edible oil markets and heightened concerns about global food prices ... Trade ministry data showed on Monday that cooking oil averaged 16,900 rupiah a litre, down from an average of 18,000 rupiah in April but up from 13,300 rupiah in July.
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Explainer-Indonesia’s stop-start controls on palm oil exports

Metro USA 24 May 2022
Indonesia’s frequent export policy changes have unnerved the edible oil markets and heightened concerns about global food prices ... Trade ministry data showed as of Monday cooking oil averaged 16,900 rupiah per litre, down from an average of 18,000 rupiah in April but up from 13,300 rupiah in July.
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Explainer: Indonesia's stop-start controls on palm oil exports

Reuters 24 May 2022
Indonesia's frequent export policy changes have unnerved the edible oil markets and heightened concerns about global food prices ... Trade ministry data showed as of Monday cooking oil averaged 16,900 rupiah per litre, down from an average of 18,000 rupiah in April but up from 13,300 rupiah in July.HAVE EXPORTS RESUMED?.
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Brazil’s Petrobras gets new boss in latest executive shakeup

Metro USA 24 May 2022
(Reuters) -Senior Brazilian economy ministry official Caio Mario Paes will be the next chief executive of Brazil’s state-run oil company Petrobras, the ...
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Brazil picks 2nd new Petrobras CEO in 2 months as Bolsonaro bids to influence fuel prices

Metro USA 24 May 2022
SAO PAULO (Reuters) -Senior Brazilian economy ministry official Caio Mario Paes de Andrade will be the next chief executive of state-run oil company Petrobras, the government said on Monday, replacing a predecessor who served less than two months in the job ... oil and gas market.
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Govt allows duty-free import of 20 lakh ton per year of crude soyabean, sunflower oil

India TV 24 May 2022
The duty-free import of 20 lakh MT per year will be applicable for two fiscals, 2022-23 and 2023-24, for crude soyabean oil and crude sunflower oil, according to a notification by the Finance Ministry ... The government issued a notification regarding a tariff-rate quota of 20 lakh tonnes each for crude soybean and sunflower oils.
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Russia’s Novak due in Tehran for high-level energy talks

Press TV 24 May 2022
A senior delegation from Russia led by Deputy Prime Minister Alexander Novak is due in Tehran for high-level energy talks with Iranian officials, says a report by Iranian Oil Ministry’s news service Shana ... It pointed to initial agreements reached between Iran and Russia during a January trip to Moscow by Iranian Oil Minister Javad Owji.
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India's crude oil production falls 1% in April

The Times of India 24 May 2022
India produced 2.47 million tonnes of crude oil in April, down from 2.5 million tonnes in the same month last year, according to data released by the ministry of petroleum and natural gas ... The government has been focused on raising domestic production of oil and gas to cut reliance on imports.
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Govt allows duty-free import of 20 lakh tonnes per year of crude soyabean, sunflower oil

The Times of India 24 May 2022
... crude soyabean and sunflower oil, to ease domestic prices. The duty-free import of 20 lakh MT per year will be applicable for two FYs (2022-23, 2023-24) for crude soyabean oil and crude sunflower oil, the Finance Ministry said in a notification.

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