How much crude does india import

Brent crude futures slipped 3 cents to $113.09 a barrel by 0515 GMT, after rising as much as 1 percent earlier. Front-month prices tumbled 7.3 percent last week, their first weekly fall in five (Representative image) After shooting to near $123 per barrel last week amid various global factors, crude oil prices slid by as much as 6 percent or $11 to $112 per barrel on June 17. This was a sudden reversal from the steep climb in the wake of Russia’s invasion of Ukraine, global travel opening up, and services reviving. Speaking to CNBC-TV18 on June 20, Vandana Hari, founder and CEO of Vanda Insights, said the correction was mainly due to two factors — Libya’s oil production being confirmed at 700,000 barrels per day (bpd) instead of the earlier expected 100,000 bpd; and tumble in United States markets due to sell-off in broader risk assets. “What happened on Friday (June 17) was quite late in the US session and quite a surprise,” Hari said. Follow our Market LIVE blog … [Read more...] about Crude oil sell-off a bit overdone as prices could be ticking back up soon, says Vandana Hari of Vanda Insights

Oil pumping jacks, also known as "nodding donkeys", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia. Photographer: Andrey Rudakov/Bloomberg India's government is engaged on the issue of facilitating payments with Russia, and the Reserve Bank of India will do whatever the government decides, Deputy Governor Michael Patra said June 24. He did not offer any other details. The Deputy Governor's statements assume significance as the government had remained tight-lipped on the issue even as multiple meetings between banking representatives of both nations had taken place. Ever since the Russian invasion of Ukraine and the subsequent barrage of sanctions on Moscow by the West, trade between India and Russia has depended on routing transactions through smaller Russian banks which are as yet untouched by sanctions. Both nations had initially focused on establishing a barter mechanism involving a set of commodities. A key part of this would be an agreement … [Read more...] about India engaged on issue of facilitating payments with Russia: Deputy Governor Michael Patra

London (CNN Business) President Vladimir Putin said Wednesday that Russia is rerouting trade to "reliable international partners" such as Brazil, India, China and South Africa as the West attempts to sever economic ties. "We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the BRICS countries," Putin said in his opening video address to the participants of the virtual BRICS Summit . The "BRICS" acronym refers to an informal grouping of the five developing economies. According to Putin, trade between Russia and the BRICS countries increased by 38% and reached $45 billion in the first three months of the year. "Contacts between Russian business circles and the business community of the BRICS countries have intensified," Putin said. "For example, negotiations are underway to open Indian chain stores in Russia [and to] increase the share of Chinese cars, equipment and … [Read more...] about Putin says Russia is rerouting trade to China and India

Gurjit Singh New Delhi   ● Thu, June 23, 2022 2022-06-23 02:24 0 53ea05b5fe2e13733519dbf4e32dc161 2 Academia India,ASEAN,foreign-military-plane-intrusion,partnership,Indo-Pacific,COVID-19,Cambodia,bureaucracy Free The special India-ASEAN ministerial meeting to commemorate the 30 years of the dialogue partnership was successfully held. At the June 15-16 meeting nine out of the 10 ASEAN countries participated. Myanmar was not invited, as per ASEANs own decision to exclude them, due to their reluctance to implement ASEAN guidelines on their internal politics. Of the other nine, six came at the level of foreign minister. Notable was Vivian Balakrishnan of Singapore, who co-chaired the meeting as Singapore is the current country coordinator for India in ASEAN. Prak Sokhonn, the foreign minister of Cambodia, the current chair of ASEAN was present. Retno Marsudi, the foreign minister of Group of 20 chair Indonesia was an active participant. Thailand, the … [Read more...] about India and ASEAN at 30, building regional confidence

Sri Lanka will hold a donor conference with China, India and Japan as it seeks overseas assistance to find a way out of its worst economic crisis in decades, Prime Minister Ranil Wickremesinghe told parliament on June 22. "We need the support of India, Japan and China, who have been historic allies," he said. Sri Lanka will call China, India and Japan to a donor conference to drum up more foreign assistance and present an interim budget in August, the prime minister said on June 22, amid ongoing negotiations with the International Monetary Fund (IMF). The island nation of 22 million people is struggling with its worst economic crisis in seven decades, unable to import essentials including food, fuel and medicines because of a severe shortage of foreign exchange. An interim budget will be presented in August, seeking to put public finances on a more sustainable path and increase funds to the poor who have been hardest hit, Prime Minister Ranil Wickremesinghe told parliament. … [Read more...] about Crisis-hit Sri Lanka plans donor conference with China, India and Japan

On May 28, the Narcotics Control Bureau (NCB) said it had unearthed a heroin trafficking network with the arrest of eight people and seizure of about 35 kg of narcotics. In February, the apex agency for drug law enforcement arrested 22 suspects, including software engineers, a financial analyst, an MBA graduate and one of its personnel. With that drug bust, it claimed to have uncovered a pan-India trafficking ring that used the darknet, or anonymous proxy networks, and cryptocurrency to traffic narcotic substances. READ | Gujarat: 56 kg of cocaine, worth Rs 500 crore, seized from container near Mundra port The federal anti-drug agency has been in the news recently not just for high-profile cases, but also a spike in narcotic seizures. Call it effective enforcement or increase in drug consumption, there has been an exponential rise in seizures. The NCB registered 684 cases in 2021 and 245 until May this year compared to 412 cases in 2020. Compared to 343 kg of heroin … [Read more...] about India’s top narcotics cop: Drug trafficking and use have increased significantly

Share to Twitter Share to Linkedin Punk rock icon with the band X , singer/songwriter, actor, poet, renaissance man John Doe says, "There's a lot of words sometimes after my name and I am grateful for every one of those opportunities that I get." Despite Doe's modesty, he has been directly responsible for many of those wildly varied opportunities, which range from appearing in the series Roswell to working with Garbage's Shirley Manson on his exceptional new solo album, Fables In A Foreign Land . Influenced by the great folk icons and records like Bob Dylan's John Wesley Harding , Fables In A Foreign Land is a concept record with all of the songs taking place in the 1890s. If you want to know why Manson, Los Lobos' Louie Perez and more on this record, as well as Debbie Harry, Aimee Mann and so many others have wanted to work with Doe over the years, he wrote a record in 2022, where people have the attention span of a ferret on meth, set in … [Read more...] about Q&A: X’s John Doe On His New Folk Album, Working With Shirley Manson And Debbie Harry, What Punk Is And More

- A + A (June 23): Oil retreated along with other key commodities as concern over a global economic slowdown intensified, with Federal Reserve Chair Jerome Powell warning that a US recession is possible. West Texas Intermediate sank below $103 a barrel after closing at a six-week low on Wednesday. The US benchmark has lost more than 15% since the close on June 8 as the drumbeat of warnings over the state of the world’s economy has grown steadily louder, drowning out signs the oil market remains tight. Powell said while he didn’t see the likelihood of a recession as particularly elevated, it was a possibility. Commodity price hikes were “clearly” connected to the war in Ukraine, he said. Crude’s retreat has been accompanied by deep losses in other raw materials, especially base metals such as copper. Oil is rapidly giving up its gains in what’s been a volatile quarter as investors attempt to gauge the trajectory of the US economy and its impact on raw materials. … [Read more...] about Crude oil sinks again as specter of US slowdown alarms investors

(Representative image) India's current account deficit (CAD) fell to $13.4 billion in January-March 2022 from $22.2 billion in October-December 2021, according to data released by the Reserve Bank of India (RBI) on June 22. The deficit was $8.1 billion in January-March 2021. In percentage terms, the CAD in January-March 2022 was 1.5 percent of GDP, down from 2.6 percent of GDP the previous quarter. "The sequential decline in CAD in Q4:2021-22 (January-March) was mainly on account of a moderation in trade deficit and lower net outgo of primary income," the central bank said. India's merchandise trade deficit fell to $54.5 billion in the first quarter of 2022 from $59.8 billion the previous quarter, helping bring down the CAD. Close On the services front, the trade surplus edged up marginally to $28.3 billion from $27.8 billion in October-December 2021. Also helping the current account deficit to moderate was a lower net outgo of primary income, which … [Read more...] about India’s January-March current account deficit falls to $13.4 billion; FY22 CAD at three-year high

- A + A (June 22): Oil plunged for the second time in a few days on concerns that a global economic slowdown will ultimately hobble demand. West Texas Intermediate tumbled toward US$103 a barrel, before paring some losses. Investors are concerned about the impact of sharply higher US interest rates, with Federal Reserve Chair Jerome Powell due to testify before Congress Wednesday on his bid to curb inflation raging at the fastest pace in decades. Prices are also surging outside the US, with UK inflation at a fresh 40-year high. Since a spike in prices after Russia invaded Ukraine, oil markets have been grappling with a liquidity crisis. Futures holdings are at the lowest since 2016, leaving headline prices prone to outsized swings. The US crude benchmark also fell below its 100-day moving average early on Wednesday for the first time since January, adding technical pressure to an already fragile market. While crude has been shaky over the past week, plunging 6.8% … [Read more...] about Crude oil buckles as recession angst rattles commodity investors