India iran crude

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

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

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

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

- A + A (June 22): Russian President Vladimir Putin said trade with India and China has strengthened amid Western oil sanctions in response to the invasion of Ukraine. “Russian oil supplies to China and India are growing noticeably,” Putin said in a video address to the BRICS Business Summit on Wednesday. Despite all the difficulties in the global economy due to “politically motivated sanctions,” total trade with Brazil, India, China and South Africa rose 38% in the first three months of the year to US$45 billion, he said. Russian oil producers have been sending more crude to Asian buyers, mostly to China and India, at steep discounts as European buyers reduce purchases. The country didn’t want to turn away from Europe’s energy market, but it has been pushed out and will find other customers, Deputy Prime Minister Alexander Novak said last week. At the start of 2022 some two-thirds of Russian crude was being exported to Europe, now about 50% of nation’s oil is … [Read more...] about Putin sees Russia oil flows to China, India ‘growing noticeably’

- 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

An analysis of supply chain pressures by Reserve Bank of India (RBI) staff has found that the current upside risks to inflation and downside risks to exports may persist. The findings were drawn upon from the index of supply chain pressures for India - or ISPI - developed by RBI staff, including RBI Deputy Governor Michael Patra. "...our ISPI...displays lead indicator properties in respect of export volumes and inflation. This suggests that the prevailing upside risks to inflation and downward risks to export performance may persist," said the article released by the RBI on April 18. Also read: RBI Bulletin: Spurring private investments key to sustaining growth "Looking ahead, co-ordinated actions are required to fast track consensus-based supply chain protocols, gaps in the physical and digital infrastructure, labour shortages and shortfall in investment in capacity creation," the article added. Close The other authors of the article are Harendra Behera … [Read more...] about Supply chain pressures suggest upside risks to inflation may persist, RBI staff find

Abu Dhabi (CNN) He's arguably Iraq's best-known face abroad. Hoshyar Zebari, a Kurd, was the country's longest-serving foreign minister, often hobnobbing with Western diplomats and journalists, but also cultivating strong ties with neighboring Arab states to make his country's case. But a bid to crown his political career with a run for the presidency faced a major hurdle last week when Iraq's federal court suspended his candidacy due to past corruption charges, causing an election delay that risks exacerbating existing factional divisions. The presidential election was indefinitely postponed on Monday, stalling the already delayed formation of a new government. The results of October's parliamentary vote, in which pro-Iran factions were dealt a significant loss, were only confirmed in December due to political bickering over the results. A new president would be tasked with asking the winning bloc to form a government. The suspension was a blow to the … [Read more...] about Iraq faces deadlock after ‘West-friendly’ candidate suspended

Representative image Dear Reader , The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. Inflation is the topic of the moment, not just for central bankers, but also for households, markets, governments and corporates. In fact, companies have been taking innovative steps to tackle it. For India, inflation traditionally has a lot to do with energy prices, though food prices have also played their part. This time around too, fuel-led inflation has impacted the country, but at the same time high fuel prices and commodity prices along with logistic issues on account of the Russia-Ukraine war have resulted in fertiliser prices shooting up. The government has tried to absorb the impact of higher fertiliser costs by extending subsidies. Fertiliser subsidy during the year is … [Read more...] about Moneycontrol Pro Panorama | No quick fix for inflation