Inflation Risks
As we move into the second half of the fiscal year, the Reserve Bank of India’s (RBI) forecast of a 4.5 per cent average inflation rate brings some optimism.
As we move into the second half of the fiscal year, the Reserve Bank of India’s (RBI) forecast of a 4.5 per cent average inflation rate brings some optimism.
Iraq exported about 108.053 million barrels of crude oil in July, the country's Oil Ministry announced Thursday.
The global oil market has become a battleground of sanctions and strategic manoeuvres.
With crude oil prices falling to a 4-month low in the international market, the Indian economy is expected to get a shot in the arm.
The central government has reduced the windfall tax on domestic crude oil with effect from October 18 from Rs 12,200 a tonne to Rs 9,050 in its fortnightly review which will benefit upstream oil companies, including ONGC and Oil India Ltd (OIL).
Addressing an event organised by the ICRIER, Sitharaman said credit must be given to PM Narendra Modi's statesmanship to take the decision of boosting imports of Russian oil at discounts as it helped in reducing the import bills.
Indian stocks seemed to have lost some steam as they declined for the second consecutive session on Monday primarily due to mild profit booking.
As OPEC evidently doesn't have a role in the demand for crude oil, it has full control over the supply chain, and hence in order to influence the price, they simply increase or decrease the price.
Further, sources said that some other countries are also likely to come with such measures to cool off crude oil prices in the international market.
On the Multi Commodity Exchange, CRUDE oil for the October delivery dropped by Rs 154, to Rs 5,662 per barrel with a business volume of 8,389 lots.
