Seoul, April 5 (IANS) Finance Minister Koo Yun-cheol urged Gulf Cooperation Council (GCC) countries to strengthen cooperation to help stabilise energy and raw material supply chains amid prolonged tensions in the Middle East, the finance ministry said on Sunday.Koo, who also serves as deputy prime minister, met with ambassadors from the six GCC countries in Seoul on Friday at the residence of the United Arab Emirates (UAE) ambassador to discuss economic cooperation, according to the Ministry of …
Latest Crude Oil Imports News & Updates
New Delhi, April 2 (IANS) The government has set a target of increasing domestic crude oil production to 35 million metric tonnes by 2030 from 29 million tonnes at present to meet the rising demand for petroleum products in the country, Parliament was informed on Thursday.The government has been taking various steps to boost domestic oil and gas production and reduce dependence on crude oil imports, which, inter-alia, include the adoption of a policy under the production sharing contract (PSC) r…
New Delhi, March 12 (IANS) Indian oil marketing companies (OMCs) should be able to absorb average crude prices of up to around $90 per barrel over the medium term, supported in part by stronger refining margins, even as escalating tensions in West Asia raise concerns over global energy supply routes, a report said on Thursday.According to an analysis by CareEdge Ratings, the geopolitical situation notes that hostilities around the Strait of Hormuz have led to a sharp rise in crude prices since l…
New Delhi, March 11 (IANS) The Indian government is actively exploring support measures for domestic shipping companies and exporters as insurance costs have shot up due to the war-risk premium that is being levied due to the Iran war, which has engulfed the Middle East region, according to a senior Finance Ministry official.Industry stakeholders have flagged the sharp increase in insurance costs during consultations held by Shipping Secretary T.K. Ramachandran and Department of Financial Servic…