Oil Revenue

The United States blacklisted 14 Russian oil tankers Friday as it sought to cut Moscow's petroleum revenues by enforcing a price cap imposed by the West after the Ukraine invasion.

Russia's oil export revenue sank 42 percent in February as Western powers tightened sanctions on the country in the wake of the Ukraine war, the International Energy Agency said on Wednesday.

By driving a hard bargain with Russia in procuring crude oil at the lowest price possible, India is furthering policy of G7 to reduce Russian oil revenues and Washington is comfortable with New Delhi on issues relating to energy security, said US.

Adani Wilmar, a joint venture between Adani Group and Singapore's Wilmar Group, said revenue from the edible oil business, its largest, climbed nearly 4% on the festive and wedding demand.

The Group of Seven (G7) nations' proposed price cap of $65-$70 a barrel on Russian oil would have little immediate impact on Moscow's revenues.

Metals to oil conglomerate Vedanta Ltd expects annual revenue of $50 billion in the next two to three years, as it looks to ramp up production, including metals used in electric car batteries, its chairman said.

India will only withdraw its windfall tax introduced last week for oil producers and refiners if global prices of crude fall as much as $40 a barrel from present levels, Revenue Secretary Tarun Bajaj told Reuters on Monday.

The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said.

Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 24.5 per cent rise in earnings for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in retail business.

Canadian Prime Minister Justin Trudeau announced Monday a ban on Russian oil imports, saying oil revenues have helped to prop up President Vladimir Putin and Russian oligarchs.

ONGC Q2 Results: ONGC reported a net profit of Rs 18,384 crore, compared to Rs 2,758 crore in the corresponding period last year, marking a sharp growth of 565 per cent year-on-year.

Indian Oil Q2 Results: The state-run oil refiner's revenue from operations stood at Rs171,787.19 crore, compared to Rs 1,16,717.62 crore in the year-ago period

The country's most valued company - Reliance Industries - on Friday reported net profit of Rs 13,680 crore in quarter ended September 30, 2021, marking a rise of 42.99 per cent from the same quarter last year on the back of higher demand of oil products. Reliance Industries total expenses in the quarter jumped almost 45 per cent annually to Rs 1,59...

Over 25 kg of heroin was seized from a container in Nhava Sheva Port in Navi Mumbai in a raid by the Directorate of Revenue Intelligence's (DRI) Mumbai zonal unit.

Last year, India raised taxes on sales of gasoil and gasoline, instead of passing on the benefits of lower oil prices to consumers, to boost revenue to fund welfare schemes

The United States blacklisted 14 Russian oil tankers Friday as it sought to cut Moscow's petroleum revenues by enforcing a price cap imposed by the West after the Ukraine invasion.

Russia's oil export revenue sank 42 percent in February as Western powers tightened sanctions on the country in the wake of the Ukraine war, the International Energy Agency said on Wednesday.

By driving a hard bargain with Russia in procuring crude oil at the lowest price possible, India is furthering policy of G7 to reduce Russian oil revenues and Washington is comfortable with New Delhi on issues relating to energy security, said US.

Adani Wilmar, a joint venture between Adani Group and Singapore's Wilmar Group, said revenue from the edible oil business, its largest, climbed nearly 4% on the festive and wedding demand.

The Group of Seven (G7) nations' proposed price cap of $65-$70 a barrel on Russian oil would have little immediate impact on Moscow's revenues.

Metals to oil conglomerate Vedanta Ltd expects annual revenue of $50 billion in the next two to three years, as it looks to ramp up production, including metals used in electric car batteries, its chairman said.

India will only withdraw its windfall tax introduced last week for oil producers and refiners if global prices of crude fall as much as $40 a barrel from present levels, Revenue Secretary Tarun Bajaj told Reuters on Monday.

The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said.

Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 24.5 per cent rise in earnings for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in retail business.

Canadian Prime Minister Justin Trudeau announced Monday a ban on Russian oil imports, saying oil revenues have helped to prop up President Vladimir Putin and Russian oligarchs.

ONGC Q2 Results: ONGC reported a net profit of Rs 18,384 crore, compared to Rs 2,758 crore in the corresponding period last year, marking a sharp growth of 565 per cent year-on-year.

Indian Oil Q2 Results: The state-run oil refiner's revenue from operations stood at Rs171,787.19 crore, compared to Rs 1,16,717.62 crore in the year-ago period

The country's most valued company - Reliance Industries - on Friday reported net profit of Rs 13,680 crore in quarter ended September 30, 2021, marking a rise of 42.99 per cent from the same quarter last year on the back of higher demand of oil products. Reliance Industries total expenses in the quarter jumped almost 45 per cent annually to Rs 1,59...

Over 25 kg of heroin was seized from a container in Nhava Sheva Port in Navi Mumbai in a raid by the Directorate of Revenue Intelligence's (DRI) Mumbai zonal unit.

Last year, India raised taxes on sales of gasoil and gasoline, instead of passing on the benefits of lower oil prices to consumers, to boost revenue to fund welfare schemes