Oilmax Energy aims for a significant revenue milestone of ₹3,000 crore by 2028-29. The company is expanding its operations across oil, gas, and coal sectors. It is also exploring new areas like coal gasification. This growth strategy is expected to drive substantial financial performance for Oilmax Energy in the coming years.
State-run BPCL announced that the SEAP-I project in Brazil, operated by Petrobras, has received Final Investment Decision. BPCL, through its subsidiary IBV, holds a 40% stake and will invest approximately $2.8 billion. The project, utilizing the FPSO vessel P-81, aims to enhance India’s energy security by diversifying oil supply sources.
Iran supplied about 4 million barrels in April, or 7% of total imports, resuming shipments to India after seven years. However, a US naval blockade of Iranian ports, currently underway, could constrain further supplies this month.
IndianOil has significantly increased Auto LPG supplies in Bengaluru by nearly 300 percent. This action addresses a sharp surge in demand caused by disruptions in private sector supply chains. The company is working to stabilize fuel availability for the city’s transport system. Supplies across Karnataka have also doubled. IndianOil’s outlets are operating without interruption to…
India’s central bank is taking action to support the rupee. State-run oil refiners are being asked to use a special credit line for dollar needs instead of buying on the spot market. This move aims to reduce pressure on the Indian currency. The Reserve Bank of India is employing measures similar to those used during…
The IMF is urging governments to let fuel prices rise, warning that broad subsidies and price caps worsen global energy shocks. Allowing price signals to function encourages demand reduction, which is crucial for market stabilization. Targeted cash transfers are recommended to cushion consumers without distorting global markets.
China’s Foreign Minister Wang Yi has urged Iran to guarantee safe passage through the Strait of Hormuz. This critical waterway is vital for global oil trade. China, a major importer of Iranian oil, is concerned about energy disruptions. The call comes as Pakistan attempts to mediate new peace talks between the US and Iran.
The United States has ended sanctions waivers that allowed countries, including India, to buy Russian and Iranian oil without penalties, a move that could tighten global supplies and pressure Indian refiners. US Treasury Secretary Scott Bessent confirmed the decision, saying the temporary licenses for Russian and Iranian crude would not be renewed.
India is drawing on its Covid-era playbook to cushion the economic blow from the Iran war, with officials warning the disruption to energy supplies could rival the pandemic, threatening growth, widening the fiscal deficit, and pushing the rupee to record lows.
The US Navy’s blockade of Iran is showing impact, with sanctioned vessels turning back or halting after crossing the Strait of Hormuz. Officials say maritime trade has been effectively stopped, raising pressure on Iran’s economy, even as risks persist with spoofed ship data and volatile regional shipping conditions.