Oil prices steady as Saudi sees OPEC on common prodn
The Dollar Business Bureau Oil prices have steadied on Thursday after Saudi Arabia was confident that OPEC was moving towards a common decision on oil production. US crude futures were unchanged at $44.70 a barrel after a steep fall $1.65 in the previous session. Oil had dipped low, extending losses in Asia on Wednesday on the back of a strong dollar while Iran's oil minister made a statement that his country planned to boost output ramped up oversupply worries. According to Bijan Zangeneh, an informal meeting of Organization of the Petroleum Exporting Countries (OPEC) during September may not close a deal that would hike the oil prices. He said that Iran requires raising its production capacity to recapture the market share. ...
India to pay $700 million to Iran on Wednesday
Source: PTI Indian refiners, including MRPL and Essar Oil, will pay Iran the first tranche of $700 million on Wednesday to clear nearly a tenth of outstanding oil dues. Mangalore Refinery and Petrochemicals Ltd (MRPL) will pay $300 million and a similar tranche may follow next month. Essar Oil will clear a little over $300 million in dues on September 30, top sources said. HPCL-Mittal Energy Ltd (HMEL) and Hindustan Petroleum Corp Ltd (HPCL) will be the other refiners to clear their part of the outstanding on Wednesday. Sources said the refiners will deposit rupee equivalent of $700 million in Kolkata-based UCO Bank which will then transmit the money to Reserve Bank of India (RBI). RBI will make arrangements for its ...
India to soon clear $700 million oil dues to Iran
Source: PTI India will in next few days pay Iran $700 million to clear more than one-tenth of the outstanding oil dues, ahead of the expected lifting of sanctions against Tehran. The Reserve Bank of India will make payments of $6.5 billion in past oil dues to Iran “in a calibrated manner so that there is no pressure on exchange rate”, a senior finance ministry official said on Monday. The first tranche will go out “sometime this month,” he said. Another official said the first tranche of $700 million will go out in "next few days". “Modalities are being worked out and it will be paid in next few days,” he said. US Treasury's Office of Foreign Assets Control last month approved ...
Indian exporters concerned over talks on lifting sanctions on Iran
Himanshu Vatsa | The Dollar Business As the US and other developed countries are mulling over lifting trade restrictions on Iran, Indian exporters say the move will have diversified impact on the existing bilateral economic ties. Since 2002, Iran has been facing sanctions imposed by the United Nations (UN), European Union (EU) and several individual countries to prevent the Islamic republic from developing military nuclear capability. Now, the UN Security Council members (the US, UK, France, Russia, China), also known as P5, plus Germany are holding discussions in Vienna to reach an agreement on Iran’s nuclear programme and removal of trade restrictions on the country in a phased manner. Experts say that Iran and P5+1 group are likely to finalise a deal ...
USA, EU sanctions on Russia provide an opportunity for Indian exporters: FIEO
The Dollar Business Bureau | @TheDollarBiz Though India has lost share in several major export sectors to Russia in the last 10 years, the decision by USA and EU to impose sanctions on Russia may help open new avenues for Indian exporters, says M Rafeeque Ahmed, President, Federation of Indian Export Organisations (FIEO). Despite strong bilateral ties, trade between India and Russia remains stunted. According to the Ministry of Commerce, trade between the two countries stood at around $6 billion in FY2013-14, which is a fraction of India’s total annual trade of around $764 billion, and there are 33 countries with which India does more trade than Russia. M. Rafeeque Ahmed, President, FIEO The FIEO President says that this is mainly ...
