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Russian state-owned oil firm Rosneft has signed a deal worth $13bn (£10bn) a year selling oil to Indian refiner Reliance in a blow to sanctions against Vladimir Putin’s government.. The 10-year ...
Oil markets spiraled on the news, falling as much as 4% on Thursday. A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday.
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India was the second top net crude oil (including crude oil products) importer of 205.3 Mt in 2019. [1] By March 2021, India's domestic crude oil production output fell by 5.2% and natural gas production by 8.1% in the FY21 as producers extracted 30.4917 Mt of crude oil and 28.67 BCM of natural gas in the fiscal year.
Oil India was formed in 1959 to operate this new field and other nearby concessions, with Burmah Oil holding 2/3rd equity holding and Government of India holding 1/3rd equity. Later in 1961, this was changed to 50/50 shareholding. In 1982, Burmah Oil transferred all its shares to Government of India and Oil India became 100% Government owned.
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