Sep 14, 1999|
Oil import bill up 87% in June
Crude oil prices this year have moved up by 93% to US$ 23.2 per barrel. As a result of this, India's oil import bill has registered a sharp rise. However, according to the Centre for Monitoring Indian Economy (CMIE), India's balance of payment position is likely to be comfortable mainly due to the increased inflow of foreign institutional investments, lower growth in non-oil imports and increase in external commercial borrowings.
From the graph it is apparent that the oil imports have been registering sharp rates of growth over the past four to five months. This is mainly due to the increase in the crude prices, although the fall in domestic crude output has also contributed to the rise in the import bill. The domestic crude oil production has been languishing at levels lower than those recorded previous year (April to July production is down 0.6% YoY).
However, with India opening up the oil exploration sector for private participation, domestic crude oil output can be expected to increase sharply in the coming years, as more capital and better technology are put to use. Till then, India will be at the mercy of international crude prices and the public sector oil exploration companies.
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Mar 27, 2017
GAIL (India) Ltd has announced results for the quarter ended December 2016. reported 9.4% year on year (YoY) decline in sales, while bottom-line grew 45.4% YoY.
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ONGC has announced results for the quarter ended December 2016. The company has reported 9.2 % year on year (YoY) growth in sales, while bottom-line grew 197% YoY.
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Oil India Limited announced results for the quarter ended September 2016. The company has reported an 6.5% and 7.8% Year on Year (YoY) decline in sales and net profit respectively during the quarter.
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GAIL (India) Ltd has announced results for the quarter ended September 2016. The company has reported 16 % year on year (YoY) decline in sales, while bottom-line grew 180% YoY.
Nov 3, 2016
ONGC has announced results for the quarter ended September 2016. The company has reported 10.3 % year on year (YoY) decline in sales, while bottom-line grew 6.3% YoY.
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