Mumbai :ndia is not planning to buy any crude oil from Iran in November, raising the prospect that Tehran will lose another major customer as U.S. sanctions hit.
Indian Oil Corp. and Bharat Petroleum Corp. haven’t asked for any Iranian cargoes for loading in November, according to officials at the companies. Nayara Energy also doesn’t plan any purchases, said an industry executive. Mangalore Refinery and Petrochemicals Ltd. hasn’t made any nominations for that month, but may do so later, a company official said.
Final decisions on purchases aren’t due until early October, so the refiners could still change their minds. The company officials and industry executive asked not to be named citing internal policies.
The rapid drop in Iranian exports has helped to push Brent crude, the global benchmark, to a four-year high above $80 a barrel. Further output losses could push prices even higher as refiners urgently seek replacement barrels elsewhere. Around the world, only Saudi Arabia and, to a lesser extent, United Arab Emirates and Russia, have the capacity to pump more.
Brent hit an intraday high of $82.55 a barrel on Tuesday, up 23 percent this year, just after U.S. President Donald Trump railed against OPEC and demanded the cartel lower oil prices.
India is the second-largest buyer of Iranian oil, having imported an average of 577,000 barrels a day this year, or about 27 percent of the Middle Eastern country’s exports, according to Bloomberg tanker tracking data. With South Korea, Japan and European nations also cutting imports to zero, the loss of the Indian refiners, even if temporarily, is a major blow for the Islamic republic.
At the same time, the U.S. sanctions that are due to go into effect in early November are creating a major gap in the global oil market just as Brent crude hits a four-year high above $80 a barrel. Mercuria Energy Group Ltd. and Trafigura Group, among the world’s biggest trading houses, are predicting the loss of Iran’s supply will boost prices to $100 a barrel for the first time since 2014.
That risk has been echoed by some of the world’s biggest oil companies. BP Plc Chief Executive Officer Bob Dudley sees the sanctions on the OPEC nation having a bigger impact on the market this time than the previous round of restrictions six years ago.
U.S. President Donald Trump’s administration is taking a harder stance. It wants all oil imports from Iran to end by November, and it’s unclear if any waivers will be granted. In previous sanctions under Barack Obama, the government had allowed nations to continue purchases at reduced levels.
The tougher attitude is already showing in Iranian barrels vanishing from the market. South Korea became the first of Iran’s top-three oil customers to heed the U.S. diktat by refraining from any purchases last month. Japanese refiners have also temporarily halted loadings.
India and China had held out hope for Iran. It was only about four months ago that India’s foreign minister said that the country won’t adhere to unilateral restrictions and will continue buying Iranian crude. China also made similar comments and was said to have rejected an American request to cut imports.
When Trump in May announced plans to reimpose sanctions on Iran’s oil exports, the market estimated a cut of about 300,000 to 700,000 barrels a day, Trafigura’s co-head of oil trading Ben Luckock said this week. However, the consensus has now moved to as much as 1.5 million barrels as the U.S. is “incredibly serious” about its measures, he said.
WPI inflation at 8-month low of 3.80 pc in Dec on softening fuel, food prices
New Delhi: Inflation based on wholesale prices fell to a 8-month low of 3.80 per cent in December, 2018, on softening prices of fuel and some food items.
The Wholesale Price Index (WPI)-based inflation stood at 4.64 per cent in November, 2018, and 3.58 per cent in December 2017. According to the government data released on Monday, deflation in food articles stood at 0.07 per cent in December, against 3.31 per cent in November.
Vegetables, too, saw deflation at 17.55 per cent in December, compared to 26.98 per cent in the previous month. Inflation in the ‘fuel and power’ basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent in November.
This was on account of lowering of prices of petrol and diesel through December. Individually, in petrol and diesel inflation was 1.57 per cent and 8.61 per cent, respectively, and for liquified petroleum gas (LPG) it was 6.87 per cent during December.
Among food articles, potato prices became cheaper substantially with inflation at 48.68 per cent in December, as against 86.45 per cent in November.
Inflation in pulses stood at 2.11 per cent, while in ‘egg, meat and fish’ it was 4.55 per cent. Onion witnessed deflation of 63.83 per cent in December, compared to 47.60 per cent in November.
The 3.80 per cent inflation is the lowest in 8 months, and a lower inflation than this was last seen in April at 3.62 per cent. Data for retail or consumer price index-based inflation would be released later in the day.
The Reserve Bank of India (RBI) mainly takes into account retail inflation data while formulating monetary policy. In its fifth monetary policy review for the fiscal, last month, the Reserve Bank kept interest rates unchanged, but held out a promise to cut them if the upside risks to inflation do not materialise.
The central bank lowered retail inflation projection to 2.7-3.2 per cent for the second half of the current fiscal, citing normal monsoon and moderate food prices.
Air tickets, identity cards to become redundant; flyers can use facial recognition to enter airport
New Delhi: The hassle to show air tickets and identity cards at Airport will be over as air travellers can soon enter airport with facial recognition biometric facility.
GMR Hyderabad International Airport Ltd (GHIAL) that operates the Rajiv Gandhi International Airport (RGIA), has successfully conducted the trial of facial recognition technology. During the first phase of the trial, employees of GHIAL were included. The second phase of the trial is expected to be launched by the end of this month, in which GHIAL will include common air fliers. And if the second phase of the trial is successful, GHIAL will implement facial recognition technology in Hyderabad airport from March onwards.
Three phases of facial recognition technology
First phase: GHIAL has installed facial recognition cameras in the Hyderabad. In the first phase, the imaging of passengers will be done through these cameras which will recognise the faces of the flyers.
Second phase: There would be a centralised registration system for passengers. Each passenger’s face will be attached with his/her photo identity like passport, Aadhaar, voting id, driving licence etc. The details of passengers along with his facial mapping will be scanned and stored by GHIAL through the centralised registration system at the Airport.
Third phase: The ID proof of the passengers along with their facial mapping will be stored at the e-boarding gate of the Airport.The data centres at Airlines will also have similar information. Whenever such passengers book tickets, the data system will alert the Hyderabad Airport authorities.
The moment you book a flight ticket originating from Hyderabad airport, your details will be shared by the data centre and the information will be given to all the concerned authorities.
When you reach the Hyderabad terminal gate, face recognition technology will identify you and all your details will be shared on the screen. The security personnel at the gate will access all your information via the system.
Similarly, your details can be accessed by the security personnel at the check-in counter, security check-in. Once the formalities are done, passengers will get an online boarding pass on their mobile phone.
Maruti all-new WagonR 2019 available for booking at Rs 11,000
New Delhi: Country’s largest car manufacturer Maruti Suzuki India on Monday said that its all-new WagonR is available for booking starting.
Customers can book the 3rd generation WagonR at authorized dealer network across the country by paying Rs 11,000. They can also book the car online.
The New WagonR is powered by the advanced K-series engine offering high fuel efficiency and an unmatched driving experience, Maruti said. The car now comes with a new 1.2 L engine option that delivers powerful and impressive performance coupled with great fuel economy. Customers will also have the choice of 1.0 L engine for the all-new WagonR.
Maruti Suzuki’s acclaimed two pedal technology will also be offered in the new WagonR. The Auto Gear Shift (AGS) offers. Maruti said that for the first it is going to offer the most innovative SmartPlay Studio infotainment experience in the Big New WagonR.
The car will be available in Pearl Poolside Blue, Pearl Nutmeg Brown, Magma Grey, Pearl Autumn Orange, Silky Silver and Superior White Range of variants. The Petrol: 1.0 L engine will be available in Lxi, Vxi / Vxi AGS variants while the Petrol: 1.2 L will be available in Vxi, Vxi AGS, Zxi / Zxi AGS variants.
“The new WagonR gets bigger with enhanced comfort. The car’s sturdy and masculine look with true tall boy design makes for a strong road presence. The Big New WagonR not only embodies strong looks but is also stronger inside out,” Maruti said in a release.