Oil Trade

Pakistan to receive Saudi oil for 3 years on deferred payments from July; move may ease woes of South Asian nation's weakening economy

In a tweet, late Wednesday, Prime Minister's Advisor on Finance Abdul Hafeez Shaikh said Saudi Arabia will supply oil to Pakistan worth $3.2 billion per year on deferred payments for three years.

IDBI Bank receives nod to handle import, exports transactions with Iran; move to promote two-way trade

The IDBI Bank has received government nod to handle import and export transactions with Iran, a move which would help in promoting two-way trade amid US sanctions on the Persian Gulf nation

Iran skirts US sanctions and finalises oil-for-goods deal with South Korea; official hints at joint fund between countries' central banks

The development comes after Washington unilaterally reimposed a crippling oil embargo on Iran last month following its withdrawal in May from a landmark 2015 nuclear deal.

India and Iran discuss impact of US sanctions on oil trade, Delhi looks at Rupee-Rial arrangement as way to continue import

India and Iran on Monday deliberated ways to deal with the possible impact on oil trade between the two countries due to the US sanctions on import of Iranian petroleum products.

India bans oil trade with Islamic State-linked organisations

The rapid rise of Islamic State, which first emerged in Syria and Iraq, is worrying Western powers who fear the militant group will forge a base just across the Mediterranean from mainland Europe.

New 'hostile' US sanctions complicate India-Iran oil trade

The US sanctions, which took effect on Wednesday, will make it even tougher for Iran to get paid in cash for crude it sells to large oil buyers such as India and China.

India allows oil cos to import oil using Iran ships

India, which recently secured a waiver from US sanctions on importing oil from Iran has allowed state-run oil companies to import from Iran on a Cost, Insurance and Freight basis.

Oil prices go up by $1 after traders misread tweet about Israel bombing Syria

Shakespeare could not have written a better script about this comedy of errors. It has been revealed that the price of oil went up by $1 per barrel after