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The government on Tuesday cut the windfall tax on <keyword id="14320568" type="General" weightage="20" keywordseo="domestically-produced-crude-oil" source="Orion">domestically produced crude oil</keyword> while increasing the rate on export of diesel and jet fuel (ATF) in line with rise in international oil prices. The tax on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC), was cut to Rs.9,500 per tonne from Rs.11,000, beginning November 2, a government notification showed. In the fortnightly revision of windfall tax, the government hiked the rate on export of diesel to Rs.13 per litre from Rs 12 per litre. The levy on jet fuel too was increased to Rs.5 a litre, from Rs 3.50. The levy on diesel includes Rs 1.50 per litre road infrastructure cess (RIC), the notification showed. When the levy was first introduced, a windfall tax on export of petrol alongside diesel and ATF too was levied. But the tax on petrol was scrapped in subsequent fortnightly reviews. While the <keyword id="14716344" type="General" weightage="20" keywordseo="windfall-profit-tax" source="Orion">windfall profit tax</keyword> is calculated by taking away any price that producers are getting above a threshold, the levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference of international oil price realised and the cost. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs.6 per litre (USD 12 per barrel) each were levied on petrol and aviation turbine fuel and Rs.13 a litre (USD 26 a barrel) on diesel. A Rs.23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was also levied. The duties were partially adjusted in the previous rounds on July 20, August 2, August 19, September 1, September 16, October 1 and October 16. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/property-prices-rise-6-in-top-8-cities-delhi-saw-the-highest-rise-colliers/articleshow/95559207.cms" style="">Property prices rise 6% in top 8 cities, Delhi saw the highest rise: Colliers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bombay-hc-orders-fresh-testing-of-johnson-johnson-baby-powder-allows-company-to-manufacture-but-not-sell-it/articleshow/95558790.cms" style="">Bombay HC orders fresh testing of Johnson &amp; Johnson baby powder; allows company to manufacture but not sell it</a>

Windfall profit tax on crude oil hiked, levy on export of diesel cut

New Delhi, The government on Tuesday increased the <keyword id="14716344" type="General" weightage="20" keywordseo="windfall-profit-tax" source="Orion">windfall profit tax</keyword> on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on <keyword id="19342328" type="General" weightage="20" keywordseo="jet-fuel-or-ATF" source="Orion">jet fuel or ATF</keyword> to nil from Rs 1, the notification said. SAED on export of petrol will continue to be zero. The new tax rates will come into effect from Wednesday. India first imposed <keyword id="2378386" type="General" weightage="20" keywordseo="windfall-profit" source="Orion">windfall profit</keyword> taxes on July 1 last year, joining a growing number of nations that tax supernormal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel. A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) was also levied. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. A windfall tax is levied on domestic crude oil if rates of the global benchmark rise above USD 75 per barrel. Export of diesel, ATF and petrol attract the levy if product cracks (or margins) rise above USD 20 per barrel. Product cracks or margins are the difference between crude oil (raw material) and finished petroleum products. International crude oil prices averaged USD 90.17 per barrel in October. The levy on domestic crude oil dropped to nil in the first half of April as international crude oil prices fell but was back in the second half in step with a rise in rates. Levy on diesel became nil in April but the levy was brought back in August. Levy on ATF became nil in March and was brought back in second half of August. The export tax on petrol was scrapped in the very first review. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). Reliance Industries Ltd, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed Nayara Energy are primary exporters of fuel in the country.

Govt hikes windfall profit tax on crude oil, cuts levy on diesel exports

New Delhi [India], September 16 (ANI): In a bid to maintain equilibrium in the domestic and international fuel markets, the <keyword id="6357307" type="General" weightage="80" keywordseo="central-government" source="Orion">Central Government</keyword> announced changes in the taxation structure for crude oil and petroleum product exports, effective from today. As per the <keyword id="1222399" type="General" weightage="80" keywordseo="gazette-of-india" source="Orion">Gazette of India</keyword>, the <keyword id="156153" type="General" weightage="80" keywordseo="ministry-of-finance" source="Orion">Ministry of Finance</keyword>, <keyword id="208415" type="General" weightage="80" keywordseo="department-of-revenue" source="Orion">Department of Revenue</keyword>, issued two notifications, amending previous taxation rates. According to the notifications, the <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestic crude oil production has been increased significantly, while levies on the export of aviation turbine fuel (ATF) and diesel have been reduced. A tax levied on an unforeseen or unexpectedly large profit is called windfall tax. The windfall tax on domestic crude oil production has been raised from Rs 6,700 per ton to Rs 10,000 per ton. This move aims to capture a larger portion of profits from the surging crude oil prices, providing additional revenue for the government. The windfall tax on the export of aviation turbine fuel (ATF) has been decreased from Rs 4 per liter to Rs 3.50 per liter. This reduction is expected to make Indian ATF exports more competitive in the international market. The tax on the export of diesel has been reduced from Rs 6 per liter to Rs 5.50 per liter. This adjustment is aimed at boosting the export of diesel, potentially increasing revenue from international sales. These changes come as India navigates the complexities of fluctuating global oil prices and aims to strike a balance between reaping benefits from high crude oil prices and ensuring competitiveness in the international fuel market. The notifications, No. 30/2023-Central Excise and No. 31/2023-Central Excise, issued by the Ministry of Finance, will come into effect on September 16, 2023. The government expects these tax adjustments to have a positive impact on the nation's fiscal health and its position in the global fuel market. These amendments follow a series of recent changes in the taxation structure for petroleum products and are part of the government's efforts to adapt to the evolving economic landscape and maintain stability in the energy sector. (ANI)

Govt hikes windfall tax on domestic crude, reduces levy on export of diesel

<ul class="summary-list"><li>Russian diesel exports hit a record high in March despite new sanctions, according to Kpler data.</li><li>Brazil is one country that's seen a steep increase in Russian diesel imports.</li></ul>Russian diesel exports saw their highest-volume month on record in March, despite more restrictions on Moscow's energy supplies, according to commodities analytics firm <a href="https://www.kpler.com/" target="_blank" rel="noopener">Kpler</a>. Since Vladimir Putin launched his war on Ukraine, the US, Europe, and other <a href="https://markets.businessinsider.com/news/currencies/russia-economy-charts-ukraine-war-oil-trade-europe-sanctions-energy-2023-4">Western nations have imposed a range of sanctions</a> on Russia. In February, the European Union banned imports of refined Russian fuels, including diesel, after banning seaborne crude oil imports in December. Still, Russia's oil and diesel export volumes remain elevated amid steep discounts. In fact, <a href="https://markets.businessinsider.com/news/commodities/china-india-russian-oil-crude-moscow-war-ukraine-volumes-kpler-2023-4">crude oil shipments are back above pre-war levels</a> thanks to China and India, and Russian diesel exports hit a record 1.27 million barrels a day in March, Kpler data shows.But whereas crude exports have largely consolidated into a small number of large buyers, the opposite has happened for Russian diesel exports, Kpler lead oil analyst Matt Smith told Insider."Trade flows [for diesel] have sprung up into many North African countries, while other key exporters such as Turkey and Saudi Arabia have increasingly imported Russian diesel in recent months given advantageous pricing," he said.<h3>'It's a game of musical chairs'</h3>Smith noted that some nations, like India and China, have been <a href="https://markets.businessinsider.com/news/commodities/russian-oil-laundered-china-india-moscow-sanctions-europe-west-ukraine-2023-4">ramping up imports of Russian supplies only to resell them</a>. Overall, Russian diesel is displacing traditional suppliers as trade flows change to make up for the loss of exports to the European market, he added."It's a game of musical chairs, and one we've seen play out already with other Russian products such as fuel oil," the analyst said.Brazil, for example, imported effectively zero Russian diesel all the way up to the end of 2022, with most of its supplies coming from the US and other sellers, according to Kpler data shared with Insider.The US sent roughly 150,000 barrels a day of diesel to Brazil in December 2022, but that has dropped by about 50% in April.Brazil's diesel imports from Russia, meanwhile, surged to almost 100,000 barrels a day this month — even though the US is a much closer trade partner than Russia — suggesting Brazil is able to get cheaper supplies despite the longer distance.Smith said Kpler isn't privy to the pricing involved, but the data illustrate that the economics work for both Russia and Brazil. "If it was just the odd cargo it could be suggested that Brazil is the destination of last resort when Russia is unable to sell its diesel to anyone else, but the volumes delivered in the last three months suggest something more regular and more of a trend," the analyst said. "It really does appear that Russian diesel is muscling in on US market share in Brazil."

Russian diesel exports hit record highs as the sanctioned fuel cuts into the US market share

<ul class="summary-list"><li>Russia's energy outflows have surged over the past month, despite pledges to limit them.</li><li>The four-week average of fuel exports hit 2.4 million barrels a day, the most since September.</li></ul>Russian energy export levels look to be moving away from the latest round of pledges Moscow made to OPEC+.The four-week average of fuel exports hit 2.4 million barrels a day through December 17, the most since September, according to Vortexa data compiled by <a href="https://www.bnnbloomberg.ca/russia-ramps-up-fuel-exports-undermining-part-of-opec-pledge-1.2013878#:~:text=At%20the%20latest%20meeting%20of,four%20weeks%20to%20Dec.%2017" target="_blank" rel="noopener">Bloomberg</a>.And the more volatile weekly export flow topped 3 million, the highest since March. That includes a 42% jump in diesel and gasoil exports as well as a 19% increase in naphtha exports.Meanwhile, the four-week average of seaborne crude oil exports climbed to 3.28 million bpd, up from <a href="https://www.bloomberg.com/news/articles/2023-12-05/russia-s-oil-exports-beset-by-storms-slip-to-a-three-month-low" target="_blank" rel="noopener">3.04 million bpd exported</a> in the four weeks through December 3. But during last month's OPEC+ meeting, members pledged to extend oil production cuts as well as export curbs.That includes a further 900,000 barrels per day of exports, with 200,000 barrels coming from Russia. Deputy Prime Minister Alexander Novak later confirmed this voluntary reduction would also include crude and oil products.He then followed to say that Russia would further cut oil exports volumes by possibly <a href="https://www.reuters.com/business/energy/russia-eyes-additional-oil-export-cuts-about-50000-bpd-december-novak-says-2023-12-17/" target="_blank" rel="noopener">50,000 bpd this month</a>, as oil prices slumped in early December. This adds to a 300,000 bpd cut already in effect.This <a href="https://markets.businessinsider.com/news/commodities/russian-crude-exports-output-pledge-opec-crude-oil-prices-demand-2023-11">isn't the first time</a> Russian oil outflows counteracted pledges made by Moscow. October exports also surpassed the 300,000 bpd commitment.

Russia undermines its pledge to OPEC+ as crude oil and fuel exports jump

<ul class="summary-list"><li><keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> lowered the <keyword id="12233232" type="UNKNOWN" weightage="60" keywordseo="fuel" source="Orion">fuel</keyword> export quota by 40% for its refiners compared to the same time last year, Bloomberg reports. </li><li>China has issued 22.5 million tons of fuel <keyword id="12534666" type="UNKNOWN" weightage="60" keywordseo="exports" source="Orion">exports</keyword> for 2022, down from around 37 million tons in 2021 for the same period.</li></ul>China lowered the fuel export quota by 40% for its refiners compared to the same time last year, <a href="https://www.bloomberg.com/news/articles/2022-07-06/china-allows-refiners-to-export-40-less-fuel-than-a-year-ago">Bloomberg</a> reported Wednesday. The government controls the amount of fuel that state refiners and private companies can export, and it has moved to cap those exports to consolidate the sector, per the report. In total, China has issued 22.5 million tons of fuel exports for 2022, whereas that figure hovered near 37 million tons a year ago. The move signals that Beijing isn't keen on ramping up fuel production despite a global energy crunch. Huge swaths of China's economy and business operations have been shuttered due to ongoing COVID-19 lockdowns, which have only recently eased, and the country isn't using much of its refining capacity. In contrast, US refiners are running at near-maximum capacity, which are dwindling to historic lows. Meanwhile, <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> prices <a href="https://markets.businessinsider.com/news/commodities/oil-prices-below-100-barrel-strong-us-dollar-recession-fears-2022-7">fell below $100</a> Tuesday, and Citibank forecasted that crude could plunge as low as $65 if global demand slows down amid recession fears. Some analysts warn that <a href="https://markets.businessinsider.com/news/commodities/oil-price-forecast-recession-economy-inflation-rates-wti-crude-analysts-2022-7">the sell-off went too far</a>, and that prices can bounce back and remain hot if Russian production falls off. Deutsche Bank analysts increased their forecasts because they anticipate supplies from Moscow to slip as the year goes on."With prospects of stricter <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword> on <keyword id="13337215" type="UNKNOWN" weightage="60" keywordseo="russian-oil" source="Orion">Russian oil</keyword> exports the global crude oil supply-demand balance is expected to tighten over the next few quarters," the bank's analysts wrote in a note.

China isn't interested in ramping up fuel exports amid global energy crunch as Beijing calls for 40% lower quotas for refiners

<ul><li>The levy on domestically produced crude oil too has been increased by ₹ 3,000 per tonne to ₹ 11,000.</li><li>The government raised the windfall profit tax on the export of diesel to ₹ 12 per litre from ₹ 5 a litre. </li><li><keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> first imposed windfall profit taxes on July 1. </li></ul> The government on Saturday hiked the windfall profit tax on the export of diesel to ₹ 12 per litre and that on jet fuel exports to ₹ 3.50 a litre with effect from October 16. The levy on domestically produced crude oil too has been increased by ₹ 3,000 per tonne to ₹ 11,000. After lowering the tax rates for two consecutive fortnights mirroring fall in global crude prices, the <keyword id="47209" type="General" weightage="50" keywordseo="finance-ministry" source="Orion">finance ministry</keyword> has brought about a hike in export taxes on crude, diesel and <keyword id="44833" type="General" weightage="100" keywordseo="atf" source="Orion">ATF</keyword>, in its latest review. At the seventh fortnightly review, the government raised the windfall profit tax on the export of diesel to ₹ 12 per litre from ₹ 5 a litre, and brought back the levy on ATF (Aviation Turbine Fuel) exports at ₹ 3.50 per litre, from nil, finance ministry said in a notification. While private refiners <keyword id="6487" type="General" weightage="50" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword> and Rosneft-based <keyword id="6594278" type="General" weightage="50" keywordseo="nayara-energy" source="Orion">Nayara Energy</keyword> are the principal exporters of fuels like diesel and ATF, the windfall levy on domestic crude targets producers like state-owned <keyword id="64243" type="General" weightage="50" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) and Vedanta Ltd. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. But international oil prices have cooled since then, eroding the profit margins of both oil producers and refiners. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/us-offer-to-help-india-in-chip-manufacturing-just-lip-service-china/articleshow/94882797.cms">US offer to help India in chip manufacturing just lip service: China</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/rishab-shettys-kantara-becomes-highest-rated-indian-film-beats-kgf-2-rrr/articleshow/94862419.cms">Rishab Shetty's 'Kantara' becomes highest-rated Indian film, beats 'KGF 2', 'RRR'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/byd-atto-3-receives-5-stars-in-ncap-crash-test-ahead-of-india-sale/slidelist/94861839.cms">BYD Atto 3 receives 5 stars in NCAP crash test ahead of India sale</a>

Govt hikes windfall profit tax on export of diesel, ATF; raises tax on domestic crude oil

<ul class="summary-list"><li>Russia is shipping the most oil in nearly four months, Bloomberg data shows.</li><li>That comes despite commitments to trim production by 300,000 barrels a day through year-end.</li></ul>Russia's oil exports are edging towards their highest level in four months, despite the nation's earlier promises to deliver <a href="https://markets.businessinsider.com/news/commodities/oil-prices-russia-saudi-arabia-production-cuts-opec-supply-demand-2023-9">hefty production cuts</a> with Saudi Arabia.Russia shipped around 3.48 million barrels of oil a day in the four weeks ending November 5, slightly higher than the four-week period ending October 29. That represents one of the <a href="https://www.bloomberg.com/news/articles/2023-10-03/russia-s-seaborne-oil-exports-jump-to-the-highest-in-three-months#xj4y7vzkg" target="_blank" rel="noopener">highest shipping volumes</a> of crude Russia has seen since July, Bloomberg data shows. The increase comes even as <a href="https://markets.businessinsider.com/news/commodities/oil-prices-russia-saudi-arabia-production-cuts-opec-supply-demand-2023-9">Russia has promised to prolong its 300,000 barrel-a-day production cut</a> through the end of the year, part of its efforts with Saudi Arabia to boost oil prices. Russia's crude exports have actually been cut just a third of that amount, Bloomberg estimated, meaning the rest of the promised deficit will have to be made up by cutting exports of refined oil products, like diesel. Meanwhile, the price of Brent crude, the international benchmark, continued to slip on Tuesday, trading 2.5% lower to $83 a barrel. US oil prices, meanwhile, <a href="https://markets.businessinsider.com/news/commodities/oil-price-wti-crude-markets-china-israel-hamas-war-demand-2023-11">fell below $80 for the first time since August</a>. Higher oil exports have been boosted Russia's war revenue, as its economy is heavily dependent on its energy commodities trade. The nation's total revenue from oil and gas exports jumped to its highest level since April 2022, <a href="https://www.bloomberg.com/news/articles/2023-11-03/russia-s-oil-and-gas-revenue-surge-to-18-month-high-in-october#xj4y7vzkg">Bloomberg</a> reported, with budget proceeds from oil and gas taxes rising to $17.6 billion that month.Still, economists have sounded the alarm for Russia's economy as it strains under the weight of sanctions and broken trade ties since it invaded Ukraine in 2022. Moscow just planned a record-high military budget for 2024, and the nation's wartime economy is <a href="https://www.businessinsider.com/russia-economy-putin-ukraine-war-military-spending-budget-kremlin-inflation-2023-10">putting future growth at serious risk</a>, according to the Carnegie Endowment.

Russia's oil exports are climbing near 4-month highs despite big production cuts

Passenger vehicle exports from <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> rose 15 per cent in FY23 with Maruti Suzuki India leading the segment with dispatches of over 2.5 lakh units, as per the latest data by industry body SIAM. The total passenger vehicle (PV) exports stood at 6,62,891 units in 2022-23 fiscal as compared to 5,77,875 units in 2021-22. Passenger car shipments saw a 10 per cent growth at 4,13,787 units, while utility vehicle exports rose 23 per cent at 2,47,493 units during the last fiscal, the data by the <keyword id="1577311" type="General" weightage="50" keywordseo="society-of-indian-automobile" source="Orion">Society of Indian Automobile</keyword> Manufacturers (SIAM) showed. Exports of vans, however, declined to 1,611 units last fiscal, from 1,853 units in the 2021-22 fiscal year. Maruti Suzuki India (<keyword id="6392170" type="General" weightage="50" keywordseo="msi" source="Orion">MSI</keyword>) led the exports last fiscal in the passenger vehicle segment. It was followed by Hyundai Motor India and Kia India. MSI, the country's largest carmaker, exported 2,55,439 PVs last fiscal, an 8 per cent increase as compared to 2,35,670 units in the 2020-21 fiscal year. The carmaker exports to various markets, including Latin America, ASEAN, Africa, the Middle East and neighbouring regions. Hyundai Motor India's overseas dispatches stood at 1,53,019 units last fiscal, up 18 per cent from 1,29,260 units in 2021-22. Similarly, Kia India exported 85,756 units across global markets in the period under review as compared to 50,864 units in 2021-22. <keyword id="148574" type="General" weightage="50" keywordseo="nissan-motor-india" source="Orion">Nissan Motor India</keyword> shipped 60,637 units; Renault India 34,956 units; <keyword id="6361865" type="General" weightage="50" keywordseo="volkswagen" source="Orion">Volkswagen</keyword> India 27,137 units in FY23. Honda Cars India exported 22,710 units, while Mahindra &amp; Mahindra chipped in with 10,622 units in the 2022-23 fiscal. Overall automobile exports from India last fiscal stood at 47,61,487 units, down 15 per cent from 56,17,359 units in 2021-22. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/hdfc-hdfc-bank-merger-to-bring-inflows-of-up-to-3-billion-all-eyes-now-on-the-merger/articleshow/99557243.cms">HDFC-HDFC Bank merger to bring inflows of up to $3 billion: All eyes now on the merger</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/diesel-sales-jump-on-agricultural-demand/articleshow/99558562.cms">Diesel sales jump on agricultural demand</a>

Passenger vehicle exports from India rise 15% in FY23; Maruti Suzuki leads segment

Good morning markets people, I'm senior reporter Phil Rosen. If you're like me, breakfast this morning consists of the Halloween candy you "forgot" to leave out for trick-or-treaters last night. (Don't worry, I won't tell anyone.)Or maybe, you loaded up ahead of time so you could meet the rush and have leftovers.Econ 101, really — when demand overruns supply, there's trouble (i.e. no spare candy). And when stockpiles can handle a seasonal surge (i.e. trick-or-treaters), there's more wiggle room and less urgency. This is what we're covering today, albeit with slightly higher stakes. America's in the midst of one of its worst diesel shortages ever thanks to lopsided supply and demand. Hold on to your M&amp;Ms because today we're diving into the crisis. And two items to keep on your radar: Job openings data for September comes out this morning, and the Federal Reserve kicks off its two-day policy meeting today, which many expect will culminate with another 75-basis-point rate hike.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10"></a>1. The diesel shortage has been building since the start of the pandemic, and fuel inventories have dropped well below <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">emergency levels</a>. The Energy Information Administration has said the US has only <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">25 days left</a> of diesel reserves — and that was two weeks ago. Stockpiles are hovering below marks not seen since 2008.So how did we get here? That's what I asked Matt Smith, lead oil analyst at Kpler. He told me it comes down to basic supply and demand. <ul><li>The pandemic abruptly halted gas demand, since people were forced to stay home.</li><li>With demand crashing, refiners stopped refining. </li><li>But trucks continued to deliver goods around the country, so <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">diesel demand</a> stayed elevated. </li></ul>In effect, <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">diesel consumption continued</a> but refiners largely slowed down production. The crisis has since gotten worse because of two additional factors at play. "The double whammy is that, as demand has picked up post-pandemic, the US is exporting more, well over a million barrels a day," Smith explained. "And the triple whammy is the sanctions coming onto Russia's diesel exports early next year, so the global backdrop is <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">tight supply</a>."With European nations weaning off Russian energy, competition has increased in the diesel market due to the influx of buyers. Notably, Smith said, it's unlikely inventories actually bottom out at zero. Markets are panicking, so diesel prices will climb higher and higher, which will spark behavioral changes in consumers and producers. "Higher prices make the profitability of refining diesel go much higher," he said. In other words, refiners have more incentive to <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">ramp up production</a>. At the same time, <a href="https://markets.businessinsider.com/news/commodities/oil-prices-diesel-crisis-shortage-eia-biden-energy-europe-russia-2022-10">expensive diesel</a> will mean fewer customers can afford to keep buying fuel. "So prices rise, which crimps demand, and that also crimps export demand and encourages import demand," Smith said. "The market is having to adjust very quickly to avoid inventories running dry. The mechanism to do that is simply through diesel prices rising."Will the US's worsening fuel shortage impact the outcome of the midterm elections? Let me know on Twitter (<a href="https://twitter.com/philrosenn">@philrosenn</a>) or email me (<a href="mailto:prosen@insider.com">prosen@insider.com</a>).<a href="https://markets.businessinsider.com/news/commodities/russia-oil-price-cap-crude-energy-crisis-us-midterm-elections-2022-10"></a><div type="image" title="putin" height="1750" width="3500" msid="95229805" hostid="261" sizebytes="145218"></div>2. European stocks and US futures rise early Tuesday. Meanwhile, oil is also up, as BP reported a quarterly profit of $8.2 billion while giant Saudi Aramco's quarterly profit surged 39%. <a href="https://markets.businessinsider.com/premarket">Here are the latest market moves. </a>3. On the docket: Airbnb, Pfizer Inc., Toyota Motor Corp., all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a>4. Bank of America listed its top stock picks with the best chance at delivering positive surprises to investors. Some of the biggest names in the market keep disappointing traders and getting destroyed. <a href="https://www.businessinsider.com/stock-picks-to-buy-how-to-invest-meta-amzn-googl-2022-10">Analysts said these 14 smaller names are most likely to beat expectations in the days and weeks ahead.</a>5. The US is reportedly prodding European allies to impose trade sanctions on China. They would come in the form of export controls, similar to those currently being used against Russia, according to Bloomberg. <a href="https://markets.businessinsider.com/news/stocks/china-sanctions-tech-competition-russia-alliance-us-eu-rival-military-2022-10">Some EU officials have expressed openness to sanctioning goods to limit China's military, as well as to bolster other trade-protective measures. </a>6. A planned price cap on Russian oil could be delayed, according to a Wall Street Journal report. Policymakers could postpone the move to try and smooth market volatility ahead of midterm elections, sources told the Journal. <a href="https://markets.businessinsider.com/news/commodities/russia-oil-price-cap-crude-energy-crisis-us-midterm-elections-2022-10">Here's what you want to know.</a>7. Lloyd Blankfein reminded investors that plenty could still go right to send the stock market higher. "Positives may be lurking," he tweeted. Those include a potential Fed pause, Ukraine-Russia truce, and the end to China's COVID-19 lockdowns. <a href="https://markets.businessinsider.com/news/stocks/stock-market-could-surge-on-any-good-news-lloyd-blankfein-2022-10">His reasons for optimism come amid overwhelmingly negative sentiment.</a>8. Wall Street's biggest banks said Amazon is still a screaming "buy" despite its ugly earnings results. Amazon's chief financial officer said the company was taking action to "tighten our belt" the day before slashing 150 roles. Here's why experts are still betting on the retail giant — <a href="https://www.businessinsider.com/amazon-earnings-q3-wall-street-analysts-not-bearish-stock-growth-2022-10">and where they see future growth coming from</a>.9. The founder of a real-estate investing platform highlights the most attractive cities in the southeast right now. The exec told Insider that these three locations are all business-friendly, affordable, and seeing significant population growth. <a href="https://www.businessinsider.com/3-best-cities-the-southeast-real-estate-investing-head-says-2022-10">He shared his top predictions in the sector for the coming months.</a><a href="https://markets.businessinsider.com/news/commodities/food-price-outlook-wheat-corn-soybean-oil-russia-ukraine-deal-2022-10"></a><div type="image" title="wheat prices" height="957" width="1128" msid="95229807" hostid="261" sizebytes="23932"></div>10. The price of wheat futures soared Monday after Russia's withdrawal from a deal to export Ukrainian grain via the Black Sea. The move threatened food supplies across the world, as Moscow said it would nix the agreement for an "indefinite term." Deutsche Bank's managing director wrote in a research note that the decision <a href="https://markets.businessinsider.com/news/commodities/food-price-outlook-wheat-corn-soybean-oil-russia-ukraine-deal-2022-10">"undermines efforts to ease a global food crisis."</a> Keep up with the latest markets news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Phil Rosen in New York. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn">@philrosenn</a> or email <a href="mailto:prosen@insider.com">prosen@insider.com</a>Edited by Max Adams (<a href="https://twitter.com/maxradams">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

America is facing a dramatic diesel shortage that could get even worse

<ul class="summary-list"><li>A ship-to-ship transfer of <keyword id="13337215" type="UNKNOWN" weightage="60" keywordseo="russian-oil" source="Orion">Russian oil</keyword> happened in the middle of the Atlantic in May, according to Bloomberg. </li><li>It was an unusual distance from the sheltered waters where transfers typically occur. </li></ul>In May, a ship-to-ship transfer of Russian oil happened in the high seas of the Atlantic — an unusual distance from typical sheltered waters where risks of oil spills are lower, according to <a href="https://www.bloomberg.com/news/articles/2022-06-06/oil-tankers-make-rare-mid-atlantic-switch-of-russian-crude-cargo?utm_source=google&amp;utm_medium=bd&amp;cmpId=google">Bloomberg</a>. Russian <keyword id="12688402" type="UNKNOWN" weightage="60" keywordseo="crude" source="Orion">crude</keyword> sellers are more often leaning into alternative methods to get products to buyers as war in Ukraine rages on. Wary buyers have attempted to avoid affiliation with the sanctioned nation through <a href="https://markets.businessinsider.com/news/commodities/russian-oil-products-us-sanctions-refined-india-trade-ukraine-war-2022-6">obfuscating the origins of crude</a> and trading oil marked "<a href="https://markets.businessinsider.com/news/commodities/russia-oil-exports-destination-unknown-ukraine-war-sanctions-europe-2022-4">destination unknown</a>."Between May 26 and May 27, per Bloomberg, the supertanker Lauren II took cargo from the Aframax tanker Zhen I in the middle of the ocean, about 300 miles west of Madeira. The move marked the first Russian crude transfer on the high seas, and the Lauren II is now drifting in the mid-Atlantic potentially awaiting another cargo transfer. "As normal <keyword id="11931670" type="UNKNOWN" weightage="60" keywordseo="trade" source="Orion">trade</keyword> routes start to close for Russian crude and products, and as purchases are increasingly punished and vilified, we should expect to see more subterfuge and obfuscation in the months ahead," Matt Smith, lead oil analyst at Kpler, told Insider.These large cargo ships, according to Bloomberg, are economically viable options for long-distance transfers because they can store about three times the amount of a smaller ship like the Zhen I. Meanwhile, the Wall Street Journal reported that Russian oil products are still reaching the US market because <a href="https://markets.businessinsider.com/news/commodities/russian-oil-products-us-sanctions-refined-india-trade-ukraine-war-2022-6">traders are blending and refining it elsewhere</a>. Supplies believed to be at least partially composed of Russian oil arrived in New York and New Jersey last month, which likely came from India, the report said. "It is impossible to completely extricate Russian <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> from the global market," Smith <a href="https://markets.businessinsider.com/news/commodities/russian-oil-products-us-sanctions-refined-india-trade-ukraine-war-2022-6">told Insider previously</a>. "If India is taking Russian crude and blending it with other crudes and then refining it into gasoline or diesel, there's no way to separate what is made from Russian crude and what isn't. On this basis, any clean products refined in India and sent to the US could have originated from Russian crude, it is just impossible to tell."

Russian oil is getting transferred in the high seas for the first time as wary buyers try to avoid affiliation with Moscow

<ul class="summary-list"><li><keyword id="11894587" type="UNKNOWN" weightage="60" keywordseo="saudi-arabia" source="Orion">Saudi Arabia</keyword>'s <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> <keyword id="12534666" type="UNKNOWN" weightage="60" keywordseo="exports" source="Orion">exports</keyword> hit their highest since 2016 in the first quarter of this year. </li><li>The figure showed a 90.3% jump compared to the same quarter in 2021. </li></ul>Saudi Arabia's oil exports reached a 2016 high of $30 billion in March, <a href="https://www.stats.gov.sa/sites/default/files/ITR%20Q12022E.pdf">the General Authority for Statistics announced Wednesday</a>. Oil exports hit about $35 billion in the first quarter of 2022, jumping by 90.3% compared to the same quarter of 2021.The increase reflects a surge in crude <keyword id="11894590" type="UNKNOWN" weightage="60" keywordseo="oil-prices" source="Orion">oil prices</keyword> along with ramped-up production, triggered by Western sanctions against Russia after it launched an invasion of Ukraine. In April, Saudi Arabia produced 10.346 million barrels per day, according to the OPEC monthly oil market report <a href="https://www.opec.org/opec_web/en/publications/338.htm">released</a> on May 12. State-owned <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> company <a href="https://www.businessinsider.com/saudi-aramco-jump-profits-first-quarter-2022-5">Saudi Aramco reported</a> in May an 82% jump in profits in its first quarter to $39.5 billion.According to the results, the share of oil exports against total exports, which include refined products such as gasoline and diesel, rose to 78.3% in the first quarter of 2022 from 71.1% in the first quarter of last year, reflecting the increased demand for crude among buyers seeking an alternative to Russian supply.The statistics authority said its main export destination, including non-oil exports, was China, which accounted for 16.8% of total exports in the first quarter.India and Japan followed, making up 11.5% and 10.5% of total exports, respectively. With its fastest economic growth in more than a decade, the International Monetary Fund has estimated that the Saudi economy will hit $1 trillion this year for the first time in history. As the oil price trades above $100 a barrel and the cost of key transportation fuels soars, heaping pressure on consumers around the world, the kingdom's stance on oil production however has been clear. The country's foreign minister said this week that it won't take further action to calm <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> by increasing supply. "The kingdom has done what it can," Prince Faisal bin Farhan <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-saudi-arabia-commodities-surging-world-economic-forum-2022-5">said</a> at the <a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2022/sessions/the-geopolitical-outlook-ea28fcd5f6">World Economic Forum at Davos</a>.

Saudi Arabia oil exports soared to the most since 2016 in Q1 thanks crude prices above $100 a barrel and higher production

<ul class="summary-list"><li>Russia is selling record amounts of crude oil to India to plug its shortfalls from the EU oil ban, according to Vortexa.</li><li>Indian imports hit a record 1.2 million barrels a day in December, and 1.3 million barrels a day in the first two weeks of January.</li></ul>Russia is selling record amounts of crude oil to India to plug the gap in its energy exports after the European Union banned imports in December, according to a recent <a href="https://www.vortexa.com/insights/article/russia-overcomes-eu-ban-with-record-high-crude-exports-to-india/">report</a> from Vortexa.The energy analytics firm said Russia handed off 1.2 million barrels a day of its crude oil to India in December, notching a new record high.And Russia is set to top that record in January, with nearly 1.3 million barrels a day already shipped in the first two weeks this month, Vortexa said. Russian crude now accounts for 60% of India's oil imports, compared to 48% in December. "Since the EU ban took effect last December, the reshuffle of Russian crude has been much smoother than many market participants had anticipated," Vortexa's head of Asia-Pacific analysis, Serena Huang, said in the note. "Russia has done well in enticing Indian refiners to increase purchases of its crude as the EU pivots away."While the volume of oil sold to India is up sharply, the revenue Moscow earns from it is limited by weak prices. In December, the <a href="https://markets.businessinsider.com/news/commodities/eu-sanctions-russian-oil-price-cap-crude-price-outlook-exports-2022-12">EU banned Russian seaborne oil</a> and imposed a $60 price cap, which prevents other countries from using EU shipping and insurance services, unless oil is sold below the cap.Those restrictions caused <a href="https://markets.businessinsider.com/news/commodities/russia-crude-oil-exports-war-revenue-eu-ban-price-cap-2023-1">Russia's crude revenue to plunge $15 million</a> in the last week of 2022, and the country has been forced to <a href="https://www.businessinsider.com/russia-oil-flows-asia-european-union-sanctions-crude-energy-markets-2022-12">divert 90% of its oil to Asia</a> to make up for the lost business.And while <a href="https://markets.businessinsider.com/news/commodities/russian-oil-sales-china-india-q2-us-eu-sanctions-crude-2022-9">China and India have ramped up their buying</a> of Russian crude, they have been able to demand heftier discounts, which is <a href="https://markets.businessinsider.com/news/commodities/india-china-still-buying-russian-oil-but-demand-huge-discounts-2022-11">costing Russia around $4 billion a month</a>, according to estimates from Bloomberg.Oil markets could be further disrupted when the EU bans Russian oil products, including diesel and fuel oil, on February 5.EU officials are also <a href="https://markets.businessinsider.com/news/commodities/russia-diesel-price-cap-fuel-oils-eu-import-embargo-g7-2023-1">weighing various price caps</a> with considerations for a $100-a-barrel price cap for Russian diesel and a $45 cap for Russian fuel oil.

You Searched For "export of diesel increase" and got 13 results

Windfall profit tax on crude oil hiked, levy on export of diesel cut

PTI

Govt hikes windfall profit tax on crude oil, cuts levy on diesel exports

PTI

Govt hikes windfall tax on domestic crude, reduces levy on export of diesel

ANI

Russian diesel exports hit record highs as the sanctioned fuel cuts into the US market share

Phil Rosen

Russia undermines its pledge to OPEC+ as crude oil and fuel exports jump

Filip De Mott

China isn't interested in ramping up fuel exports amid global energy crunch as Beijing calls for 40% lower quotas for refiners

Phil Rosen

Govt hikes windfall profit tax on export of diesel, ATF; raises tax on domestic crude oil

PTI

Russia's oil exports are climbing near 4-month highs despite big production cuts

Jennifer Sor

Passenger vehicle exports from India rise 15% in FY23; Maruti Suzuki leads segment

PTI

America is facing a dramatic diesel shortage that could get even worse

Phil Rosen

Russian oil is getting transferred in the high seas for the first time as wary buyers try to avoid affiliation with Moscow

Phil Rosen

Saudi Arabia oil exports soared to the most since 2016 in Q1 thanks crude prices above $100 a barrel and higher production

Zahra Tayeb

Russia is selling record amounts of crude oil to India to plug the gap in its energy exports after the EU ban

Jennifer Sor

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