In an unprecedented occurrence, India’s crude oil imports from Russia experienced a significant drop in July, marking the first such decline in nine months. This decrease in imports coincides with production cuts from OPEC nations and other countries, resulting in Saudi Arabia’s crude oil exports plummeting to their lowest levels in over two years. According to statistics, India and China, two of the world’s top three oil importers, scaled back their imports from Russia and Saudi Arabia due to soaring oil prices in July.
This shift has not only impacted the import side but has also forced Russia and Saudi Arabia to curtail their production outputs. Saudi Arabia has implemented a cut of 1 million barrels per day (bpd) in its production from July to September. Similarly, Russia is set to reduce its exports by 500,000 bpd in August. The import figures showcase a decline of 5.7% from Russia, reaching 1.85 million bpd, and a 26% drop from Saudi Arabia, totaling 470,000 barrels per day.
Overall crude oil imports in July dipped by 5.2%, settling at 4.4 million bpd. This adjustment in the global oil trade landscape underscores the intricate interplay between international oil prices, production decisions by major oil-producing countries, and the strategies adopted by oil-importing nations like India and China to balance their energy needs with economic considerations.
Honda Cars to Increase Prices from September
Honda Cars India is planning to raise vehicle prices from September in a bid to partially offset the impact of rising costs. The company sells popular models like the City and the Amaze in the Indian market. However, the exact magnitude of the price increase has not been decided yet.
With the persistent surge in input costs and various economic factors, automakers are facing the challenge of maintaining profitability while ensuring competitive pricing for their products. Honda Cars India’s decision to implement a price hike comes as a strategic move to balance these factors.
As of now, the specific details about the extent of the price hike remain undisclosed. Consumers will have to wait for an official announcement from Honda to understand the revised pricing structure for their range of vehicles.
LIC Acquires 6.66% Stake in Jio Financial Services
Life Insurance Corporation of India (LIC) has purchased a 6.66% stake in Jio Financial Services. LIC revealed to the stock markets that the acquisition cost was 4.68% of the pre-separation valuation from Reliance Industries, before Jio’s separation. The Ambani family holds a 46% stake in Jio.
This move signifies LIC’s interest in diversifying its investment portfolio by entering the financial services sector through its stake acquisition in Jio Financial Services. The strategic decision aligns with LIC’s ongoing efforts to explore investment opportunities and potentially enhance its returns. Jio, a prominent player in the telecommunications and technology sector, has been expanding its presence in various domains, attracting investments from diverse sources including institutional investors like LIC.