India's diesel market, according to another oil products trader, is that the "private refiners are maximizing jet-fuel and cutting back diesel production because of better prices
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Many members of OPEC plus outside producers such as Russia are meeting Doha, Qatar, on Sunday to discuss freezing output
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Crude also drew support when Russia said its crude output fell in April, as major oil producing countries prepared to meet in Doha on April 17 to freeze production
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At a time when crude prices dropped dramatically, P. Balasubramanian has taken BPCL to its highest-ever net profit
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The Cabinet on Wednesday agreed to let state-owned oil refiners devise their own crude import policies so they can secure cheaper oil cargoes in an oversupplied market and improve profitability
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Front month US crude futures were at $36.36 per barrel at 0520 GMT, down 1.17 per cent or 43 cents from their last settlement. Brent crude was down 1 per cent or 40 cents at $38.27 a barrel
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Oil rebounded over the past two months from 12-year lows after major producers within and outside OPEC floated the idea of freezing output at January's highs
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The move comes close on the heels of a government decision in early March that allowed producers to claim a higher price for gas extracted from hydrocarbon basins located in the deep water and ultra-deep water areas of India
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India's state-owned oil exploration company is doing better by buying oil fields elsewhere than by investing in producing from its own.
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Declining US oil output and strong gasoline demand were responsible for some of that recovery, but the bulk of it was powered by major producers' plans to freeze output at January's highs
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