Oil prices rose more than 14 per cent in the three days to Thursday after Saudi Arabia and Russia, supported by other producers including Venezuela and Iraq, moved to freeze oil output at January's levels
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The Mukesh Ambani-owned company may also restart refined fuel shipments to Iran that were stopped in 2007
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Top oil producers Russia and Saudi Arabia on Tuesday agreed to limit oil production at January levels, provided other oil exporters joined in, but stopped short of agreeing cuts in oil output
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The talks in Doha involve Saudi Oil Minister Ali Al Naimi and his Russian counterpart Alexander Novak
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Prices extended gains after data showed an eighth straight weekly drop in the number of US rigs drilling for oil. Oil also got a boost from the rally in global equity markets
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India is a bright spot in a dull international energy market and the International Energy Agency said last year that New Delhi would be the primary driver of global energy demand over the next 25 years
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Comments from the UAE energy minister that OPEC is willing to cooperate on production cuts has little impact on market
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The company posted a standalone net profit of Rs 1,286 crore for the three months ended December 31, compared with Rs 3,571 crore in the year-ago quarter
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India is eager for foreign capital and technology to develop its economy while the UAE, among the richest of the Gulf Arab energy exporters, wants to use overseas investment to diversify its asset base
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Rosneft signed a preliminary deal in July last year to acquire up to 49 per cent in Essar Oil, controlled by the Indian billionaire Ruia brothers
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