crude oil

Saudi Arabia can pump crude oil at a cost of less than $10 a barrel, analysts estimate—a huge cost advantage over U.S. shale producers.

A Reliance Industries spokesperson said the company purchases crude oil from several sources, including the Middle East and the U.S., and bases its decisions on prevailing market conditions.

Iran exported $43 billion of mainly crude oil last year, according to estimates by the U.S.

The company said it has "sufficient crude oil reserves for processing at this time, while petrol stations are fully supplied with all types of petroleum products".

The bill circumvents a decade of legal challenges by environmental groups seeking to stymie drilling in the county that produces about three-fourths of the state’s crude oil.