Crude Oil Reserves

As several India-flagged vessels remain stranded in the Strait of Hormuz due to the ongoing conflict in West Asia, Iran's Ambassador to India, Mohammad Fathali, on Friday said that "we will try our best" to resolve the issue. Interacting with reporters on the sidelines of an event here, Fathali said, "We believe that Iran and India are friends. We have common interests, we have common faith." As the war entered its fourteenth day, with no end in sight, the Iranian envoy said, "Iran doesn't want war, but Iran is ready for war." While US President Donald Trump told reporters on Wednesday that "we're not finished yet", Iran continued to remain defiant and used the choking of the strategic Strait of Hormuz as leverage against the US-Israel combine. The Strait of Hormuz is a strategic narrow sea lane between the Persian Gulf and the Gulf of Oman. Hundreds of ships have been stranded in this maritime lane since the US and Israel launched attacks on Iran, and Tehran targeted the region i

The release is part of a 400 million barrel effort coordinated with other nations aimed at prices that have climbed dramatically since the US-Israel invasion of Iran

G7 nations are set to discuss a coordinated oil release from strategic reserves via the International Energy Agency as the West Asia conflict pushes crude prices higher and raises supply concerns

Indian refiners have begun negotiating for additional crude cargoes from the US, Russia and West Africa to ensure supplies remain adequate in the event of the Middle East conflict drags on for a longer period, industry officials and analysts said. Refineries, which convert crude oil into fuels like petrol and diesel, have deferred planned maintenance shutdowns and are maintaining normal processing rates to create buffers that could meet the country's requirement in the near term, they said. India imports about 88 per cent of its crude oil requirement, with roughly half of those supplies in February passing through the Strait of Hormuz, the narrow sea lane between Iran and Oman that serves as a key energy transit route for global markets. The recent military strikes by the United States and Israel on Iran, and Tehran's retaliatory attacks on US bases in neighbouring countries as well as Israel, have sharply escalated tensions in the region, leading to a near halt in tanker movements

ADB says India's crude oil reserves of about 100 million barrels-enough for 40-45 days-leave the country exposed to potential supply disruptions through the Strait of Hormuz

Russian refining runs rose by 2 per cent, or by 108,000 barrels, to 754,800 metric tons a day on Jan 15-19 from the first week of the year, according to the sources

On Wednesday, Brent crude was down around 1.2 per cent to $76.16/bbl, while US West Texas Intermediate crude fell around, or 1.05 per cent, to $73.47/bbl

Oil prices showed marginal recovery on Monday to settle a per cent up at $68.71, following its worst weekly fall since October 2023 as WTI fell 8 per cent and Brent was down 10 per cent.

Crude oil prices at $83.50, hover near two months high driven by the renewed geo-political risk in the middle east and red sea region along with the threat of Hurricane Beryl

The tax, which is revised every fortnight, remained unchanged at zero for diesel and aviation turbine fuel

The WTI holding on to support of $78 in Asian hours, retreating from three weeks high of $79.12. hit on Wednesday

Oil prices are moving higher after posting three straight weekly declines following Opec+ decision on June 2

The government has allowed Abu Dhabi National Oil Company (Adnoc) to export crude oil it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm, an order of the Ministry of Commerce and Industry said on Saturday. At present, crude oil, which is the raw material for producing fuels like petrol and diesel, is not allowed to be exported except through the state-owned Indian Oil Corporation (IOC). In an order, the ministry said the condition of export being allowed only through IOC will continue, but "AMI (Adnoc Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their commercial stockpile at Mangalore strategic petroleum reserve, at their own cost". India, the world's third-biggest oil importer and consumer, imports over 85 per cent of its oil needs and has built strategic storages at three locations to store up to 5.33 million tonnes of oil as insurance ...

The company, formerly called Schlumberger, reported net income, excluding charges and credits, of 86 cents per share, for the three months ended Dec 31

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U.S. West Texas Intermediate crude futures gained 10 cents, or 0.13 per cent, to $81.74

The announcement sent US oil futures 0.5% higher to trade above $71 a barrel.

About 93 million barrels of Iranian crude and condensate are currently stored on vessels in the Persian Gulf, off Singapore and near China

Oil settled lower on Friday as members of the International Energy Agency (IEA) agreed to join in the largest-ever US oil reserves release

This coordinated release of crude oil from strategic reserves will be the first of its kind globally