Oil Market

Oil price outlook: The most significant downward pressure on oil prices this month stems from renewed optimism regarding the conflict in Ukraine.

On the bourses, IGL share price rallied up to 5.54 per cent to an intraday high of ₹193.35 per share, while MGL share price rose up to 4.22 per cent to an intraday high of ₹1,159.25.

Oil marketing companies (OMCs) are poised for a sharp rebound, with operating profits expected to surge more than 50 per cent to USD 18-20 per barrel this fiscal year, driven by stronger marketing margins amid stable retail fuel prices and supportive crude oil dynamics, Crisil Ratings said on Friday. OMCs earn from refining (gross refining margins or GRMs) and from marketing of petrol, diesel, and other fuels. "This fiscal, the improvement in marketing margin will more than offset a moderation in refining margin owing to slow growth in global demand for fossil fuels as the world transitions towards cleaner energy sources," Crisil Ratings said in a note. Healthy profitability is set to bolster cash accruals to Rs 75,000-80,000 crore, compared with about Rs 55,000 crore last fiscal year. The stronger cash flow will support the sector's planned Rs 90,000 crore capex, largely focused on brownfield expansion and domestic demand-driven projects. Crude oil prices are expected to soften to

Rosneft, Lukoil major suppliers to India; crude import bill may rise by over ₹23K cr

Brent crude futures rose $1.29, or 2.1%, to $62.61 a barrel by 11:09 a.m. EDT (1509 GMT), while U.S. West Texas Intermediate crude futures climbed $1.34, or 2.34%, to $58.58

Brent crude futures fell $1.38, or 2.2%, to $61.94 a barrel by 1248 GMT, while U.S. West Texas Intermediate crude was down 2.3%, or $1.37, at $58.12. Both contracts were at a five-month low

In recent years, Beijing has pressed state-owned producers to invest in harder-to-access fields to reduce dependence on imports

OPEC+ has agreed in principle on a 137,000 bpd increase, three OPEC+ sources said ahead of an online meeting scheduled for 1100 GMT on Sunday

An industry body for sugar factories has written to the Centre seeking a revision of the tender, which has left procurement prices unchanged from last year, noting that sugarcane prices have gone up

OPEC+ has reversed its strategy of output cuts from April and has already raised quotas by more than 2.5 million barrels per day

Brent crude rose 47 cents, or 0.7%, to $66.49 a barrel by 0910 GMT, while U.S. West Texas Intermediate crude climbed 72 cents, or 1.2%, to $62.98

That increase, which equates to about 2.4% of world demand, was intended to boost market share amid pressure from US President Donald Trump for lower oil prices

The US pressure on India for its procurement of Russian crude oil is "unjustified", a senior Russian diplomat said on Wednesday. We are confident that India-Russia energy cooperation will continue notwithstanding the external pressure, Russian Deputy Chief of Mission Roman Babushkin said. It is a "challenging" situation for India, he said at a media briefing and added that, we have "trust" in our ties with New Delhi. In the context of Western punitive measures against Russia, Babushkin said the sanctions are hitting those who are imposing them. To a question, he said the role of BRICS as a stabilising force will increase amid the ongoing global turbulence. His remarks came against the backdrop of strain in India's ties with the US following President Donald Trump doubling tariffs on Indian goods to 50 per cent that included an additional penalty of 25 per cent for purchasing Russian crude oil. US President Trump this month issued an executive order slapping an additional 25 per c

There is a potential for upside to Reliance Industries Ltd provided it operates at lower leverage and strengthens non-energy revenue streams, S&P Global Ratings said on Tuesday. S&P had last week raised the issuer credit ratings of Reliance as well as companies such as Oil and Natural Gas Corp (ONGC), NTPC and Tata Power to 'BBB' from 'BBB-' following upgrade in India's sovereign rating to 'BBB/A-2' from 'BBB-/A-3' on economic resilience and sustained fiscal consolidation. "There is a potential for upside in RIL's rating. It is at 'BBB+'... This (rating going up by a notch) would require stand alone credit profile to improve. For this, what we have said we need a continuation of the company to operate at a lower leverage, and will likely need a strengthening on the business side particularly contribution from non-energy revenues because these are less volatile," said Neel Gopalakrishnan, credit analyst, S&P Global Ratings, on Tuesday. A combination of these factors could ..

Indian Oil Corporation (IOC) has signed a landmark agreement to supply sustainable aviation fuel to Air India, representing a significant step towards a greener and cleaner aviation in India. IOC plans to begin production of sustainable aviation fuel (SAF) from used cooking oil starting December this year at its Panipat refinery, according to Chairman Arvinder Singh Sahney. The facility is expected to produce 35,000 tonne of green fuel annually, using waste cooking oil sourced from hotel and restaurant chains such as ITC and Haldiram's. SAF is an alternative fuel made from non-petroleum feedstocks that reduces emissions from air transportation. It can be blended up to 50 per cent in conventional aviation turbine fuel (ATF or jet fuel), depending on availability. India has mandated 1 per cent SAF blending in jet fuel sold to international airlines from 2027. IOC on Tuesday signed a memorandum of understanding (MoU) which "outlines the shared commitment of both parties to promote the

Marico Ltd, which is expanding into the healthy food segment with Saffola brand, expects its food business to surpass the edible oil vertical, said the company's Managing Director and Chief Executive Officer Saugata Gupta. Marico, whose foods business has crossed the Rs 900 crore-mark in FY25, is expanding in the segment by introducing Saffola oats, honey, and snacks, among other products, in the fast-growing wellness space. The home-grown FMCG major, which also operates with brands like 'True Elements' and the plant-based nutrition portfolio of Plix, sees a significant opportunity for expansion of TAM (Total Addressable Market), he said. "As far as Saffola is concerned, we continue to grow the foods franchise. And the food franchise is more profitable than the edible oil. The food business does involve a significant TAM expansion," Gupta told PTI. For Saffola oats and masala oats, there is a room to improve penetration, distribution, and it needs to be ramped up further with ...

Brent crude futures were down 89 cents, or 1.3 per cent, at $65.95 a barrel by 1315 GMT. U.S. West Texas Intermediate crude futures were 97 cents, or 1.5 per cent, lower at $62.99

Central banks, like the U.S. Federal Reserve, use interest rates to control inflation. Lower interest rates reduce consumer borrowing costs and can boost economic growth and demand for oil

Lubes maker Gulf Oil Lubricants on Thursday reported a 10 per cent growth in standalone profit after tax (PAT) to Rs 96.66 crore during the June quarter. The Hinduja Group firm had posted a standalone PAT of Rs 88.02 crore in the first quarter of last year. Revenue from operations during the quarter under review was Rs 996.36 crore, 13 per cent up from Rs 885.07 crore in the year-ago period, it said. The company further said its board has approved Rs 55-crore capex plan for enhancing manufacturing capacity by 70 per cent to 240 million litres. On a consolidated basis, the company said it achieved revenue from operations of Rs 1,016.45 crore against Rs 894.04 crore, registering a growth of 13.69 per cent and PAT of Rs 95.17 crore, up 13 per cent from Rs 84.3 crore in Q1 FY25. "Our consolidated revenue has crossed Rs 1,000 crore as we concluded the quarter with highest-ever volume, revenue, and EBITDA, driven by strong strategic execution resulting in profitable, volume-led ...

Adding more pressure on the oil market, the Kremlin on Thursday confirmed Vladimir Putin would meet Donald Trump in the coming days, raising expectations of a diplomatic end to the war in Ukraine