Crude Oil

Crude oil prices extend gains on fears of wider West Asian conflict

The potential escalation of the conflict has countered mounting demand-side pressures, said Priyanka Sachdeva, analyst at Phillip Nova

India to award leases to top up strategic oil reserves amid Gulf tensions

India must expedite the award because its strategic petroleum reserves, which hold a fraction of the crude storage capacities in Western nations and China, are highly inadequate in an emergency

Energy merchants use little known rule to reroute US cargoes of Brent oil

The 2023 addition of U.S. crude to the benchmark had the potential to limit the scope for trading plays that can distort Brent prices, analysts said at the time

Opec+ ministers stick to output policy, doubles down on compliance

OPEC+ is cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand, in a series of steps agreed since late 2022

As Saudi oil supplies rebound, India gets bargaining power in imports

New Delhi will have a variety of supply choices in the next few months at competitive rates from Russia, Iraq, Saudi Arabia

Govt removes windfall tax on crude oil to nil: What does it mean?

India gets an 'A' for its focus on solving the malnutrition problem: Bill Gates

Petroleum product exports shrink 14% in August as global demand cools

Exports in this category have decreased by nearly 3 per cent to 18.1 mt in the first five months of 2024-25, largely due to sluggish diesel exports

Boost for govt spending on welfare, infrastructure as crude prices plunge

Crude oil futures dipped to the lowest this week in nearly three years, wiping out all the gains made earlier this year after seasonal demand for crude from China did not materialise as expected

Opec vs IEA: Diverging oil demand forecasts signal an uncertain future

The difference between the forecasts of OPEC and IEA, amounting to 0.93 million bpd, underscores the widening divide between these key institutions

India-UAE sign pacts on LNG supply, crude production and nuclear energy

5 MoUs were signed after the meeting of the UAE crown prince with PM Modi in Delhi

Oil strategy today: WTI crude may test support of $72, MCX Crude 6050

Crude oil trading strategy today, Aug 29: Weakness in the crude crack spread is bearish for oil prices

India imports $2.8 billion worth of crude oil from Russia in July

India, the world's third largest oil consuming and importing nation, in July bought USD 2.8 billion worth of crude oil from Russia, second only to China which remains the largest importer of Russian oil, a report said. Russia emerged as India's biggest supplier of crude oil, which is converted into fuels like petrol and diesel in refineries, after Russian oil was available on discount following some European nations shunning purchases from Moscow over its invasion of Ukraine in February 2022. Imports from Russia, which were less than one per cent of the total oil imported in pre-Ukraine war period, now make up for almost 40 per cent of India's total oil purchases. China bought 47 per cent of Russia's crude exports, followed by India (37 per cent), the EU (7 per cent), and Turkey (6 per cent), the Centre for Research on Energy and Clean Air (CREA) said in a report. Not just oil, but China and India also bought coal from Russia. "From 5 December 2022 until the end of July 2024, Chin

Production growth in key infra sectors down to 4% in June, shows data

Production growth of eight key infrastructure sectors slowed down to 4 per cent in June this year due to a decline in the output of crude oil, and refinery products, according to official data released on Wednesday. The core sectors' production grew by 6.4 per cent in May 2024. The growth of core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 8.4 per cent in June 2023. During April-June this fiscal, the output of core sectors rose by 5.7 per cent against 6 per cent in the same period last fiscal. The eight core sectors contribute 40.27 per cent to the Index of Industrial Production (IIP) which measures overall industrial growth.

Oil regulator PNGRB increases tariff on petroleum product pipeline

In a big boost to companies such as Indian Oil Corporation (IOC) and Reliance Industries Ltd, the oil regulator on Friday announced an upward revision in tariff for pipelines that transport petroleum products like petrol and diesel. The Petroleum and Natural Gas Regulatory Board (PNGRB) indexed tariffs for legacy pipelines at 75 per cent of the basic railway freight plus a one-time escalation of 17 per cent and a 3.4 per cent annual escalation from the 2025-26 fiscal, according to a statement issued by the regulator. For pipelines commissioned after PNGRB in 2010 issued tariff regulations, the transportation tariff will be based on discounted cash flow (DCF) methodology with 12 per cent post-tax returns on capital employed over the economic life of the pipeline. For pipelines built after interested companies participated in a bidding process to win the rights, the tariff for the first 10 years will continue to be the one bid by the operator in the tender. From the 11th year, the ..

Oiling wheels of change

China's post-2013 oil strategy offers valuable lessons for India on unlocking new reserves

Russia cuts crude oil exports to keep more barrels at home for refiners

The country's seaborne crude shipments have slumped to the lowest since January, and are likely to remain near that level through to the end of August

Crude oil prices steady amid falling US inventories, China concerns

Brent crude oil futures were up 33 cents, or 0.39%, at $84.06 a barrel by 1204 GMT. U.S. West Texas Intermediate crude futures were up 51 cents, or 0.63%, at $81.27

Govt hikes windfall tax on crude petroleum to Rs 7,000 per tonne

The government on Monday hiked windfall tax on domestically produced crude oil to Rs 7,000 per tonne, from Rs 6,000 per tonne. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'. The new rates are effective from July 16, an official notification said. India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

Crude Oil: Check key trading strategy on July 02, target price and more

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