Page 2 - Crude Oil Market

Iraq closes gap with Russian oil in FY24 as Moscow's discounts shrink

Tightening of US sanctions on Russian shipping coupled with reduced availability of Russian oil due to its participation in the OPEC+ grouping's production cuts has hurt discounts to Indian refiners

China becomes largest buyer of Russian seaborne crude as India goes slow

China imported 1.82 million barrels per day of Russian crude by sea in March, exceeding India's 1.36 million bpd

January crude imports hit 21-month high due to strong Industrial demand

Crude oil imports in January rose 9.5% month-on-month to 21.39 million metric tons, and were up 5.7% on year-on-year basis, Petroleum Planning and Analysis Cell (PPAC) data showed on Thursday

China 2024 crude oil import quota up 60%; factory activity expands

The latest move marks a shift by Beijing, which has been releasing quotas in batches every few months since it opened up crude imports to independent refiners in late 2015

TMS Ep593: Real estate boom, Bollywood's revival, Pulkit Agarwal, GCCs

What's behind the rush to own a flat in Indian metros? Was 2023 the year Bollywood bounced back? Will crude oil hit the $120 a barrel mark in 2024? What are global capability centres? Answers here

No takers for rupee payment for oil imports: Oil ministry in Parliament

India's push for rupee to be used to pay for import of crude oil has not found any takers as suppliers have expressed concern on repatriation of funds and high transactional costs, the oil ministry told a parliamentary standing committee. The default payment currency for all contracts for import of crude oil is US dollar as per the international trade practice. However, in a bid to internationalise the Indian currency, the Reserve Bank of India on July 11, 2022 allowed importers to pay with rupees and exporters be paid in rupee. While there has been some success with non-oil trade with a select few countries, rupee continues to be shunned by oil exporters. "During FY 2022-23, no crude oil imports by oil PSUs was settled in Indian rupee. Crude oil suppliers (including UAE's ADNOC) continue to express their concern on the repatriation of funds in the preferred currency and also highlighted high transactional costs associated with conversion of funds along with exchange fluctuation ...

Coordination by OPEC+ to ensure predictability on oil markets: Putin

Putin, who leads the world's second largest oil exporter, said Western elites had sown confusion in energy markets

Oil prices may remain on the boil amid strong demand, supply cuts

Saudi Arabia and Russia have announced a fresh extension to their voluntary supply cuts, amounting to a combined 1.3 million barrel per day (bpd) cut for another three months till December

Increased Russian crude flows to Asia are redrawing the world's oil map

Exports from traditional suppliers are being squeezed. Flows to the pair from West Africa and the US have collapsed by more than 40% and 35%, respectively.

IOC to invest Rs 61,077 cr in petchem complex at Paradip, Odisha

India's top oil company IOC will invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha - its largest ever investment at a single location - as it doubles down on its transition plan. In a statement, Indian Oil Corporation (IOC) said its board has given "Stage-1 approval for setting up Paradip petrochemical complex at Paradip, Odisha at an estimated cost of Rs 61,077 crore." "This mega project will be the largest-ever investment of Indian Oil at a single location," it said but did not give timelines for completion of the project. This is a part of its transition plan including boosting petrochemical intensity to help protect against volatility. Petrochemical intensity refers to the percentage of crude oil that is converted directly into chemicals that are used to make plastic and other material. Crude oil, pumped out of the ground and from below the seabed, is processed in refineries to make petrol, diesel and other fuel. It can be processed to make ...

Biden administration recommends allowing major oil project in Alaska

The Biden administration has released a long-awaited study that recommends allowing a major oil development on Alaska's North Slope that supporters say could boost US energy security but that climate activists decry as a carbon bomb. The move while not final drew immediate anger from environmentalists who saw it as a betrayal of the president's pledges to reduce carbon emissions and promote clean energy sources. ConocoPhillips Alaska had proposed five drilling sites as part of its Willow project, and the approach listed as the preferred alternative by the US Bureau of Land Management in the report calls for up to three drill sites initially. Even as the land agency released its report, the US Interior Department said in a separate statement that it has substantial concerns about the project and the report's preferred alternative, including direct and indirect greenhouse gas emissions and impacts to wildlife and Alaska Native subsistence. The Bureau of Land Management, which falls

India's existing deep discounts on Russian crude oil will stay: Officials

A record 24.8 percent of India's crude oil imports came from Russia in the April-September period

Crude one-upmanship: G7 oil price cap on Russia turns on the US tap

The US shipped a record 450,000 barrels/day to India in November

Analysts see a ray of hope for oil marketing firms after a difficult Q2

Although the Indian crude basket fell from an average of $109.5 per barrel in Q1 to an average of $97.87 a barrel in Q2, prices remained high in absolute terms

Why India may have to rework Russian oil purchase if a price cap is imposed

India will have to follow a delicate balancing act if the West imposes a pricing limit on supplies from Moscow

Oil takes a breather, eases off 5-week highs as market takes profits

Oil prices slipped today, easing off five-week highs, as the market took profits following strong gains last week on expectations of tighter supplies following OPEC+ cuts

Rupee sheds 53 paise on crude oil price spike; bond yields jump

Dealers say it's because of delay in index inclusion

Iraq leads with discounts as W Asia retains top slot in Indian oil market

Iraq, India's biggest crude oil supplier, maintained its lead over Russia in August, supplying 12-20 per cent more to India in the first 30 days of the month

India's crude oil imports from US dip by one million tonnes in June quarter

At the same time, share of Russian oil in India's crude basket rose from 2.2% in FY22 to 12.9% in the first quarter of FY22

Russia undercuts Saudi Arabian oil in India as competition heats up

Russian barrels were cheaper than Saudi crude during April through June, with the discount widening to almost $19 a barrel in May