Page 3 - Crude Oil Production

Amid volatile oil prices, rupee turns flat at 83.03 against US dollar

The rupee stayed flat at 83.03 against the US dollar in early trade on Tuesday amid volatile crude oil prices in the overseas market. The Indian currency, however, found support from positive sentiment in the domestic equity markets and sustained inflow of foreign funds, forex traders said. They also said investors are expected to move cautiously ahead of the Reserve Bank's monetary policy committee (MPC) meeting. The six-member rate-setting panel of the central bank will begin the deliberation on Tuesday and announce the outcome on Thursday. At the interbank foreign exchange, the rupee opened at 83.03 against the dollar and slipped to 83.04 before retaining the previous day's closing level of 83.03 against the greenback. The rupee settled 5 paise lower at 83.03 against the dollar on Monday. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower by 0.04 per cent at 104.28. Analysts attributed the higher

Russia's energy elite, Indian govt officials try to keep oil flowing

Oil imports from Russia, negligible before Moscow's invasion of Ukraine, climbed steadily through 2022 and the first half of last year as India saw an opportunity to procure discounted barrels

India increases windfall tax on petroleum crude to Rs 3,200 per tonne

India raised its windfall tax on petroleum crude to 3,200 rupees/ton from 1,700 rupees from Saturday while keeping the windfall tax on diesel and aviation turbine fuel at zero

Oil drops slightly on China demand concerns but records weekly gain

Brent futures settled 54 cents lower at $78.56 a barrel. U.S. West Texas Intermediate crude fell 67 cents to settle at $73.41

SLB kicks off oilfield services earnings with fourth-quarter profit beat

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

Govt cuts windfall tax on crude petroleum to Rs 1,700 a tonne effective Tue

On Jan. 2, the government had lifted the windfall tax on petroleum crude oil to 2,300 rupees a tonne from 1,300 rupees a tonne

Petrol, diesel sales dwindle as winter sets in, PSU firms' data show

Petrol and diesel sales in India slumped in December as setting in of winter tapered demand, preliminary data of state-owned firms showed on Monday. Petrol sales of the three state-owned firms, which control 90 per cent of the fuel market, fell 1.4 per cent to 2.72 million tonnes in December 2023 when compared to the year-ago period, while diesel demand dropped 7.8 per cent to 6.73 million tonnes. The onset of the winter season in northern India led to the tapering of air-conditioning demand. Month-on-month petrol sales dropped 4.9 per cent when compared to 2.86 million tonnes consumption in November. Diesel demand too was down 0.8 per cent month-on-month when compared to 6.79 million tonnes in November. Diesel is India's most consumed fuel, accounting for almost 40 per cent of all petroleum product consumption. Transport sector accounts for 70 per cent of all diesel sales in the country. Fuel consumption has been on a see-saw over the last couple of months. Demand for both petro

Oil prices go steady with trading Brent near $80 as US output hits record

Brent crude futures rose 13 cents, or 0.1%, to $79.80 a barrel by 0914 GMT, while U.S. West Texas Intermediate crude was 4 cents higher at $74.26

India welcomes return of Venezuelan oil to market: Union Minister Puri

India, the world's third largest oil consuming and importing nation, welcomes the return of Venezuelan oil to the market after sanctions on the Latin American nation were eased, Petroleum Minister Hardeep Singh Puri said. Without saying if India has resumed purchases from Venezuela, he said some refiners in the country have the capability to process heavy crude oil produced in the Latin American nation. India last imported Venezuelan crude in 2020. The US Treasury Department in October partially lifted sanctions on Venezuela's oil and gas sector. The partially lifted sanctions are through a new six-month license authorising transactions in the country's oil and gas sector. The license is to be renewed only if Venezuela can meet commitments leading to fair voting in the next year's presidential election. "We always buy from Venezuela. We have always bought stuff from Venezuela. It's when Venezuela came under sanctions that they were not able to supply," Puri told reporters here. He

Oil prices slip, Brent falls toward $80/barrel ahead of Opec+ meeting

Brent crude futures fell 42 cents, or 0.5%, to $80.16 a barrel by 0901 GMT, while U.S. West Texas Intermediate crude futures were at $75.05 a barrel, down 49 cents, or 0.7%

Israel-Hamas war: Will govt let OMCs bear burden if oil prices escalate?

While Israel and Palestine are not the major oil players, prices of crude could escalate if the fight drags other nations of the Arab world, as well as the US, into it

Govt owned refiners increase Russian oil imports despite G7 price cap

The Indian imports from Russia increased due to a lower demand from China leaving more oil to be supplied to the Indian markets, an industry expert said

India's core sector output slowed to 8% in July 2023, shows govt data

Crude oil production saw positive growth (2.1%) for the first time in 14 months since May 2022

Global oil prices up due to tighter supply, China economy in focus

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

Oil prices decline amid caution ahead of Jerome Powell's remarks

Brent crude fell 18 cents, or 0.2%, to $83.03 a barrel by 2:08 p.m. EDT (1808 GMT). U.S. West Texas Intermediate crude fell 16 cents, or 0.2%, to $78.73 a barrel

India's overdrive to trim fuel output investments threatens supply security

Oil ministry's plans involve a rapid exit from fuels without considering implications, writes S Dinakar

Oil dips further on China's economic recovery worries, strong dollar

U.S. West Texas Intermediate crude settled down 68 cents, or 0.82%, at $82.51 a barrel. Brent crude futures finished at $86.21 a barrel, down 60 cents, or 0.69%

Ageing wells, govt pricing, tax policies hamper crude oil production

Production has been falling consistently over years

Sale of petroleum products halves in Pakistan, high inflation to blame

The marginal recovery in diesel sales during the month of April can be attributed to increased mobility due to the festive season and Eid holidays

Putin says Russia may cut its oil output in response to G-7 price cap

A decision on Moscow's response to EU price cap will be announced in a presidential decree within the next several days, says Putin