Crude Oil Reserves

ONGC approves strategic oil reserve expansion after Iran war exposes risks

The ONGC board gave the green light to add 1.75 million tons of capacity in Mangalore, Karnataka, to national crude reserves, according to a filing

​BofA Securities sees Brent crude oil averaging at $72 a barrel in H2CY26

For India, BofA Securities has raised the 2026 GDP (gross domestic product) forecast to 7 per cent from the 6.2 per cent forecasted in April. For 2027, it now pegs the GDP growth at 7 per cent.

India has 60 days of crude, LNG, 45 days of LPG, no supply issues: Puri

Speaking at the CII Annual Summit, Union Minister Hardeep Singh Puri said India's oil companies are losing ₹1,000 crore every day and the under recovery is going to be ₹1,98,000 crore

What PM Modi's WFH appeal means for India Inc's return-to-office push

As India faces rising geopolitical and oil market uncertainty, could PM Modi's work-from-home message force India Inc to rethink its return-to-office push?

Cong slams PM over rising oil, gas import dependence amid supply concerns

The Congress on Friday attacked Prime Minister Narendra Modi over India's increasing dependence on crude oil, LPG and natural gas imports. "The gas grandly promised by Mr Modi has remained that -- gas," Congress general secretary in-charge of communications Jairam Ramesh said on X, pointing to India's dependence on natural gas imports. "Between 2014-15 and 2024-25, India's dependence on crude oil imports went up from 84% to 90%. Between 2014-15 and 2024-25, India's dependence on LPG imports went up from 46% to 62%," Ramesh said, adding that "all this when the mantra was supposed to be Atmanirbharta, or self-reliance. The natural gas story is murkier, he claimed. "On June 26, 2005, the then CM of Gujarat (Modi) boasted that the Gujarat State Petroleum Corporation had discovered India's biggest gas reserve in the deep waters of the Krishna-Godavari river basin. Mr Modi announced that this would make India energy independent," Ramesh said. He claimed that five CAG (Comptroller and ..

India falls short on strategic oil reserves funding amid West Asia crisis

India's strategic oil reserve spending in FY26 is set to reach only 18% of the Budget estimate, even as West Asia tensions disrupt supply and highlight vulnerabilities in the country's energy security

US says Iran war-driven oil reserve release will be structured as exchange

Countries around the world are planning releases from strategic oil reserves as the war in West Asia chokes supply and sends fuel prices soaring

Emergency stocks of oil will soon start flowing to global markets: IEA

the International Energy Agency on Sunday said its member countries in Asia and Oceania plan to release emergency stocks of oil "immediately" and that reserves from Europe and the Americas "will be made available starting from the end of March". "This emergency collective action, by far the largest ever, provides a significant and welcome buffer," it said in a statement. The Paris-based agency is helping to coordinate the international effort to lower prices. The IEA announced Wednesday that it will make 400 million barrels of oil available from members' emergency reserves - more than double the 182.7 million barrels that the IEA's 32 countries released in 2022 in response to Russia's full-scale invasion of Ukraine. The IEA's update on Sunday said its members have so far committed to making available a total of nearly 412 million barrels from government, industry and other stocks - of which 72% will be crude oil and the rest as oil products.

'Will try our best': Iran on passage for India-flagged vessels via Hormuz

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

US begins emergency oil reserve release of 86 mn barrels amid W Asia crisis

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 to consider emergency oil release amid global price surge

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

India taps alternative crude oil supplies as West Asia conflict drags on

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 flags India's oil vulnerability amid rising West Asia tensions

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 oil refining increases as US sanctions disrupt crude exports

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

Crude Oil: Here's your trading strategy for January 9; target price & more

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

Crude Oil Strategy today: Check target price, resistance & other key levels

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: 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

Windfall tax on petroleum crude cut to Rs 3,250 per MT from Rs 5,200

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

Crude Oil: Check key trading strategy on June 13, target price and more

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

Crude oil strategy for June 11: Trend remains weak, WTI eyes support at $76

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