Page 7 - Crude Oil Supply

India to soon sign long-term deal to export oil from Namibia: Report

Recently, IOC signed a deal to procure oil from Colombia's Ecopetrol SA and Brazil's Petroleo Brasileiro SA (Petrobras)

OPEC+ considers output-limit cut of as much as 2 million barrels a day

OPEC+ is considering its biggest production cut since 2020 as it tries to stabilize oil prices, a move that risks cranking up tensions with Washington

Russia bounces back to become India's second-largest crude supplier in Sep

Russian oil has become the mainstay of Indian refiners in only six months, a position which took decades for West Asian suppliers and the US to achieve

Govt holding bilateral talks over Gazprom-GAIL issue, won't seek penalty

The centre may neither pursue arbitration with Gazprom, the world's largest natural gas explorer, nor accept a penalty from the company after it halted supplies to GAIL in May

Oil prices surge 4% on supply cut threats, still set for weekly drop

Brent crude rose $3.69, or 4.1%, to settle at $92.84 a barrel. U.S. West Texas Intermediate (WTI) crude rose $3.25, or 3.9% to settle at $86.79 a barrel

Oil supported by supply threats, but likely to drop on demand fears

Oil rose on Friday supported by real and threatened cuts to supply, although crude was set for a 2nd weekly decline as aggressive interest rate hikes and China's Covid curbs weighed on demand outlook

US urges India to join Western crude price cap coalition against Russia

US dy secretary of treasury Wally Adeyemo meet FM Sitharaman during the final lap of his three-day trip to India, after visiting RBI governor Shaktikanta Das on Thursday

Barclays sees crude oil surplus in near-term, cuts Brent price view

Barclays lowered its Brent price forecasts on Tuesday by $8 per barrel for 2022 and 2023, as it expects a large surplus of crude oil over the near-term due to "resilient" Russian supplies

Iraq discounts heavily to muscle out cheaper Russian oil in India

After a dip in market share, suppliers from the West Asian nation are discounting heavily to muscle out cheaper Russian oil

Oil prices stabilise after drop to near 6-month low based on supply fears

LONDON (Reuters) -Oil prices were broadly steady on Thursday as the market weighed tight supply against fears of a demand slowdown, after a build in U.S. crude and gasoline stocks sent prices to multi-month lows in the previous session.

Traffic surge at ports a sign of India's economic revival: Report

Both coal and crude oil grew 16 per cent year-on-year (YoY), accounting for 105 mt and 65 mt of traffic in the first quarter, even on the back of record high prices

China facing stiff competition for its favourite Russian oil from India

India has ramped up purchases of crude from Russia's far east, a grade that's typically favored by Chinese oil refiners

Russia may be India's biggest crude supplier in June, a historic first

Russian oil is on pace to account for 21 per cent of all imports into India, shrinking the shares of Iraqi and US crude

Domestic crude oil producers get marketing freedom, exports not allowed

According to a government statement, this move shall ensure marketing freedom for all exploration and production (E&P) operators

Asia's thirst for cheap Russian oil hits Opec's No 2 producer Iraq

The Iraqi grades are an outlier in Asia, where robust demand led to an earlier-than-usual start of the trading cycle for physical crude buying

India delivers over 400,000 metric tonnes of fuel to Sri Lanka amid crisis

Amid the worst economic crisis in Sri Lanka, India took another initiative to extend support and supplied 12 shipments and over 400,000 Metric Tones (MT) of fuel to the island nation.The High Commission of India in Sri Lanka took to its Twitter handle to make the announcement of the consignment."12 shipments and more than 400,000 MT of fuel!! Latest consignment of #Diesel from #India under the credit line for fuel was delivered in #Colombo by Torm Helvig today," the High Commission of India in Colombo tweeted.Earlier, on Thursday, India extended its support by supplying 65,000 metric tons of urea to the island nation.The Sri Lankan High Commissioner to India, Milinda Moragoda, held a meeting with the Secretary in the Department of Fertilizers of India Rajesh Kumar Chaturvedi where the issue was discussed, reported Daily Mirror."High Commissioner Milinda Moragoda met with the Secretary to the Department of Fertilizers of India Rajesh Kumar Chaturvedi and thanked him for India's ...

Reversing assessment, IEA sees world weathering lost Russian oil supply

LONDON (Reuters) -The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said on Thursday, in a U-turn after it predicted a possible "global supply shock" in March.

Oil prices climb 1% after US crude, fuel stocks signal tighter supply

The gains come on the back of news from Tuesday that the European Union is working on new sanctions against Russia for waging war on Ukraine that will target Moscow's oil industry.

Russia's Gazprom says 2021 net profit jumps to almost $28 billion

The company said its 2021 sales increased to 10.2 trillion roubles from 6.3 trillion roubles in 2020

India refiners skip Rosneft crude tenders on 'biased' terms: Reports

Rosneft on Wednesday issued tenders to sell a total of 6.5 million tonnes of Urals, Siberian Light, Sokol and ESPO Blend crude for loading in May-June and had asked for roubles and full prepayments.