Page 12 - Crude Oil

Govt cuts windfall tax on petroleum crude to Rs 5,200 per MT from Rs 5,700

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

India's use of crude tankers to export diesel to European Mkts slows in May

While more April shipments from India to Europe provided a floor for Asian margins, fewer such voyages in May will likely compel Indian refiners to shift diesel sales back to Asia

Crude oil falls more than $1 as Fed rate outlook stokes demand fears

"Fears of weaker demand led to selling as the prospect of a Fed rate cut became more distant," said analyst Toshitaka Tazawa at Fujitomi Securities

TotalEnergies moves ahead on $6 billion Kaminho oil project near Angola

The $6 billion project involves developing two oil fields located in Block 20/11, Cameia and Golfino, according to a statement from Angola's national hydrocarbon agency ANPG

Govt cuts windfall tax on petroleum crude to Rs 5,700 per MT from May 16

The government on May 1 cut the windfall tax on petroleum crude to Rs 8,400 a metric ton from Rs 9,600

Brent crude oil hovers above $83 as inflation data takes centre stage

Brent crude futures were up 55 cents at $83.34 a barrel by 1239 GMT. U.S. West Texas Intermediate crude futures rose 62 cents to $78.88

Shortage of heavy oil spells higher cost for shippers, road builders

Prolonged OPEC supply cuts and international sanctions on Venezuela, Iran and Russia had already led to shortages of heavier crude

Indian Oil resumes buying Russian crude oil delivered on Sovcomflot ships

The acceptance of Sovcomflot tanker by the country's largest refiner carries significance as it could embolden other smaller refiners to also use Sovcomflot vessels for their oil purchases from Russia

India biggest importer of seaborne Russian crude in April, beats China

India's appetite for Russian oil revives as cheaper Venezuelan supplies dry up after the US again imposes sanctions on Latin American nation

'Reliance buys its first Canadian crude from Trans Mountain pipeline'

Reliance joins a growing group of Asian refiners in buying Canadian crude to be exported from the new pipeline which is scheduled to start transporting oil in May

Chennai Petroleum sees two-year delay in building 180,000 bpd refinery

The company recently changed the capital structure of the joint venture building the project, with its parent company Indian Oil Corp controlling a 75% stake and Chennai Petroleum the remainder

India receives oil cargo in Russian SCF tanker after brief halt: Reports

India is the largest consumer of Russian seaborne oil, sold at a discount after Western nations shunned purchases from Moscow for its invasion of Ukraine

Oil up on geopolitical tensions, gains curbed by fading Fed rate cut hopes

Brent crude futures were up 7 cents, or 0.08%, to $89.08 a barrel at 1109 ET (1509 GMT). U.S. West Texas Intermediate crude futures were up 6 cents, or 0.07%, to $83.63 a barrel

India receives oil cargo in Russian SCF tanker after brief halt: Report

The SCF Baltica, carrying 90,000 metric tons of fuel oil for Reliance Industries was expected to leave the port later on Friday after full discharge, source said

Crude oil processing volumes rose to 23.4 mmt in March: PPAC data

Domestic crude production exhibited steady levels, at 2.5 MMT in the latest month. The production marked a sequential rise of 16.2 per cent from the 2.15 MMT registered in February

Govt bond yields edge lower as oil prices stabilises, awaits fresh triggers

The benchmark Brent crude contract, which had crossed $92 per barrel earlier this month on fears of an escalation in the Middle East conflict

Reliance wins govt approval for investment to raise KG-D6 block's output

Reliance Industries Ltd has got government approval for making additional investments in developing gas reserves in its KG-D6 block in the Bay of Bengal that can add 4 to 5 million standard cubic meters per day to the production, a company official said. Reliance and its partner bp Plc currently produce around 30 mmscmd or about 30 per cent of India's gas production, from the KG-D6 block. At an investors' call announcing the fourth quarter earnings, Sanjay Roy, senior vice-president for exploration and production at Reliance Industries Ltd, said the development plan for incremental production has been approved by the government. "One good aspect of this quarter gone by was that we had an incremental development plan approved by the government, which has the potential to deliver incremental production of 4 to 5 million standard cubic meters (per day) in the coming few years, which would augment the production that we have," he said. He, however, did not give details of the investmen

Govt discusses crude oil market volatility with OPEC secretary general

During telephone conversation with Haitham Al-Ghais India's oil minister Hardeep Singh Puri "emphasized the importance of balancing market stability, affordability, with pragmatism", said statement

Crude oil import bill drops 16% but import dependency hits new peak

The world's third largest oil importing and consuming nation has been able to add to its domestic production drop, raising its import dependence

West Asia tensions stall India's plans to import crude oil from Iran

Iran had been India's third-largest source of crude oil until 2019 when the US imposed fresh sanctions