Page 13 - Crude Oil

China's crude throughput up 1.3% in March, oil production at highest

China's crude imports slipped 6.23 per cent in March on the year to stand at 11.55 million bpd

Crude oil sheds more than $1 per barrel after Iran's attack on Israel

Brent futures for June delivery fell 91 cents to $89.54 a barrel, a 1% loss, by 1:17 p.m. EDT (1717 GMT). U.S. crude futures for May delivery fell 87 cents to $84.79 per barrel, a 1% loss

Oil seen opening up after Iran's attack, rally to depend on response

Iran launched explosive drones and missiles at Israel late on Saturday in retaliation for a suspected Israeli attack on its consulate in Syria on April 1

Crude realisation: Oil's slick grip threatens corporate margins, profits

In the past a rise in crude oil prices has resulted in lower corporate margins and profits

Crude oil holds near five-month high amidst tensions in West Asia

Brent crude futures edged up 5 cents, or 0.1%, to $90.43 per barrel by 1309 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 10 cents or 0.1% at $86.33

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

US officials urge India to maintain implementation of Russian oil price cap

Two senior US treasury officials are in India to urge New Delhi to maintain the implementation of the oil price cap aimed at limiting profits to Russia, while also promoting stable global energy markets, according to an official announcement. Acting Assistant Secretary for Terrorist Financing Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand are travelling to New Delhi and Mumbai from April 2-5 to meet with government and private sector counterparts, the Treasury said in a statement on Wednesday. They will discuss key bilateral issues, including cooperation on anti-money laundering and countering the financing of terrorism, other illicit finance issues, and continued implementation of the price cap, which seeks to further limit the profits Russia receives to fund its illegal invasion while promoting stable global energy markets, it said. Following Russia's February 2022 invasion of Ukraine, the G7 nations, the European Union, and Australia jointly ...

India to build first commercial crude oil storage to shore up stockpiles

India, the world's third biggest oil consumer and importer, plans to build its first commercial crude oil strategic storage as part of efforts to shore up stockpiles as insurance against any supply disruption. Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle created by the government for building and operating strategic petroleum reserves in the country, has invited bids for constructing 2.5 million tonnes of underground storage at Padur in Karnataka, according to the tender document. ISPRL had in the first phase built a strategic petroleum reserve in underground unlined rock caverns for storage of 5.33 million tonnes of crude oil at three locations Visakhapatnam (1.33 million tonnes) in Andhra Pradesh and Mangalore (1.5 million tonnes) and Padur (2.5 million tonnes) in Karnataka. Under Phase-II, it intends to build a commercial cum strategic petroleum reserve in underground unlined rock caverns along with associated above ground facilities, including ...

Brent crude price reaches highest level this year on fresh supply threats

Brent futures for June delivery were up $1.15, or 1.3%, at $88.57 a barrel by 13:33 GMT after touching a peak of $89.08

Opec+ ministerial panel unlikely to change output policy at April 3 meeting

OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) to support the market

Russia, Venezuela flows stay strong as cheaper crude evades US curbs

India may receive 4 million barrels of Venezuelan crude, the cheapest among all crude sources, in April, lower from 4.78 million barrels in March

Metals soften in FY24, crude oil hardens in the international market

Most base metals, except tin, have ended lower in the last two years

More than 20% of global oil refining capacity is at risk of closure

About 30 European refineries have already shut down since 2009, data from industry body Concawe shows, with nearly 90 still in operation

Govt allows UAE's Adnoc to export oil from Indian strategic storage

The government has allowed Abu Dhabi National Oil Company (Adnoc) to export crude oil it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm, an order of the Ministry of Commerce and Industry said on Saturday. At present, crude oil, which is the raw material for producing fuels like petrol and diesel, is not allowed to be exported except through the state-owned Indian Oil Corporation (IOC). In an order, the ministry said the condition of export being allowed only through IOC will continue, but "AMI (Adnoc Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their commercial stockpile at Mangalore strategic petroleum reserve, at their own cost". India, the world's third-biggest oil importer and consumer, imports over 85 per cent of its oil needs and has built strategic storages at three locations to store up to 5.33 million tonnes of oil as insurance ...

February crude oil imports from Russia edged up from January trade

The world's third biggest oil importer and consumer, India has been gorging on Russian oil since the West imposed sanctions on Moscow for its invasion on Ukraine in February 2022

BPCL signs 4-month US oil purchase deal with BP, delivery to begin in June

The Indian refiner has also separately bought 2 million barrels of WTI crude for loading in April via a spot tender, the sources said

India buying more oil from US as fresh sanctions stifle Russian flows

Russian crude flows to India surged after the invasion of Ukraine and the OPEC+ producer is still the biggest supplier to the South Asian nation, but tighter US sanctions have stranded cargoes

Two tankers with Russia's Urals oil idle for weeks off West Coast of India

It remains unclear why they have been idling but there are growing signs that western sanctions are disrupting the fleet of tankers moving Russian oil

Iraq to curb crude oil exports to compensate for exceeding OPEC+ quota

OPEC+, whose de facto leader is Saudi Arabia, has highlighted the importance of compliance with the pledged cuts even as oil prices have rallied this year

Reliance's fuel supply to Europe avoids Red Sea to keep clear from Houthis

Globally fuel producers are avoiding the Red Sea and go around Africa to avoid Iran-aligned Houthi attacks despite the Suez canal being the shortest route between Asia and Europe