Page 14 - Crude Oil

US leads global crude oil production for sixth year in a row: EIA

"The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row," the EIA added

Nation first policy helped manage oil prices despite global conflicts: Puri

The Union Minister for Petroleum and Natural Gas said 85 per cent of India's crude requirements are met by imports, with the price of crude in the international market being the benchmark

India remains cautious on contracted Russian oil as new US sanctions bite

The three refiners had been in talks with Russia's Rosneft PJSC to secure about 500,000 barrels a day - equivalent to a third of India's daily imports

Crude oil steadies on Opec+ supply restraint, underwhelming China reforms

Brent crude was up 15 cents, or 0.2%, to $82.95 a barrel by 0911 GMT, while U.S. West Texas Intermediate (WTI) fell 21 cents, or 0.3%, to $78.53. Brent has gained almost 8% this year

Reduced refining capacity, sanctions force Russia to cut crude oil output

Russia has declared plans to cut its oil output and exports by an additional 471,000 barrels per day (bpd) in April-June in coordination with some OPEC+ participating countries

India looks elsewhere for oil as latest US sanctions crimp Russia trade

India's refiners are keen to take more Russian oil, but there would need to be US approval for buying to ramp up again, the executives said, asking not to be identified because the information is priv

Crude oil falls 1% as Fed caution, stocks build offset Opec+ expectations

Brent crude futures fell 90 cents, or 1.08%, to $82.75 a barrel by 0902 GMT. U.S. West Texas Intermediate futures (WTI) were down 92 cents, or 1.17%, at $77.95

Shipping rates volatile in February amid Red Sea crisis, shows data

Very large crude carrier (VLCC) rates up compared to January

India's oil imports hit record high in Jan on Red Sea delays, shows data

India's oil imports hit 5.24 million barrels per day (bpd) in January, up 17% from December and 3.5% higher than in the corresponding month a year earlier, according to the data

January crude imports hit 21-month high due to strong Industrial demand

Crude oil imports in January rose 9.5% month-on-month to 21.39 million metric tons, and were up 5.7% on year-on-year basis, Petroleum Planning and Analysis Cell (PPAC) data showed on Thursday

India exported $6.65 bn oil products derived from Russian oil: Report

Over one-third of India's export of oil products to the G7-led coalition countries was derived from Russian crude, a European think-tank said, highlighting how the partners shunned buying Russian crude and imposed price caps but a loose policy on refined product allowed third countries to use Russian oil and legally export products to them. While there are no restriction or sanctions on buying/using Russian crude oil and exporting fuels such as diesel derived from it, the Group of Seven (G7) rich nations, the European Union and Australia - called the price cap coalition countries - first set a crude price cap of USD 60 per barrel starting December 5, 2022 and later on products like diesel to keep market supplied while limiting Moscow's revenue. This was aimed at punishing Russia for its February 2022 invasion of Ukraine by depriving it of oil revenues while averting a surge in prices that could occur if Russian oil stopped flowing to global markets. "In the 13 months since the oil .

Russian crude oil traders come up with ways to sidestep US sanctions

Russian barrels are not sanctioned for countries like India, but if the ships they are delivered on come under sanctions then India cannot buy such shipments

Crude oil hovers near 3-week high on tensions in West Asia, China demand

There was no settlement for WTI on Monday due to a U.S. public holiday

Jaishankar reaffirms India's stance on buying Russian oil despite sanctions

In an interview with the German economic daily, Handelsblatt, Jaishankar stated that Europe should understand that India cannot have a view of Russia that is identical to the European one

Crude oil steadies as demand jitters counter conflict in West Asia

The March contract for U.S. West Texas Intermediate (WTI) crude, which expires on Tuesday, was up 7 cents at $79.26 in tepid trade while the WTI April contract slipped 13 cents to $78.33

Houthis rebels fired missiles at India-bound British oil tanker: US

The United Kingdom Maritime Trade Operations (UKMTO) confirmed the incident late on Friday, reporting that an attack took place on the Pollux

New US sanctions target India's biggest crude grades from Russia

Urals and Sokol accounted for every 4 out of 5 barrels of Russian supplies to India last year

Govt hikes windfall tax on petroleum crude to Rs 3,300 a tonne from Feb 16

It will also increase a windfall tax on diesel, that had been reduced to zero, to 1.50 rupees a litre, the order showed

Crude oil prices decline as IEA flags slower demand growth this year

Brent crude futures fell 37 cents, or 0.5%, to $81.23 a barrel by 1008 GMT. U.S. West Texas Intermediate crude futures declined 44 cents, or 0.6%, to $76.20

Crude oil prices hold firm on Opec demand forecast, US fuel stocks

Brent crude futures rose 6 cents, or 0.07%, to $82.83 a barrel by 0953 GMT. US West Texas Intermediate (WTI) crude futures were flat at $77.87