Page 15 - Crude Oil

Crude oil prices drift up with focus on tensions in West Asian region

Brent futures rose 30 cents to $82.30 a barrel as of 0924 GMT. U.S. West Texas Intermediate (WTI) crude gained 31 cents to $77.23 a barrel

Oil rises 0.72% to $79 a barrel on Gaza ceasefire rejection, US stock data

Brent crude futures rose 57 cents, or 0.72%, to $79.78 a barrel by 1043 GMT. U.S. West Texas Intermediate crude futures were up 47 cents, or 0.64%, at $74.33

India's oil need stabilises global price and demand: Minister Hardeep Puri

The country has expanded its list of source nations for oil and gas to 39 nations, up from 27 countries two years ago

Crude oil steadies after gains, Israel-Gaza ceasefire talks in focus

Brent crude futures dipped 8 cents to $77.91 a barrel by 0914 GMT, while U.S. West Texas Intermediate crude futures fell 13 cents to $72.65. Both contracts gained nearly 1% on Monday

Crude oil up on tensions in West Asia, China economy worries limit gains

March Brent crude futures, which are due to expire on Wednesday, rose 8 cents, or 0.1%, to $82.48 a barrel by 1059 GMT

Aramco says it will not increase maximum daily production on state orders

Saudi Arabia's oil giant Saudi Aramco said on Tuesday it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country's Energy Ministry. The firm, known formally as the Saudi Arabian Oil Co., said it would maintain its maximum output at 12 million barrels a day. It did not give a reason for the decision. However, crude oil prices globally have fallen over recent months as demand has been soft. Benchmark Brent crude traded Tuesday around USD 81 a barrel. Aramco reported earning USD 161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists worried about climate change.

Crude oil edges lower on China worries as tensions fester in West Asia

Brent crude futures dipped 23 cents to $83.32 a barrel by 0937 GMT while U.S. West Texas Intermediate crude futures edged down by 27 cents to $77.74

Crude oil rises towards $80 as China announces economic stimulus package

The front-month March contract for Brent crude was up 40 cents to $79.95 a barrel at 1410 GMT. U.S. West Texas Intermediate crude was up 57 cents to $74.94 a barrel

Crude oil edges higher as geopolitics outweighs global demand concerns

The front-month U.S. West Texas Intermediate crude futures contract for February delivery was up 31 cents at $73.72 a barrel in tepid trade

Govt defers Rs 5,000 cr plan to fill parts of strategic petroleum reserve

In the federal budget for 2023-24, the government had outlined a plan to purchase crude oil worth Rs 5,000 crore for caverns in the southern cities of Mangalore and Visakhapatnam

Aramco CEO Nasser predicts tighter oil markets, sees Red Sea risks

Container vessels have been pausing or diverting from the Red Sea that leads to the Suez Canal, the fastest route from Asia to Europe, where about 12% of world shipping passes

Will keep diversifying crude oil supply, accelerate energy transition: Puri

Puri said that while OPEC+ nations have a right to decide on their energy production, supply cuts against such uncertainty, and resulting adverse impact on global prices, will dent long term demand

Crude oil prices rise 1% to $78.96 a barrel on flaring West Asia tensions

Brent crude futures gained 81 cents, or about 1.04%, to $78.96 a barrel at 1333 GMT. The contract had lost 14 cents on Monday

Govt holds back $600 million plan to replenish strategic oil reserves

India has limited oil storage capacity, with space for only 39 million barrels of crude - barely enough for eight days of the country's consumption - to use in the event of an emergency

Indian refiners set to ask for extra Saudi oil after sharp price cut

Indian Oil Corp, the country's top refiner, and Bharat Petroleum Corp, are looking at lifting an additional 1 million barrels of oil each from Saudi Aramco in February, the sources said

Indian Oil, Bharat Petroleum set to ask for extra Saudi oil after price cut

Indian Oil Corp, the country's top refiner, and Bharat Petroleum Corp, are looking at lifting an additional 1 million barrels of oil each from Saudi Aramco in February, the sources said

93.83% of total 65,556 km broad gauge route electrified: Railways

Out of the total 65,556 km of the broad gauge route, 61,508 km or 93.83 per cent has been electrified, the Ministry of Railway said on Monday. During the calendar year 2023, the Indian Railways has achieved 6,577 route km electrification, it said in a statement. With a vision of providing an eco-friendly, faster and energy-efficient mode of transport, the railways is marching ahead towards 100 per cent electrification of broad gauge tracks, the statement said. "Until 2014, 21,801 km of the broad gauge network was electrified," it said. Highlighting the benefits of electrification of tracks, the ministry said it reduces operative cost and makes the railway an environment-friendly mode of transport. Electrification also improves movement of heavier freight and longer passenger trains because of better working capacity of electric locomotives, it added. The ministry is of the view that electrification reduces "dependence on imported crude oil, thereby saving precious foreign currenc

India to sign MoU with Guyana to buy crude oil for a period of 5 years

The Union Cabinet on Friday approved signing of a 5-year memorandum of understanding with Guyana for cooperation in the hydrocarbon sector including sourcing of crude oil. "The proposed MoU covers the complete value chain of the hydrocarbon sector, including sourcing of crude oil from Guyana, participation of Indian companies in exploration and production (E&P) sector of Guyana, (and) cooperation in areas of crude oil refining," a government statement said. It also covers capacity building, strengthening bilateral trade, collaboration in the natural gas sector, collaboration in developing regulatory policy framework in the oil and gas sector in Guyana; cooperation in the area of clean energy including biofuels as well as renewables sector including solar energy. India, the world's third largest energy consumer and importer, is looking to diversify its sources of oil imports and the South American nation is one of the countries it is tapping for that. The MoU, which has been in ...

India hikes windfall tax on crude oil, reduces tax on ATF and diesel

The tax, levied in the form of Special Additional Excise Duty (SAED), on domestically produced crude oil has been raised to Rs 2,300 from Rs 1,300 per tonne, according to an official notification

India turns to Saudi as purchases of Russian crude oil fall in December

Indian Oil Corp, which was set to get the Sokol oil, had to withdraw from its inventory and buy from the Middle East to make up the shortfall, sources told Reuters last month