Page 18 - Crude Oil

Pressure builds to cut fossil fuel use as oil exec takes over climate talks

Pressure to phase out fossil fuels mounted Thursday on the oil company chief who took over fragile international climate negotiations that opened in Dubai on Thursday in what some say are contradictory dual roles. United Nations and climate talks leaders might have relieved some of the pressure when negotiators unanimously approved much-fought over plans to launch and fund a program to compensate poorer nations hit by floods, storms, drought and other climate extremes. Several nations, led by host United Arab Emirates, immediately pledged more than $420 million for the fund, which took 30 years to approve. Leaders said they hope the quick win on a key financial issue would set a new tone for negotiations that had put the climate talks newly installed boss on the hot seat and not just because the planet keeps smashing heat records. Days before the United Nations Conference of Parties (COP28) began, meeting preparation notes were published that linked efforts by the United Arab Emirat

Crude oil prices rise on weak dollar, expectations for OPEC+ output cuts

Brent crude futures were up 11 cents, or 0.1%, at $80.09 a barrel at 0510 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading 4 cents higher, also 0.1%, at $74.90 a barrel

Traders offer sanctioned Iranian crude to India as Chinese purchases peak

India turning into a magnet for sanctioned oil after its refiners started buying Russian oil last year at deep discounts

Oil tumbles 4% as Opec+ meeting on output cut 'unexpectedly' delayed

Opec+ delayed its ministerial meeting to Nov 30 from Nov 26 as previously scheduled, Opec said in a statement, a surprise development that gave no reason for the postponement

Washington sanctioned tankers previously shipped Russian crude to India

The Liberian-flagged ships hit with sanctions are the Kazan, Ligovsky Prospect and NS Century, according to the Treasury Department

India bond yields seen easing as oil, US peers decline; debt sale eyed

The 10-year benchmark bond yield is expected to move in a range of 7.21%-7.26%, after ending the previous session at 7.2356%, a trader with a primary dealership said

Centre cuts windfall tax on crude oil to Rs 6,300/tonne, halves for diesel

Windfall tax: The levy on the export of jet fuel and petrol will continue to be zero

Imports from Russia up 64% to $36.27 bn in Apr-Oct; crude, fertiliser tops

India's imports from Russia rose 64 per cent to USD 36.27 billion during the April-October period this fiscal on higher shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India's second-largest import source during the first seven months of this fiscal. The imports were USD 22.13 billion during April-October 2022. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's oil imports rose to over 40 per cent. India, the world's third-largest crude importer after China and the United States, has been buying Russian oil after some countries in the West shunned it as a means of punishing Moscow for invading Ukraine. The ministry's data showed that imports from China dipped marginally to USD 60.02 billion during the period against USD 60.26 billion in the year-ago period. Similarly, imports from the US declined 16 per cent to USD 24.89 billion

Easing inflaton lifts Sensex 742 pts, Nifty atop 19,650; Realty, IT lead

Closing Bell on November 15, 2023: Tech M, Wipro, Tata Steel, Infosys, Tata Motors, JSW Steel, TCS, Reliance Industries, Axis Bank, ITC, HCL Tech, and HDFC Bank were top Sensex gainers

Crude oil gains on China economic data, strong demand expectation

Brent futures rose 20 cents, or 0.2%, to $82.67 a barrel by 0427 GMT, while U.S. West Texas Intermediate (WTI) crude rose 15 cents, also 0.2%, to $78.28

ONGC posts 20% drop in quarterly profit on lower crude oil prices

ONGC's total crude oil production fell 2.1% to 5.25 million metric tons (MMT), while total gas production dropped 2.8%

Crude oil dives 3% to lowest since July on demand worry, strong dollar

Brent crude futures fell $2.95, or 3.5%, to $82.23 a barrel as of 1:41 p.m. ET (1841 GMT). U.S. West Texas Intermediate crude fell to $77.94 a barrel, down $2.88, or 3.6%

India-Russia new sea trade route plan in final stages of clearances

The Indian authorities have identified coking coal, crude, liquefied natural gas (LNG) and fertilisers as major commodities that will be traded in the route

India may buy Venezuelan crude oil if it's cheap, says Hardeep Singh Puri

India, the world's third biggest oil importer and consumer, ships over 80% of its oil needs from overseas and wants to cut its crude import bill

Crude oil rises over 2% of US Fed meet as West Asia conflict rages

Brent January crude futures were up about 2.5%, or $2.08, to $87.10 a barrel by 1316 GMT. U.S. West Texas Intermediate crude futures gained roughly 2.8%, or $2.24, to $83.26 a barrel

Govt hikes windfall tax on crude to Rs 9,800 per ton, reduces on diesel

The windfall tax on aviation turbine fuel that had been 1 rupee/liter has been removed, the notification said

Gulf crudes make a comeback as Russian Urals grade turns expensive

The share of Russian oil imports in India's overall crude import basket slumped by 8 percentage points on the month in October

India's Russian oil imports eased in October after prices climbed

Indian refiners have slowed Russian oil imports in recent months from the nearly 2 million barrels per (bpd) peak seen earlier this year as discounts have narrowed

Crude oil falls over 2% as concerns about West Asia affecting supply

Crude had jumped 3% on Friday after Israel stepped up ground incursions into Gaza, stoking worries the conflict could expand in a region that accounts for a third of global oil output

Dhamra LNG terminal to save over Rs 5,000 crore annually for its users

Adani Ports & SEZ and TotalEnergies have jointly invested Rs 1,900 crore in the terminal project so far and the Adani firm started investing in the project from 2016 onwards