Page 19 - Crude Oil

Oil imports fell 11% in December as supplies from Russia, Saudi fall

Higher domestic demand in Russia, lower exports by Saudi may have reduced Indian uptake

Escalating trade war threatens oil demand as Opec+ boosts supply, says IEA

Oil is trading near $71 a barrel in London after sinking to the lowest since 2021 last week, following Opec+'s decision to gradually restart halted production from April

Oil up on weak dollar; US economic slowdown, tariff concerns cap gains

US President Donald Trump's economic policies so far have centered on a blitz of tariff announcements. Some have taken effect and others have been delayed or are set to kick in later

BPCL plans to buy US crude through a four-month tender next week

The refiner will be seeking one million barrel of WTI every month for arrival from May or June for four months, the source said

Crude drops for 3rd day on Opec+ plans to increase output, Trump tariffs

Brent futures fell 45 cents, or 0.63 per cent, to $70.59 a barrel at 0953 GMT. US West Texas Intermediate (WTI) crude declined 74 cents, or 1.08 per cent, to $67.52 a barrel

At current crude oil levels, correction could turn ONGC attractive

The US EIA forecasts Brent crude prices to average $74 per barrel in CY25, down 8 per cent Y-o-Y and to decline to $66 per barrel in CY26

India's crude oil supplies from Russia and US drop, West Asia rise

Imports of Russian oil were 280,000 barrels per day (bpd) more than Iraqi oil in February, according to Paris-based market intelligence agency Kpler

Oil on track for first monthly drop since Nov on Trump tariff concerns

Uncertainty surrounding OPEC's production resumption plans in April and ongoing talks to end the war in Ukraine also weighed on investor sentiment

India imports Russian oil worth 49 bn euro in 3rd year of Ukraine invasion

India, the world's third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow's invasion of Ukraine, a global think tank said. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022. This is primarily because Russian oil was available at a significant discount to other international benchmarks due to western sanctions and some European countries shunning purchases. This led to India's imports of Russian oil seeing a dramatic rise, growing from less than 1 per cent of its total crude oil imports to a staggering 40 per cent in a short period. "Russia's stronghold over new markets has solidified in the third year of the invasion. The three biggest buyers, China (EUR 78 billion), India (EUR 49 billion) and Turkey (EUR 34 billion) were responsible for 74 per cent of Russia's total revenues from fossil ..

Oil steady as Russia-Ukraine peace deal may ease supply chain disruptions

Brent crude futures ticked up 5 cents, or 0.07 per cent to $74.79 a barrel at 1003 GMT, while US West Texas Intermediate crude was up 8 cents, or 0.11 per cent at $70.82 a barrel

US imposes sanctions on individuals, tankers shipping Iranian oil to China

The move comes after US President Donald Trump earlier this week vowed to bring Iran's oil exports to zero as the US tries to prevent the country from obtaining a nuclear weapon

Govt widens approvals for Russian insurers after US oil sanctions

As Soglasie isn't blacklisted by any western nation, the new permit provides a safe option for tanker operators that haul Russian barrels to India

Blending dilemma: Conflicting priorities on flex-fuel need clear policy

Ethanol in India is derived primarily from sugarcane, a crop that is not only water-intensive but is also being increasingly diverted to ethanol production

Refiners ask Abu Dhabi NOC to offer 'oil delivered price' as freight spikes

Russian oil accounted for more than a third of India's imports last year, but US sanctions are tightening supply, pushing the buyer back to traditional Middle East sources

India's fraying Gulf oil ties get a fillip on US' sanctions on Russia

State-run refiners plan to renew or enhance optional volumes under existing contracts, struck on a fiscal basis, despite higher sourcing costs

IOC buys 7 million barrels of Middle Eastern, African crude oil via tenders

Indian refiners are increasing Middle Eastern crude purchases from the spot markets after Washington last Friday announced sweeping sanctions targeting Russian producers

New US energy sanctions to destabilise global markets, says Russian govt

The move was meant to cut Russia's revenues for financing the war with Ukraine. A US official said the sanctions could cost Russia billions of dollars per month if sufficiently enforced

Latest sanctions on Russia may cut off access to discounted crude

Govt hopes there will be no shortage, no disruption for 6-8 weeks, say official sources

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Tougher US sanctions to curb Russian oil supply to China and India

Russian oil exports will be hurt severely by the new sanctions, which will force Chinese independent refiners to cut refining output going forward, two Chinese trade sources said