Page 20 - Crude Oil

1st crude oil transaction in local currency undertaken between India-UAE

This is India's first-ever LCS and is expected to reduce transaction costs and time and increase reliance on local currencies

Indian purchases of Russian crude slump by record 25% in August

Shipments of Russian oil to India dropped to around 1.5 million barrels per day (bpd) in the first 12 days of August from around 2 million bpd in entire July, according to data

ONGC Videsh seeks 3-yr extension for Vietnamese oil block in S China Sea

India's flagship overseas firm ONGC Videsh Ltd has sought another three-year extension to explore for oil and gas in a Vietnamese block in the contested waters of the South China Sea, officials said. If granted, this will be the eighth extension for OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC). Officials said the seventh extension to explore for oil and gas was till June 15, 2023 and the company is in talks with Vietnamese authorities for another three-year extension. OVL, they said, has submitted a proposal for a three-year extension of the exploration phase-1 to the regulator PVN and the approval is awaited. The company has so far not found any commercially recoverable oil and gas reserves in the block in the 17 years it has been exploring there but has continued presence there because of India's strategic interest in the South China Sea. Vietnam too wants the Indian firm to counter China's interventions in the contested waters. OVL had signed a .

India's Russian crude oil buying spree continues even as prices climb

India's consumption of Russian crude has soared since last year, with the country becoming a leading supplier, ousting Saudi Arabia and Iraq from the top spots

Govt hikes windfall tax on petroleum crude to Rs 4,250 per tonne from Aug 1

A windfall tax on diesel has been increased to 1 rupee per litre from nil earlier, according to a government notification on Monday

Top headline: Govt hikes windfall tax on petroleum crude, Nuh violence

Business Standard brings you the top headlines at this hour

TMS Ep485: ITC hotel demerger, Russian crude oil, textile stocks, demerger

What does demerger of hotel biz mean for ITC? Are the days of cheap Russian crude over for India? Why are analysts wary of textile stocks? What is demerger? All answers here

Russia plans to lower oil export discount to $20/bbl, says finance minister

Russian President Vladimir Putin in February signed a law fixing the discount on Russia's dominant Urals blend of crude oil for tax calculations

Top headlines: Can Tesla sell a Rs 20L electric car, FTA with UAE, and more

Business Standard brings you the latest headlines at this hour

Oil prices up on China economic support pledge, tighter Russian supply

Brent futures rose 9 cents, or 0.1%, to $79.72 a barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude was steady at $75.75 per barrel

India may prefer Middle East crude as Russian oil becomes costly: Report

India and China have been the two dominant buyers of Russian crude since the invasion of Ukraine more than a year ago after the war prompted other countries to shun the OPEC+ producer

Abu Dhabi National Oil Company confirms talks on Borouge-Borealis merger

The potential merger would mark the next transformative milestone in ADNOC's ongoing value creation and chemicals growth strategy, with any transaction subject to customary regulatory clearances

India raises windfall tax on crude oil to Rs 1,600 per tonne from July 15

India had cut the windfall tax on petroleum crude to zero from Rs 4,100 ($50.13) per metric tonne, in May

Oil falls by 1% on China, US economic data, but OPEC+ cuts limit fall

Brent crude futures fell 73 cents, or 0.9%, to $77.74 a barrel by 1005 GMT, and U.S. West Texas Intermediate crude was also off 72 cents, or 1%, at $73.14 a barrel

Crude oil eases ahead of China, US data, but OPEC+ cuts limits slide

Brent crude futures fell 22 cents, or 0.3%, to $78.25 a barrel by 0107 GMT, and U.S. West Texas Intermediate crude was at $73.57 a barrel, down 29 cents, or 0.4%

ONGC Videsh reconsiders its plan to buy stake in Kenya oil project

The Indian oil company needs more clarity after TotalEnergies SE and Africa Oil Corp. quit the Kenya consortium several weeks ago, an ONGC executive, who asked not to be named

India tops Russian Urals oil purchases in June as China retreats: Report

Russia has heavily relied on India, China, Turkey and Bulgaria for oil sales since the imposition of sanctions

OMCs rally up to 7% on improved outlook; HPCL, IOC scale 52-week highs

In the past one-year, shares of OMCs have risen between 18 per cent and 28 per cent on the back of a fall in crude oil prices. Brent crude prices have corrected 20 per cent in the past one year

Oil prices fall on concerns of slow fuel demand, weak China industrial data

Brent crude futures declined 40 cents, or 0.5%, to $73.63 a barrel by 0444 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.5%, to $69.24 a barrel

Oil prices jump 3% on bigger-than-expected decline in US crude storage

Investors remained cautious that interest rate hikes could slow economic growth and reduce oil demand