Page 21 - Crude Oil

How cheaper crude oil from Russia has changed India's fuel trade matrix

Since India is a key supplier of refined petroleum products, this has changed the pecking order of key export destinations

A crude shock from Moscow: Testing times for India's energy security

Russia now accounts for a little less than half of India's oil imports but the current political instability raises serious questions about the long-term reliability of supply

Reasonably priced OMC stocks to gain as marketing margins may revive

Benign crude oil prices to improve margins; political considerations in the backdrop of forthcoming state and general elections are downside risks

ONGC links Panna oilfield field via sub-sea pipeline, saves $43,000 per day

State-owned Oil and Natural Gas Corporation (ONGC) on Thursday said it has linked Panna oilfield in the Arabian Sea to shore through a sub-sea pipeline, helping save USD 43,000 a day in cost that was previously incurred in transporting crude oil through ships. Panna field, which is part of ONGC's Bassein & Satellite (B&S) asset of western offshore, produces 9,600 barrels of oil per day. With "the successful linkage of Panna process platform with subsea pipeline", the company "has achieved a significant cost reduction of approximately USD 43,000 per day," ONGC said in a statement. Oil from the field was previously transported through ships. Now it flows to shore through the sub-sea pipeline. "The submarine pipeline connection minimizes the production downtime associated with tanker changeovers and eliminates demurrage charges during adverse weather conditions," it said. "These combined savings and improved operational agility position ONGC for long-term success in the offshore .

Russian oil import scales new high of 1.95 mn barrels per day in May

India, the world's third biggest oil consumer and importer, buys more than 80% of its oil from overseas markets

India aims to expand its annual oil purchases from Iraq: Hardeep Puri

India aims to expand its annual oil purchases from Iraq from 1 bn barrels currently, Oil Minister Hardeep Puri said on Twitter after meeting his Iraqi counterpart Hayan Abdel-Ghani in New Delhi

ONGC chief expects Russian oil to make up 30% of India's imports: Interfax

Russia has been redirecting its energy supplies from Western countries which have imposed restrictions and sanctions on trade with Moscow

Crude oil slumps on demand concerns amid rising rates offset supply cuts

Brent crude fell 49 cents, or 0.7%, to $75.18 a barrel by 1005 GMT while U.S. West Texas Intermediate (WTI) crude slipped 63 cents, or 0.9%, to $69.99

Operations at several ports, oil rigs halted as India prepares for Biparjoy

As India prepares for a powerful cyclone that is likely to hit its west coast this week, the govt has directed all offshore oil installations to ensure the immediate return of all staff

Coast Guard evacuates 50 from oil rig off Gujarat coast amid cyclone threat

The Indian Coast Guard evacuated 50 personnel from an oil rig located 40 km off the Dwarka coast in Gujarat in an overnight operation amid inclement weather conditions due to the impending cyclone Biparjoy' in the region, the maritime agency said on Tuesday. India Coast Guard Region NorthWest evacuated 50 personnel from oil rig 'Key Singapore' 40 km seaward from Dwarka in seven sorties of overnight ops by ICG ALH aircraft and ship Shoor," it said in a release. It said the Advanced Light Helicopter (ALH) and ship braved "very rough sea conditions" and inclement weather due to approaching Biparjoy, which is expected to make landfall near Jakhau port in the Kutch district on June 15. The Coast Guard pressed into service its MK III, an ALH, for the rescue operations even as all its units continued to be on high alert to render assistance as required, it said. As per the India Meteorological Department (IMD)'s latest bulletin, Biparjoy is very likely to move north-northeastward and cros

First shipment of discounted Russian crude oil arrives in Karachi: Pak PM

Pakistan Prime Minister Shehbaz Sharif on Sunday announced that the first shipment of discounted Russian crude oil has arrived in the port city of Karachi, a development that will provide relief to the people hit by skyrocketing inflation. Pakistan, which is currently grappling with high external debt and a weak local currency, is hoping that snapping crude at discounted rates from Russia will stabilise oil prices in the country. Petrol now costs Rs 262 per litre in the country. A cargo ship carrying about 45,000 metric tonnes of Russian crude oil docked at a port in Karachi on Sunday. I have fulfilled another of my promises to the nation. Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin discharge tomorrow, Prime Minister Sharif tweeted. Today is a transformative day. We are moving one step at a time toward prosperity, economic growth, and energy security & affordability, he said. Sharif added that this was the beginning of

Saudi oil output cuts unlikely to lift prices to high $80s-low $90s: Citi

Prices are expected to be range-bound, the analysts added, with Brent averaging $81 a barrel through the year

Crude Oil falls as economic fears overshadow Saudi Arabia's output cut

LONDON (Reuters) -Oil prices tumbled more than $1 a barrel on Tuesday, after a strong rally in the previous session as worries about global economic growth outweighed Saudi Arabia's pledge to deepen output cuts.

Opec+ members reach agreement to extend production cuts into 2024

Negotiations dragged on as some African producers objected to demands that they give up some of their output quotas

OPEC+ unlikely to extend oil supply cuts at upcoming June 4 meeting

As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May and to continue to the end of the year

Crude imports from Russia jumped 14x in FY23, says RBI annual report

The country's overall import of crude oil rose to $162.2 billion in FY23, up from $107.5 billion, data from the Department of Commerce shows

Increased Russian crude flows to Asia are redrawing the world's oil map

Exports from traditional suppliers are being squeezed. Flows to the pair from West Africa and the US have collapsed by more than 40% and 35%, respectively.

Berger Paints expects better margin with drop in input costs: Official

Berger Paints is expecting an improvement in margin with a decline in input costs mainly due to falling crude oil prices, and also weighing a modest increase in rebates during the current fiscal to boost sales, a top company official said. Despite the expected rise in rebates, the paint maker remains confident in its ability to maintain a healthy growth trajectory, aiming at an EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin of 16-17 per cent in the 2023-24 financial year, its managing director and CEO Abhijit Roy said. "While we have witnessed a decline in input costs due to the reduction in crude prices, the competitive nature of the industry may lead to a slight increase in rebates. "Nevertheless, this increase will not be significant as it aligns with the pricing levels we experienced prior to the COVID-19 pandemic," Roy told investors in an analysts' meeting. The company also does not foresee any dent in demand in the current fiscal, he ...

A reality check for Indian oil product exports amid international sanctions

EU's threat to sanction India for exporting petroleum products to its member-nations based on cheap Russian crude will not be an existential risk

US to buy 3 mn barrels of crude oil to replenish reserve in August

The announcement sent US oil futures 0.5% higher to trade above $71 a barrel.