Page 24 - Crude Oil

Chennai Petroleum sees two-year delay in building 180,000 bpd refinery

The company recently changed the capital structure of the joint venture building the project, with its parent company Indian Oil Corp controlling a 75% stake and Chennai Petroleum the remainder

India receives oil cargo in Russian SCF tanker after brief halt: Reports

India is the largest consumer of Russian seaborne oil, sold at a discount after Western nations shunned purchases from Moscow for its invasion of Ukraine

Oil up on geopolitical tensions, gains curbed by fading Fed rate cut hopes

Brent crude futures were up 7 cents, or 0.08%, to $89.08 a barrel at 1109 ET (1509 GMT). U.S. West Texas Intermediate crude futures were up 6 cents, or 0.07%, to $83.63 a barrel

India receives oil cargo in Russian SCF tanker after brief halt: Report

The SCF Baltica, carrying 90,000 metric tons of fuel oil for Reliance Industries was expected to leave the port later on Friday after full discharge, source said

Crude oil processing volumes rose to 23.4 mmt in March: PPAC data

Domestic crude production exhibited steady levels, at 2.5 MMT in the latest month. The production marked a sequential rise of 16.2 per cent from the 2.15 MMT registered in February

Govt bond yields edge lower as oil prices stabilises, awaits fresh triggers

The benchmark Brent crude contract, which had crossed $92 per barrel earlier this month on fears of an escalation in the Middle East conflict

Reliance wins govt approval for investment to raise KG-D6 block's output

Reliance Industries Ltd has got government approval for making additional investments in developing gas reserves in its KG-D6 block in the Bay of Bengal that can add 4 to 5 million standard cubic meters per day to the production, a company official said. Reliance and its partner bp Plc currently produce around 30 mmscmd or about 30 per cent of India's gas production, from the KG-D6 block. At an investors' call announcing the fourth quarter earnings, Sanjay Roy, senior vice-president for exploration and production at Reliance Industries Ltd, said the development plan for incremental production has been approved by the government. "One good aspect of this quarter gone by was that we had an incremental development plan approved by the government, which has the potential to deliver incremental production of 4 to 5 million standard cubic meters (per day) in the coming few years, which would augment the production that we have," he said. He, however, did not give details of the investmen

Govt discusses crude oil market volatility with OPEC secretary general

During telephone conversation with Haitham Al-Ghais India's oil minister Hardeep Singh Puri "emphasized the importance of balancing market stability, affordability, with pragmatism", said statement

Crude oil import bill drops 16% but import dependency hits new peak

The world's third largest oil importing and consuming nation has been able to add to its domestic production drop, raising its import dependence

West Asia tensions stall India's plans to import crude oil from Iran

Iran had been India's third-largest source of crude oil until 2019 when the US imposed fresh sanctions

China's crude throughput up 1.3% in March, oil production at highest

China's crude imports slipped 6.23 per cent in March on the year to stand at 11.55 million bpd

Crude oil sheds more than $1 per barrel after Iran's attack on Israel

Brent futures for June delivery fell 91 cents to $89.54 a barrel, a 1% loss, by 1:17 p.m. EDT (1717 GMT). U.S. crude futures for May delivery fell 87 cents to $84.79 per barrel, a 1% loss

Oil seen opening up after Iran's attack, rally to depend on response

Iran launched explosive drones and missiles at Israel late on Saturday in retaliation for a suspected Israeli attack on its consulate in Syria on April 1

Crude realisation: Oil's slick grip threatens corporate margins, profits

In the past a rise in crude oil prices has resulted in lower corporate margins and profits

Crude oil holds near five-month high amidst tensions in West Asia

Brent crude futures edged up 5 cents, or 0.1%, to $90.43 per barrel by 1309 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 10 cents or 0.1% at $86.33

China becomes largest buyer of Russian seaborne crude as India goes slow

China imported 1.82 million barrels per day of Russian crude by sea in March, exceeding India's 1.36 million bpd

US officials urge India to maintain implementation of Russian oil price cap

Two senior US treasury officials are in India to urge New Delhi to maintain the implementation of the oil price cap aimed at limiting profits to Russia, while also promoting stable global energy markets, according to an official announcement. Acting Assistant Secretary for Terrorist Financing Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand are travelling to New Delhi and Mumbai from April 2-5 to meet with government and private sector counterparts, the Treasury said in a statement on Wednesday. They will discuss key bilateral issues, including cooperation on anti-money laundering and countering the financing of terrorism, other illicit finance issues, and continued implementation of the price cap, which seeks to further limit the profits Russia receives to fund its illegal invasion while promoting stable global energy markets, it said. Following Russia's February 2022 invasion of Ukraine, the G7 nations, the European Union, and Australia jointly ...

India to build first commercial crude oil storage to shore up stockpiles

India, the world's third biggest oil consumer and importer, plans to build its first commercial crude oil strategic storage as part of efforts to shore up stockpiles as insurance against any supply disruption. Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle created by the government for building and operating strategic petroleum reserves in the country, has invited bids for constructing 2.5 million tonnes of underground storage at Padur in Karnataka, according to the tender document. ISPRL had in the first phase built a strategic petroleum reserve in underground unlined rock caverns for storage of 5.33 million tonnes of crude oil at three locations Visakhapatnam (1.33 million tonnes) in Andhra Pradesh and Mangalore (1.5 million tonnes) and Padur (2.5 million tonnes) in Karnataka. Under Phase-II, it intends to build a commercial cum strategic petroleum reserve in underground unlined rock caverns along with associated above ground facilities, including ...

Brent crude price reaches highest level this year on fresh supply threats

Brent futures for June delivery were up $1.15, or 1.3%, at $88.57 a barrel by 13:33 GMT after touching a peak of $89.08

Opec+ ministerial panel unlikely to change output policy at April 3 meeting

OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) to support the market