Page 25 - Crude Oil

Russia, Venezuela flows stay strong as cheaper crude evades US curbs

India may receive 4 million barrels of Venezuelan crude, the cheapest among all crude sources, in April, lower from 4.78 million barrels in March

Metals soften in FY24, crude oil hardens in the international market

Most base metals, except tin, have ended lower in the last two years

More than 20% of global oil refining capacity is at risk of closure

About 30 European refineries have already shut down since 2009, data from industry body Concawe shows, with nearly 90 still in operation

Govt allows UAE's Adnoc to export oil from Indian strategic storage

The government has allowed Abu Dhabi National Oil Company (Adnoc) to export crude oil it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm, an order of the Ministry of Commerce and Industry said on Saturday. At present, crude oil, which is the raw material for producing fuels like petrol and diesel, is not allowed to be exported except through the state-owned Indian Oil Corporation (IOC). In an order, the ministry said the condition of export being allowed only through IOC will continue, but "AMI (Adnoc Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their commercial stockpile at Mangalore strategic petroleum reserve, at their own cost". India, the world's third-biggest oil importer and consumer, imports over 85 per cent of its oil needs and has built strategic storages at three locations to store up to 5.33 million tonnes of oil as insurance ...

February crude oil imports from Russia edged up from January trade

The world's third biggest oil importer and consumer, India has been gorging on Russian oil since the West imposed sanctions on Moscow for its invasion on Ukraine in February 2022

BPCL signs 4-month US oil purchase deal with BP, delivery to begin in June

The Indian refiner has also separately bought 2 million barrels of WTI crude for loading in April via a spot tender, the sources said

India buying more oil from US as fresh sanctions stifle Russian flows

Russian crude flows to India surged after the invasion of Ukraine and the OPEC+ producer is still the biggest supplier to the South Asian nation, but tighter US sanctions have stranded cargoes

Two tankers with Russia's Urals oil idle for weeks off West Coast of India

It remains unclear why they have been idling but there are growing signs that western sanctions are disrupting the fleet of tankers moving Russian oil

Iraq to curb crude oil exports to compensate for exceeding OPEC+ quota

OPEC+, whose de facto leader is Saudi Arabia, has highlighted the importance of compliance with the pledged cuts even as oil prices have rallied this year

Reliance's fuel supply to Europe avoids Red Sea to keep clear from Houthis

Globally fuel producers are avoiding the Red Sea and go around Africa to avoid Iran-aligned Houthi attacks despite the Suez canal being the shortest route between Asia and Europe

US leads global crude oil production for sixth year in a row: EIA

"The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row," the EIA added

Nation first policy helped manage oil prices despite global conflicts: Puri

The Union Minister for Petroleum and Natural Gas said 85 per cent of India's crude requirements are met by imports, with the price of crude in the international market being the benchmark

India remains cautious on contracted Russian oil as new US sanctions bite

The three refiners had been in talks with Russia's Rosneft PJSC to secure about 500,000 barrels a day - equivalent to a third of India's daily imports

Crude oil steadies on Opec+ supply restraint, underwhelming China reforms

Brent crude was up 15 cents, or 0.2%, to $82.95 a barrel by 0911 GMT, while U.S. West Texas Intermediate (WTI) fell 21 cents, or 0.3%, to $78.53. Brent has gained almost 8% this year

Reduced refining capacity, sanctions force Russia to cut crude oil output

Russia has declared plans to cut its oil output and exports by an additional 471,000 barrels per day (bpd) in April-June in coordination with some OPEC+ participating countries

India looks elsewhere for oil as latest US sanctions crimp Russia trade

India's refiners are keen to take more Russian oil, but there would need to be US approval for buying to ramp up again, the executives said, asking not to be identified because the information is priv

Crude oil falls 1% as Fed caution, stocks build offset Opec+ expectations

Brent crude futures fell 90 cents, or 1.08%, to $82.75 a barrel by 0902 GMT. U.S. West Texas Intermediate futures (WTI) were down 92 cents, or 1.17%, at $77.95

Shipping rates volatile in February amid Red Sea crisis, shows data

Very large crude carrier (VLCC) rates up compared to January

India's oil imports hit record high in Jan on Red Sea delays, shows data

India's oil imports hit 5.24 million barrels per day (bpd) in January, up 17% from December and 3.5% higher than in the corresponding month a year earlier, according to the data

January crude imports hit 21-month high due to strong Industrial demand

Crude oil imports in January rose 9.5% month-on-month to 21.39 million metric tons, and were up 5.7% on year-on-year basis, Petroleum Planning and Analysis Cell (PPAC) data showed on Thursday