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Page 31 - Crude Oil

World's oil refiners are struggling to make enough diesel: Here's why

While oil futures are rocketing - on Friday they were just below $95 a barrel in London - the rally pales in comparison with the surge in diesel

Updated On : 17 Sep 2023 | 11:00 PM IST

Reliance Industries to temporarily shut some Jamnagar units for maintenance

The conglomerate owned by billionaire Mukesh Ambani is the operator of the world's biggest refining complex which houses two plants with a combined capacity of about 1.4 million barrels per day

Updated On : 14 Sep 2023 | 11:45 PM IST

Indian oil firms explore using stranded $600 million to buy Russian oil

Indian oil companies are exploring the possibility of using close to USD 600 million of their dividend income stranded in Russia to buy oil from that country, officials said on Thursday. India's top four oil companies -- Indian Oil Corporation (IOC), a unit of Bharat Petroleum Corporation Ltd, Oil India Ltd and ONGC Videsh Ltd -- haven't been able to repatriate dividend income they accrue from their investments in Russian oil and gas fields. That money is lying in their bank accounts in Russia but could not be brought to India due to tough Western sanctions that followed Moscow's invasion of Ukraine. This is at a time when Russia has emerged as the top crude oil supplier to India, accounting for more than a third of all purchases New Delhi makes from overseas. Officials said one of the options could be to loan the money lying in Russian bank accounts to entities buying oil. These entities could repay the loan in India. The entities that buy oil from Russia include IOC and BPCL. "W

Updated On : 14 Sep 2023 | 4:23 PM IST

NSE to launch options on WTI Crude oil, natural gas futures contracts

The National Stock Exchange (NSE) on Friday announced that it will launch options linked to NYMEX WTI Crude Oil and Natural Gas futures contracts in its commodity derivatives segment. This came after the exchange received approval from the markets regulator Securities and Exchange Board of India (Sebi) to launch these contracts. The addition of options on futures contracts will further boost NSE's product offering in the overall commodity segment. These contracts are designed to provide the market participants with a more efficient way to manage their commodity risk, the exchange said in a release. "It gives us immense pleasure to inform the market participants that NSE is planning to launch Options on NYMEX WTI Crude Oil and Natural Gas futures contracts in October 2023. "We would like to thank all the market participants for showing their trust & confidence in the NSE WTI Crude Oil and Natural Gas Futures contracts, and we are confident that the same will continue with the ...

Updated On : 08 Sep 2023 | 9:09 PM IST

India remained top buyer of Russian Ural oil in Aug despite rising prices

Indian refineries said in August that the Urals discount to the dated Brent benchmark crude had narrowed too much, making them cut purchases of the grade in September

Updated On : 05 Sep 2023 | 8:43 PM IST

Oil industry elite hits Singapore to debate over crude's next twist

Producers, hedge funds, analysts and traders will all converge on the Southeast Asian city-state for this year's Asia Pacific Petroleum Conference, organized by S&P Global Commodity Insights

Updated On : 03 Sep 2023 | 7:35 AM IST

India's crude oil imports from Russia down 24% MoM, lowest in 7 months

Indian refiners also cut shipments from Iraq, another top supplier, by 10% on the month in August to 848,000 barrels a day

Updated On : 31 Aug 2023 | 2:03 PM IST

Oil rises as dollar falls, US braces for Hurricane Idalia impact on energy

U.S. West Texas Intermediate futures rose $1.07, or 1.3%, to $81.17 a barrel by 1:42 p.m. EDT [1742 GMT], while Brent crude futures were up by 98 cents, or 1.2%, to $85.40 a barrel

Updated On : 30 Aug 2023 | 7:48 AM IST

Crude oil ticks up as supply concerns outshine macroeconomic jitters

The jitters follow a fire at a Marathon Petroleum refinery last week, after a chemical leak ignited two giant storage tanks filled with volatile naphtha

Updated On : 29 Aug 2023 | 5:33 PM IST

India likely to discuss crude oil discounts with Iraq and UAE soon

Refiners seek fixed commitment from middle-eastern suppliers akin to Russia

Updated On : 18 Aug 2023 | 10:49 PM IST

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

Updated On : 14 Aug 2023 | 11:15 PM IST

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

Updated On : 14 Aug 2023 | 10:45 PM IST

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 .