Page 32 - Crude Oil

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

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