Page 34 - Crude Oil

India's unabated tryst with Russian crude oil is slowly coming to an end

Russian oil now trades above the G-7 price cap, leaving India searching for creative solutions to fill the breach

Turkey starts delivery of natural gas from Black Sea field to cut imports

Turkey has started the delivery of natural gas from its Black Sea field, as part of its flagship project aiming at reducing the country's dependence on energy imports.

The slippery slope of oil exploration keeps India heavily import-dependent

Motorists have taken comfort in frozen pump prices and gas price caps but producers face high taxes, and restrictions on pricing freedom

India sees oil cuts, war impact as biggest risks to economy: FM Sitharaman

She also said possible recessions in the US or other developed countries could be a drag on India by hurting exports, particularly manufacturing

NSE to introduce WTI crude oil, natural gas futures contracts from May 15

National Stock Exchange (NSE) on Friday said it will launch futures contracts on underlying WTI crude oil and natural gas in the commodity derivatives segment from May 15. This comes after the exchange, last month, received approval from markets regulator Sebi to launch the rupee-denominated Nymex WTI crude oil and natural gas futures contracts in its commodity derivatives segment. These contracts will expand NSE's product offering in the energy basket and its overall commodity segment. Experts believe that these contracts would provide the market participants with an efficient avenue to hedge their price risk. "Futures contracts on underlying WTI crude oil and natural gas (Henry Hub) would be available for trading in commodity derivatives segment with effect from May 15, 2023," NSE said in a circular. In February, NSE signed a data licensing agreement with CME Group. The pact allows the bourse to list, trade and settle rupee-denominated WTI crude oil and natural gas derivatives .

Crude oil at sea surges in fresh sign of Russian flows going farther

The increase reflects the recasting of the global oil market following Russia's invasion of Ukraine

Avoid paint stocks as crude oil may keep margin cheer at bay: Analysts

Analysts advise investors to avoid the sector over the short-to-medium term

Statsguru: Six charts show higher crude prices tend to push up inflation

The quantity of crude that India imported was 6 per cent lower in 2021-22 at 212 million tonnes compared to 2018-19

Russian oil & Opec effect: Outcome of buying Urals oil above cap are severe

The risks to Indo-Russian oil trade escalate when Urals crude starts trading above the cap imposed by the European Union

Fuels from Russian crude oil get backdoor entry into Europe via India

Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share

Refiners' February crude processing stays elevated amid robust demand

India's fuel demand hit its highest level in at least 24 years in February, with industrial activity in Asia's third biggest economy boosted by cheap Russian oil

Windfall tax on domestic crude oil cut to nil, on export of diesel halved

This means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax

Oil price stable as markets weigh OPEC+ surprise cuts amid demand woes

The latest pledges bring the total volume of cuts by Opec+ to 3.66 million bpd, including a 2 million barrel cut last October, equal to about 3.7 per cent of global demand

India will not be impacted by Opec+ production cut, officials say

Industry executives said imports from Russia may rise further as talks are on to address difficulties in paying for Russian crude

Centre cuts all windfall tax on domestically produced crude oil from today

Previously in March, the Centre had slashed the windfall tax by Rs 900 per tonne to Rs 3,500 per tonne from Rs 4,400 per tonne

Oil leaps 6% as Opec+ shocks markets with plans to cut output target

Oil benchmarks jumped 6% on Monday, the day after the OPEC+ group jolted markets with plans to cut more production, raising fears of tightening supplies

Crude oil can hit $100 a barrel if production cuts continue: Analysts

Others, too, believe that $100 a barrel could become a reality

India's oil demand outpaced world amid pandemic, Russia-Ukraine war

Consumes nearly half a million barrels a day more than in 2019

In surprise move, Opec+ cuts daily oil output by over 1 million barrel

The move would likely raise prices at the pump, further straining relations between Riyadh and Washington as the world copes with inflation fuelled in part by the war in Ukraine

Russia pulls off revolution in India's overall crude oil basket

Oil supplies from Russia surged after the G7's stringent sanctions, relegating traditional suppliers Iraq and Saudi Arabia to second and third place