Page 50 - Crude Oil

Petrol, diesel prices hiked; more to come as crude nears $80/barrel

Petrol price on Tuesday was hiked by 20 paise per litre and diesel by 25 paise as international oil prices neared USD 80 per barrel mark for the first time in three years. The price of petrol was hiked to Rs 101.39 a litre in Delhi from Rs 101.19 and to Rs 107.47 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai. Prices differ from state to state depending on the incidence of local taxes. This is the first price increase in petrol in more than two months and the fourth in case of diesel. The increase followed international oil prices rising for the fifth consecutive day and global benchmark Brent heading for USD 80 per barrel. Tuesday was the first increase in petrol price since state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) on September 24 resumed daily price revisions, ending the pause in rates that had effected s

Hess sees tight oil market in near term, underinvestment risk ahead

MELBOURNE (Reuters) -Hess Corp sees oil markets remaining tight in the short term and supporting strong prices as demand recovers more quickly than supply post-pandemic with U.S. shale producers holding back capital spending, its president said on Monday.

Vitol CEO sees global gas market set for reasonably bullish 5-year outlook

Extreme cold weather last winter thinned natural gas stocks in the West and inventories have failed to be rebuilt in time, resulting in record prices near $26 per million British thermal units (mmBtu)

Oil prices near highest since 2018 on global energy crunch

Various underlying oil market gauges are also pointing to a strengthening market

India's crude oil production falls 2.3% in August, gas output rises

India's crude oil production fell 2.3 per cent in August but natural gas output rose by more than a fifth on the back of output from KG-D6 fields of Reliance-BP

India's oil imports rose to four-month high in August, shows data

Oil imports last month rose about 23% from July and about 6.2% from the same month last year

Oil prices fall to $74 on risk-averse mood, US Gulf output

A stronger dollar makes US dollar-priced oil more expensive for holders of other currencies and generally reflects higher risk aversion, which tends to weigh on oil prices

Amid tapering fears, rising imports, rupee to face pressure next week

Global anxieties along with rising imports and persistently high crude oil prices will weaken the Indian rupee in the coming week.

Oil prices scale six-week high as Hurricane Nicholas hits US Gulf

Oil prices hit a six-week high on Tuesday as Hurricane Nicholas weakened into a tropical storm, bringing the threat of widespread floods and power outages

Oil prices rise to six-week high as US supply concerns dominate

Oil prices rose to a six-week high on Monday as US output remains slow to return two weeks after Hurricane Ida slammed into the Gulf Coast

Here's why US crude oil supplies took such a big hit from Hurricane Ida

The damage to offshore platforms, pipelines and even helipads was so severe that two out of every three barrels of crude normally pumped from the U.S. sector of the Gulf of Mexico are unavailable.

Oil prices rise today amid slow supply return after Hurricane Ida

MELBOURNE (Reuters) - Oil prices rose on Wednesday, paring overnight losses, with producers in the U.S. Gulf of Mexico struggling to restart operations nine days after Hurricane Ida swept through.

Oil steady as Ida outages offset Saudi Arabia's cuts in crude prices

Oil held steady with Saudi Arabia's cut in crude prices for Asian buyers raising the prospect of fierce competition among sellers

Fossil fuels can still see a price boom in the decarbonisation era

The current price spike has multiple sources

Oil extends losses after deep cuts to Saudi crude prices for Asia

Brent crude futures for November fell 57 cents, or 0.8%, to $72.04 a barrel by 0101 GMT while U.S. West Texas Intermediate crude for October was at $68.73 a barrel, down 56 cents, or 0.8%

OPEC+ sticks to agreed schedule for oil-production increases

Ministers ratified the 400,000 barrel-a-day supply hike scheduled for October after less than an hour of talks, one of the quickest meetings in recent memory

OPEC+ seen sticking to existing policy despite higher oil demand

OPEC and its allies will likely stick to their existing policy of gradual oil output increases, four sources said on Wednesday, even though the group revised up its 2022 demand outlook

Oil heads for its biggest monthly loss this year ahead of OPEC+ meet

The Organization of Petroleum Exporting Countries and its allies will meet on Wednesday to assess the global market and prospects for demand as the pandemic grinds on.

China's Sinopec posts $6 bn profit on rebounding oil prices, better demand

Revenue in the first six months rose 22.1% from last year's low base to 1.26 trillion yuan, following a recovery in global oil prices and robust demand for fuel and petrochemical products

India begins selling crude oil from strategic reserves in monetisation push

This is being done to make space for HPCL and Mangalore Refinery and Petrochemicals, which will be leasing space in the ISPRL caverns for commercial use