Page 8 - Crude Oil

Oil steady as Russia-Ukraine peace deal may ease supply chain disruptions

Brent crude futures ticked up 5 cents, or 0.07 per cent to $74.79 a barrel at 1003 GMT, while US West Texas Intermediate crude was up 8 cents, or 0.11 per cent at $70.82 a barrel

US imposes sanctions on individuals, tankers shipping Iranian oil to China

The move comes after US President Donald Trump earlier this week vowed to bring Iran's oil exports to zero as the US tries to prevent the country from obtaining a nuclear weapon

Govt widens approvals for Russian insurers after US oil sanctions

As Soglasie isn't blacklisted by any western nation, the new permit provides a safe option for tanker operators that haul Russian barrels to India

Blending dilemma: Conflicting priorities on flex-fuel need clear policy

Ethanol in India is derived primarily from sugarcane, a crop that is not only water-intensive but is also being increasingly diverted to ethanol production

Refiners ask Abu Dhabi NOC to offer 'oil delivered price' as freight spikes

Russian oil accounted for more than a third of India's imports last year, but US sanctions are tightening supply, pushing the buyer back to traditional Middle East sources

India's fraying Gulf oil ties get a fillip on US' sanctions on Russia

State-run refiners plan to renew or enhance optional volumes under existing contracts, struck on a fiscal basis, despite higher sourcing costs

IOC buys 7 million barrels of Middle Eastern, African crude oil via tenders

Indian refiners are increasing Middle Eastern crude purchases from the spot markets after Washington last Friday announced sweeping sanctions targeting Russian producers

New US energy sanctions to destabilise global markets, says Russian govt

The move was meant to cut Russia's revenues for financing the war with Ukraine. A US official said the sanctions could cost Russia billions of dollars per month if sufficiently enforced

Latest sanctions on Russia may cut off access to discounted crude

Govt hopes there will be no shortage, no disruption for 6-8 weeks, say official sources

Best of BS Opinion: How much change and continuity can we expect this year?

The best of Business Standard's opinion pieces for today, curated for you

Tougher US sanctions to curb Russian oil supply to China and India

Russian oil exports will be hurt severely by the new sanctions, which will force Chinese independent refiners to cut refining output going forward, two Chinese trade sources said

Crude prices jump more than 3% on concerns over more US sanctions on Russia

The document, purported to be from the U.S. Treasury, was being circulated among traders in Europe and Asia. Reuters could not verify the veracity of the document

China's Shandong Port bans US-sanctioned tankers from calling into its port

The province imported about 1.74 million barrels per day (bpd) of oil from Iran, Russia and Venezuela last year, accounting for about 17 per cent of China's imports

Opec oil output falls in December on drop in UAE, Iran production: Report

The Organization of the Petroleum Exporting Countries pumped 26.46 million barrels per day last month, down 50,000 bpd from November

MRPL signs MoU with ISPRL to utilise underground caverns for crude storage

Mangalore Refinery and Petrochemicals Limited (MRPL) signed a Memorandum of Understanding on Tuesday with Indian Strategic Petroleum Reserves Limited to utilise ISPRL's underground caverns for crude oil storage. The partnership aims to enhance MRPL's crude storage capacity, ensuring supply security and mitigating risks arising from global market volatility. The agreement was signed at MRPL's office in Mangaluru by Executive Director (Refinery), MRPL, B Sudharshan and ISPRL Deputy CEO Atul Gupta, in the presence of MRPL Managing Director Mundkur Shyamprasad Kamath and ISPRL CEO & MD L R Jain. Under the agreement, MRPL will lease storage at ISPRL's facilities, reducing capital expenditure while improving operational flexibility. Officials stated that the strategic location of ISPRL's storage sites, close to MRPL's refinery and the coast, would help cut transportation costs and facilitate smoother logistics. The collaboration is expected to support India's energy security efforts ...

Oil prices edge up to 12-week high on US winter storm, weaker dollar

Brent futures rose 27 cents, or 0.4 per cent, to $76.78 a barrel by 11:33 a.m. EST (1633 GMT), while US West Texas Intermediate crude rose 27 cents, or 0.4 per cent, to $74.23

Oil set for weekly gains as market eyes US, Chinese policy support

Signs of Chinese economic fragility heightened expectations of policy measures to boost growth in the world's top oil importer

Looking at resuming crude oil supply to India, expanding trade basket: Iran

Iran is looking at ways to resume supplying crude oil to India and is keen on expanding the overall trade basket including in the petro-chemical sector through the strategically-located Chabahar port, a senior Iranian official said on Thursday. Tehran is also keen to expand counter-terror cooperation with India as the possibility of rise in the terrorist activities looming large over West Asia in view of the fragile situation in the region, especially in Syria, he said. The senior Iranian official told a group of journalists that the incoming Donald Trump administration is unlikely to be similar to that of his first term towards Tehran as the global geopolitics have undergone significant changes with China increasing its strategic heft. In his first term as the US president, Trump tightened the noose of sanctions on Iran, eyeing over 80 per cent of the country's economy and even ended Washington's participation in the 2015 nuclear deal with Tehran. On the overall situation in West

Oil prices set for second annual loss in a row, stable day on day

Brent crude futures rose by 42 cents, or 0.6 per cent, to $74.41 a barrel as of 1430 GMT. US West Texas Intermediate crude gained 38 cents, or 0.5 per cent, to $71.37 a barrel

Core sector growth slows to 4.3% annually in November, betters Oct numbers

The output of eight key infrastructure sectors slowed down to 4.3 per cent in November 2024 against 7.9 per cent growth registered a year ago, according to official data released on Tuesday. On a monthly basis, the production growth of these sectors was higher than the 3.7 per cent expansion recorded in October 2024. In November, production of crude oil and natural gas contracted. The production growth of coal, refinery products, fertiliser, steel, and electricity moderated to 7.5 per cent, 2.9 per cent, 2 per cent, 4.8 per cent, and 3.8 per cent, respectively, against 10.9 per cent, 12.4 per cent, 3.3 per cent, 9.7 per cent and 5.8 per cent in November last year. However, cement output rose to 13 per cent in the month under review. The growth of core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 4.2 per cent during April-November this fiscal. It was 8.7 per cent in the same period last fiscal. The eight core sectors