Page 4 - India Crude Oil

Indian refiners stock up Urals crude oil before Russian supply cut

Import of this grade of crude jumps 14% in a month to record high

Slight pause: India's crude oil imports from Russia decline in June

India paid around $70 per barrel in May for Russian crude on a delivered basis, according to Indian Customs data

India's crude steel output grows 4% to over 125 MT in FY23: SteelMint

India's crude steel production rose by 4.18 per cent to 125.32 million tonnes (MT) in 2022-23, according to research firm SteelMint. In the preceding 2021-22 fiscal, the country produced 120.29 MT of steel, the research firm stated. The production of finished steel was 121.29 MT, up 6.77 per cent from 113.60 MT a year ago. Domestic consumption of steel rose by 12.69 per cent to 119.17 MT against 105.75 MT in 2021-22. A SteelMint analyst attributed increasing infrastructure activities to higher production and consumption of steel in India. Steel exports fell by 50 per cent to 6.72 MT from 13.49 MT a year ago. Imports surged about 29 per cent to 6.02 MT in FY23 from 4.67 MT in 2021-22. The production of pig iron was at 5.85 MT in FY23, down 6.53 per cent from 6.26 MT in the preceding year.

India's Feb crude oil imports jump 8% as demand hits over 2 decade high

India's imports of crude oil in February rose about 8% from a year earlier, government data showed on Wednesday, as fuel demand hit over 2-decade highs in the world's third-biggest oil importer

Windfall tax on crude oil slashed to Rs 3,500/tonne, duty on diesel hiked

Petrol and Aviation Turbine Fuel (ATF) have been exempted from the export levy

MCX Crude Oil may soon breakout; Bias negative for Natural Gas below Rs 224

The anticipated trading band for the MCX Crude Oil futures has got narrower to Rs 6,180 - Rs 6,660. Broader trend for Natural Gas remains weak as the commodity trades below 200-WMA.

MCX Crude Oil remains range-bound; bias can turn positive above Rs 6,465

On the flip side, in case, Crude Oil futures break the support at the lower-end the commodity could dip below the Rs 6,000 mark.

MCX Crude oil may find support at Rs 6,400; Natural Gas could test Rs 227

On the upside, the Rs 6,700-odd level remains a major hurdle for Crude Oil futures; whereas, interim support for Natural Gas is placed at Rs 240.

Crude Oil may weaken below Rs 6,340; key support for Natural Gas at Rs 333

On the downside, MCX Crude Oil January futures could slide to Rs 5,940 or even re-test the recent lows at Rs 5,850-level; Natural Gas seems on course to test Rs 290 level.

Immediate hurdle for Crude Oil seen at Rs 6,400; Natural Gas at Rs 589

On the downside, Rs 5,850 seems to be a good support for Crude Oil; Whereas Natural Gas futures have multiple supports as per the daily chart.

Crude one-upmanship: G7 oil price cap on Russia turns on the US tap

The US shipped a record 450,000 barrels/day to India in November

MCX Crude Oil may turn rangebound; Natural Gas tests key support at Rs 520

The MCX Crude Oil futures are likely to trade in a broad range of Rs 6,900 - Rs 7,770 in the near term. Natural Gas futures can pullback to Rs 580, is support at Rs 520 is sustained.

MCX Crude Oil can fall to Rs 5,900; Natural Gas may soon test Rs 500-mark

The MCX Crude Oil October futures are likely to test major support of 100-WMA around the Rs 5,900-level. Whereas, for the week, Rs 530-level is the key support for Natural Gas futures.

Depreciating rupee not likely to cause fiscal slippage, say experts

Petroleum, fertiliser imports to become expensive, subsidy bill set to rise

Explained: How have India's crude import sources changed over time?

The top three countries have changed significantly before and after the military action in Ukraine

Iraq leads with discounts as W Asia retains top slot in Indian oil market

Iraq, India's biggest crude oil supplier, maintained its lead over Russia in August, supplying 12-20 per cent more to India in the first 30 days of the month

US urges India to join Western crude price cap coalition against Russia

US dy secretary of treasury Wally Adeyemo meet FM Sitharaman during the final lap of his three-day trip to India, after visiting RBI governor Shaktikanta Das on Thursday

India's crude oil imports from US dip by one million tonnes in June quarter

At the same time, share of Russian oil in India's crude basket rose from 2.2% in FY22 to 12.9% in the first quarter of FY22

Jaishankar defends India's crude import from Russia, calls it 'best deal'

EAM S Jaishankar, who is in Thailand, defended India's crude oil imports from Russia by terming it the "best deal" for the country

Centre garners Rs 3,000 crore from windfall tax on oil and gas firms

It is likely to continue with the levy till the Indian basket of crude is above $80 a barrel