Page 3 - Oil Export

Activists protest Biden's nod to huge oil export terminal off Texas coast

In a move that environmentalists called a betrayal, the Biden administration has approved construction of a deepwater oil export terminal off the Texas coast that would be the largest of its kind in the United States. The Sea Port Oil Terminal being developed off Freeport, Texas, will be able to load two supertankers at once, with an export capacity of 2 million barrels of crude oil per day. The USD 1.8 billion project by Houston-based Enterprise Products Partners received a deepwater port license from the Department of Transportation's Maritime Administration this week, the final step in a five-year federal review. Environmentalists denounced the license approval, saying it contradicted President Joe Biden's climate agenda and would lead to disastrous planet-warming greenhouse gas emissions, equivalent to nearly 90 coal-fired power plants. The action could jeopardise Biden's support from environmental allies and young voters already disenchanted by the Democratic administration's .

China becomes largest buyer of Russian seaborne crude as India goes slow

China imported 1.82 million barrels per day of Russian crude by sea in March, exceeding India's 1.36 million bpd

Govt allows UAE's Adnoc to export oil from Indian strategic storage

The government has allowed Abu Dhabi National Oil Company (Adnoc) to export crude oil it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm, an order of the Ministry of Commerce and Industry said on Saturday. At present, crude oil, which is the raw material for producing fuels like petrol and diesel, is not allowed to be exported except through the state-owned Indian Oil Corporation (IOC). In an order, the ministry said the condition of export being allowed only through IOC will continue, but "AMI (Adnoc Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their commercial stockpile at Mangalore strategic petroleum reserve, at their own cost". India, the world's third-biggest oil importer and consumer, imports over 85 per cent of its oil needs and has built strategic storages at three locations to store up to 5.33 million tonnes of oil as insurance ...

Russia's move to ban petro exports for six months not to affect India

Russian media on Tuesday reported that the country has accepted proposals to implement the ban to meet the rising domestic demand

Govt relaxed about OPEC+ cutting oil output, says oil minister Puri

India's oil-buying spree comes as the Organization of Petroleum Exporting Countries and its allies, including Russia, are capping their production amid demand concerns

The oil factor

In spite of global uncertainties, India's oil economy offers an opportunity to usher in reforms in the petroleum sector

Crude oil holds a decline as Opec+ dispute clouds production outlook

Saudi Arabia, the de facto leader of Opec, and its allies are embroiled in a dispute over output quotas for African members

Brent crude oil hovers around $80 after this week's downward spiral

Earlier in the week customs data showed that China's total exports of goods and services contracted faster than expected

Explainer: How serious is Russia's fuel export ban and who will be hit?

Russia said exports would resume once it had stabilised its domestic market, but did not give a precise timeline

Brent oil prices top $94 a bbl, up for a third week on supply curbs

The International Energy Agency and Organization of Petroleum Exporting Countries both warned this week that the market would be in deficit through year-end

Dollar hits highest in more than a month on China economy concerns

Analysts said investors bought the dollar as shelter from concerns about the health of the global economy, particularly China

Oil dips further on China's economic recovery worries, strong dollar

U.S. West Texas Intermediate crude settled down 68 cents, or 0.82%, at $82.51 a barrel. Brent crude futures finished at $86.21 a barrel, down 60 cents, or 0.69%

How will India cope with Urals breaching the EU-denominated price cap?

Urals crude has passed the trading price cap imposed by the G7 but supplies to India may sail through largely unscathed. Here's why

India's imports of sunflower oil to fall as Black Sea grain deal expires

The drop in sunflower oil imports would force the world's biggest buyer of vegetable oils to increase purchases of palm oil and soyoil to compensate

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

Cause and effect: Are corporate profits fueling inflation globally

As the Federal Reserve continues with hikes, the linkage between corporate profit margins and inflation is blamed for consumer burden

Indian oil export basket in FY23 was most diversified ever, shows data

Israel, Brazil, and South Africa broke into top 10 list of destinations for Indian refined petroleum products

How Russian oil is still powering Europe's cars with help from India

Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler's data show

Russian oil cuts Opec's share of Indian market to 22-year low at 59%

OPEC members mainly from the Middle East and Africa, saw their share of India's oil market slide to 59% in the fiscal year to March 2023, from about 72% in 2021-22

PM Modi, Hasina to launch Rs 377-cr cross-border oil pipeline on March 18

The 130-km-long friendship pipeline on West Bengal border will transport diesel from Numaligarh Refinery in Assam