Page 3 - Oil Industry

Oil industry in 2024: Varied outcomes expected across value chain

The correction in tanker rates in owing to easing of Covid-related supply chain constraints, however the recent attacks on cargo ships in the Red Sea remains a monitorable

Refined petroleum products export rise 32% to 5.6 MMT in November: PPAC

Exports in the April-November period also increased, rising 2.7 percent to 40.8 MMT. This was due to a rise in the outbound shipment of vacuum gas oil

Input tax refunds under GST: 'HC's IndianOil ruling to benefit all firms'

The court has instructed the authorities to process the input tax refund sought by IndianOil despite the tax rate on its principal input and principal output being the same

OPEC defends 'vilified' oil-and-gas industry on eve of climate meeting

The Organization of Petroleum Exporting Countries said that the IEA has "unjustly vilified" the industry over its role in the climate crisis

Valvoline targets double-digit market share growth in India over 5 years

The company is striving to establish a comprehensive ecosystem for its customers, offering a full spectrum of products, including lubricants, grease, diesel exhaust fuel, and more

Oil prices steady as dollar slumps, Russian oil products ban looms

Oil prices were steady on Thursday after tumbling in the previous session as a weaker dollar boosted sentiment, though looming sanctions on Russian oil products added uncertainty over supply

Oil prices climb as dollar slumps, OPEC+ keeps output cut policy

Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision

Oil prices firm for a second session on upbeat US economic data

Oil prices rose for a second session on Friday, buoyed by stronger than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand

Oil prices climb on hopes for Federal Reserve slowing interest rate hikes

Oil prices rose on Friday on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand

$58 bn investment in E&P; Chevron, Exxon, Total keen on India: Hardeep Puri

Global energy majors Chevron Corp, Exxon Mobil Corp and TotalEnergies are interested in investing in India's oil, gas exploration and production sector, said India's oil minister, Hardeep Singh Puri

Global oil inventories expected to grow, prices to drop in next 2 yrs: EIA

Global oil inventories will increase over the next two years with more global oil production than consumption, the US Energy Information Administration (EIA) has forecast

Oil rises 2% on Russian supply worries; US storm impact in focus

Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday

Russian oil logistics in chaos with weeks until EU sanctions bite

With about six weeks until the bloc's measures enter into force, little clarity exists on whether these steps will really suffice to help Russia to get much of its output to fend off a supply shock

Oil rises on tight supplies, possibility of China easing Covid curbs

Oil prices rose by more than $1 on Thursday in response to tighter supplies and on news that China is considering a cut in the duration of quarantine

India to soon sign long-term deal to export oil from Namibia: Report

Recently, IOC signed a deal to procure oil from Colombia's Ecopetrol SA and Brazil's Petroleo Brasileiro SA (Petrobras)

Fears of fuel shortage grow in France amid strikes over wages at refineries

Strikes in France's major refineries continued, leading fears over fuel shortage across the country

Biden asks oil industry not to raise prices as hurricane Ian nears

President Joe Biden on Wednesday warned oil and gas companies against increasing prices for consumers as Hurricane Ian neared landfall along Florida's southwest coast. Do not, let me repeat, do not use this as an excuse to raise gasoline prices or gouge the American people, Biden said at the start of a conference on hunger in America. Biden said that the hurricane provides no excuse for price increases at the pump and if it happens, he will ask federal officials to determine whether price gauging is going on. America is watching. The industry should do the right thing, Biden added. There are few signs that average gas prices have jumped significantly in Florida as the hurricane began to approach. AAA put the statewide average at just under $3.40 a gallon, six-tenths of a cent higher than a week ago. A 99-day run of falling pump prices nationally ended recently, and the 14-week decline was the longest streak since 2015. The nationwide average price had risen past $5 a gallon and $

Despite windfall tax, ONGC, Oil India's earnings look positive for FY23

With diverse revenue streams RIL is less impacted, while oil marketing companies have seen earnings downgrades amidst volatility in oil prices

OPEC secretary-general Mohammad Barkindo dies, just weeks shy of departure

The Secretary-General of the Organization of Petroleum Exporting Countries has died, Nigerian authorities and the oil cartel announced Wednesday.

Edible oil prices will soften by Rs 15/litre in a few weeks: Industry

Decision arrived at today during a meeting between industry players & officials