Page 2 - Oil Market

Crude oil gains 3% after Opec+ delays output hike, US election in focus

Brent futures were up $2.13 per barrel, or 2.9%, to $75.23 a barrel at 1123 GMT. U.S. West Texas Intermediate (WTI) crude was up $2.15 a barrel, or 3.1%, to $71.64

Opec+ agrees to delay planned December output increase for one month

The OPEC+ group, combining the Organization of the Petroleum Exporting Countries plus Russia and other allies, was scheduled to raise output by 180,000 barrels per day in December

Oil prices likely to fall after Israel shows restraint in strikes on Iran

Iran on Saturday played down Israel's overnight air attack against Iranian military targets, saying it caused only limited damage

World has enough oil, more supplies coming: Puri hopes prices will cool

Petroleum Minister Hardeep Singh Puri on Tuesday said the world has enough crude oil and more supplies are coming into the market, which he hoped will cool down oil prices. "There is no shortage of oil," he told reporters on the sidelines of an event here. But geopolitical tensions cause prices to rise owing to higher freight and insurance charges incurred in avoiding conflict zones. He hoped better sense will prevail and diplomacy will take precedence. Despite geopolitical tensions, there is no shortage of oil in the world and more supplies from countries such as Brazil and Guyana are coming into the market, he said. There is no anxiety over availability, he said, adding "We are confident of navigating, as we had in the past... any situation arising." India imports more than 85 per cent of its oil needs and any rise in global rates not just impacts import bills but also fuels inflation. "My hope is that oil prices remain stable and come down... that's my personal opinion," he .

Global oil volatility, geopolitical tensions drag RIL exports to 5-qtr low

RIL's exports are at a five-quarter low in value terms, and a 15-quarter low as share in O2C revenues

Crude oil prices stay near 2-week low on weak demand growth forecast

Brent futures fell 13 cents, or 0.2%, to $74.12 a barrel by 11:58 a.m. EDT (1558 GMT), while U.S. West Texas Intermediate (WTI) crude fell 24 cents, or 0.3%, to $70.34

EV shift especially in China likely to disrupt global oil market, says IEA

An increasing shift toward electric vehicles globally, especially in China, is poised to disrupt the global oil market, according to a report released Wednesday by the International Energy Agency. In recent years, China has accounted for most of the growth in oil demand and planet-heating emissions, but electric vehicles now make up 40% of new sales of cars there, and 20% of sales globally, putting major oil and gas producers in a bind. The IEA World Energy Outlook 2024 outlines a future where EV adoption continues to gain momentum, potentially displacing up to 6 million barrels per day of oil demand by 2030. The agency said based on current trends and policies and the availability of materials, EV will reach 50% of global car sales in 2030. China already accounts for half the world's electric cars on the road. By 2030, it's projected that 70% of new car sales in China will be electric. With its massive additions of new wind and solar power, China is aligned with its target for ...

Sentiment positive for OMCs amid lower oil prices, marketing margins

The volatile geo-political situation should lead to some caution for investors. But given the weakness in global and China demand, these trends could persist

Crude oil prices extend gains on fears of wider West Asian conflict

The potential escalation of the conflict has countered mounting demand-side pressures, said Priyanka Sachdeva, analyst at Phillip Nova

Ahead of festive season, 19 kg commercial LPG price hiked by Rs 48

Ahead of the festival season, oil marketing companies announced a Rs 48.50 hike in 19 kg commercial LPG cylinder prices, effective October 1. The cost of 14 kg domestic LPG cylinders remains unchanged

Opec vs IEA: Diverging oil demand forecasts signal an uncertain future

The difference between the forecasts of OPEC and IEA, amounting to 0.93 million bpd, underscores the widening divide between these key institutions

ATF price slashed 4.6%, commercial LPG up Rs 39 per 19-kg cylinder

The price reduction will help ease the burden on airlines for whom fuel makes up for almost 40 per cent of the operating cost

Oiling wheels of change

China's post-2013 oil strategy offers valuable lessons for India on unlocking new reserves

Oil marketing companies slash commercial LPG cylinder prices by Rs 30

Commercial LPG cylinder prices for July have been further cut by Rs 30, after being reduced by Rs 70 in June. Its aimed at providing relief to enterprises in the food and hospitality industries

New Petrobras chief sworn in amid market fears of increased govt control

President Luiz Inácio Lula da Silva, who nominated Chambriard, attended the ceremony at a Petrobras research center in Rio de Janeiro

Russia boosts crude oil revenues as shipping, trading network grows

India has no sanctions against Moscow and became the biggest buyer of Russian seaborne crude ahead of China and Turkey after European refiners stopped imports

OPEC+ extends oil output cuts to 3rd qtr in bid to support prices: Report

Oil prices trade near $80 per barrel, below what many OPEC+ members need to balance their budget. Worries over slow demand growth in top oil importer China have weighed on prices

TotalEnergies moves ahead on $6 billion Kaminho oil project near Angola

The $6 billion project involves developing two oil fields located in Block 20/11, Cameia and Golfino, according to a statement from Angola's national hydrocarbon agency ANPG

Govt bond yields edge lower as oil prices stabilises, awaits fresh triggers

The benchmark Brent crude contract, which had crossed $92 per barrel earlier this month on fears of an escalation in the Middle East conflict

Crude oil holds near five-month high amidst tensions in West Asia

Brent crude futures edged up 5 cents, or 0.1%, to $90.43 per barrel by 1309 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 10 cents or 0.1% at $86.33