Page 2 - Oil Market

Opec+ likely to approve another crude oil output hike in November

OPEC+ has reversed its strategy of output cuts from April and has already raised quotas by more than 2.5 million barrels per day

Crude oil rises on modest Opec+ output hike, Russia supply concern

Brent crude rose 47 cents, or 0.7%, to $66.49 a barrel by 0910 GMT, while U.S. West Texas Intermediate crude climbed 72 cents, or 1.2%, to $62.98

Opec+ set to raise crude oil output further from October, says Iraq

That increase, which equates to about 2.4% of world demand, was intended to boost market share amid pressure from US President Donald Trump for lower oil prices

Russia expects India to keep buying its oil, seeks China-India-Russia talks

The US pressure on India for its procurement of Russian crude oil is "unjustified", a senior Russian diplomat said on Wednesday. We are confident that India-Russia energy cooperation will continue notwithstanding the external pressure, Russian Deputy Chief of Mission Roman Babushkin said. It is a "challenging" situation for India, he said at a media briefing and added that, we have "trust" in our ties with New Delhi. In the context of Western punitive measures against Russia, Babushkin said the sanctions are hitting those who are imposing them. To a question, he said the role of BRICS as a stabilising force will increase amid the ongoing global turbulence. His remarks came against the backdrop of strain in India's ties with the US following President Donald Trump doubling tariffs on Indian goods to 50 per cent that included an additional penalty of 25 per cent for purchasing Russian crude oil. US President Trump this month issued an executive order slapping an additional 25 per c

Potential to upgrade rating of Reliance Industries, says S&P Global Ratings

There is a potential for upside to Reliance Industries Ltd provided it operates at lower leverage and strengthens non-energy revenue streams, S&P Global Ratings said on Tuesday. S&P had last week raised the issuer credit ratings of Reliance as well as companies such as Oil and Natural Gas Corp (ONGC), NTPC and Tata Power to 'BBB' from 'BBB-' following upgrade in India's sovereign rating to 'BBB/A-2' from 'BBB-/A-3' on economic resilience and sustained fiscal consolidation. "There is a potential for upside in RIL's rating. It is at 'BBB+'... This (rating going up by a notch) would require stand alone credit profile to improve. For this, what we have said we need a continuation of the company to operate at a lower leverage, and will likely need a strengthening on the business side particularly contribution from non-energy revenues because these are less volatile," said Neel Gopalakrishnan, credit analyst, S&P Global Ratings, on Tuesday. A combination of these factors could ..

Indian Oil, Air India sign agreement for sustainable aviation fuel supply

Indian Oil Corporation (IOC) has signed a landmark agreement to supply sustainable aviation fuel to Air India, representing a significant step towards a greener and cleaner aviation in India. IOC plans to begin production of sustainable aviation fuel (SAF) from used cooking oil starting December this year at its Panipat refinery, according to Chairman Arvinder Singh Sahney. The facility is expected to produce 35,000 tonne of green fuel annually, using waste cooking oil sourced from hotel and restaurant chains such as ITC and Haldiram's. SAF is an alternative fuel made from non-petroleum feedstocks that reduces emissions from air transportation. It can be blended up to 50 per cent in conventional aviation turbine fuel (ATF or jet fuel), depending on availability. India has mandated 1 per cent SAF blending in jet fuel sold to international airlines from 2027. IOC on Tuesday signed a memorandum of understanding (MoU) which "outlines the shared commitment of both parties to promote the

Food biz may be bigger than edible oil in 3-4 years, says Marico MD

Marico Ltd, which is expanding into the healthy food segment with Saffola brand, expects its food business to surpass the edible oil vertical, said the company's Managing Director and Chief Executive Officer Saugata Gupta. Marico, whose foods business has crossed the Rs 900 crore-mark in FY25, is expanding in the segment by introducing Saffola oats, honey, and snacks, among other products, in the fast-growing wellness space. The home-grown FMCG major, which also operates with brands like 'True Elements' and the plant-based nutrition portfolio of Plix, sees a significant opportunity for expansion of TAM (Total Addressable Market), he said. "As far as Saffola is concerned, we continue to grow the foods franchise. And the food franchise is more profitable than the edible oil. The food business does involve a significant TAM expansion," Gupta told PTI. For Saffola oats and masala oats, there is a room to improve penetration, distribution, and it needs to be ramped up further with ...

Crude oil prices fall ahead of Trump-Putin meeting at Alaska summit

Brent crude futures were down 89 cents, or 1.3 per cent, at $65.95 a barrel by 1315 GMT. U.S. West Texas Intermediate crude futures were 97 cents, or 1.5 per cent, lower at $62.99

Crude oil prices rise as US Fed rate cut, Trump-Putin talks loom

Central banks, like the U.S. Federal Reserve, use interest rates to control inflation. Lower interest rates reduce consumer borrowing costs and can boost economic growth and demand for oil

Gulf Oil Lubricants Q1 results: Net profit increases 10% to ₹96.6 crore

Lubes maker Gulf Oil Lubricants on Thursday reported a 10 per cent growth in standalone profit after tax (PAT) to Rs 96.66 crore during the June quarter. The Hinduja Group firm had posted a standalone PAT of Rs 88.02 crore in the first quarter of last year. Revenue from operations during the quarter under review was Rs 996.36 crore, 13 per cent up from Rs 885.07 crore in the year-ago period, it said. The company further said its board has approved Rs 55-crore capex plan for enhancing manufacturing capacity by 70 per cent to 240 million litres. On a consolidated basis, the company said it achieved revenue from operations of Rs 1,016.45 crore against Rs 894.04 crore, registering a growth of 13.69 per cent and PAT of Rs 95.17 crore, up 13 per cent from Rs 84.3 crore in Q1 FY25. "Our consolidated revenue has crossed Rs 1,000 crore as we concluded the quarter with highest-ever volume, revenue, and EBITDA, driven by strong strategic execution resulting in profitable, volume-led ...

Oil set for steepest weekly losses since June, tariffs cloud demand outlook

Adding more pressure on the oil market, the Kremlin on Thursday confirmed Vladimir Putin would meet Donald Trump in the coming days, raising expectations of a diplomatic end to the war in Ukraine

Nayara Energy's pump supplies steady amid EU, US sanctions trouble

Only casualty for now is the export of fuels by the refiner

Crude oil rises to 3-week high as investors eye Trump statement on Russia

Brent crude futures rose 58 cents, or 0.8 per cent, to $70.94 a barrel by 0900 GMT, while U.S. West Texas Intermediate crude futures climbed 59 cents, 0.9 per cent, to $69.04

Oil prices rise as Iran suspends cooperation with UN nuclear watchdog

Brent crude added 92 cents, or 1.4 per cent, to $68.03 a barrel at 1125 GMT, while US West Texas Intermediate crude rose 89 cents, or 1.4 per cent, to $66.34 a barrel.

Donald Trump eases pressure on Iran by saying China can buy its oil

The shift comes mere hours after Trump declared that Iran and Israel had agreed on a ceasefire, which got off to a shaky start with early breaches of the deal by both sides

Russian crude flows set to rise despite low discounts, say officials

Russian crude may rise in India's oil mix amid Middle East tensions, but LNG from Qatar and UAE-under long-term contracts-remains hard to replace

India to lead global oil demand growth by 2030 on economic expansion: IEA

IEA report shows India will add 1 million barrels per day to global oil demand by 2030, driven by GDP growth, rising car use, industrial activity and clean fuel adoption

Crude oil price drop likely to result in earnings downgrade for ONGC

Crude oil production was flat quarter-on-quarter (Q-o-Q) and year-on-year (Y-o-Y), while gas production was flat Q-o-Q but declined 6 per cent Y-o-Y

Crude oil falls as traders consider potential jump in US crude stockpiles

Brent crude futures fell 64 cents, or around 1%, to $65.99 a barrel by 0934 GMT. U.S. West Texas Intermediate (WTI) crude slipped 64 cents, or 1%, to $63.03

Oil set for biggest weekly loss in a month ahead of OPEC+ meeting

The OPEC+ meeting was moved up to Saturday from the original plan of Monday, three sources told Reuters on Friday, although it was not immediately clear why the meeting was rescheduled