Page 2 - Oil Market

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

Can the oilfields amendment Bill allay concerns, attract global drillers?

India imports nearly 90% of its crude oil, half of its natural gas, and over 60% of LPG

Oil declines nearly 3% on signs of progress in US-Iran talks, demand fears

Brent crude futures were down $1.84, or 2.7%, at $66.12 a barrel by 10:48 a.m. EDT (1448 GMT), after closing up 3.2% on Thursday

US futures, oil dive as markets hungry for rapid tariff cuts from Trump

Investors had thought the loss of trillions of dollars in wealth and the likely body blow to the economy would make Trump reconsider his plans

Trump tariffs: With crude off the table, US nudges India towards LNG

Importers signal willingness, but warn of drawn-out talks

Oil prices hold steady as fuel drawdown offsets strong dollar impact

US government data showed a higher-than-expected drawdown last week in distillate inventories, including diesel and heating oil, which fell by 2.8 million barrel

India's edible oil imports hit 4-year low due to depleting inventories

Lower-than-normal imports for the second straight month have depleted stocks in the world's biggest buyer of vegetable oils

Oil prices steady as tariff concerns, OPEC+ output weigh on market

Last week marked WTI's seventh consecutive weekly loss, the longest losing streak since November 2023, while Brent fell for a third consecutive week

Opec+ mulls delaying April oil supply restart amid market concerns

The OPEC+ alliance first unveiled its plans for gradually reviving production in June last year, but with oil demand growth slowing in China and new supplies across the Americas swelling

Oil retailers pick 26 PACS to set up retail petrol, diesel outlets: Shah

Oil marketing companies have selected 26 Primary Agricultural Credit Societies (PACS) out of 286 applications for setting up retail petrol and diesel outlets, Cooperation Minister Amit Shah told Parliament on Tuesday. In a written reply to the Lok Sabha, Shah said the government has allowed PACS to operate retail petrol and diesel outlets and LPG distributorship. As informed by Oil Marketing Companies (OMCs), 286 PACS from 25 states and Union Territories have submitted online applications to establish retail petrol/diesel outlets, of which 26 PACS have been selected by OMCs, he said. Under conversion of PACS, Wholesale Consumer Pumps into retail outlets, OMC reports indicate that 116 PACS from five states have agreed to this conversion, and 56 PACS have been commissioned. For LPG distributorship, two PACS have applied for the two advertised locations in Jharkhand. As per the revised guidelines, PACS have been included under Combined Category 2 (CC-2) for retail petrol/ diesel ...