Page 4 - Oil Market

State refiners may buy Middle East spot oil to replace Russian shortfall

The refiners fear continued problems in securing Russian oil in the spot market could continue in coming months

Middle East share of India's Nov oil imports at 9-month high; Russia down

Refiners in India have been gorging on cheaper Russian oil despite problems posed by sanctions aimed at reducing Moscow's oil revenue

Crude oversupply likely to hit 950,000 barrels per day next year, says IEA

Unwinding of ongoing production cuts by Opec+ not enough to counter tepid oil demand growth

Oil prices rise as China's policy easing stirs demand optimism

Bloomberg News reported on Tuesday that the U.S. government was weighing harsher sanctions against Russia's lucrative oil trade, seeking to tighten the squeeze on the Kremlin's war machine just weeks

Oil prices rise on China's policy shift, Assad's fall fuels uncertainty

Syrian rebels announced on state television on Sunday they had ousted Assad, ending a 50-year family dynasty in a lightning offensive that raised fears of a new wave of instability in a region already

OPEC+ to discuss extending oil cuts into 2024 in formal talks on Thursday

An output hike of 180,000 bpd - a fraction of the total - was planned for January from the eight members involved in OPEC+'s most recent cuts of 2.2 million bpd. The hike has been delayed from October

Oil prices edge higher on imminent Opec+ decision, geopolitical turmoil

In the Middle East, Israel said on Tuesday that it would return to war with Hezbollah if their truce collapses and that its attacks would go deeper into Lebanon and target the state itself

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