Page 5 - Oil Market

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

Indian Oil Corp set to tap spot oil market as Russian term deal lapses

State-run IOC's term contract with Rosneft expired on March 31, two sources said

Two tankers with Russia's Urals oil idle for weeks off West Coast of India

It remains unclear why they have been idling but there are growing signs that western sanctions are disrupting the fleet of tankers moving Russian oil

US leads global crude oil production for sixth year in a row: EIA

"The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row," the EIA added

Crude oil steadies on Opec+ supply restraint, underwhelming China reforms

Brent crude was up 15 cents, or 0.2%, to $82.95 a barrel by 0911 GMT, while U.S. West Texas Intermediate (WTI) fell 21 cents, or 0.3%, to $78.53. Brent has gained almost 8% this year

Russia announces six-month ban on gasoline exports from March 1

This time, the ban will not extend to member states of the Eurasian Economic Union, Mongolia, Uzbekistan and two Russian-backed breakaway regions of Georgia - South Ossetia and Abkhazia

Crude oil steadies as demand jitters counter conflict in West Asia

The March contract for U.S. West Texas Intermediate (WTI) crude, which expires on Tuesday, was up 7 cents at $79.26 in tepid trade while the WTI April contract slipped 13 cents to $78.33

Oil rises 0.72% to $79 a barrel on Gaza ceasefire rejection, US stock data

Brent crude futures rose 57 cents, or 0.72%, to $79.78 a barrel by 1043 GMT. U.S. West Texas Intermediate crude futures were up 47 cents, or 0.64%, at $74.33

India to overtake China as biggest driver of global oil demand in 2027: IEA

India will overtake China as the biggest driver of global oil demand in 2027 as transportation and industry consumption in the world's fastest-growing major economy will drive growth despite a big push for clean energy and electrification, the International Energy Agency said on Wednesday. The Paris-based agency in a special Indian Oil Market Outlook to 2030 report released at the India Energy Week here, said the country's oil demand will rise from 5.48 million barrels per day in 2023 to 6.64 million bpd in 2030. China currently is the biggest driver of oil demand and India ranks No.2 in growth. The numbers given by IEA in the report seem to talk of crude oil processed into fuel for domestic as well as for exports. The domestic consumption as per the oil ministry data is around 5 million barrels per day (bpd). "India's oil demand will grow at a rapid pace by 2030 despite accelerated green energy moves," IEA director of energy markets and security Keisuke Sadamori said. "Growth in .

FPI allocation to financial stocks declines below 30%, shows data

The selling comes on the back of third quarter (3QFY24) earnings missed by HDFC Bank, Bajaj Finance, and Axis Bank. FPIs also pulled out over Rs 2,000 crore amid earnings miss by Hindustan Unilever

Shell's 2023 profit drops 30% to $28 billion, boosts dividend by 4%

The British company's payouts to shareholders reached around $23 billion in 2023, over 10% of Shell's market value

Fuel consumption rises 6.2% to 20 mn tonnes in December, shows data

Sales of gasoline in December slipped 4.5 per cent from the previous month to 2.99 million tons

OMCs hike procurement price of ethanol produced from maize by Rs 5.79/ltr

In sugarcane it is either through sugarcane juice or syrup, then B-heavy molasses and C-heavy molasses, while in grains it is mostly damaged foodgrains or maize

China 2024 crude oil import quota up 60%; factory activity expands

The latest move marks a shift by Beijing, which has been releasing quotas in batches every few months since it opened up crude imports to independent refiners in late 2015