Page 6 - Oil Market

India welcomes return of Venezuelan oil to market: Union Minister Puri

India, the world's third largest oil consuming and importing nation, welcomes the return of Venezuelan oil to the market after sanctions on the Latin American nation were eased, Petroleum Minister Hardeep Singh Puri said. Without saying if India has resumed purchases from Venezuela, he said some refiners in the country have the capability to process heavy crude oil produced in the Latin American nation. India last imported Venezuelan crude in 2020. The US Treasury Department in October partially lifted sanctions on Venezuela's oil and gas sector. The partially lifted sanctions are through a new six-month license authorising transactions in the country's oil and gas sector. The license is to be renewed only if Venezuela can meet commitments leading to fair voting in the next year's presidential election. "We always buy from Venezuela. We have always bought stuff from Venezuela. It's when Venezuela came under sanctions that they were not able to supply," Puri told reporters here. He

After bumper years, oil demand growth in Indian market to taper in 2024

Consumption will expand 150,000 barrels a day in 2024, down from about 290,000 barrels a day seen from 2021 to 2023, according to Rystad Energy Head of Oil Trading Mukesh Sahdev.

India asks Opec to ensure oil market stability for global economy's benefit

India, the world's third largest oil consumer, has asked oil producers cartel OPEC to maintain and ensure market stability for the benefit of consumres, producers and global economy. Oil Minister Hardeep Singh Puri said this at the 6th India-OPEC Energy Dialogue that took place on November 9 in Vienna, an official press statement said on Monday. The meeting was co-chaired by OPEC secretary general Haitham Al Ghais and Puri. "The open and candid discussions at the meeting focused on key issues related to oil and energy markets with a specific emphasis on ensuring availability, affordability and sustainability, which are necessary in ensuring the stability of energy markets. The two sides discussed the short, medium and long-term outlooks for the industry and recognized the important role of India in global economic growth and energy demand," the statement said. At the meeting, Puri highlighted that as the third-largest energy consumer, crude oil importer and the fourth-largest globa

Gaza has oil markets on edge, could build more urgency to transition: IEA

Tensions from the war in Gaza could help accelerate the move away from planet-warming fossil fuels like oil and gas and toward renewable energy, electric cars and heat pumps similar to how sharp increases in the price of oil during the 1970s unleashed efforts to conserve fuel, the head of the International Energy Agency said. Today we are again facing a crisis in the Middle East that could once again shock oil markets," said IEA Executive Director Fatih Birol. That comes on top of the stress on energy markets from Russia's cutoff of natural gas to Europe over its invasion of Ukraine, he said. Put these two things together, and no one can convince me that oil and gas are safe and secure energy choices for countries or consumers, Birol told The Associated Press in an interview ahead of the publication Tuesday of the IEA's annual world energy outlook, which analyzes the global picture of energy supply and demand. This could further accelerate the energy transition around the world," .

Crude oil futures slip as investors watch diplomatic moves in Gaza war

Brent crude futures fell 24 cents, or 0.26%, to $91.92 a barrel, as of 0837 GMT. U.S. West Texas Intermediate crude futures were down 36 cents, or 0.41%, at $87.72 a barrel

Coordination by OPEC+ to ensure predictability on oil markets: Putin

Putin, who leads the world's second largest oil exporter, said Western elites had sown confusion in energy markets

OPEC+ cuts to tighten oil market sharply in fourth quarter, says IEA

OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to bolster the market

Oil prices may remain on the boil amid strong demand, supply cuts

Saudi Arabia and Russia have announced a fresh extension to their voluntary supply cuts, amounting to a combined 1.3 million barrel per day (bpd) cut for another three months till December

Oil down 1% as weak US gasoline demand offsets big draw in crude stocks

Prices bounced off session lows as investors noted a much larger-than-expected draw in U.S. crude stocks

Arabia extends cut of 1 mn barrel of oil a day through Sept, to boost price

Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices. The Saudi cut of 1 million barrels per day, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year. The kingdom announced the extension in a statement on the state-run Saudi Press Agency. The move was widely expected by analysts. Benchmark Brent crude traded Thursday over $80 a barrel.

Edible oil makers get additional 6 months to remove packing temp details

The government has given six months more time till July 15 to edible oil makers, packers and importers to mention net quantity in terms of volume and weight on the labels instead of temperature at the time of packing, as part of efforts to curb unfair business practices. Earlier, the entities were given the deadline of January 15 for correcting the labelling. "The timeline for declaring the net quantity of edible oils etc. without mentioning temperature is extended for six months, considering the request of the industries to exhaust the un-utilized packaging material," according to the latest order issued by the consumer affairs ministry. The legal metrology officers across the states have been directed to create awareness among the manufacturers, packers and importers of edible oils to pack the commodity without mentioning temperature and advise them to ensure that the quantity declared on the package is correct. Since the weight of edible oil is different at different temperature

Oil prices fall in early trade but remain buoyed by China outlook

Brent crude futures retreated by 46 cents, or 0.5%, to $87.17 at 0031 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 40 cents, also down 0.5%, to $81.24 a barrel

GM mustard (DMH-11) may not solve India's edible oil import problem: ICAR

Indian Institutions engaged in developing GM seeds for 13 crops

Russia welcomes India's decision to not support G7's price cap on its oil

Russia has said that it welcomes India's decision to not support the price cap on Russian oil announced by the G7 and their allies

Oil bounces on pipeline shutdown but heads for weekly loss on demand woes

Brent crude futures were at $76.73 a barrel, up 58 cents, or 0.76%, at 0716 GMT, after dropping 1.3% on Thursday

Oil prices open mixed in early trade on economic fears, rate-hike prospects

Brent crude futures rose 17 cents, or 0.2%, at 0107 GMT to $79.52 a barrel. Last session the benchmark fell below $80 for the second time in 2022

European Union reaches deal for $60-per-barrel price cap on Russian oil

The European Union reached a deal Friday for a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. After a last-minute flurry of negotiations, the EU presidency, held by the Czech Republic, tweeted that ambassadors have just reached an agreement on price cap for Russian seaborne #oil. The decision must still be officially approved with a written procedure but is expected to go through. Europe needed to set the discounted price that other nations will pay by Monday, when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect. The price cap, which was led by the Group of Seven wealthy democracies and still needs their approval, aims to prevent a sudden loss of Russian oil to the world that could lead to a new surge in energy prices and further fuel inflation. Poland long held up an agreement,

India's crude import basket at 10-month low but pump prices to remain high

Fear of worsening economic slowdown in China has dealt the latest blow to global crude oil, with daily prices falling to their lowest since January 4, 2022

Global oil mkt signals short-term weakness ahead of EU ban on Russian oil

The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months

Spike in winter demand for diesel in Europe offers huge scope for India

State-owned refiners are in a strong position to gain from the surging demand for diesel from Europe as winter sets in and natural gas supplies from Russia are set to dwindle on fresh sanctions