Page 26 - Oil Prices

Consumer gas prices in Germany to remain high for most of 2023: Minister

To secure Germany's gas supply, liquefied natural gas terminals were being constructed to create new infrastructure for imports

Oil prices hit three-week high as China eases Covid-19 restrictions

Brent crude was up 22 cents, or 0.3%, at $84.14 a barrel by 0911 GMT and U.S. West Texas Intermediate crude gained 7 cents to $79.63

Oil climbs on expected drop in Russian exports, offsets US storm impact

Oil prices rose on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the US could snuff out transport fuel demand

Oil rises on tight US stocks as winter festivities, holiday travel hits

Demand worries, however, stemming from China's COVID-19 surge and fears of a global recession may keep oil futures in check

Renewable energy sector to boom as investments may cross $25 bn in 2023

With an oil price shock threatening to derail economies globally, the focus has shifted to renewable energy with over USD 25 billion or Rs 2 lakh crore investment planned in India for using sunlight, water and air to produce energy. Oil and gas prices shooting through the roof in 2022 in the aftermath of Russia's war in Ukraine sent governments in import-dependent nations like India scrambling for options. Not just imports but a shift to renewables is also seen as a way to cut carbon footprint and meet net-zero targets. And so the government in 2022 aggressively pushed for the adoption of electric vehicles, the production of green hydrogen, manufacturing of solar equipment and energy storage in pursuit of its ambitious 500 GW renewable capacity target by 2030. India would have to add at least 25GW of renewable energy capacity per annum for eight years continuously to achieve the 500 GW target by 2030. At present, India has around 173GW of non-fossil fuel based clean energy capacity

Oil prices up as US crude stocks seen falling, dollar eases in early trade

Brent crude futures rose 8 cents to $80.07 per barrel by 0126 GMT, while US West Texas Intermediate (WTI) crude futures gained 6 cents to $76.29

Need to promote flex-fuel vehicles to deal with crude oil prices: Gadkari

Transport and Highways Minister Nitin Gadkari has said that the country needs to promote vehicles running on more than one fuel and e-vehicles to tide over the wide fluctuations in crude oil prices

Oil rises on uncertainty over Keystone pipeline restart, Russian supplies

Oil prices rose more than 1% in early Asian trade on Monday as a key Canada-United States crude pipeline stayed shut

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

'Underweight' on India, China to lead Asian outperformance in 2023: Nomura

The key risks identified by the brokerage are stretched government finances and oil prices going past $120 a barrel

Oil price rebounds from 2022 lows on China demand hopes, tanker delays

Brent crude rose 29 cents, or 0.4%, to $77.46 a barrel by 0905 GMT, while U.S. West Texas Intermediate (WTI) crude gained 73 cents, or 1%, to $72.74

G-7 price ceiling on Russian oil not low enough to hit Kremlin's revenues

European officials touted the cap - negotiated last week after months of haggling among the US and its allies - as a way to starve Russia's war machine

What we have learned three days into the price cap on Russian oil

The unprecedented move by one set of countries to try to impose a price at which another can sell a commodity has drawn confusion among traders, and - from Moscow - a threat of retaliation

Oil falls close to 2022 lows on economic worries, easing supply fears

Brent crude fell $1.05, or 1.3%, to $78.30 a barrel by 1020 GMT. It touched $77.74 earlier, the lowest since Jan. 3. U.S. crude was down $1.24 or 1.7% to $73.01 and touched $72.25

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

Russian oil price cap evolves from revenue squeeze to market anchor: Report

Russia said the cap would not hurt the financing of its "special military operation" in Ukraine

Fitch expects windfall tax to be phased out in 2023 on moderating oil rates

Fitch Ratings on Tuesday said it expects the five-month-old tax on windfall profits made by oil companies to be phased out in 2023 on the back of moderating oil rates. The government had on July 1 levied a new tax on domestically-produced crude oil as well as on the export of petrol, diesel and jet fuel (ATF) to take away windfall gains accruing to oil companies from a global surge in energy prices following Russian invasion of Ukraine. The tax rates are revised every fortnight based on prevailing international rates. The levy on petrol export has since been abolished. "We expect the windfall taxes on domestic crude oil production levied by the government in 2022 to be phased out in 2023 with moderating prices," Fitch said in its APAC Oil & Gas Outlook 2023. Domestically-produced crude oil, which makes up for 15 per cent of all oil consumed in the country, is priced at international rates. With global oil prices rallying to a decade high in the aftermath of the Russia-Ukraine war,

Oil prices rise today after price cap on Russian crude, OPEC+ meeting

Oil prices edged higher after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea

Sensex, Nifty end flat after volatile day; Metal index up 2%, RIL down 1.5%

CLOSING BELL: RIL (down 1.45 per cent), Tech M, Dr Reddy's Labs, Bharti Airtel, Axis Bank, and TCS were the top laggards

Russia rejects $60-a-barrel price cap on its oil, warns of cutoffs

Russian authorities rejected a price cap on the country's oil set by Ukraine's Western supporters and threatened Saturday to stop supplying the nations that endorsed it. Australia, Britain, Canada, Japan, the United States and the 27-nation European Union agreed Friday to cap what they would pay for Russian oil at $60-per-barrel. The limit is set to take effect Monday, along with an EU embargo on Russian oil shipped by sea. Kremlin spokesman Dmitry Peskov said Russia needed to analyze the situation before deciding on a specific response but that it would not accept the price ceiling. Russia's permanent representative to international organizations in Vienna, Mikhail Ulyanov, warned that the cap's European backers would come to rue their decision. From this year, Europe will live without Russian oil," Ulyanov tweeted. "Moscow has already made it clear that it will not supply oil to those countries that support anti-market price caps. Wait, very soon the EU will accuse Russia of using