Page 4 - Oil Sector

Oil prices stable as fears of economic slowdown offset supply woes

Oil prices were stable on Tuesday as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown

Oil prices steady as recession fears counter positive Chinese signals

Oil prices were steady on Monday as China's continuation of loose monetary policy was offset by fears that high inflation and energy costs could drag the global economy into recession

Centre hikes windfall tax on domestic crude oil, jet fuel and diesel export

The govt has hiked tax on domestically produced crude oil to Rs 11,000 per tonne from Rs 8,000 per tonne.

Avoid sectors having global exposure like IT, oil, gas: ICICI Securities

ICICI Securities Ltd on Wednesday said its one year forward Nifty target is 19,425 with sectorial bias towards banks, capital goods/infrastructure and automobiles

Fears of fuel shortage grow in France amid strikes over wages at refineries

Strikes in France's major refineries continued, leading fears over fuel shortage across the country

Will weigh what Russia offers on Sakhalin-1 ownership revamp: Hardeep Puri

India maintains a "healthy dialogue" with Russia and will look at what is offered following announced ownership revamp to the Sakhalin-1 oil and gas project, Hardeep Singh Puri said

Oil extends gains to three-week high as OPEC+ agrees to slash crude output

Oil prices rose for a fourth session on Thursday, with Brent at a three-week high, after OPEC+ agreed to further tighten global crude supply

Centre to relax rules, fast-track new measures for oil & gas exploration

More processes to be brought under the self-certification framework while clearance portal is being upgraded

Warren Buffett's company has bet over $45 billion on the oil sector

Occidental's stock jumped nearly 5% Tuesday to trade for USD 62.89 after Buffett revealed his latest purchases of nearly 6.7 million Occidental shares worth more than USD 400 million.

ONGC commissions Rs 6,000 crore projects to boost oil, gas output

State-owned Oil and Natural Gas Corporation (ONGC) has commissioned two projects costing Rs 6,000 crore to add 7.5 million tonnes of oil production and 1 billion cubic meters of gas output over the life of the Mumbai High fields, as it doubles down efforts to raise productivity from mature and aging fields. A Rs 3,740-crore spend has been made on a state-of-the-art 8-legged water injection-cum-living quarter platform, as part of the Mumbai High South Redevelopment Phase-IV, while Rs 2,292.46 crore have been spent on Cluster-8 marginal field development project at Mumbai High, the company said in a statement. "The two projects will result in an incremental gain of 7.5 million tonnes of oil and more than 1 BCM of gas," it said. Oil Minister Hardeep Singh Puri dedicated the two major projects to the nation at Western offshore on April 23. He was accompanied by chairman Alka Mittal, Director (T&FS) O P Singh and Director (Offshore) Pankaj Kumar. "The minister expressed his ...

World Bank welcomes India's move of selling oil from its stockpiles

World Bank President David Malpass has welcomed India's move to begin selling oil from its stockpiles

How India stands to gain amid calls for EU to ban Russian oil imports

If Europe adopts official sanctions on Russian crude and fuel, prices will likely surge, and India could profit even more from refining Russian oil to fuels it then sells to Europe for more money.

Oil prices settle up 2%, post weekly loss on stockpile releases

Brent crude futures settled up $2.20, or 2.19%, at $102.78 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $2.23 to $98.26.

IEA to release 120 million oil barrels over next six month period

The International Energy Agency (IEA) on Thursday confirmed member country contributions to the second collective action to release oil stocks in response to Russia's invasion of Ukraine.

Oil gains $1 as emergency oil release seen as band-aid

Analysts said even with the emergency oil stocks release, supply remained tight.

Petrol, diesel prices hiked by 80 paise; total rise at Rs 10 per litre

In Mumbai, the petrol and diesel prices per litre are at Rs 120.51, increasing by 84 paise & Rs 104.77, up 85 paise

Oil price rises in early trading as uncertainty around supply persists

Oil futures rose in early trading on Tuesday as the potential for more sanctions following alleged war crimes by Russian troops in Ukraine added to concerns about supply disruptions

Oil and trouble: Crude calculations in petrol, diesel prices in India

State-run refiners, which control over four-fifths of India's fuel market, are walking a tightrope again, trying to balance the interests of consumers, govt and their own

Oil prices dip on Russia-Ukraine peace talks, US inventory data

(Reuters) -Oil fell on Wednesday in another volatile session as traders reacted to hoped-for progress in Russia-Ukraine peace talks and a surprising increase in U.S. inventories.

Ukraine crisis: Oil shock is coming, but US may have already paid for it

The war in Ukraine is a shock, they note, but one the United States may have unintentionally insured itself against.