Page 6 - Oil Sector

Oil prices jump as storm approaches Gulf of Mexico production hub

For the week, Brent is on track for a rise of 11%, its biggest weekly jump since June 2020. WTI is headed for a weekly gain of more than 10%, also the strongest since June 2020.

Oil prices jump 5% after 7 days of losses, boosted by weaker dollar

A drop in the U.S. dollar provided a boost on Monday, making crude less expensive for holders of other currencies

DGH overhauls oilfield approval processes, cuts down statutory approvals

GH has made it easier for firms to explore and produce oil and gas in the country by limiting the requirement of statutory approvals to only extension of contracts

Oil prices hit new high near $75 on demand rise, falling inventories

Brent has risen 44% this year

Oil prices rise to over two-year high as demand improves, supplies tighten

U.S. West Texas Intermediate rose 27 cents to $71.18 a barrel. It hit a session high of $71.78 a barrel, its highest since October 2018.

Indian Oil Corp to invest Rs 24,000 crore in Gujarat petchem project

The LuPech project will produce import substitutes like Lube Oil Base Stock (LOBS) and Polypropylene

Oil prices dip but recovery limits fall after fresh Asian restrictions

Brent crude fell 30 cents, or 0.4%, to $68.41 a barrel at 1302 GMT, and West Texas Intermediate (WTI) U.S. crude was down by 34 cents, or 0.5%, at $65.03.

RIL's oil-to-chemicals business recovers but second wave a challenge

The company's oil and gas production is hinging on output at its satellite fields. It is minuscule compared to its big-bang entry into this segment in the late 1990s

State-run refiners prepare to buy Iran oil once US sanctions ease

India has been vocal in its support for Iranian crude purchases recently as it laments the price of supplies from Saudi Arabia.

Indian refiners to buy one-third less oil from Saudi Arabia next month

Indian refiners will buy less oil from Saudi Arabia next month as they snap up supplies outside of the Middle East as part of diversification drive amid weakening domestic fuel demand on the resurgence of COVID-19. State-owned Indian Oil Corporation (IOC) and three other refiners have sought just 65 per cent of the monthly average of about 15 million barrels from Saudi Arabia in May, three sources with knowledge of the matter said. The move follows tensions between India and Saudi Arabia over the Kingdom's hawkish stance on boosting production to cool prices. With Saudi Arabia ignoring its pleas to lift output curbs, the Indian government last month asked state refiners to look for sources outside of the Middle East. Sources said IOC and other state refiners are looking to buy more oil from the spot or current market rather than rely on term or fixed quantity contracts with Saudi and other oil cartel OPEC nations. They have in recent weeks bought newer crudes from geographies rang

Oil prices drop below $64 as rising OPEC+, Iranian output weighs

Oil has recovered from historic lows last year with the support of record OPEC+ cuts, most of which will remain after July

Oil tumbles 4% on concerns over Europe restrictions, vaccine rollouts

Extended lockdowns are being driven by the threat of a third wave, with a new variant of the coronavirus on the continent.

ONGC wants to reduce cycle from discovery to production, says chairman

State-owned company will hand over 49 oil fields to private players and is discussing listing its foreign subsidiary, says Shashi Shanker.

Saudi Arabia's exports dropped in November with oil revenue falling by 40%

Total revenue was 58.2 billion riyals ($15.5 billion), down from 80.8 billion riyals a year earlier, according to a statement from the General Authority for Statistics

Need to hike localisation in oil & gas: Petroleum secretary Tarun Kapoor

Kapoor gave the example of gas meters and said there was currently not enough capacity in the country to manufacture them

Oil extends gains on vaccine hopes, shrugs off US inventory build

AstraZeneca said on Monday its COVID-19 vaccine could be up to 90% effective, providing another weapon in the fight to control the pandemic.

The joker in the pack

Government's fiscal headroom is crucially linked to a realistic assessment of its net revenue collection

IOC, ONGC implementing projects worth Rs 3.57 trn to boost economy: Govt

Oil Minister Dharmendra Pradhan and other senior officials of the ministry "reviewed the ongoing oil and gas projects started by PSUs since the resumption of economic activities from April 20, 2020"

The oil factor

The surplus should not be a cause for any celebration

Nomura sees Nifty at 10,200 in Mar'21; financials to drag earnings

The lockdown's impact on corporate earnings will be worse than seen during the GFC, according to Nomura