Page 2 - Oil Supply

Global crude oil supply to outpace demand by 2030 as glut looms: IEA

Demand growth to be driven by India, China

Shortage of heavy oil spells higher cost for shippers, road builders

Prolonged OPEC supply cuts and international sanctions on Venezuela, Iran and Russia had already led to shortages of heavier crude

US Gulf Coast fuel oil imports hit five-year low as domestic supplies soar

U.S. refineries have been running more heavy Canadian crude because of its ample supply, with Gulf Coast refiners ramping up their intake by around 10% on the year, according to data

Red Sea crisis: No disruption in oil flows, only freight up, says HPCL head

The ongoing attacks on shipping vessels by Houthi militants in the Red Sea have not impacted the flow of crude oil to India but freight has gone up due to rerouting via the Cape of Good Hope, Hindustan Petroleum Corporation Ltd (HPCL) chairman Pushp Kumar Joshi said. India, the world's third-biggest oil importer, gets a bulk of its Russian supplies through the Red Sea. Russian supplies made up for over 35 per cent of India's total crude imports in 2023, amounting to 1.7 million barrels per day. Russian ships and cargoes are not being prime targets of the attacks at this stage however rerouting of ships around the southern tip of Africa instead of transiting through the Suez Canal and Red Sea has led to ships taking longer voyages, resulting in the shortage of ships and rise in freight charges. In a post-third quarter earnings call with investors, Joshi said HPCL has tied up crude oil supplies till mid-April and it does not see any supply disruptions. HPCL meets 44-45 per cent of it

Oil drops slightly on China demand concerns but records weekly gain

Brent futures settled 54 cents lower at $78.56 a barrel. U.S. West Texas Intermediate crude fell 67 cents to settle at $73.41

Fuel shortage unlikely but disruption in oil supplies, price hikes possible

Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and push prices higher. But don't expect a repeat of the catastrophic price hikes and long lines at the gasoline pump, experts say. The Israel-Hamas war is definitely not good news for oil markets already stretched by cutbacks in oil production from Saudi Arabia and Russia and expected stronger demand from China, the head of the International Energy Agency said. Markets will remain volatile, and the conflict could push oil prices higher, "which is definitely bad news for inflation, Fatih Birol, executive director of the Paris-based IEA, told The Associated Press. Developing countries that import oil and other fuels would be the most affected by higher prices, he said. International benchmark Brent crude traded above $91 a barrel on Thursday, up from $85 per barrel on Oct. 6, the day before Hamas attacked Israel, killing hundreds of civilians. Israel ...

Crude oil heads for 2% weekly gain on tight US supply, China demand

Brent futures touched their highest since November 2022 on Thursday, hitting an intra-day peak of $97.69 a barrel. Meanwhile, WTI hit highest intra-day price since August last year at $95.03 barrel

Crude oil ticks up as supply concerns outshine macroeconomic jitters

The jitters follow a fire at a Marathon Petroleum refinery last week, after a chemical leak ignited two giant storage tanks filled with volatile naphtha

Oil prices stabalies as China economic fears counter tight US supply

Brent crude futures edged up 6 cents to $84.95 a barrel by 11:35 a.m. EDT (1535 GMT), while U.S. West Texas Intermediate crude (WTI) fell 2 cents higher to $80.97 a barrel

Oil heads for weekly loss on Fed rate hike worries, signs of ample supply

Brent crude futures were down $2.37, or 2.8%, to $82.77 a barrel by 1145 GMT, while West Texas Intermediate (WTI) U.S. crude fell $2.07, or 2.6%, to $76.42.

We are the largest oil supplier to India: Russian Ambassador to Delhi

Russia has a lot to offer to India and vice-versa in all these areas, with western companies leading, Russian Ambassador to India added

Sunflower oil shipments to India from Russia, Ukraine return to normal

Argentina stays top exporter to India since war broke out

EU set to adopt emergency package in Nov to tackle current energy crisis

A package of emergency energy measures proposed by the European Commission last week to mitigate the effects of the current energy crisis should be adopted by November end, senior officials said

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 fall more than 3% on US supply fears, lower China demand

Oil prices fell by more than 3% in volatile trade on Tuesday on fears of higher US supply amid an economic slowdown and lower Chinese fuel demand

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

US looking to ease sanctions on Venezuela to boost oil supply: Report

The deal may be announced by the end of October and will allow US oil companies to drill oil in Venezuela, Nicolas Maduro will hold a free, fair presidential elections in 2024 in return

OPEC+ considers output-limit cut of as much as 2 million barrels a day

OPEC+ is considering its biggest production cut since 2020 as it tries to stabilize oil prices, a move that risks cranking up tensions with Washington

Numaligarh Refinery to invest Rs 35,000 cr in major ongoing projects

The Numaligarh Refinery Ltd (NRL) has planned to invest Rs 35,000 crore for completion of its five major ongoing projects, including the India-Bangladesh Friendship Pipeline (IBFPL), in the next five years, a top company official said on Monday. The company is determined to execute the major ongoing initiatives, namely, Numaligarh Refinery expansion, Paradip Numaligarh crude oil pipeline and crude oil import terminal at Paradip, 2G ethanol project and IBFPL, Chairman cum Managing Director Ranjit Rath told reporters after the annual general meeting. "In the next five years, the company has planned to invest more than Rs 35,000 crore in completing these projects," he said. The projects will enable long-term business growth, and completion of these initiatives without any time and cost overrun remains the core focus area of the company, Rath said. The approved cost of the expansion project is Rs 18,968 crore and as on June 30, 2022, the physical progress was 14.1 per cent and the ...

Putin blames Germany and West for Nord Stream 1 shutdown at economic forum

President Vladimir Putin said on Wednesday that Russia would resume gas supplies to Germany through the Nord Stream 1 pipeline as soon as a key turbine was returned