Page 2 - Oil Trade

De-dollarisation of oil purchases has never been objective: Hardeep Puri

Union Petroleum and Natural Gas Minister Hardeep S Puri said on Friday that de-dollarisation of oil purchases was never the objective, emphasising that "most transactions are in dollars and always have been". Instead, he clarified that the primary objective is to procure sufficient oil "at lower prices" to help control inflation. "De-dollarisation is not an objective at all. Most of these (oil) transactions are in dollars and always have been. We had one transaction in rupees, but I think it was a very small one. Transactions in rupees are a good thing, but it takes two to tango," Puri told PTI during a press conference. Exuding confidence that India has established contacts with the new US administration led by President Donald Trump, he said the Indo-American relationship on the energy front will deepen. According to the Union Minister, India is already purchasing energy worth up to USD 20 billion from the US, emphasising that Prime Minister Narendra Modi recently had a very ...

US sanction clarifications a tight squeeze for India's Feb oil supplies

Cargoes must be loaded before Jan 10 to evade sanction laws: Treasury Dept

Rising costs squeeze intermediaries out of Russian oil trade with India

India has become the biggest buyer of Russia's seaborne crude after Moscow's invasion of Ukraine in 2022

Finance ministry weighs removing windfall tax amid falling crude prices

The federal finance ministry will evaluate scrapping windfall tax on domestic crude oil output, Tarun Kapoor, adviser to the Indian prime minister, said last month

Russia now largest crude oil supplier to India, accounts for over 35%: Puri

Speaking at the FIPI Oil and Gas Awards Ceremony, the minister highlighted the dramatic shift in India's oil sourcing over the past two years

Nigeria, Guyana visits: Stronger oil trade tops PM Narendra Modi's agenda

Nigeria among India's top crude suppliers; OVL eyes offshore Guyanese blocks

BP profit slumps to $2.3 bn on weak refining margins, oil trading results

The decline was smaller than expected amid a slowdown in global economic activity and oil demand, particularly in China

Of ships and tankers: India, refiners not breaking international sanctions

A US official involved in compliance said 'General Licence 93' allowed India to receive vessels owned by a sanctioned entity, Russian state behemoth Sovcomflot, which ships the bulk of India's oil

Crude Oil: Here's your trading strategy for October 17; target price & more

Crude oil prices have been steadier on Thursday around $70.50/b in Asian hours, ahead of the weekly EIA inventory release from the US.

Russia's Dy PM Novak sees oil price stability despite Mideast turmoil

Novak, who also oversees the broader Russian economy, said the sanctions-hit economy will sustain any pressure

India to not buy from Russia's sanctioned LNG 2 project, says oil secy

The Arctic LNG 2 project by Russia's Novatek is subject to Western sanctions over Russia's war with Ukraine

Suez crisis: Houthi attacks disrupt India's diesel trade and oil business

Houthi missile strikes on tankers have threatened the competitiveness of Indian fuel exports, prompting out-of-the box solutions like hiring VLCCs to transport fuels

How to trade oil futures amid weak demand, Hurricane Francine? Outlook here

Crude oil strategy, Sept 12: WTI crude oil rice may fall to $65 in medium-term

Iranian backed Yemen's Houthi rebels target oil tanker in Red Sea

An attack by Yemen's Houthi rebels targeted an oil tanker in the Red Sea on Monday, authorities said, as a second ship nearby also came under fire. Both attacks were near where crews hope to salvage a tanker loaded with oil and still ablaze after another assault by the group. The attacks are believed to be the latest in the Iranian-backed rebels' campaign that has disrupted the $1 trillion in goods that pass through the Red Sea each year over the Israel-Hamas war in the Gaza Strip as well as halted some aid shipments to conflict-ravaged Sudan and Yemen. Meanwhile, the efforts to salvage the still-burning Sounion seek to head off the potential ecological disaster posed by its cargo of 1 million barrels of crude oil. In Monday's first assault, ballistic missiles hit the Panama-flagged oil tanker Blue Lagoon I, and a third exploded near the ship, the multination Joint Maritime Information Center overseen by the U.S. Navy said. All crew on board are safe (no injury reported), the cente

Britain may lose $16 bn with North Sea tax changes, says industry body

The changes will also include scrapping the levy's 29% investment allowance, which lets companies offset tax from capital that is re-invested

India imports $2.8 billion worth of crude oil from Russia in July

India, the world's third largest oil consuming and importing nation, in July bought USD 2.8 billion worth of crude oil from Russia, second only to China which remains the largest importer of Russian oil, a report said. Russia emerged as India's biggest supplier of crude oil, which is converted into fuels like petrol and diesel in refineries, after Russian oil was available on discount following some European nations shunning purchases from Moscow over its invasion of Ukraine in February 2022. Imports from Russia, which were less than one per cent of the total oil imported in pre-Ukraine war period, now make up for almost 40 per cent of India's total oil purchases. China bought 47 per cent of Russia's crude exports, followed by India (37 per cent), the EU (7 per cent), and Turkey (6 per cent), the Centre for Research on Energy and Clean Air (CREA) said in a report. Not just oil, but China and India also bought coal from Russia. "From 5 December 2022 until the end of July 2024, Chin

India's July palm imports surge, near one-year high on festive demand

India's palm oil imports rose more than 37 per cent in July from previous month to about 1.1 million metric tonnes, highest since Aug 2023 and in line with traders' estimates, SEA of India said

India's July edible oil imports to surge to record on robust palm buying

India on average has been importing 1.2 million tons of edible oil so far in the current marketing year which began November 2023.

Oil holds ground as dollar gains and Chinese demand concerns weigh

Oil market is also broadly underpinned by supply cuts from OPEC+ group of producers, as Iraq's oil ministry said at the weekend that it will compensate for overproduction since the beginning of 2024

India's oil, gas exploration offers $100 bn opportunity, says Oil Min Puri

Oil Minister Hardeep Singh Puri on Thursday called for stepping up oil and gas hunt to cut India's reliance on imports and making available fuel at an affordable and sustainable way. Speaking at the Urja Varta conference, he said the exploration and production (E&P) sector is integral in the journey towards energy self-sufficiency, which is critical for sustained economic growth. "E&P offers investment opportunities worth USD 100 billion by 2030," he said. Stating that India's exploration and production potential still lies untapped, he said, "I find it strange that India is so heavily reliant on oil imports despite the abundant geological resources available to us." The Indian sedimentary basins hold about 651.8 million tonnes of crude oil and 1138.6 billion cubic meters of natural gas, he said. Puri said only 10 per cent of our sedimentary basin area is under exploration, which will rise to 16 per cent by 2024-end after the current bid ends. "The focus of our exploratory ...