Page 3 - Oil Trade

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 ...

Gold prices show bullishness, Crude oil bearish; check trading strategy

Oil prices fell 1 per cent to $82.33 amid easing supply disruption concerns from Gaza ceasefire hopes and Hurricane Beryl's impact

Asia's first half crude oil imports decline, undermines bullish forecasts

The slightly weaker outcome was largely a result of lower arrivals in China, the world's biggest oil importer

Crude prices may remain higher at $85-100 in short term: S&P Global

OPEC countries have enough oil which can potentially cap any sharp price increases

Crude oil strategy for June 11: Trend remains weak, WTI eyes support at $76

Oil prices are moving higher after posting three straight weekly declines following Opec+ decision on June 2

Opec oil output increases in May, led by Nigeria, Iraq, survey shows

Several members of Opec+, which includes Opec, Russia and other allies, made new cuts in January to counter economic weakness and increased supply outside the group

Petrobras CEO pushes offshore oil prospect as matter of national interest

In her first public comments since taking the company's helm on Friday, Chambriard said replenishing oil reserves was a priority for Petrobras

India's use of crude tankers to export diesel to European Mkts slows in May

While more April shipments from India to Europe provided a floor for Asian margins, fewer such voyages in May will likely compel Indian refiners to shift diesel sales back to Asia

China's fuel oil imports surges 10% to 2.93 million MT, highest since 2020

The import volumes included purchases under ordinary trade, which are subject to import duty and consumption tax, as well as imports into bonded storage

India buys more oil from Russia, less from Iraq, Saudi Arabia in April

Oil imports from Iraq declined by 20-23%, the data showed

Asian stocks slide, gold rises as Middle East crisis sparks safety rush

Oil prices, however, hardly reacted to the news, as traders had largely priced in a retaliatory attack from Iran that would likely further disrupt supply chains