Page 5 - Oil Trade

Brent crude oil hovers around $80 after this week's downward spiral

Earlier in the week customs data showed that China's total exports of goods and services contracted faster than expected

Cleared all payments pending for Russian oil purchases: BPCL official

The Indian government has expressed discomfort over settling payment for Russian oil in Chinese yuan

Oil steadies on strong US dollar, darkening global macroeconomic outlook

Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand

India says rising oil prices a concern, but economic outlook 'bright'

India, the world's third-largest energy importer, purchases more than 80% of its crude oil from international markets

Brent oil prices top $94 a bbl, up for a third week on supply curbs

The International Energy Agency and Organization of Petroleum Exporting Countries both warned this week that the market would be in deficit through year-end

Oil stable amid hopes on stable fed rates, Opec+ supply cut expectations

Brent crude futures for November crept 5 cents higher to $88.60 a barrel by 1110 GMT. U.S. West Texas Intermediate crude (WTI) October futures rose 2 cents to $85.57 a barrel

Oil dependence a key challenge for India: HDFC Bank director Keki Mistry

Mistry said that the trajectory of oil prices always needs to be watched as India imports 85 per cent of its oil requirements and is the world's third-largest oil importer

Saudi oil giant Aramco reports $30 bn in Q2 profits, down nearly 40%

Saudi state-run oil giant Aramco said Monday that it made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices. Total sales stood at just over 400 billion riyals (about $106 billion), down from 562 billion riyals ($150 billion in the second quarter of 2022. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins. The company reported net income of 112.8 billion Saudi riyals ($30 billion) compared to 181.6 billion riyals ($48 billion) in the second quarter of 2022, a decline of 37.8% Aramco nevertheless raised its dividend paid out to investors to 110.18 billion riyals ($29.38 billion), compared to $18.8 billion in the second quarter of 2022. The performance-based dividend is partly based on the company's record earnings last year, it said. Our strong results reflect o

How will India cope with Urals breaching the EU-denominated price cap?

Urals crude has passed the trading price cap imposed by the G7 but supplies to India may sail through largely unscathed. Here's why

India's imports of sunflower oil to fall as Black Sea grain deal expires

The drop in sunflower oil imports would force the world's biggest buyer of vegetable oils to increase purchases of palm oil and soyoil to compensate

Brent crude oil prices steady as economic fears offset supply cuts

The Brent benchmark was down 12 cents, or 0.2%, at $76.13 a barrel by 1205 GMT after falling more than $1 in early trade and then briefly turning positive. The benchmark closed with a $1.60 gain

Oil heads for weekly gains as supply cuts balance demand concerns

Brent crude gained 48 cents to $76.15 a barrel by 1:16 p.m. EDT (1316 GMT). U.S. West Texas Intermediate (WTI) crude rose 59 cents to $71.21

UN climate summit in UAE to deliver game-changing results: Senior official

A senior United Arab Emirates official says the Gulf nation wants the U.N. climate summit it's hosting later this year to deliver game-changing results for international efforts to curb global warming, but doing so will require having the fossil fuel industry at the table. Environmental campaigners have slammed the presence of oil and gas lobbyists at previous rounds of talks, warning that their interests are opposed to the goal of cutting greenhouse gas emissions caused to a large degree by the burning of fossil fuels. Last month scores of U.S. and European lawmakers called for the summit's designated chair, Sultan al-Jaber, to be replaced over his links to the state-owned Abu Dhabi National Oil Company. The issue complicates already-delicate negotiations ahead of the Nov. 30 - Dec. 12 meeting in Dubai, known as COP28. Preliminary talks starting next week in Bonn, Germany, will show whether the incoming UAE presidency can overcome skepticism among parties and civil society groups

The long route for oil

Surge in India's petrochemicals export may not be sustainable

India's exports to UAE likely to grow by 60% to $50 billion by FY27

Officials expect exports to touch $50 billion during the same period

How Russian oil is still powering Europe's cars with help from India

Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler's data show

Adani Wilmar's overall oil sales volume drop in Q4 on weaker demand

The company saw smoother supplies of imported edible oils during the quarter with prices cooling off, resulting in higher consumer demand, especially among the rural population

US President Biden's TikTok, oil moves test the loyalty of young voters

Recent moves by President Joe Biden to pressure TikTok over its Chinese ownership and approve oil drilling in an untapped area of Alaska are testing the loyalty of young voters, a group that's largely been in his corner. Youth turnout surged in the three elections since Donald Trump was elected president in 2016, helping Biden eke out victories in swing states in 2020, pick up a Democratic Senate seat in the 2022 election and stem potential losses in the House. But the 80-year-old president has never been the favorite candidate of young liberals itching for a new generation of American leadership. As Biden gears up for an expected reelection campaign, a potential TikTok ban and the Alaska drilling could weigh him down. Meanwhile, his plan to wipe out billions of dollars in student loan debt is in jeopardy at the Supreme Court. The effort, announced shortly before last year's midterms, was an attempt by Biden to keep a promise he made after defeating progressive Sen. Bernie Sanders i

Swan Group leases out vessel to Turkey govt company for Rs 800 cr

Swan Energy through its subsidiary Triumph Offshore has signed an agreement to lease out its floating storage regasification unit (FSRU) vessel to Turkish government-owned natural gas and LNG firm Botas for an annual rentals of around Rs 800 crore. The lease arrangement is for a daily rental of USD 250,000, or about Rs 2 crore, which on an annualised basis works out to be around Rs 800 crore, Swan Energy said in a statement on Thursday. The duration of the leasing agreement of its FSRU vessel Vasant One is for 12 months and is extendable on mutual agreement, it added. Based on the bare boat charter, Triumph Offshore has leased out only the bare FSRU vessel to Botas which will manage all operational expenses, including fuel, crew, insurance, maintenance, and repair and thus fully revenue accretive. Rishi Chopra, spokesperson of Swan Energy, said the agreement will enhance the rental earning capabilities of the vessel and therefore the net revenue from the rental will strengthen our

Russia price caps spur India interest in naphtha, fuel oil, but not diesel

India's interest in ramping up Russian oil products imports comes after the world's third largest crude importer became Moscow's top oil client after China as the West shunned supplies from Moscow