Page 5 - Oil Trade

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

Oil prices steady as optimism over recovering Chinese demand offset by US

il prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months.

Davos 2023: UAE, India in early talks to settle non-oil trade in rupees

Thani Al-Zeyoudi, the UAE's minister of state for foreign trade said other countries, including China, had also raised the issue of settling non-oil trade payments in local currencies

World Economic Forum: India, UAE discusses non-oil trade in rupees

The UAE's trade deal with India aims to increase bilateral non-oil trade to $100 billion in the next five years

Indian, European oil firms evaluating bids for Guyana blocks: Report

Refiner Indian Oil Corp also is looking to work in Guyana in collaboration with ONGC Videsh

Oil dives 3.5%, trade choppy on worries about China, global economy

By Arathy SomasekharOil prices tumbled 3.5% in volatile trade on Tuesday, pressured by weak demand data from China, a gloomy economic outlook and a stronger U.S. dollar

Oil prices set to end turbulent 2022 with second straight annual gain

Crude surged in March with global benchmark Brent reaching $139.13 a barrel, the highest since 2008, after Russia's invasion of Ukraine sparked supply concerns

India's November wholesale inflation eases to 21-month low of 5.85%

WPI-based inflation remained below the double-digit mark for second consecutive month in November

The $60 price cap on Russian oil may not hit Indian purchases: Report

India mostly buys the Urals crude from Russia. This grade made up 80% of India's oil imports last month

Oil prices edge higher on easing China curbs, firm dollar limits gains

China is set to announce an easing of its Covid-19 quarantine protocols in coming days and a reduction in mass testing

Oil price edges higher on tight supply, China demand recovery optimism

Oil prices nosed ahead in early Asian trade, lifted by signs of tighter supply and by optimism over a Chinese demand recovery