Page 5 - Oil Trade

Russia's disrupted oil trade squeezes profit margins for Indian refiners

Attacks in the Red Sea have driven up freight rates, while tougher US sanctions have stranded some Russian cargoes destined for India, adding to costs

'Some stranded Russian Sokol oil cargoes begin to move to China, India'

The backlog of Sokol tankers has become the biggest disruptions to Russia's oil trade since the West imposed sanctions on Moscow over its military actions in Ukraine

Oil prices fell due to weak economic activity in leading importer China

Brent crude futures for March, which expire today, fell 90 cents, or about 1.1%, to $81.97 a barrel by 1530 GMT. The more actively traded April contract was down $1.17, or about 1.2%, at $81.33

World on cusp of last big refining boom as India starts capacity expansion

Expansions in the West are non-existent," said Giovanni Serio, Vitol Group's head of research

India likely to resume Iran crude oil imports due to Houthi threat

The issue may have been discussed during recent bilateral meetings between the countries last week when External Affairs Minister S Jaishankar travelled to Iran

Oil falls as China's recovery misses expectations, dollar strengthens

China's economy in the fourth quarter expanded by 5.2% year on year, missing analysts expectations and calling into question forecasts that see Chinese demand fuelling 2024 global oil growth

Oil prices rise 1% as tankers avoid Red Sea after strikes on Houthis

Brent crude futures rose $1.08, or 1.4%, to $78.51 a barrel by 1:25 p.m. ET (1825 GMT), after earlier surging over $3 to more than $80

Problems in Red Sea will not impact India's maritime trade: Shipping secy

Ports, Shipping and Waterways secretary T K Ramachandran on Wednesday said the problems in the Red Sea will have "no impact" on India's maritime trade with the rest of the world. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Asked will the Red sea developments have any impact on India's maritime trade, he said, "no impact". The strait, vital for 30 per cent of global container traffic, has seen increased tensions with various incidents in 2023, including attacks and military manoeuvres by regional and global powers. The Bab-el-Mandeb Strait, also known as the "Gate of Tears" in Arabic, is a crucial trade route that connects the Mediterranean Sea and the Indian Ocean via the Red Sea and the Suez Canal. It separates Africa from the Arabian Peninsula.

Govt to audit rising spot purchase of crude, House panel flags costly buys

The Committee has recommended that the Ministry should conduct an audit to see whether the purchases in spot tenders have actually resulted in cheaper costs

Oil rises by more than 1% after Houthi militants attack on Red Sea tanker

Oil rose more than 1% on Monday as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruptions.

India to resume Venezuelan oil purchases, says Hardeep Singh Puri

India is willing to buy oil from any country that is not sanctioned, the minister added

India's Russian oil imports seen rising on lower prices: Govt official

The Group of Seven large economies known as G7 and some other nations have imposed a ceiling of $60 per barrel for oil at Russian ports to cut Moscow's revenue seen as funding its war in Ukraine

India unlikely to be hit by potential Opec+ production cut, say officials

Lower global demand and discounts on Russian crude to ensure continuous oil flows

ONGC charges premium over Brent in oil supply deals with BPCL, HPCL

India's top oil and gas producer ONGC has signed term contracts with refiners to sell crude oil it produces from Mumbai offshore fields at a premium to international benchmark Brent, sources said. Oil and Natural Gas Corporation (ONGC) has signed deals to sell about 4.5 million tonne of crude oil each to Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL). The oil has been priced at the prevailing Brent crude oil price plus 1 per cent, company sources said. Brent, the world's best known benchmark for the raw material that is converted into fuels like petrol and diesel in refineries, is trading at USD 80 per barrel. As per the pricing in the term contracts, ONGC would get USD 80 plus USD 0.8 for the oil it will sell to HPCL and BPCL. ONGC produces 13-14 million tonne per annum of crude oil from its fields in the Arabian Sea, off the Mumbai coast. In June last year, the government abolished a rule that said oil from blocks awarded prior to 1999 mus

Crude oil holds a decline as Opec+ dispute clouds production outlook

Saudi Arabia, the de facto leader of Opec, and its allies are embroiled in a dispute over output quotas for African members

Tankers newly sanctioned by US supplied Russian oil to India: Report

NS Century is currently on its way to discharge Sokol crude at Vadinar port in Gujarat for Indian Oil Corp (IOC) on Nov. 25, LSEG and Kpler data showed

Crude oil prices edge higher as IEA raises demand growth forecast

A US crackdown on Russian oil exports could also disrupt supply, supporting prices further.

Oil & gas biz may be nearing peak for RIL, claims larger share in profit

Ril's oil and gas business performance for several years has been lackluster in comparison to the profits its other divisions have returned

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