Page 6 - Oil Trade

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

Nayara Energy appoints Alessandro Des Dorides as chief executive officer

Nayara Energy on Wednesday named Alessandro Des Dorides, the former head of oil trading at Eni who was sacked for withholding information in illegal Iran oil trade, as the new CEO of the company. Des Dorides shall take over from Alois Virag whose term ends on March 31, 2024, a company statement said. In 2019, Italian oil company Eni SpA bought a shipment of oil that was purported to have come from Iraq but actually came from Iran. The act potentially breached the US sanctions and led to Des Dorides, who oversaw the deal for the cargo, being fired. Without mentioning Des Dorides' Eni background, the Nayara statement described him as "a seasoned oil and gas professional with over 24 years of experience in the energy industry." "He possesses a deep understanding of the global energy markets, strategic planning and risk management," it said. "Alessandro brings with him a wealth of experience and global exposure which will help Nayara Energy to continue its growth trajectory in the ...

Gold at new high, set for best week in 5 months; crude oil steadies

Oil prices steadied on Friday as investors digested fresh US employment data, in the quest for clues as to whether interest rate cuts may occur in the US and Europe in the first half of this year

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