Page 2 - Oil

India–Mongolia bilateral meet: 10 key agreements signed; know details

During Mongolian President Khurelsukh Ukhnaa’s visit to New Delhi, both nations deepened cooperation in defence, energy, culture, and spiritual exchanges.

US sanctions Serbia's main oil supplier, which is controlled by Russia

The United States has introduced sanctions against Serbia's main oil supplier, which is controlled by Russia, the company said on Thursday. Serbia almost entirely depends on Russian gas and oil supplies, which it receives mainly through pipelines in Croatia and other neighbouring states. The gas is then distributed by Petroleum Industry of Serbia (NIS), which is majority-owned by Russia's state oil monopoly Gazprom Neft. NIS said Thursday it had failed to secure another postponement of the US sanctions, which could jeopardise its efforts to secure oil and gas deliveries in a longer term. The special license from the US Department of the Treasury, which enables unhindered operational business, has not yet been extended, NIS said in a statement. It added that it has stored enough supplies to keep the operation moving for customers for a longer while. It also said problems could occur at NIS gasoline stations with payment made by foreign bank credit cards but added that that cash ...

Opec+ to raise oil output by 137,000 bpd from November, says report

OPEC+ has agreed in principle on a 137,000 bpd increase, three OPEC+ sources said ahead of an online meeting scheduled for 1100 GMT on Sunday

China's plan to cut refining capacity faces pushback in key regions

China's oil refiners need to stop producing so much transport fuel because the energy transition means the demand is no longer there

Indian Oil Corp in talks with Vitol for oil trading joint venture: Report

State-run company is expanding the capacity of its three refineries to raise crude processing by 346,000 bpd over the next two years and also plans to build a 180,000 bpd refinery in southern India

Western oil sanctions fuel Russia's growing shadow fleet, illicit trade

The shadow fleet accounts for about 17 per cent of all in-service oil tankers sailing the ocean today, according to S&P Global Market Intelligence, a research firm

EU could quit Russian gas in a year with US LNG, says energy chief

The US is ramping up pressure on Europe to cut off energy revenue to Moscow, seeking to end the war in Ukraine. As Russia's most lucrative export, its fuel revenue has helped fund the war

SOCAR Turkey CFO Teymur Abasguliyev to head Nayara Energy as CEO

Russian oil giant Rosneft-backed Nayara Energy has appointed Teymur Abasguliyev as the new CEO of the company, replacing a European national who had to resign following EU sanctions on the company. The appointment of Abasguliyev, an Azerbaijan national who currently as the chief financial officer at SOCAR Turkiye Enerji A.S, was confirmed by the Nayara board at its meeting on Tuesday, two sources aware of the matter said. Nayara spokesperson did not immediately respond to an email sent for comments. Educated at Azerbaijan's Baku State University, Abasguliyev previously worked at PricewaterhouseCoopers from 1996 to 2013. He has been the CFO of Group Companies at SOCAR Trkiye Enerji A.S. since 2013. Nayara Chief Executive Alessandro Des Dorides had to quit shortly after the European Union imposed sanctions on the refiner as part of a new raft of measures against Russia over its war with Ukraine. Sergey Denisov, who was Nayara's Chief Development Officer, was named the interim CEO ..

Oil India share price tanks 5% post Q1 results; check stock strategy here

Oil India stock was trading 5 per cent lower at ₹403.55 per share compared to the previous day's close of ₹425.1 per share on the NSE

India's state refiners pause Russian oil buys amid US tariff pressure

Companies including Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle

Marico Q1 results: Net profit rises 9% to ₹504 crore on steady demand

Domestic volumes rose 9 per cent, led primarily by its Saffola brand cooking oils and hair oils

Russia suspends sunflower oil duty till end of August to boost exports

Russian lobby group Oil and Fat Union estimates that Russia is the world's leading producer of sunflower oil and the second largest exporter after Ukraine

CBSE asks schools to set up 'oil boards' to curb high-fat food intake

The Central Board of Secondary Education (CBSE) has asked schools to set up "oil boards" to educate students and staff about harmful effects of consuming high-fat foods and oils and to serve as daily reminders promoting healthier eating habits, according to officials. The directive comes two months after the board asked schools to set up "sugar boards" to monitor and reduce the sugar intake of children. "Oil Boards" refer to posters or digital displays installed in shared spaces such as cafeterias, lobbies, and meeting rooms within school premises. These boards will aim to educate students and staff about the harmful effects of consuming high-fat foods and oils and to serve as daily reminders promoting healthier eating habits. "The data points out that there is a sharp rise in obesity among both adults and children. As per National Family Health Survey-5 (NFHS-5), 2019-21, over one in five adults in urban areas are overweight or obese," said Pragya M Singh, CBSE Director ...

India should continue buying Russian oil; must reject US pressure: GTRI

India should resist the US pressure to stop purchasing oil from Russia and continue buying the commodity from Moscow as it has helped India manage inflation and maintain economic stability in a volatile global environment, economic think tank GTRI said on Thursday. US President Donald Trump has threatened to impose a 100 per cent tariffs on Russian oil buyers. "India must reject this pressure and stay firm on its Russia strategy. Buying discounted Russian oil has helped India manage inflation and maintain economic stability in a volatile global environment," the Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. Altering that policy will not stop US threats and it will only invite more, he said, adding this isn't an isolated demand, Trump regularly issues tariff threats for various reasons. "Given this pattern, India sees no value in giving in to US pressure on Russian oil. It won't resolve the larger issue of future unpredictable US demands. Even a trade deal wi

'Cautions against double standards': MEA hits back at Nato chief's warning

Addressing a press conference in the national capital, MEA spokesperson Randhir Jaiswal said, 'We have seen reports on the subject and are closely following the developments'

Opec trims oil demand for next four years, says no peak in sight

The forecasts for demand in 2026 through 2029 are all lower than last year. Demand will average 106.3 million bpd in 2026, OPEC said, down from 108 million bpd seen last year

OIL targets LatAm lithium; govt weighs soft finance, quicker nods

A team from OIL - the first state-run oil firm to set up a dedicated department for critical minerals - visited the so-called Lithium Triangle last month

Shares rally, oil slumps as Iran-Israel ceasefire goes into effect

Brent futures had already slid 7% on Monday and U.S. shares jumped after Iran made a token retaliation against a US base and signalled it was done for now

EU plans legally binding ban on Russian gas imports by end of 2027

The proposals set out how the European Union plans to fix into law its vow to end decades-old energy relations with Europe's former top gas supplier, made after Moscow's 2022 invasion of Ukraine

Indian refiners eye Iranian crude oil as US-Iran nuclear talks progress

Plans to resume crude oil imports had been shattered in the wake of multiple airstrikes between Israel and Iran in April last year