Page 2 - Oil

Saudi cuts crude oil prices again amid growing competing supplies

This comes amid the International Energy Agency forecasting a supply this year of 4 million barrels per day, equivalent to 70 per cent of India's oil demand

US move on Venezuela oil lifts Reliance Industries, ONGC prospects

Indian oil companies that have invested in oil exploration projects in Venezuela might also be able to recover stuck dividends, with the US operating Venezuela's oil assets

Caribbean crisis: US actions in Venezuela threaten India's economy

Mr Trump's claim that Mr Maduro is emptying his prisons and illegally flooding the US with criminal elements and that the country is a major source of drug trafficking lacks foundation

India's HPCL-Mittal Energy stops buying Russian crude oil amid sanctions

Last week, the US and Europe imposed a raft of fresh sanctions on Russian oil, with Washington targetting the country's top oil producers Lukoil and Rosneft

Trump plan seeks to open nearly all US coasts to offshore drilling

Environmentalists blasted the reported plan, saying it would put too many coastal communities and marine habitats at risk

Oil jumps 5% as US sanctions target Russia's Rosneft and Lukoil

The sanctions could reduce global oil supplies since Russia was the world's second-biggest crude producer in 2024 after the US, according to US energy data

Putin speaks on oil, gas, coal and nuclear at Russian Energy Week

Russia maintains its position as a leading oil producer, despite unfair competition being used against us, Putin said

Trump's big claim on Russian Oil: What the numbers say | Trump tariffs | India-Russia

In a new twist to the ongoing Ukraine-Russia war diplomacy, US President Donald Trump has claimed that PM Modi has assured him that India will stop importing Russian 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