Page 22 - Oil

Global glut of oil products threatens crude recovery

Refiners have resorted to production cut which will weaken demand for crude oil and serve as a hard ceiling on prices

Oil falls as glut, profit-taking beat back optimism over OPEC meet

Since the plunge in oil prices that began in mid-2014, Venezuela has repeatedly tried to broker deals to freeze production and reduce a supply glut, with limited success

Oil continues to oblige Jaitley with low prices

Finance Minister had jitters when crude prices came close to $53 a barrel in June rallying from 12-year lows of $27 earlier in the year

Oil market on path to rebalancing, OPEC monitoring situation: Qatar

Brent futures were up 15 cents at $44.42 per barrel on Monday

India's July Iranian crude imports surge 21 per cent to five-month high

For the first seven months of 2016, India imported about 359,000 bpd of Iranian oil, up 67 per cent from the same period a year ago

Oil prices push higher after entering bear market

On the back of bargain-buyers taking advantage of a weaker dollar

Oil dips over global supplies rise, fresh concerns over Asian economies

Overproduction of crude and a wave of refined products were the main factors weighing on oil

Still at sea

Oil recovery proves slippery for Exxon and Chevron

Oil falls towards $44, lowest since May, on glut worries

Brent crude is still up more than 60% from a 12-year low near $27 in January

Oil dives 4% on US rigs rise, glut threat

Dollar's rally to a more than four-month high also hurt demand for greenback-denominated oil among holders of the euro and other currencies

Oil traders lose millions as LPG market face 'career ruining' glut

Traders have been left scrambling to mitigate losses as China has failed to be the driver of demand

Oil near two-month low on economic woes; drillers adjust to lower prices

Saudi Arabia's energy minister Khalid al-Falih said the oil market was becoming more balanced in terms of supply and demand

Oil or nothing

It's not how much oil, but how much influence

Oil bulls beware because China's almost done with amassing crude

One of the pillars of oil's recovery from the lowest price in 12 years could be on the verge of crumbling. China is likely close to filling its strategic petroleum reserves after doubling purchases for it this year as prices plunged, JPMorgan Chase & Co. analysts including Ying Wang wrote in a June 29 research note.Stopping shipments for the reserve would wipe out about 15 per cent of the country's imports, according to the bank. Chinese crude imports have risen 16 per cent this year, and the country is rivaling the US as the world's biggest oil purchaser.That demand, along with supply disruptions from Canada to Nigeria, has helped boost oil prices about 80 per cent since January.China has taken the opportunity of lower oil prices since early-2015 to accelerate the strategic petroleum reserve builds,'' Wang said in the report. ''This volume might be close to the capacity limit, in our view, and together with potential teapot utilisation pullback and slower-than-expected demand from

7 merchant bankers bid to manage OIL stake sale

Government plans to sell 10% of its stake in 'Navratna' OIL through an Offer For Sale

IEA sees global oil market returning to surplus in early 2017

On the supply side, the IEA said output fell by 590,000 bpd year-on-year to 95.4 million bpd in May, first significant decline since the start of 2013

Oil futures fall as global growth, Brexit concerns weigh

OPEC also forecast that world oil market would be more balanced in second half of 2016 as outages in Nigeria, Canada help to speed up erosion of a supply glut

Aramco, Total, Shell eye entry into retail fuel market: Pradhan

India, world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects

Govt to auction oil, gas fields with Rs 70,000 cr worth reserves from July

The auction will be the first licensing round in over four years

Oil rebound has Citi seeing worst over for commodities

The commodities market has turned a corner and prices are unlikely to return to lows seen in the first quarter, according to Citigroup Inc, which boosted forecasts from metals to grains amid an oil-led recovery.The bottom was likely hit earlier this year when weak fundamentals across all commodities were reinforced by selling after the collapse of China's equity markets, Citigroup analysts including Ed Morse wrote in a report Tuesday. The bank is now predicting Brent oil will climb to $50 a barrel in the third quarter, earlier than its previous forecast for the fourth quarter, while increasing its year-end gold estimate by $100 an ounce to $1,250."This recovery is starting in the oil sector, where market fundamentals are tightening much faster than we had forecast at the start of the year," the analysts wrote. "Across the industrial metals, markets are also slowly firming and prices bottoming as new projects get postponed and surpluses are whittled down. So too in the agricultural sect