Page 4 - Oil

Arabia extends cut of 1 mn barrel of oil a day through Sept, to boost price

Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices. The Saudi cut of 1 million barrels per day, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year. The kingdom announced the extension in a statement on the state-run Saudi Press Agency. The move was widely expected by analysts. Benchmark Brent crude traded Thursday over $80 a barrel.

Oil regulator rejects Adani Total's application for Noida city gas licence

Oil regulator PNGRB has rejected Adani Total Gas Ltd's application for a licence to retail CNG to automobiles and piped gas to household kitchens in Noida, on the outskirts of the national capital, on grounds that it does not meet criteria. The Petroleum and Natural Gas Regulatory Board (PNGRB) in an order dated July 14 said Adani Total Gas Ltd does not fulfill the requirements of law and so its application is rejected. Adani has been eyeing a city gas distribution (CGD) licence for cities adjoining the national capital for nearly two decades now. A firm can retail CNG or piped natural gas in a city only if it is authorised by the regulator or had permission from the central government prior to the regulator coming into existence. While Indraprastha Gas Ltd - the joint venture of state-owned firms - had been authorised for the National Capital Territory of Delhi, Adani has challenged IGL's claim for adjoining cities. PNGRB, which came into being in 2006, accepted city gas ...

Oil, petrol sales of state retailers decline in July amid heavy rains

Demand from the agriculture sector also gets affected in this period due to fewer irrigation-related requirements

India's fuel demand slips by 3.7% in June as monsoon restricts mobility

Consumption of fuel, a proxy for oil demand, totaled 19.31 million tonnes in June, down from 20.06 million tonnes in May, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry

Reliance Industries, bp start production from MJ field in KG block

Reliance Industries Ltd, and its partner bp Plc on Friday announced the start of regular production from MJ oil and gas field in the KG-D6 block, helping scale up India's output of clean fuel to over 100 million cubic meters a day. MJ is the third and the last set of discoveries in the KG-DWN-98/3 or KG-D6 block, off the east coast that the consortium was working on. All three sets of discoveries, with MJ being the deepest, were made more than a decade back and have been progressively put into production. Together, the three sets of discoveries at their peak production will make up for 15 per cent of India's demand, the companies said in a statement on Friday. "The start of gas and condensate production from the MJ field follows the start-up of the R-Cluster field in December 2020 and Satellite Cluster in April 2021," it said. All three developments utilise the existing hub infrastructure for the block. "Together, the three fields are expected to produce around 30 million standard

Warren Buffett's firm now owns more than 25% of Occidental Petroleum

Billionaire Warren Buffett's company keeps buying shares of Occidental Petroleum, and Berkshire Hathaway now controls more than 25 per cent of the oil producer. A new filing with the Securities and Exchange Commission shows that Berkshire bought another 2.1 million Occidental shares this week worth about USD 123 million. The latest purchases give Berkshire more than 224 million shares worth nearly USD 13 billion that have all been purchased over the past year and a half. And Buffett may not be done buying because the price of Occidental stock is still right around where he bought shares at this week even after a modest 43-cent bump Thursday morning to trade at USD 57.89. Buffett has been consistently buying the stock when it dips below USD 60. Crude prices are down 13 per cent this year and shares of Occidental are down 8 per cent. Often, other investors rush into a stock after Berkshire discloses a purchase because of Buffett's remarkably successful track record over the decades.

India to decide to buy oil in keeping within price cap: WH on Russian oil

In December last year, the United States and its allies went after Russia's all-important oil revenues after a European ban and price cap on Russian oil

Crude Oil falls as economic fears overshadow Saudi Arabia's output cut

LONDON (Reuters) -Oil prices tumbled more than $1 a barrel on Tuesday, after a strong rally in the previous session as worries about global economic growth outweighed Saudi Arabia's pledge to deepen output cuts.

India to allow duty free imports of sunflower, soyoil until June

Earlier this year, the world's biggest importer of vegetable oils scrapped a duty-free imports quota of 2 million tonnes of crude sunflower oil and soyoil for the this fiscal started on April 1

Delhi HC dismisses Centre's plea accusing RIL of 'unjust enrichment'

Judge Anup Jairam Bhambhani today upheld the decision and said that the case calls for 'no interference'

In its 50th year, IEA and Opec's marriage is overcome with bickering

There's a level of natural antagonism between the two bodies

State refiners post 8.4% rise in gasoil to 3.45 mn tonnes in April 1st half

Indian state refiners posted an 8.4% rise in sales of gasoil to 3.45 million tonnes in the first half of April compared with the same period last month, preliminary sales data showed

Oil and Natural Gas Co to bet on deepwater oil as India seeks to cut import

India, with a fast-growing appetite for crude, is eager to reduce its fuel import bill and bolster energy security, and has encouraged companies like state-controlled ONGC to do more

India remains top destination for Russian Urals oil in April: Report

Attractive prices for Urals mean good margins for Indian refiners while term contracts between Russian and Indian companies and lower freight rates are also helping keep supplies elevated

Oil prices surge post OPEC+ output cuts, markets narrow odds on Fed hike

Oil prices surged on Monday after Saudi Arabia and other OPEC+ oil producers announced a surprise round of output cuts, a potentially ominous sign for global inflation

Russia's Rosneft signs deal to boost oil supplies to Indian Oil Corp

MOSCOW (Reuters) - Russia's largest oil producer Rosneft and India's top refiner Indian Oil Corp have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India, Rosneft said on Wednesday.

Ageing shadow fleet carrying Russian oil poses disaster risk: Report

The aftermath of European Union sanctions on Russia mean that the Turba has been enlisted into a vast shadow fleet carrying Moscow's oil around the globe

How new tanker giants are sprouting from nowhere to keep Russian oil moving

Almost 1,200 miles away in Dubai, a small office in a run down industrial estate, offers no clues that it, too, is a small cog in Russia's vast new petroleum supply chain

Oil pipeline with India to play vital role in fuel security: Bangladesh PM

Prime Minister Sheikh Hasina has said that her country's first cross-border oil pipeline with India will play a vital role in ensuring fuel security in Bangladesh at a time when the world was facing a serious energy crisis due to the Ukraine war. Hasina said this while virtually inaugurating with her Indian counterpart Narendra Modi the 131.5-km Bangladesh-India Friendship Pipeline' on Saturday. Terming India a "true friend" of Bangladesh, Hasina said she wanted this friendship to remain intact. The pipeline costing Rs 377 crore is part of energy sector cooperation between the two neighbouring countries through which Bangladesh will import petroleum, especially diesel from India. When many countries across the world are on the verge of a fuel crisis due to the Russia-Ukraine war at that time this pipeline will play a vital role in ensuring the fuel security of our people, Hasina said. "The friendship pipeline is a milestone achievement in cooperation for the development between th

Duty-free sunflower oil imports from Black Sea set to drop this year

India, the world's biggest vegetable oil importer, buys sunflower oil from the Black Sea region, which accounts for 60% of the world's sunflower oil output and 76% of exports