Page 5 - Oil

As Biden weighs Willow, he blocks oil drilling in Alaska and Arctic Ocean

President Joe Biden will prevent or limit oil drilling in 16 million acres in Alaska and the Arctic Ocean, an administration official said on Sunday. The announcement, which is expected as soon as Sunday evening, comes as regulators prepare to announce a final decision on the Willow project, a controversial oil drilling plan pushed by ConocoPhillips. The official requested anonymity to discuss the conservation effort before it is officially unveiled. The plan has two parts. First, the official said, Biden will bar drilling in nearly 3 million acres of the Arctic Ocean, closing off the rest of its federal waters from oil exploration. Second, the administration will develop new rules for more than 13 million acres in a vast swath of land known as the National Petroleum Reserve - Alaska. The official said the area includes the Teshekpuk Lake, Utukok Uplands, Colville River, Kasegaluk Lagoon and Peard Bay Special Areas. It's unclear whether the announcement will mollify environmentali

India's February fuel demand hit at least 24-year high, shows data

India's fuel demand hit its highest level in at least 24 years in February, data showed on Thursday, with industrial activity in Asia's third biggest economy boosted by cheap Russian oil

Oil steady post 5 sessions of gains, as market juggles supply, demand fears

Oil prices were little changed on Tuesday after five sessions of gains, with weak oil data from top crude importer China balanced by concern over supply

Govt slashes windfall tax on diesel to Rs 0.50 per litre, nil on ATF

The government slashed windfall profit tax on export of diesel to its lowest of Rs 0.50 per litre and nil on jet fuel (ATF) while the levy on domestically produced crude oil was marginally increased, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has hiked to Rs 4,400 per tonne from Rs 4,350 per tonne, the order dated March 3 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). The government has also cut the tax on export of diesel to Rs 0.5 per litre from Rs 2.5, and the same on overseas shipments of ATF was cut to nil from Rs 1.50 a litre. The new tax rates come into effect from March 4, the order said. This is the second reduction in rates in a fortnight. Rates were cut on February 16. The export levy on diesel and ATF is the lowest since the tax was introduced in July last year. The tax rates are .

Rupee falls 11 paise to 82.60 against US dollar, oil advances 0.04%

The rupee depreciated 11 paise to 82.60 against the US dollar in early trade on Thursday, weighed down by strength of the American currency in the overseas market. Sustained foreign fund outflows further dented investor sentiments, according to forex traders. At the interbank foreign exchange, the domestic unit opened weak at 82.57 against the dollar, then fell to 82.60, registering a decline of 11 paise over its last close. On Wednesday, the rupee settled at 82.49 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 11 per cent to 104.59. Brent crude futures, the global oil benchmark, advanced 0.04 per cent to USD 83.34 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 303.83 points or 0.51 per cent lower at 59,107.25. The broader NSE Nifty declined 80.70 points or 0.46 per cent to 17,370.20. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday

Cottonseed oil prices falls by Rs 74 to Rs 2,554 per quintal on soft demand

Cottonseed oil cake prices on Monday declined by Rs 74 to Rs 2,554 per quintal in futures trade as participants reduced their bets following weak trends in spot markets. On the National Commodity and Derivatives Exchange, cottonseed oil cake for March delivery fell by Rs 74 or 2.82 per cent to Rs 2,554 per quintal with an open interest of 36,580 lots. Analysts said a sell-off by participants at existing levels amid a subdued trend in the market mainly weighed on cottonseed oil cake prices.

Managing a crisis: Russia-Ukraine war outbreak a setback for Indian economy

But its impact has been kept under check

Russia plans to sell 80% of oil to 'friendly' countries in 2023

EU set to propose fresh sanctions on Moscow tech and vehicles

Oil India reports 40% jump in Dec qtr profit on high output, better pricing

State-run explorer Oil India reported a bigger-than-expected 40% jump in third-quarter profit on Friday, aided by increased production and better price realisation

Big Russia presence in India Energy Summit indicates stronger ties

The European Union ban on seaborne Russian fuel shipments, coupled with earlier restrictions on the bloc's crude purchases, give more impetus for Moscow to ramp up the flows to India

Oil nears 3-week low then steadies on higher US demand, weaker dollar

Although the front-month Brent futures contract was down 37 cents to $84.53 a barrel in low volumes, the more actively traded April Brent futures rose by 89 cents, or 1.1%, to $85.39 by 12:47 p.m. EST

Big Oil peddled the big lie, says UN chief Guterres at WEF 2023

UN Secretary-General Antonio Guterres delivered his message on the second day of the elite gathering of world leaders and corporate executives in Davos

Oil prices gain around 1% on optimism over China's fuel demand recovery

But OPEC kept its 2023 global demand growth forecast unchanged

Equity benchmarks defy global cues, finish nearly 1% in the green

The 30-share BSE Sensex rallied 562.75 points or 0.94 per cent to settle at 60,655.72

Oil ends year of wild price swings with second straight annual gain

Prices surged in March as Russia's invasion of Ukraine upended global crude flows, with international benchmark Brent reaching $139.13 a barrel, highest since 2008

Oil set to close higher in 2022, a turbulent year marked by tight supplies

Brent crude futures climbed 44 cents, or 0.5%, to $83.90 a barrel by 0138 GMT after settling 1.2% down in the previous session

Oil plunges as China's Covid-19 spike dampens global demand outlook

Brent futures for February fell 79 cents, or 1.0%, to $82.47 a barrel by 0730 GMT, while US crude fell 80 cents, or 1.0%, to $78.16 a barrel

India preparing to launch 20% ethanol with gasoline: Hardeep Puri

India is preparing to launch sales of 20% ethanol with gasoline and will look to gradually raise its share of the cleaner fuel in its energy mix, the country's oil minister Hardeep Singh Puri said

Oil falls close to 2022 lows on economic worries, easing supply fears

Brent crude fell $1.05, or 1.3%, to $78.30 a barrel by 1020 GMT. It touched $77.74 earlier, the lowest since Jan. 3. U.S. crude was down $1.24 or 1.7% to $73.01 and touched $72.25

Russia drafts decree banning sale of oil to price-cap participants

It would essentially ban any reference to a price cap in contracts for Russian crude oil or products, and prohibit loadings destined for any countries that adopt the restrictions