15 MILLION BARRELS
OPEC+ says goodbye to its $100-a-barrel oil quest
The OPEC+ cartel appears to be shifting away from its pursuit of $100-a-barrel oil, announcing a deal to gradually increase production through 2025. This move could lower oil prices and ease global inflation, impacting market dynamics and Saudi Arabia's financial outlook as it seeks to balance grandiose spending plans with declining oil revenues.
Sensex can zoom to 1.5 lakh by 2029 but don't be a speculator
While there are several reasons for this surge, peaks and troughs, booms and busts are an integral part of the stock market saga - much like the waves of the sea, which incessantly rise and fall. Hence, there could be an element of “irrational exuberance”, “froth” and “bubble”.
Indian benchmark bond yield nears key 7.15% level as US peers jump
The yield on the benchmark 10-year was at 7.1438% as of 10:00 a.m. IST, after closing at 7.1232% in the previous session. The yield touched 7.1468% earlier, the highest level since Jan. 31.
Netflix's 'The Gentlemen' sequel series: Cast, plot, and release date revealed
Guy Ritchie's hit crime-comedy, "The Gentlemen," is gearing up for a Netflix series that promises to expand its universe. Explore the anticipated release date, intriguing plot details, and the impressive cast, offering fans a comprehensive sneak peek into the upcoming show.
ONGC slashes peak production estimates for KG Basin Project by 35-40%
ONGC has reduced estimates of peak oil and gas production from its $5-billion KG basin project by 35-40%, despite starting oil production from the deep-water field. The output from the KG-DWN-98/2 block is expected to reach a peak of 45,000 barrels of oil per day and over 10 million metric standard cubic meters per day of natural gas. The project, which was delayed, began gas production in March 2020 and oil in January 2024.
Oil down more than $1 a barrel as Angola decides to exit OPEC
Brent crude futures were down $1.30, or 1.63%, to $78.40 a barrel by 1419 GMT, while U.S. West Texas Intermediate crude was lower by $1.19, or 1.60%, at $73.03.
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Oil up 1.5% as Saudi Arabia and Russia stick to supply cuts
Saudi Arabia confirmed on Sunday it would continue with its additional voluntary cut of 1 million barrels per day (bpd) in December to keep output around 9 million bpd, a ministry of energy source said.
Rupee falls 15 paise to 82.77 against US dollar
Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 487.94 crore, according to exchange data.
Crude may touch $100-105/ barrel by early 2024; Dr Fereidun Fesharaki explains why
According to Dr Fereidun Fesharaki, Chairman of FGE, crude oil is easily likely to exceed $100 due to strong demand growth and balanced inventories, despite the recent production cuts by OPEC. Although China's demand recovery is slower than initially projected, the country is still expected to lead in demand growth, being responsible for around 600,000 to 800,000 barrels per day, while simultaneously tilting more towards buying crude from Russia instead of other major suppliers. Meanwhile, the oil market is balancing itself with buyers and sellers, though the recent production cuts could indicate weakness in procurement rather than demand.
OPEC+ alliance announces surprise cuts of around 1.15 mbpd from May to year-end
The prosecutor, based in the Swiss capital Bern, is looking into potential breaches of the country's criminal law by government officials, regulators and executives at the two banks, which agreed on an emergency merger last month to avoid a meltdown in the country's financial system.
Pakistan plans to procure Russian crude oil at USD 50 per barrel
Cash-strapped Pakistan is making concerted efforts to procure Russian crude oil at USD 50 per barrel, at least USD 10 per barrel less than the price cap imposed by the G7 countries due to Moscow's invasion of Ukraine, media reports said on Sunday. Crude oil is currently being sold globally at USD 82.78 per barrel.
PSU stock rallies 15% in 2 days on robust Q3 results; analysts see up to 20% upside
The firm produced 0.81 million tonnes of crude oil in October-December, up from 0.75 million tonnes a year back. Gas output also increased from 0.79 billion cubic metres to 0.8 bcm. It sold 1.41 million tonnes of oil and oil equivalent gas in the quarter as opposed to sales of 1.35 million tonnes a year back.
Pakistan to supply arms to Ukraine via German port now
Supplies of rockets were dispatched from the Karachi Port earlier this month and will enter Ukraine via Emden Port in Germany, said the people. More than 10,000 rockets meant for use in Grad multi-barrel rocket launchers have been shipped, they said. Although Pakistan has been pleading with Russia for discounted oil amid its economic crisis, it has been supplying arms to Ukraine on a regular basis, said one of the persons, who did not wish to be identified.
Turkey tanker spat escalates with millions of barrels stuck
Late last month, Turkey insisted on proof that oil-carrying ships are insured after European Union sanctions on Russia came into effect.
Biden to release 15 mln barrels from US oil reserves: official
The new tranche of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorized in the spring," in response to price hikes linked to Russia's invasion of Ukraine, a senior US official said Tuesday.
Brent crude oil prices slip below $85/barrel for first time since January
Central banks in numerous oil-consuming countries, including the United States, the world's biggest crude user, have raised interest rates to fight surging inflation which has led to concerns the tightening could trigger an economic slowdown.
4 oil stocks that are good bets due to rising refining margins
Standalone refiners and those with limited exposure to marketing segment will benefit from elevated refining margins. However, OMCs will suffer as marketing losses will eat into refining gains.
India wants Russia to discount its oil to less than $70 a barrel
Both state and private refiners in the world’s third-biggest oil importer have bought more than 40 million barrels of Russian crude since the invasion of Ukraine in late February
Reliance buys at least 15 mln barrels of Russian oil - traders
Reliance has bought an average 5 million barrels a month for the June quarter, the sources said. Reliance did not immediately respond to a Reuters' email seeking comment. Before the Ukraine war, Indian refiners, including Reliance, rarely bought Russian oil owing to high freight costs.
IEA details plan to release 120 mln barrels of oil over 6 months to cool prices
The International Energy Agency (IEA) on Thursday listed members' contributions to a 120-million-barrel release of crude and oil products from emergency stockpiles aimed at cooling global oil prices following Russia's invasion of Ukraine.
Oil prices headed for weekly loss, but stay well above $100/bbl
Brent crude futures fell 27 cents, or 0.3%, to $106.37 a barrel by 1356 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020. U.S. West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.2%, at $103.15 a barrel, adding to an 8% jump on Thursday.
No need to panic. Oil prices could drop to $100 a barrel in two weeks: Arun Kumar Singh Chairman & MD, BPCL
Crude oil prices soared to $139 per barrel on Monday after US Secretary of State Antony Blinken said the US and European allies are considering banning the import of oil from Russia. Prices eased a bit after Germany, the biggest consumer of Russian crude in Europe, rejected any such plan.
Petrol, diesel price hike coming soon as global crude oil surges to $140 a barrel
West Texas Intermediate crude futures, the US oil benchmark, rose to USD 130.50 per barrel on Sunday evening, its highest since July 2008, before retreating. The international benchmark, Brent crude, hit a high of USD 139.13 at one point overnight, also its highest since July 2008.
Biden announces release of 30 mn barrels of oil to maintain global oil prices
US President Joe Biden announced that his administration has worked with 30 other countries to release millions of barrels of oil from American strategic reserves to maintain the global oil prices in the midst of a Russian invasion of Ukraine.
Britain to allow 1.5 mln barrel private sector oil reserve release
Britain will allow privately-held oil reserves to be released voluntarily in answer to a global stockpile release effort led by the United States, a UK government spokesperson said in an emailed statement on Tuesday.
Oil falls as China Covid-19 cases trigger clampdowns
Brent crude futures fell 73 cents, or 1.3%, to $55.37 a barrel by 1501 GMT, after a 2 cent gain on Thursday.
Oil rises to $50 for first time since March on vaccine optimism
Brent crude was up $1.51, or 3%, at $50.37 a barrel at 1501 GMT, rising for a third day. U.S. West Texas Intermediate (WTI) crude rose $1.46 cents, or 3.2%, to $46.98.
Oil rises above $49 as vaccine release spurs demand hopes
Brent crude was up 80 cents, or 1.6%, at $49.66 a barrel at 1131 GMT, rising for a third day. U.S. West Texas Intermediate (WTI) crude rose 73 cents, or 1.6%, to $46.25.
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