AFRICAN CRUDE OIL
Refined Russian petro goods imports rise 14% in May
India's import of refined products from Russia increased by 14% in May, with naphtha imports tripling. State-run refiners brought in 77% more Russian products, but imports were lower than China and Europe.
Traders are bracing for a record-smashing summer that will shake up commodities
Prices for some of the world’s most vital commodities — natural gas, power and staple crops like wheat and soy — are climbing.
Oil extends losses as economic headwinds weigh on demand outlook
Brent crude fell 41 cents, or 0.5%, to $78.15 a barrel by 0105 GMT after settling down 54 cents on Friday.
Indian refiners set to ask for extra Saudi oil after sharp price cut
Indian Oil Corp and Bharat Petroleum Corp are considering lifting an additional 1 million barrels of oil each from Saudi Aramco in February. The move comes after the kingdom cut the official selling price of its key export grade for February to the lowest in 27 months. The Indian Oil Corp is also seeking more oil from Saudi Arabia and West Africa due to difficulties in buying Russian light sweet crude Sokol.
Good job keeping a lid on crude prices
India's self-interest in securing energy has, in no means, added to international tension. Which is why New Delhi has got its viewpoint across so tellingly. There could just be a new way for future energy contracts to be drawn up.
African crude makes up for fall in Russian imports
Russia's share in India's imported crude market shrank to 30% in December from 34.5% in November. Africa's share increased to 7.6% from 4.7%. The shares of Iraq (22.3%) and Saudi Arabia (16.4%), the second and third-largest suppliers respectively, expanded about one percentage point each. India's imports of Russian crude in December were the lowest in 11 months, with the largest declines from Urals and Sokol crude, according to Vortexa.
- Go To Page 1
Fuel price cut: Held no discussions with OMCs on petrol & diesel price cut, says Oil Minister Puri
India's Oil Minister, Hardeep Singh Puri, has clarified that government-owned oil marketing companies (OMCs) have not been in discussions with the Centre on possible fuel price cuts. Puri attributed the rumours of a cut in petrol and diesel prices to misinformation and a highly turbulent situation. He also stated that India is currently focused on diversifying its oil sources
Venezuela agrees to supply oil to India in lieu of pending dividend, says Petroleum Secy
ONGC Videsh, the overseas investment arm of India's top explorer Oil and Natural Gas Corp, has $600 million of dividend pending for its 40% stake in the San Cristobal field in eastern Venezuela's Orinoco Heavy Oil belt.
Oil eases ahead of Christmas break on possible future Angola output increase
More maritime carriers are avoiding the Red Sea due to attacks on vessels carried out by the Houthi militant group, which says it is responding to Israel's war in Gaza.
Oil prices pare gains amid skepticism on OPEC+ supply cuts
Brent crude futures for January gained 16 cents, or 0.2%, to $84.09 a barrel by 11:01 a.m. EDT (1601 GMT). The front-month Brent contract expires later on Thursday.
Oil rises, Brent tops $80 ahead of OPEC+ meeting
OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on Thursday to discuss production targets for 2024.
Oil on track to snap losing streak on hopes of further OPEC+ cuts
GLOBAL-Oil on track to snap losing streak on hopes of further OPEC+ cuts
Asia stocks turn lower, gold jumps as oil slips
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) also dipped 0.3%, giving it a monthly gain of 6.4%. Chinese blue chips (.CSI300) lost another 1.1%, and have missed out on all the global cheer with the market down 2% in November so far.
Oil prices steady ahead of OPEC+ oil production decision
U.S. West Texas Intermediate crude were down 33 cents from Wednesday's close, dropping to $76.77. There was no settlement for WTI on Thursday owing to a U.S. public holiday.
Oil slips 2% on growing angst over delayed OPEC+ meeting
In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting at which they were expected to discuss oil output cuts.
Oil down 1% on bearish view of delayed OPEC+ meeting
Brent futures fell 81 cents, or 1%, to $81.15 a barrel, after falling as much as 4% on Wednesday. U.S. West Texas Intermediate crude dipped 72 cents, or 0.9%, to $76.40, after declining as much as 5% in the previous session.
Oil falls as Israel embargo concerns fade, Venezuela sanctions to ease
Brent futures for December fell 74 cents to $90.76 a barrel. U.S. West Texas Intermediate (WTI) futures for November, which expires on Friday, dropped 57 cents to trade at $87.75 per barrel. The more active December WTI was down 51 cents to $86.76 a barrel at 0047 GMT.
It's not yet glorious to be just rich
The G20 summit made progress on various economic challenges, such as debt relief for low-income countries and climate finance commitments. The inclusion of the African Union has made the G20 more inclusive. However, political fault lines are hindering economic resolve, particularly in addressing trade fragmentation and geopolitical issues.
Oil jumps 2% on Saudi plan to deepen output cuts from July
Oil prices surged over 2% on Monday after Saudi Arabia announced an additional voluntary cut of 1 million barrels per day in oil output from July. Brent crude futures rose by $1.51 to $77.64 per barrel while U.S. West Texas Intermediate crude surged $1.41 to $73.15 per barrel. The oil market is anticipated to be even tighter in the second half of the year as the voluntary cut by Saudi is on top of deals by the Organization of the Petroleum Exporting Countries (OPEC) and their allies, limiting supply until 2024.
Russia tightens grip on India's oil market in February; Africa's share lowest
India's refiners are buying discounted Russian oil to replace African oil, as the latter is becoming more available and cheaper. This is dampening India's thirst for African oil, as Russian oil is still cheaper than African oil. Indian refiners are also importing oil from the Middle East under yearly contracts.
India's Russian oil imports top 1 mn barrels a day in December
Russia, which in October 2022 for the first time surpassed traditional sellers Iraq and Saudi Arabia to take the No.1 spot, now makes up for 25 per cent of all oil imported by India. The imports peaked as a price cap was agreed upon by the EU on Russian seaborne oil. Russian oil is available at much lower than USD 60 per barrel cap agreed, industry sources said.
China's strategic inroads in African Sahel region
For the past nine years, France has served as primary security provider in the conflict-ridden Sahel region but recentlyFrance has been facedwith an increase in public animosity in the region.In the wake of violent protests from civilians in Mali, Burkina Faso as well as in Niger, France decided to withdraw its final unit from Mali in August 2022.
Oil freight at $100,000 piles pressure on crude markets
With sanctions on Russia now forcing ships to take longer routes -- drying up the pool of available vessels -- oil companies and traders are having to pay ever-higher prices to transport cargoes.
From Russia to Canada: How India is snapping up cheap crude oil, cutting dependence on Middle East
India has emerged as Russia's second biggest oil buyer after China, taking advantage of discounted prices as some Western entities shun purchases over Moscow's invasion of Ukraine. As a result, it is estimated to have gained Rs 35,000 crore till September by importing Russian crude at discounts since the war began in February.
Russia becomes India’s 2nd-largest crude supplier
Russia’s share in the Indian crude market may rise further if the European Union keeps its promise of banning Russian crude imports from December. Discounts on Russian crude are expected to rise with fewer buyers in the market.
India set to skip buying Russia's ESPO crude in Sept as freight costs jump
"On net back basis after factoring in the freight, the landed cost of ESPO is turning out to be $5-$7 a barrel costlier in comparison to similar grades from other countries such as UAE's Murban," said an Indian industry source familiar with the matter, adding that Russian oil has previously been cheaper. Instead of ESPO, Indian companies are buying other grades such as those from West Africa that give better yields, he said.
India's IOC buys 4 mln barrels of crude via tenders: Sources
The refiner bought 2 million barrels of Murban crude and another 2 million of West African crude, they added. It was not immediately clear which West African grades IOC had purchased.
Physical crude oil market steams ahead after Omicron blip
Frantic oil buying driven by supply outages and signs the Omicron variant won't be as disruptive as feared has pushed some crude grades to multi-year highs, suggesting the rally in Brent futures could be sustained a while longer, traders said.
IOC buys 4 million barrels of Mideast, West African crude for February loading - sources
The refiner purchased 2 million barrels of Upper Zakum crude, 1 million barrels each of Basra Heavy and Nemba crude, they said.
Load More
