CRUDE OIL FROM RUSSIA
Crude prices to average at $83-88 in FY25, may increase govt fiscal burden: CRISIL
Crisil reports average crude oil prices are expected to rise to $83-$88 per barrel in fiscal 2025 from $83 in the previous year. This increase may strain India’s fiscal budget, given its reliance on crude imports. The report also projects India's real GDP growth at 6.8% for FY 2024-25 and anticipates a softened consumer price inflation at 4.5%. Despite challenges, a positive rural economic outlook is forecasted, buoyed by an expected above-normal monsoon.
Oil rises on cooling US inflation, strong summer demand
Oil prices rose Friday amid strong summer demand and easing U.S. inflation. Brent futures rose 0.4% to $85.77, and WTI rose 0.6% to $83.12. U.S. gasoline demand hit 9.4 million bpd for the week of July 5. US refiners drew from stocks. Falling consumer prices boosted sentiment; WTI futures tight. ANZ’s Daniel Hynes noted the weaker dollar.
India's vegetable oil imports up 18% in June to 15.5 lakh tonnes
In June, India's vegetable oil imports rose 18% to 15.5 lakh tonnes, led by crude palm and sunflower oils. Edible oil imports hit 15.27 lakh tonnes, non-edible 23,178 tonnes. Year-to-date, total imports fell 2%, refined oils 2%, crude oils 3%. Palm oil imports decreased; soft oil imports fell. India imports from Malaysia, Indonesia, Brazil, and Argentina.
Oil prices tick up as crude, gasoline inventories ease
Oil prices rose as U.S. crude and gasoline stocks fell, with Brent at $85.43 and WTI at $82.47. Influences include U.S. inflation data, Federal Reserve actions, Powell's comments, CPI and PPI reports, OPEC's forecast, Hurricane Beryl impact, economic growth, air travel, rate cut speculation, and interest rates affecting borrowing costs.
Rupee dips against dollar amid OPEC forecast jitters, oil importers rush for greenback
OPEC maintained its 2024 and 2025 global oil demand growth forecasts at 2.25 million barrels per day and 1.85 million barrels per day respectively, Reuters said. Crude oil prices softened to $84.45 per barrel versus $84.66 yesterday, according to Reuters. However, oil marketing companies are buying crude in anticipation that it might rise further, traders said.
Modi visit opens opportunities for India in Russian Arctic endowed with rare earth, crude
At their meetings, Modi and Russian President Vladimir Putin discussed optimum use of the Northern Sea Route (NSR) via the Arctic and possible use of nuclear-powered icebreakers of Rosatom in that terrain, ET has learnt.
India-Russia to push long-term arrangement for crude supplies at annual summit
New Delhi and Moscow aim to establish a long-term arrangement for crude oil supplies during PM Narendra Modi's visit on July 8-9. The discussions have been sparked by the increase in Russian oil exports. The focus is on ensuring a consistent supply of Russian crude to India at discounted rates. This proposed arrangement has been a topic of ongoing talks between the two nations.
Oil prices little changed, concerns about damage from hurricane ease
Hurricane Beryl minimally impacted Texas oil production, lowering prices. Brent fell to $85.71, WTI to $82.28. Texas, producing 40% of U.S. oil, saw Corpus Christi Ship Channel reopen and Port of Houston resuming operations. Gulf Coast refineries reported minimal impact. A potential Middle East ceasefire in Gaza, with U.S. officials in Egypt for talks, influenced the market.
Oil prices inch up on large US crude stock draw
Brent crude oil futures climbed 16 cents, or 0.2%, to $85.60 a barrel by 0033 GMT. U.S. West Texas Intermediate crude futures rose 14 cents, or 0.2%, to $82.95 per barrel.
India raises windfall tax on petroleum crude
The Indian government has increased the windfall tax on petroleum crude to Rs 6,000 per metric ton from Rs 3,250, effective July 2, as stated in a notification issued on Monday. This tax is reviewed every two weeks. In July 2022, India began taxing crude oil production and the export of gasoline, diesel, and aviation fuel.
Russia boosts oil revenues as shipping and trading network grows
Russian oil exporters are selling oil to India at higher prices than at any time since the start of the Ukraine war, as more shippers and traders participate in the trade, weakening the impact of Western sanctions. The exporters have had to offer deep discounts to encourage shipping companies to move their crude since the invasion of Ukraine. Despite this, deals struck this month for Urals oil delivery to Indian refiners are at discounts of $3 to $3.50 per barrel to the global Brent crude benchmark, the narrowest since 2023.
Oil slips on dollar's strength from US jobs data
Oil prices slipped on Monday due to a stronger dollar and delayed interest rate cuts following strong U.S. jobs data. Developments in Iraq, including progress in oil export talks with the Kurdistan region, impacted market sentiment.
Oil prices climb as OPEC+ reassures markets, ECB cuts interest rate
Oil prices rose as OPEC+ members Saudi Arabia and Russia hinted at output adjustments. Brent crude futures reached $80.03 per barrel, and U.S. West Texas Intermediate crude futures hit $75.71. Europe's interest rate cut raised expectations of a similar move in the U.S. Analysts await Chinese commodity trade data for insights into global oil demand.
Oil drops over $1 as OPEC+ decision spotlights shaky demand
Oil prices fell more than $1 on Tuesday on scepticism about an OPEC+ decision to boost supply later this year into a global market where demand has already shown signs of weakness.
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.
Oil prices slip despite OPEC+ production cut extension
Oil prices fell as OPEC+ extended output cuts, impacting Brent and WTI futures. Goldman Sachs analysts view meeting as bearish. Gaza conflict mediators urge Israel-Hamas ceasefire. Israel considers alternative to Iran-backed group.
Reliance signs deal with Russia's Rosneft to purchase oil in roubles
Reliance Industries has signed a one-year deal with Russia's Rosneft to purchase at least 3 million barrels of oil monthly in roubles. This agreement, following President Putin's push for alternative financial systems amid Western sanctions, secures discounted oil for Reliance and underscores India's role as a major buyer of Russian crude.
What is OPEC+ and how does it affect oil prices?
OPEC+, a coalition of OPEC and its allies, is set to meet on June 2 to discuss their joint oil production policy. OPEC was founded in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela to coordinate petroleum policies and secure fair prices. It now includes 12 countries, mainly from the Middle East and Africa, accounting for about 30% of the world's oil. OPEC+ crude output represents about 41% of global oil production and aims to regulate the supply of oil to the global market.
India, Egypt top destinations for Russian seaborne fuel oil, VGO exports in April, LSEG data shows
Crude oil Import: In April, India and Egypt were key destinations for Russian seaborne fuel oil and vacuum gasoil exports, with a total 10% decrease in exports due to maintenance and outages. The EU's embargo redirected Russian exports to Asia. Shipments to India rose while those to China decreased. Egypt saw increased fuel oil supplies for power generation.
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