RUSSIA UKRAINE WAR CRUDE OIL PRICE
Budget 2024: How Sitharaman can steer the trade ship amidst two wars and Red Sea crisis to achieve $2 tn export goal
In the upcoming budget, key priorities for the export sector include boosting e-commerce exports through streamlined policies and infrastructure enhancements. Additionally, there is a push for Production Linked Incentive (PLI) schemes aimed at revitalising sectors such as toys and leather goods, fostering competitiveness and export growth.
Despite war and sanctions, Russia becomes a high-income economy
Despite Western sanctions over the Ukraine war, Russia has transitioned from an upper-middle to a high-income economy, according to the World Bank's latest rankings. Factors such as increased military activity, a rebound in trade and construction, and growth in the financial sector contributed to this shift. Consequently, Russia's Atlas GNI per capita rose by 11.2%.
India's June palm oil imports rise to 6-month high on lower prices
India's palm oil imports rose in June due to strong demand before festivals. Refiners played a key role, potentially impacting Malaysian palm oil futures. Sunvin Group highlighted palm oil's competitive pricing. The country's edible oil imports increased, with significant purchases from Indonesia, Brazil, Russia, and Ukraine.
Top fertiliser maker says ‘Black Swan’ jolts are finally easing
Russia’s 2022 invasion of Ukraine disrupted global fertiliser shipments and pushed prices — and Nutrien earnings — to record heights. But as farmers and retailers balked at the sticker shock, demand tumbled.
Oil prices edge higher as supply risks mount
Oil prices responded to geopolitical tensions and supply disruptions, with concerns over fuel demand dynamics. The market saw gains in Brent and WTI futures amidst heightened uncertainties, while attention remained on the impact of geopolitical conflicts on oil supply. Anticipation of increased gasoline consumption over the July 4th weekend offered some relief amid persisting demand challenges.
After a 13% rally so far this year, is upside in MCX crude oil futures capped?
European Union's sanctions and China's economic concerns pose challenges for oil demand. Amidst the ongoing rally, uncertainties like a potential ceasefire in Gaza and China's economic health could influence oil prices. Expert projections hint at sustainability hurdles for the current uptrend in crude oil prices.
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Oil prices slide on fears of slow US demand after surprise inventory build
Oil prices dropped due to rising U.S. stockpiles, affecting market sentiment. Brent crude traded at $84.17, and U.S. West Texas Intermediate at $80.58 per barrel. Escalating conflicts in Gaza, notably in Rafah, contribute to market uncertainties amidst concerns over weakening demand.
EU slaps fresh curbs on Russia gas shipments
The new restrictions on gas aim to reduce Russia's revenues from liquefied natural gas (LNG) exports by banning trans-shipments off EU ports and a clause allowing Sweden and Finland to cancel some LNG contracts. The measures stop short of an EU ban on LNG imports, which have risen since the start of the war.
India buys record amount of sunflower oil as Ukraine-Russia fight for market share cuts price
Indian buyers purchased a record 500,000 metric tons of sunflower oil in June due to competitive pricing against soyoil and palm oil from leading suppliers Russia and Ukraine. The war has lead to reduced inventories in the Black Sea region. The lower prices for sunflower oil were attributed to aggressive competition from Russia, Ukraine, and Argentina, with sunflower oil trading at a discount to soyoil and palm oil, prompting Indian buyers to pivot towards sunflower oil amidst robust demand in southern states.
Three dead in Kharkiv attack, Russia launches new barrage of missiles on Ukrainian energy facilities
Ukraine is struggling with a new wave of rolling blackouts after relentless Russian attacks on energy infrastructure that started three months ago took out half the country's power generation capacity. In its eighth major attack on energy facilities overnight, Russia fired 16 missiles and 13 Shahed drones, the Ukrainian air force said.
Brent rises on Middle East war jitters, while WTI dips ahead of inventories report
Brent crude futures rose as Israeli tanks advanced into Gaza, while U.S. crude dipped on the U.S. federal holiday of Juneteenth.
Oil inches up as war jitters outweigh surprise build in U.S. crude stocks
Oil prices rose on conflict fears in Europe and the Middle East, with unexpected U.S. crude inventory build. Concerns over escalating conflict and supply disruptions led to price increases in the oil market.
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.
As Zelenskyy visits for D-Day, Macron promises Ukraine Mirage aircraft to fend off Russian attacks
French President Macron announced the provision of Mirage combat aircraft to Ukraine during D-Day commemoration. President Zelenskyy seeks Western support amid Russian aggression near Kharkiv.
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.
Macron says France to sell Mirage 2000 warplanes to Ukraine
French President Emmanuel Macron announced on Thursday that France will supply Ukraine with Mirage combat aircraft to help defend the country against Russian aggression. In an interview with a French broadcaster, Macron stated that the sale of Mirage 2005 fighter jets will enable Ukraine to protect its airspace and territory from Russian attacks. France will also provide training for Ukrainian pilots as part of the new cooperation agreement.
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.
Oil falls for fourth straight session, US demand in focus
Oil prices fell on Thursday for the fourth session in a row, as the prospect of higher-for-longer U.S. interest rates raised worries around demand growth in the world's biggest oil market.
Oil prices stable as markets believe major stakeholders don't want hostilities to escalate: Hardeep Singh Puri
Global oil prices holding at $82/barrel despite OPEC supply cuts, wars, and uncertainties. Oil minister Hardeep Singh Puri believes major stakeholders don't want hostilities to escalate, maintaining supply-demand equilibrium. OPEC and allies control market by keeping 7 million barrels/day off the market.
India's Russian oil imports rise to nine-month high in April
India's Russian oil imports surged to a nine-month peak in April as shipments resumed on non-sanctioned tankers, largely operated by Sovcomflot. Indian refiners imported nearly 1.8 million barrels per day of Russian oil, expanding Russia's share to 38%. The rise affected overall purchases from Iraq and Saudi Arabia, reducing Middle Eastern oil imports.
Oil little changed after death of Iran's president, Saudi king's ill health
Oil prices steadied on Monday amid political uncertainty in major producing countries after Iran's president died in a helicopter crash and Saudi Arabia's crown prince deferred a trip to Japan on account of his father, the king's, health.
Ukraine says it has checked Russia's offensive in a key town, but Moscow says it will keep pushing
Ukrainian forces have halted a Russian advance in Vovchansk, a key northeastern town near the Russian border, according to Kyiv. However, Moscow insists it has sufficient resources to continue its offensive. Ukraine's President Zelenskyy acknowledged the difficult situation and is bolstering defenses in Kharkiv. Russia aims to create a buffer zone to prevent Ukrainian strikes on Russia. Amid ongoing battles, U.S. Secretary of State Antony Blinken announced a $2 billion arms deal for Ukraine, while NATO urged increased military support for Kyiv.
Xi Jinping, Vladimir Putin hold talks in Beijing to discuss future strategic ties
Russian President Vladimir Putin visited China to hold talks with China President Xi Jinping. The two leaders discussed about the Ukraine war and the increasing pressure on Beijing from the US and EU for supporting Russia. This is Putin's first foreign visit after being elected for the fifth term. Russia's large delegation, including five deputy prime ministers and other senior officials, is expected to discus trade and economic cooperation.
Brent hovers above $83 as inflation data takes centre stage
Though prices were supported by a few factors last week, including a lack of progress in the latest round of negotiations to halt hostilities in Gaza, economic factors are back in the spotlight.
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