Crude Oil Market

The previous month saw a near 9 per cent increase in export-import (Exim) cargo and a 1.9 per cent fall in coastal cargo

Crude oil imports amounted to 120.5 million tonnes between April and September, representing a 4 per cent increase from the 115.9 million tonnes imported during the corresponding period last year

The overall sentiment in oil remains bearish and we expect prices to see further sell towards the support of $70 and $68 per barrel, says Mohammed Imran of Sharekhan by BNP Paribas.

Low discounts fail to impact pecking order; continuing reliance on Russian supplies helps prop up GRMs of refiners

Tightening of US sanctions on Russian shipping coupled with reduced availability of Russian oil due to its participation in the OPEC+ grouping's production cuts has hurt discounts to Indian refiners

China imported 1.82 million barrels per day of Russian crude by sea in March, exceeding India's 1.36 million bpd

Crude oil imports in January rose 9.5% month-on-month to 21.39 million metric tons, and were up 5.7% on year-on-year basis, Petroleum Planning and Analysis Cell (PPAC) data showed on Thursday

The latest move marks a shift by Beijing, which has been releasing quotas in batches every few months since it opened up crude imports to independent refiners in late 2015

TMS Ep593: Real estate boom, Bollywood's revival, Pulkit Agarwal, GCCs

What's behind the rush to own a flat in Indian metros? Was 2023 the year Bollywood bounced back? Will crude oil hit the $120 a barrel mark in 2024? What are global capability centres? Answers here

India's push for rupee to be used to pay for import of crude oil has not found any takers as suppliers have expressed concern on repatriation of funds and high transactional costs, the oil ministry told a parliamentary standing committee. The default payment currency for all contracts for import of crude oil is US dollar as per the international trade practice. However, in a bid to internationalise the Indian currency, the Reserve Bank of India on July 11, 2022 allowed importers to pay with rupees and exporters be paid in rupee. While there has been some success with non-oil trade with a select few countries, rupee continues to be shunned by oil exporters. "During FY 2022-23, no crude oil imports by oil PSUs was settled in Indian rupee. Crude oil suppliers (including UAE's ADNOC) continue to express their concern on the repatriation of funds in the preferred currency and also highlighted high transactional costs associated with conversion of funds along with exchange fluctuation ...

Putin, who leads the world's second largest oil exporter, said Western elites had sown confusion in energy markets

Saudi Arabia and Russia have announced a fresh extension to their voluntary supply cuts, amounting to a combined 1.3 million barrel per day (bpd) cut for another three months till December

Exports from traditional suppliers are being squeezed. Flows to the pair from West Africa and the US have collapsed by more than 40% and 35%, respectively.

India's top oil company IOC will invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha - its largest ever investment at a single location - as it doubles down on its transition plan. In a statement, Indian Oil Corporation (IOC) said its board has given "Stage-1 approval for setting up Paradip petrochemical complex at Paradip, Odisha at an estimated cost of Rs 61,077 crore." "This mega project will be the largest-ever investment of Indian Oil at a single location," it said but did not give timelines for completion of the project. This is a part of its transition plan including boosting petrochemical intensity to help protect against volatility. Petrochemical intensity refers to the percentage of crude oil that is converted directly into chemicals that are used to make plastic and other material. Crude oil, pumped out of the ground and from below the seabed, is processed in refineries to make petrol, diesel and other fuel. It can be processed to make ...

The Biden administration has released a long-awaited study that recommends allowing a major oil development on Alaska's North Slope that supporters say could boost US energy security but that climate activists decry as a carbon bomb. The move while not final drew immediate anger from environmentalists who saw it as a betrayal of the president's pledges to reduce carbon emissions and promote clean energy sources. ConocoPhillips Alaska had proposed five drilling sites as part of its Willow project, and the approach listed as the preferred alternative by the US Bureau of Land Management in the report calls for up to three drill sites initially. Even as the land agency released its report, the US Interior Department said in a separate statement that it has substantial concerns about the project and the report's preferred alternative, including direct and indirect greenhouse gas emissions and impacts to wildlife and Alaska Native subsistence. The Bureau of Land Management, which falls

A record 24.8 percent of India's crude oil imports came from Russia in the April-September period

The US shipped a record 450,000 barrels/day to India in November

Although the Indian crude basket fell from an average of $109.5 per barrel in Q1 to an average of $97.87 a barrel in Q2, prices remained high in absolute terms

India will have to follow a delicate balancing act if the West imposes a pricing limit on supplies from Moscow

Oil prices slipped today, easing off five-week highs, as the market took profits following strong gains last week on expectations of tighter supplies following OPEC+ cuts