OIL Supply

Weak demand, particularly in top importer China, and non-Opec+ supply growth were two factors behind the move

At present, the prospects for oil are looking better for consumers like India despite the escalating hostilities

Global oil demand is experiencing its slowest growth since 2020, primarily due to weak demand from China and a drop in Russia's global oil supply

Demand growth to be driven by India, China

Prolonged OPEC supply cuts and international sanctions on Venezuela, Iran and Russia had already led to shortages of heavier crude

U.S. refineries have been running more heavy Canadian crude because of its ample supply, with Gulf Coast refiners ramping up their intake by around 10% on the year, according to data

The ongoing attacks on shipping vessels by Houthi militants in the Red Sea have not impacted the flow of crude oil to India but freight has gone up due to rerouting via the Cape of Good Hope, Hindustan Petroleum Corporation Ltd (HPCL) chairman Pushp Kumar Joshi said. India, the world's third-biggest oil importer, gets a bulk of its Russian supplies through the Red Sea. Russian supplies made up for over 35 per cent of India's total crude imports in 2023, amounting to 1.7 million barrels per day. Russian ships and cargoes are not being prime targets of the attacks at this stage however rerouting of ships around the southern tip of Africa instead of transiting through the Suez Canal and Red Sea has led to ships taking longer voyages, resulting in the shortage of ships and rise in freight charges. In a post-third quarter earnings call with investors, Joshi said HPCL has tied up crude oil supplies till mid-April and it does not see any supply disruptions. HPCL meets 44-45 per cent of it

Brent futures settled 54 cents lower at $78.56 a barrel. U.S. West Texas Intermediate crude fell 67 cents to settle at $73.41

Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and push prices higher. But don't expect a repeat of the catastrophic price hikes and long lines at the gasoline pump, experts say. The Israel-Hamas war is definitely not good news for oil markets already stretched by cutbacks in oil production from Saudi Arabia and Russia and expected stronger demand from China, the head of the International Energy Agency said. Markets will remain volatile, and the conflict could push oil prices higher, "which is definitely bad news for inflation, Fatih Birol, executive director of the Paris-based IEA, told The Associated Press. Developing countries that import oil and other fuels would be the most affected by higher prices, he said. International benchmark Brent crude traded above $91 a barrel on Thursday, up from $85 per barrel on Oct. 6, the day before Hamas attacked Israel, killing hundreds of civilians. Israel ...

Brent futures touched their highest since November 2022 on Thursday, hitting an intra-day peak of $97.69 a barrel. Meanwhile, WTI hit highest intra-day price since August last year at $95.03 barrel

The jitters follow a fire at a Marathon Petroleum refinery last week, after a chemical leak ignited two giant storage tanks filled with volatile naphtha

Brent crude futures edged up 6 cents to $84.95 a barrel by 11:35 a.m. EDT (1535 GMT), while U.S. West Texas Intermediate crude (WTI) fell 2 cents higher to $80.97 a barrel

Brent crude futures were down $2.37, or 2.8%, to $82.77 a barrel by 1145 GMT, while West Texas Intermediate (WTI) U.S. crude fell $2.07, or 2.6%, to $76.42.

Russia has a lot to offer to India and vice-versa in all these areas, with western companies leading, Russian Ambassador to India added

Argentina stays top exporter to India since war broke out

A package of emergency energy measures proposed by the European Commission last week to mitigate the effects of the current energy crisis should be adopted by November end, senior officials said

Oil prices were stable on Tuesday as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown

Oil prices fell by more than 3% in volatile trade on Tuesday on fears of higher US supply amid an economic slowdown and lower Chinese fuel demand

Strikes in France's major refineries continued, leading fears over fuel shortage across the country

The deal may be announced by the end of October and will allow US oil companies to drill oil in Venezuela, Nicolas Maduro will hold a free, fair presidential elections in 2024 in return