Crude Oil

Crude oversupply likely to hit 950,000 barrels per day next year, says IEA

Unwinding of ongoing production cuts by Opec+ not enough to counter tepid oil demand growth

Rosneft inks record oil supply deal with RIL; to supply up to 500K bpd

Transaction estimated at $13 bn per year

Govt nod to Adani Krishnapatnam Port for petro import in 'public interest'

The notification to allow continued petroleum imports at Krishnapatnam Port had a positive impact on the shares of Adani Ports, which gained over 1 per cent intraday on the Bombay Stock Exchange

Farmers' protest, Cyclone Fengal, windfall tax, Joe Biden pardons Hunter & more

Govt deploys advanced tech to enhance oversight over retail fuel outlets

To enhance regulatory oversight of retail fuel outlets, the government has implemented a comprehensive monitoring system leveraging cutting-edge technologies, according to a Parliamentary report tabled on Monday. The monitoring framework integrates advanced technologies including OTP-based calibration, magnetic self-destructive pulsers, and digital payment systems, enabling real-time data analytics across the country's fuel distribution network. The action taken report by the standing committee on consumer affairs, food and public distribution revealed that the monitoring system has been expanded nationwide, with special emphasis on high-risk areas. The regulatory mechanism, developed under the Legal Metrology Act, 2009 and Legal Metrology (General) Rules, 2011, provides a robust oversight framework. "By adhering to the provisions of the Act and leveraging modern monitoring tools, the government aims to enhance regulatory oversight, protect consumer interests, and foster a fair and

Govt abolishes windfall tax on crude oil, ATF, petrol, and diesel exports

The govt has withdrawn the Road and Infrastructure Cess on petrol and diesel exports to ease financial pressure on the oil sector

Oil prices rise as investors weigh Opec+ discussions, Trump tariffs

Key Opec+ nations have begun discussions to delay an oil production restart planned for January, potentially for several months

Crude oil climbs on supply jitters as Russia-Ukraine war escalates

Ukraine fired U.S. and British missiles at targets inside Russia this week despite warnings by Moscow that it would see such action as a major escalation

PM Modi visits Guyana: Why South American nation is crucial to India

South American nation has become a significant contributor to world crude supply

Explained: Why crude oil companies are walking back from green energy

Investors are rewarding oil giants that did not embrace wind and solar

Russia's seaborne crude oil exports fall to lowest since September

Four-week average flows slipped by about 150,000 barrels a day in the period to Nov. 17, driven lower by the biggest drop in weekly exports since early July

Crude oil prices fall more than 1% as hurricane Rafael risk recedes

Brent crude oil futures lost 93 cents, or 1.23%, to $74.70 a barrel by 1415 GMT. U.S. West Texas Intermediate (WTI) crude was down $1.05, or 1.45%, at $71.31

Crude oil gains 3% after Opec+ delays output hike, US election in focus

Brent futures were up $2.13 per barrel, or 2.9%, to $75.23 a barrel at 1123 GMT. U.S. West Texas Intermediate (WTI) crude was up $2.15 a barrel, or 3.1%, to $71.64

Opec+ agrees to delay planned December output increase for one month

The OPEC+ group, combining the Organization of the Petroleum Exporting Countries plus Russia and other allies, was scheduled to raise output by 180,000 barrels per day in December

What is happening to oil prices amidst Israel-Iran conflict?

Oil prices likely to fall after Israel shows restraint in strikes on Iran

Iran on Saturday played down Israel's overnight air attack against Iranian military targets, saying it caused only limited damage

World has enough oil, more supplies coming: Puri hopes prices will cool

Petroleum Minister Hardeep Singh Puri on Tuesday said the world has enough crude oil and more supplies are coming into the market, which he hoped will cool down oil prices. "There is no shortage of oil," he told reporters on the sidelines of an event here. But geopolitical tensions cause prices to rise owing to higher freight and insurance charges incurred in avoiding conflict zones. He hoped better sense will prevail and diplomacy will take precedence. Despite geopolitical tensions, there is no shortage of oil in the world and more supplies from countries such as Brazil and Guyana are coming into the market, he said. There is no anxiety over availability, he said, adding "We are confident of navigating, as we had in the past... any situation arising." India imports more than 85 per cent of its oil needs and any rise in global rates not just impacts import bills but also fuels inflation. "My hope is that oil prices remain stable and come down... that's my personal opinion," he .

Crude oil steadies, but on track for biggest weekly loss in over a month

Brent crude futures gained 23 cents, or 0.3 per cent, to $74.68 a barrel by 0840 GMT, while US West Texas Intermediate crude was at $70.96 a barrel, up 29 cents, or 0.4 per cent

Crude oil prices stay near 2-week low on weak demand growth forecast

Brent futures fell 13 cents, or 0.2%, to $74.12 a barrel by 11:58 a.m. EDT (1558 GMT), while U.S. West Texas Intermediate (WTI) crude fell 24 cents, or 0.3%, to $70.34

Crude oil falls 2% as Opec cuts oil demand growth view, China concerns

China's stimulus plans also failed to inspire investor confidence while markets continued to watch for potential Israeli attacks on Iranian oil infrastructure