Crude Oil Consumption

Crude Oil: Here's your trading strategy for January 9; target price & more

On Wednesday, Brent crude was down around 1.2 per cent to $76.16/bbl, while US West Texas Intermediate crude fell around, or 1.05 per cent, to $73.47/bbl

Singapore rushes to clean-up oil slick after boat hits stationary fuel ship

An oil spill caused by a dredger boat hitting a stationary cargo tanker has blackened part of Singapore's southern coastline, including the popular resort island of Sentosa, and sparked concerns it may threaten marine wildlife as a clean-up operation was underway Sunday. The Netherlands-flagged dredger Vox Maxima struck the Singaporean fuel supply ship Marine Honor on Friday. It damaged the cargo tank on Marine Honor, which leaked oil into the sea. Singapore's Maritime and Port Authority said in a statement late Saturday the oil leak from the vessel had been contained, and that the oil that escaped from the damaged tanker had been treated with dispersants. But due to the tidal current, it said the treated oil had landed along shorelines including at Sentosa and other southern islands, a nature reserve and a public beach park. Sentosa, which attracts millions of visitors annually, houses one of Singapore's two casinos, golf courses and Southeast Asia's only Universal Studios theme ..

Pak govt announces Rs 10.20 reduction in petrol price ahead of Eid ul Adha

In a major relief for inflation-hit masses in cash-strapped Pakistan, the government has slashed the prices of petrol and high-speed diesel (HSD) by Rs 10.20 and Rs 2.33 per litre respectively ahead of the Eid ul Adha festival. The price cut, effective from Saturday, will bring the price of petrol to Rs 258.16 per litre while the price of HSD will be Rs 267.89 per litre, The Express Tribune newspaper quoted a statement from the Prime Minister's Office on Friday. The Finance Division, which usually reviews the fuel prices every 15 days, issued an official notification for the latest price cuts and said the new prices would be applicable for the next fortnight. The notification said that the Oil and Gas Regulatory Authority (Ogra) had worked out the consumer prices, based on the price variations in the international market. The move to slash the prices of petroleum would benefit the Pakistani people who have been hit by double-digit inflation. Pakistan has been hit by inflation of ab

RBI wants inflation elephant in the forest. Can pricier oil bring it back?

After witnessing sustained moderation, cost push pressures faced by firms, the RBI said, are showing upward bias

India's October crude oil imports rise after four months of declines

Crude imports in October rose 5.9% month-on-month to 18.53 million metric tons, rebounding from a one-year low in September

India's crude oil imports from Russia down 24% MoM, lowest in 7 months

Indian refiners also cut shipments from Iraq, another top supplier, by 10% on the month in August to 848,000 barrels a day

Brics+6 to control 30% of global GDP, 46% population: Research paper

The addition of six new members to the BRICS grouping will see it controlling 46 per cent of the world's population and 30 per cent of its economic output, according to a research paper. At the latest BRICS summit in Johannesburg last week, the present members -- Brazil, Russia, India, China and South Africa -- decided to add Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as new members of the grouping. The new members will become part of BRICS effective January 1, 2024. The acronym BRICS was originally coined in 2001 by Goldman Sachs economists led by Jim O'Neill. Later in December 2010, South Africa was added as the fifth member. Currently, the five-member grouping is home to 40 per cent of the world's population which controls 26 per cent of the global GDP. But with the six new members (BRICS+6), their GDP share will jump to 30 per cent and share of population will go up to 46 per cent, Soumya Kanti Ghosh, the Chief Economic Adviser to State Bank of

Top headlines: MSCI global index shuffle, HCLTech signs deal with Verizon

Business Standard brings you the top headlines at this hour

India's Russian crude oil buying spree continues even as prices climb

India's consumption of Russian crude has soared since last year, with the country becoming a leading supplier, ousting Saudi Arabia and Iraq from the top spots

Govt hikes windfall tax on petroleum crude to Rs 4,250 per tonne from Aug 1

A windfall tax on diesel has been increased to 1 rupee per litre from nil earlier, according to a government notification on Monday

How will India cope with Urals breaching the EU-denominated price cap?

Urals crude has passed the trading price cap imposed by the G7 but supplies to India may sail through largely unscathed. Here's why

Higher discounts likely to prompt India to buy more crude oil from UAE

Currently, the price of Russian Urals grade crude is trading close to the $60 limit, beyond which sanctions take hold

Slight pause: India's crude oil imports from Russia decline in June

India paid around $70 per barrel in May for Russian crude on a delivered basis, according to Indian Customs data

India to overtake China in oil demand growth by 2027: IEA report

Annual global demand to decline from 2024, says multilateral agency's report

Statsguru: Six charts explain road ahead for electric vehicles in India

The two-wheeler segment, which helped propel sales in 2022, was also the reason for the slowdown in April

Sale of petroleum products halves in Pakistan, high inflation to blame

The marginal recovery in diesel sales during the month of April can be attributed to increased mobility due to the festive season and Eid holidays

Fuel demand to far outstrip supply until 2025: Natural gas exporters

The leader of the coalition of gas-exporting countries said on Tuesday the group expects demand for the fuel to far outstrip supply until 2025 amid a global energy crisis sparked by the war in Ukraine. Secretary General of the Gas Exporting Countries Forum Mohamed Hamel, of Algeria, said at the group's meeting in Cairo that although investment was increasing in natural gas production the countries didn't expect to have new sources of supply online for another three years. We believe that this market tightness to be with us until probably 2025 or 2026 when the new projects that are being developed will come on-stream, he said in a press conference on Tuesday attended by energy ministers from some of the coalition's members. Natural gas prices have skyrocketed worldwide following the Russian invasion of Ukraine early this year. Amid sanctions imposed on Russia's energy sector, much of European Union, which formerly depended on Russia for 40 per cent of its supply, has struggled find .

Iraq leads with discounts as W Asia retains top slot in Indian oil market

Iraq, India's biggest crude oil supplier, maintained its lead over Russia in August, supplying 12-20 per cent more to India in the first 30 days of the month

India's June crude oil imports up 21% on demand recovery, Russian discounts

Fuel consumption in the world's third-biggest oil consumer also increased in June, and seemed to be heading back towards pre-pandemic levels.

Domestic crude oil producers get marketing freedom, exports not allowed

According to a government statement, this move shall ensure marketing freedom for all exploration and production (E&P) operators