Page 13 - Crude Oil Price

Import more crude grades to cut basket price: Parliamentary panel

India currently imports about 50 grades of crude oil in a year

Rupee settles flat at 83.20 against dollar amid volatile crude oil prices

The rupee paired all its early gains to end on a flat note at 83.20 (provisional) against the US dollar amid increased month-end dollar demand from importers and volatile crude oil prices. At the interbank foreign exchange, the domestic currency opened at 83.14, touched the peak of 83.10 and hit the lowest level of 83.22 against the greenback during intra-day deals. The local unit closed the session at Thursday's closing level of 83.20 (provisional) against the dollar. The domestic currency jumped 14 paise on Thursday. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.13 per cent at 101.36 on Friday. Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the US dollar recovered slightly on short coverings but declined again on expectations of interest rate cuts by the US Federal Reserve. The rupee is likely to trade with a slight positive bias on the weak tone of the US dollar and declining crude oil pric

Oil prices slip as investors monitor Red Sea tensions triggered by Gaza war

Israeli forces pummelled central Gaza by land, sea and air on Wednesday after Israel's Chief of Staff Herzi Halevi told reporters on Tuesday that the Gaza war would go on "for many months"

Brent to remain steady in near term, reflects demand destruction: Emkay

The forthcoming OPEC meeting is anticipated to exert influence on oil prices, with the possibility of OPEC implementing measures such as output restriction or supply curtailment

Oil extended gains as investors eye Middle East tensions, US rate cut

While hopes of rate cuts and conflict in the Red Sea have led to a rebound in crude prices, Maersk's announcement of a restart of shipping routes through the waterway has alleviated supply concerns

Oil extends weekly gains, up 1% as tensions over Red Sea attacks persist

More maritime carriers are avoiding the Red Sea due to attacks on vessels carried out by the Houthi militant group, who say they are responding to Israel's war in Gaza

Benign oil prices can provide fillip to multiple sectors, ease inflation

The direct impact on the energy sector should see a positive re-rating for OMCs (despite possible losses on marked-down inventory) since retail margins and refining margins may both improve

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Oil prices edge up 1% on bigger-than-expected US storage withdrawal

The U.S. Energy Information Administration (EIA) said energy firms pulled 4.3 million barrels of crude from stockpiles during the week ended December 8

Street remains optimistic about further gains in oil-marketing companies

The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices

India may buy more oil from UAE in the coming months after COP talks

Under pressure of russian crude, shipments from UAE has fallen 65 per cent in FY24 so far

India set to restart imports of Venezuelan oil as US sanctions ease

Private refiner Reliance Industries Ltd has booked two supertankers, C. Earnest and C. Genuine, which are scheduled to load crude cargoes from Venezuela between December to early January.

Govt cuts windfall tax on crude to Rs 5,000/tonne, on ATF to Rs 1.06 l/kL

Centre had earlier reduced the windfall tax on diesel and crude oil on November 16

The fossil fuel dilemma

Pandemic recovery, energy security, and profitability are fuelling demand, with China and India spearheading coal production growth

Explained: Why Opec+ members find it hard to agree oil production quotas

OPEC+ negotiations over production quotas have often been difficult in the past. Oil production tends to vary month by month, making it difficult to fix on a permanent production target.

Petrol, diesel price revision only when oil price stabilises below $80

State-owned fuel marketing companies are likely to revert to daily revision in prices of petrol and diesel only when international oil prices stabilise below USD 80 per barrel on a sustained basis, industry officials said. Three state-owned fuel retailers -- Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 20th month in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in the first half of 2022-23 fiscal year before easing rates propelled them to profitability. "There is considerable volatility in the international oil market and prices fluctuate wildly," an official said. "Oil companies can cut prices by Re 1 per litre and everyone will applaud. But when international oil prices go up, will they be allowed to raise rates remains in doubt." India is the

India's oil imports from Russia rebound in November on Diwali demand

India has boosted purchases of Russian oil sold at a discount after imports from Russia were shunned by some Western countries following its invasion of Ukraine last year

Crude oil refining output rose less than 1% in October to 20.6 MMT

Of this, government-owned oil companies and joint ventures processed 14.3 MMT, while private refiners processed 6.2 MMT of crude oil, the data showed

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

Crude, gas supply concerns ease as Israel-Hamas strike peace deal

Around 6-8 per cent of ONGC's gas production comes from new wells. Gas price may be assumed at $6.5/mmBtu from Q3FY24