Projected capacity increases aim to address domestic energy needs and enhance global supply
Houthi missile strikes on tankers have threatened the competitiveness of Indian fuel exports, prompting out-of-the box solutions like hiring VLCCs to transport fuels
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
Oil prices showed marginal recovery on Monday to settle a per cent up at $68.71, following its worst weekly fall since October 2023 as WTI fell 8 per cent and Brent was down 10 per cent.
Oil recorded its first back-to-back monthly decline amid signs of sluggish demand in China and the United States raised concerns about future consumption growth.
News of increased production helped push oil prices lower last week but the scale of the sell-off was overdone, said Phil Flynn, an analyst at Price Futures Group
The government has cut windfall tax on domestically-produced crude oil to Rs 1,850 per tonne, from Rs 2,100 per tonne with effect from Saturday. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at nil'. The new rates are effective from August 31, 2024, an official notification issued late Friday said. India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
OPEC countries have enough oil which can potentially cap any sharp price increases
Crude oil strategy for June 20, 2024: WTI crude oil could test resistance of $85 over the medium term
The WTI holding on to support of $78 in Asian hours, retreating from three weeks high of $79.12. hit on Wednesday
Oil prices are moving higher after posting three straight weekly declines following Opec+ decision on June 2
OPEC is expected to extend its production cuts in an upcoming meeting, which has recently helped both WTI and Brent to break above their 100-day moving averages
Crude oil price outlook: WTI short term resistance is at $82 for the day, while short term trading range should be in range of $77-$82
Despite ongoing conflicts and lower demand growth expectations, oil prices remain steady
A helicopter carrying Iranian President Ebrahim Raisi crashed on Sunday, Iranian officials said
US crude oil inventories swelled last week by 4.906 million barrels, while gasoline and distillate stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday
Domestic crude production exhibited steady levels, at 2.5 MMT in the latest month. The production marked a sequential rise of 16.2 per cent from the 2.15 MMT registered in February
As a consuming nation any increase in prices will cause concern and anxiety, Jain said at an industry event, referring to the "geopolitical premium" in crude prices
The Brent benchmark breached $80 a barrel for the first time since Feb. 1 as it extended into a fourth straight session of gains
The rupee stayed flat at 83.03 against the US dollar in early trade on Tuesday amid volatile crude oil prices in the overseas market. The Indian currency, however, found support from positive sentiment in the domestic equity markets and sustained inflow of foreign funds, forex traders said. They also said investors are expected to move cautiously ahead of the Reserve Bank's monetary policy committee (MPC) meeting. The six-member rate-setting panel of the central bank will begin the deliberation on Tuesday and announce the outcome on Thursday. At the interbank foreign exchange, the rupee opened at 83.03 against the dollar and slipped to 83.04 before retaining the previous day's closing level of 83.03 against the greenback. The rupee settled 5 paise lower at 83.03 against the dollar on Monday. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower by 0.04 per cent at 104.28. Analysts attributed the higher