Oil

US imposes sanctions on 35 entities, vessels for transporting Iranian oils

The United States on Tuesday imposed sanctions on 35 entities and vessels, including two from India, for transporting Iranian oil to other countries. The two India-based entities are Vision Ship Management LLP that manages and operates the PHONIX, and Tightship Shipping Management (OPC) Private Limited. Entities and vessels from the United Arab Emirates, China, Liberia, China, Hong Kong among others have also been slapped with sanctions. In a statement, the Department of Treasury said this action imposes additional costs on Iran's petroleum sector following Iran's attack against Israel on October 1, as well as Iran's announced nuclear escalations, building upon the sanctions issued on October 11. Petroleum revenues provide the Iranian regime with the resources to fund its nuclear program, develop advanced drones and missiles, and provide ongoing financial and material support for the terrorist activities of its regional proxies, it said. Acting Under Secretary for Terrorism and ..

Edible oil body SEA urges govt to lift ban on commodity futures trading

Edible oil industry SEA on Monday called on the government to lift a ban on futures trading in key agricultural commodities, including crude palm oil and soyabean, citing significant financial impact on its members. The ban, first implemented in December 2021 on seven agricultural commodities, has been extended multiple times with the current extension running through December 20, 2024. The Solvent Extractors Association of India (SEA) has appealed to five ministers, including Home Minister Amit Shah and Finance Minister Nirmala Sitharaman, arguing that the absence of futures trading has hindered price risk management and market development. "The industry was hopeful that the suspension would be lifted to enable smoother operations, but the continuation of this restriction has further weakened an essential risk mitigation tool," SEA President Sanjeev Asthana said in a representation made to the ministers. SEA emphasised that studies have shown futures trading does not significantly

TotalEnergies, Oil India sign pact on methane emissions detection

French energy giant TotalEnergies and state-owned Oil India Ltd (OIL) signed a cooperation agreement to carry out methane emissions detection and measurement campaigns at the Indian firm's sites. The two will use TotalEnergies' pioneer AUSEA technology, the French firm said in a statement. OIL recently joined the Oil and Gas Decarbonization Charter (OGDC), a global industry initiative launched at COP28, co-chaired by TotalEnergies' CEO. The OGDC's ambition is to work towards net-zero operations by 2050, as well as near-zero upstream methane emissions and zero routine flaring by 2030. Moreover, OGDC members are committed to measuring and publicly reporting progress. "In line with the OGDC's principle of sharing good practices, TotalEnergies makes this technology available to other operators among the signatories, as an effective and recognized tool to detect, measure and eventually abate methane emissions on their own assets," the statement said. Mounted on a drone, the AUSEA gas .

India's diesel consumption expected to rise 3%-4% in FY25: IOC Chairman

The arrival of the monsoon in July caused diesel demand to drop due to heavy rains in various parts of India

Crude oil can hit low $60s by 2025-end despite geopolitical conflict

Oil price outlook: Given the low level of oil inventories, there could be a sustained geopolitical premium in crude price until the conflict is resolved in the short-term

Reliance-bp team up with ONGC as OALP-IX bid round attracts four bidders

India's biggest oil and gas bid round attracted four bidders that included state-owned ONGC and OIL and private sector Vedanta Ltd, with most blocks getting just two bids, according to Directorate General of Hydrocarbons (DGH). The OALP-IX bid round, where 28 blocks or areas spread over 1.36 lakh square kilometre were offered for finding and producing oil and gas, for the first time saw Reliance Industries Ltd-bp plc combine bidding together with ONGC for one block in Gujarat offshore. Reliance and its supermajor partner bp plc had bid in just two of the past eight oil and gas bid rounds since 2017. Reliance-bp combine had bid and won the two blocks they had bid for in the previous rounds and this is the first time they have teamed up with ONGC to bid for a shallow water block in the Gujarat-Saurashtra basin. In the previous eighth round of Open Acreage Licensing Policy (OALP-VIII), state-owned Oil and Natural Gas Corporation (ONGC) had not bid for the ultra deepsea Krishna Godavari

BPCL planning to setup refining-cum-petrochemical complex in 5-7 years

State-owned Bharat Petroleum Corporation Ltd (BPCL) is exploring setting up an oil refining and petrochemical complex over the next 5-7 years as it steps up capacity to meet India's rising energy demand, chairman G Krishnakumar told shareholders on Friday. BPCL, which lost one of its four oil refineries to Oil India Ltd in the aborted privatisation plan, has lined up Rs 1.7 lakh crore of investment for expanding its core oil refining and fuel retailing business as well as in new energy ventures. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi (refineries), we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," he said. BPCL had to give up its Numaligarh refinery in Assam to OIL when the government was attempting to privatise the company. The transfer was to keep the Numaligarh unit within public sector to honour Assam accord. But BPCL privatisation was aborted due to la

Four sedimentary basins likely to hold 22 billion barrels of oil: S&P

Andaman Sea a focal point for oil exploration, S&P Global Commodity Insights said

Saudi Arabia to sell shares worth $12 billion of oil major Aramco

The deal will test global investors' appetite for the world's biggest oil exporter amid questions about climate change and the future of fossil fuels

Tripura government imposes restrictions on sale of petrol and diesel

A massive landslide in Assam's Jatinga region has disrupted the goods train movement to Tripura

ONGC, Oil India dip 4% on profit booking after hike in windfall tax

Shares of ONGC dipped 4 per cent to Rs 265.40, while Oil India was down 3.5 per cent to Rs 613 on the BSE in intra-day trade

Oil an option to recoup $600 million from Venezuela dividend: ONGC Videsh

Indian refiners have resumed purchase of Venezuelan oil following the easing of US sanctions on the South American country last year

India sees 25% fall in vegetable oils import to to 1.1 MT in Nov: SEA

The country's vegetable oils import declined by 25 per cent to 11.60 lakh tonne in November, the first month of the 2023-24 oil year, compared to 15.45 lakh tonne in the year-ago period, industry body SEA said on Friday. Of the total vegetable oil imports, edible oils were 11.48 lakh tonnes and non-edible oils 12,498 tonnes during November 2023. India, the world's leading vegetable oil buyer, imports refined and crude vegetable oils in the edible oil category. Oil year runs from November to October. According to the Solvent Extractors Association of India (SEA), the country's crude vegetable oils declined by 26.34 per cent to 9.77 lakh tonnes in November this year as against 13.26 lakh tonnes in the year-ago period. Similarly, refined vegetable oils import declined by 15.41 per cent to 1,71,069 tonnes in November this year from 2,02,248 tonnes in the year-ago period. Among crude vegetable oils, although the import of RBD palmolein declined in November 2023 to 1.71 lakh tonnes from

GIC wants to divert terror insurance money for oil and nuclear risks

India has Rs 15,000 cr in terror risk insurance: Money could be better used

Oil sputters to three-month lows as demand concerns mount in US, China

Brent crude futures fell $1.68, or 2%, to $79.93 a barrel by 11:00 am EST (1600 GMT). US crude lost $1.78, or 2.3%, to $75.59. Both benchmarks hit their lowest since late July

Oil at $110 could prompt RBI to hike interest rate again: Morgan Stanley

As the world's third-biggest consumer of oil, India is one of the most exposed economies in Asia to rising crude prices

Indices fall for the second straight trading session on weak global cues

Besides, disappointing quarterly earnings numbers and revenue forecast from IT services company Wipro also weighed on investor sentiments, traders said

MEIL secures Rs 5,400 crore crude oil refinery project in Mongolia

Home-grown Megha Engineering and Infrastructures Ltd (MEIL) has secured a USD 648-million (about Rs 5,400 crore) work order in Mongolia. The order has been awarded by Mongol Refinery State Owned LLC, MEIL said in a statement on Friday. "MEIL has clinched a significant deal in Mongolia. The company received a Letter of Agreement (LOA) for constructing a state-of-the-art crude oil refinery plant valued at USD 648 million," it said. In this regard, MEIL hydrocarbons President P Rajesh Reddy and Altantsetseg Dashdavaa, Executive Director, representing the Mongol Refinery State Owned LLC, inked the new project contract at Ulaanbaatar in Mongolia on Friday. MEIL Managing Director P V Krishna Reddy along with other senior officials from both countries attended the event. Krishna Reddy said, "MEIL holds a prominent position in the global hydrocarbon sector, with a presence across upstream, midstream, and downstream operations. The new venture marks the company's third foray into the ...

Oil prices increase as Russia fuel export ban stokes supply concerns

Brent futures were up 78 cents, or 0.84%, at $94.08 a barrel by 1443 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by $1.02, or 1.14%, to $90.65 a barrel

Willing to wait to regain oil from Russian project, says ONGC Videsh

Putin last year removed an Exxon Mobil subsidiary as operator of the Sakhalin-1 oil and gas project in Russia's Far East and transferred it to a new operator