Page 2 - Oil Production

Oil prices climb amid uncertainty over Iran President Raisi's fate

A helicopter carrying Iranian President Ebrahim Raisi crashed on Sunday, Iranian officials said

Brazil pushes out Petrobras CEO, names ex-regulator to top job; shares dip

New York-listed shares of Petrobras fell more than 6% in after-hours trading as news broke that Prates was headed for the exit

Saudi Aramco maintains $31 bn dividend despite lower net income in Q1

The Saudi government, which directly holds about 82.2 per cent of Aramco, relies heavily on the company's payouts, which also include royalties and taxes

Crude oil processing volumes rose to 23.4 mmt in March: PPAC data

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

China's crude throughput up 1.3% in March, oil production at highest

China's crude imports slipped 6.23 per cent in March on the year to stand at 11.55 million bpd

As talks with Kurds fail, Iraq repairs pipeline to supply oil to Turkey

The reopening of the Kirkuk-Ceyhan pipeline, which has been shut for a decade, would provide a rival route to a pipeline from the Kurdistan region that has been shut for a year

Rupee turns flat at 83.33 against US dollar amid high crude oil prices

The rupee turned flat at 83.33 against the US dollar in early trade on Thursday amid a strong American currency and higher crude oil prices. Forex traders said the positive equity markets and inflow of foreign funds resisted the fall in the Indian currency. At the interbank foreign exchange, the rupee opened at 83.32 and lost further to trade at the previous closing level of 83.33 against the greenback in initial deals. On Wednesday, the rupee declined 4 paise to close at 83.33 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent higher at 104.07. Brent crude futures, the global oil benchmark, rose 0.53 per cent to USD 86.56 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 170.43 points, or 0.23 per cent, higher at 73,166.74 points. The broader NSE Nifty rose 53.45 points, or 0.24 per cent, to 22,177.10 points. Foreign institutional investors (FIIs) we

Foreign investment dwindles as India struggles to boost oil production

India's high demand for oil and low domestic output are increasing the dependence on imports. The 'supportive' upstream policy, if backed by lower taxes, could turn things around

Elections, harvesting activities to raise diesel demand, says S&P Global

Overall demand for oil products up 2.4% or 132,000 barrels per day in February

Opec expects to reclaim share of Indian imports eroded by Russian supplies

The share of oil from the Organization of the Petroleum Exporting Countries (OPEC) imported by India declined from about 65% in 2022 to 50% last year, according to industry data

OPEC+ member countries agree to extend voluntary cuts to Q2: Report

OPEC+ in November agreed to voluntary cuts totalling about 2.2 million barrels per day (bpd) for the first quarter, led by Saudi Arabia rolling over its own voluntary cut

Kia recalls 4,358 units of Seltos to replace electronic oil pump controller

Kia India on Friday said it is voluntarily recalling 4,358 units of a petrol variant of its mid-sized sports utility vehicle Seltos to replace the electronic oil pump controller. The company is recalling Smartstream G1.5 Petrol Seltos with IVT transmission, manufactured between February 28 and July 13, 2023, the South Korean automaker said in a statement. The recall has been prompted by a potential error in the electronic oil pump controller, which may impact the performance of the electronic oil pump in the specified transmission variant, it added. The company said it has informed the Ministry of Road Transport & Highways (MoRTH) about the voluntary recall initiative. Since the safety of car owners is a top priority, the company is proactively replacing the electronic oil pump controller in the affected units for a seamless ownership experience, the statement said. The automaker will directly reach out to the owners of the vehicles concerned to update them about the voluntary ...

Oil prices up 2% on Gaza ceasefire rejection, US fuel stocks data

The Brent benchmark breached $80 a barrel for the first time since Feb. 1 as it extended into a fourth straight session of gains

Vedanta chairman Anil Agarwal outlines $4 bn plan to double oil production

Mining conglomerate Vedanta Ltd will invest USD 4 billion over the next three years to double oil production, its chairman Anil Agarwal said on Tuesday as he pushed ahead with an aggressive oil and gas expansion programme. Vedanta, which more than a decade back acquired Scottish explorer Cairn Energy's (now Capricorn Energy) India assets, is targeting 300,000 barrels per day (15 million tonnes a year) oil output in 3 years from aggressive exploration campaign, he said on the sidelines of the India Energy Week (IEW) here. The company is pushing ahead with the investment undeterred by concerns around debt levels at parent Vedanta Resources. "India is the best place to be in right now. It has the resources as well as the market," he said. "But unfortunately we (as a country) produce just 15 per cent of our need and the rest is imported." Agarwal said his company currently produces around 140,000 barrels per day of oil and oil equivalent gas and has a promising acreage in northeast and

India's Russian oil import hits 12-mth low, long-term appetite intact

India's crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation's insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker Vortexa. Russia however continues to remain India's top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world's third largest energy consumer imported in January. The decline in cargoes from Russia was made up by increased sourcing from Iraq, which supplied 1.1 million barrels per day (bpd) in January, up from 985,000 bpd in the previous month. Supplies from Saudi Arabia declined to 659,000 bpd from 668,000 bpd in December. India is more than 85 per cent dependent on .

Energy boost: ONGC, IOC, other oil PSUs to invest Rs 1.2 trn in FY25

ONGC, IOC and other oil PSUs will invest about Rs 1.2 lakh crore in the coming fiscal starting April 1 in oil and gas exploration, refineries, petrochemicals and laying pipelines to meet the needs of the world's fastest-growing energy consuming nation. The investment proposed in 2024-25 is 5 per cent higher than Rs 1.12 lakh crore spent by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2024-25 documents. Oil and Natural Gas Corp (ONGC) has a planned capital spending of Rs 30,800 crore in the next financial year. This expenditure in finding new reserves of oil and gas and bringing to production discoveries it has already made, is slightly higher than Rs 30,500 crore capex in 2023-24 fiscal (April 2023 to March 2024). It is developing discoveries on both east and west coasts of the country. The top oil producer's overseas arm, ONGC Videsh Ltd (OVL) will invest 68 per cent more at Rs 5,580 crore in 2024-25 in oil and gas operations abro

Domestic oil imports from Russia hit 12-month low in Jan as sanctions bite

Last year, India emerged as a top buyer of sea-borne Russian oil sold at a discount after Western countries halted imports following Moscow's invasion of Ukraine

Aramco says it will not increase maximum daily production on state orders

Saudi Arabia's oil giant Saudi Aramco said on Tuesday it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country's Energy Ministry. The firm, known formally as the Saudi Arabian Oil Co., said it would maintain its maximum output at 12 million barrels a day. It did not give a reason for the decision. However, crude oil prices globally have fallen over recent months as demand has been soft. Benchmark Brent crude traded Tuesday around USD 81 a barrel. Aramco reported earning USD 161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists worried about climate change.

Opec+ unlikely to decide oil policy on February 1, will wait several weeks

Oil prices have found support from more positive sentiment about demand this week and rising geopolitical tensions from attacks by the Iran-aligned Houthi group on Red Sea shipping

Oil industry in 2024: Varied outcomes expected across value chain

The correction in tanker rates in owing to easing of Covid-related supply chain constraints, however the recent attacks on cargo ships in the Red Sea remains a monitorable