Crude Oil Market

India's top oil company IOC will invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha - its largest ever investment at a single location - as it doubles down on its transition plan. In a statement, Indian Oil Corporation (IOC) said its board has given "Stage-1 approval for setting up Paradip petrochemical complex at Paradip, Odisha at an estimated cost of Rs 61,077 crore." "This mega project will be the largest-ever investment of Indian Oil at a single location," it said but did not give timelines for completion of the project. This is a part of its transition plan including boosting petrochemical intensity to help protect against volatility. Petrochemical intensity refers to the percentage of crude oil that is converted directly into chemicals that are used to make plastic and other material. Crude oil, pumped out of the ground and from below the seabed, is processed in refineries to make petrol, diesel and other fuel. It can be processed to make ...

The Biden administration has released a long-awaited study that recommends allowing a major oil development on Alaska's North Slope that supporters say could boost US energy security but that climate activists decry as a carbon bomb. The move while not final drew immediate anger from environmentalists who saw it as a betrayal of the president's pledges to reduce carbon emissions and promote clean energy sources. ConocoPhillips Alaska had proposed five drilling sites as part of its Willow project, and the approach listed as the preferred alternative by the US Bureau of Land Management in the report calls for up to three drill sites initially. Even as the land agency released its report, the US Interior Department said in a separate statement that it has substantial concerns about the project and the report's preferred alternative, including direct and indirect greenhouse gas emissions and impacts to wildlife and Alaska Native subsistence. The Bureau of Land Management, which falls

A record 24.8 percent of India's crude oil imports came from Russia in the April-September period

The US shipped a record 450,000 barrels/day to India in November

Although the Indian crude basket fell from an average of $109.5 per barrel in Q1 to an average of $97.87 a barrel in Q2, prices remained high in absolute terms

India will have to follow a delicate balancing act if the West imposes a pricing limit on supplies from Moscow

Oil prices slipped today, easing off five-week highs, as the market took profits following strong gains last week on expectations of tighter supplies following OPEC+ cuts

Dealers say it's because of delay in index inclusion

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

At the same time, share of Russian oil in India's crude basket rose from 2.2% in FY22 to 12.9% in the first quarter of FY22

Russian barrels were cheaper than Saudi crude during April through June, with the discount widening to almost $19 a barrel in May

Weekend data indicated a surprise contraction in Chinese factory activity, highlighting the cost of Beijing's preference for mobility curbs to tackle Covid-19

Brent crude futures for September were down 18 cents to $99.39 a barrel at 0727 GMT after settling below $100 for the second straight session on Wednesday

Russian oil is on pace to account for 21 per cent of all imports into India, shrinking the shares of Iraqi and US crude

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

Russia's invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanction

Brent crude rose $2.81, or 2.8%, to $101.89 a barrel at 0738 GMT on Friday, after climbing to as high as $101.99

Domestic fuel prices - which are directly linked to international oil prices - have not been revised for a record 110 days in a row

India's crude oil imports in January fell from one-year highs hit in the previous month, though fuel demand is expected to recover as several states ease Covid restrictions after a decline in cases.

An electricity crisis is roiling energy markets from Europe to Asia, with fuels that can be used for heating or power in high demand.