Crude Oil Supply

After China driving the initial demand growth, it is going to be India which will take the leading role in crude requirement, along with other Asian and African countries, as per an OPEC report

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

Lavrov said the cap was irrelevant, the strongest hint yet of a possible softening. With such a generous cap, buyers and sellers can easily claim it's just business as usual

India will continue to buy crude oil from anywhere in the world, including Russia, to meet its energy needs, a top official said ahead of EU restrictions on Russian oil kicking in. The executive body of the European Union has asked its 27-member countries to cap the price of Russian oil at USD 60 as part of the West's attempt to squeeze Moscow's oil revenues and limit its ability to wage war in Ukraine while keeping global prices and supplies steady. "Unlike Iran and Venezuela, there are no sanctions on buying oil from Russia. So anyone who can arrange for shipping, insurance and financing outside of the EU can buy oil," the official said. The price caps are part of the EU's plan to use its clout in insurance and shipping industries to crimp Moscow. "We will continue to buy oil from anywhere in the world including Russia," he said. Under the price-cap system that kick-in from December 5, companies shipping Russian oil outside of Europe would only be able to access EU insurance and

Brent crude oil prices have slipped nearly 15 per cent in the last few weeks, from a peak of around $98 a barrel to a little over $83 a barrel now despite OPEC+ cutting supply

Despite losing its place to Russia in India, the world's third biggest oil importer, the kingdom is confident it holds the cards for crude supplies in the long term

Brent crude futures rose 17 cents, or 0.2%, to $87.62 by 0007 GMT. U.S. West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising 7 cents, or 0.1%, to $80.11 a barrel

At its seventh fortnightly review, the government hiked the tax on the export of ATF to Rs 5 per litre from Rs 3.50

Recently, IOC signed a deal to procure oil from Colombia's Ecopetrol SA and Brazil's Petroleo Brasileiro SA (Petrobras)

OPEC+ is considering its biggest production cut since 2020 as it tries to stabilize oil prices, a move that risks cranking up tensions with Washington

Russian oil has become the mainstay of Indian refiners in only six months, a position which took decades for West Asian suppliers and the US to achieve

The centre may neither pursue arbitration with Gazprom, the world's largest natural gas explorer, nor accept a penalty from the company after it halted supplies to GAIL in May

Brent crude rose $3.69, or 4.1%, to settle at $92.84 a barrel. U.S. West Texas Intermediate (WTI) crude rose $3.25, or 3.9% to settle at $86.79 a barrel

Oil rose on Friday supported by real and threatened cuts to supply, although crude was set for a 2nd weekly decline as aggressive interest rate hikes and China's Covid curbs weighed on demand outlook

US dy secretary of treasury Wally Adeyemo meet FM Sitharaman during the final lap of his three-day trip to India, after visiting RBI governor Shaktikanta Das on Thursday

Barclays lowered its Brent price forecasts on Tuesday by $8 per barrel for 2022 and 2023, as it expects a large surplus of crude oil over the near-term due to "resilient" Russian supplies

After a dip in market share, suppliers from the West Asian nation are discounting heavily to muscle out cheaper Russian oil

LONDON (Reuters) -Oil prices were broadly steady on Thursday as the market weighed tight supply against fears of a demand slowdown, after a build in U.S. crude and gasoline stocks sent prices to multi-month lows in the previous session.

Both coal and crude oil grew 16 per cent year-on-year (YoY), accounting for 105 mt and 65 mt of traffic in the first quarter, even on the back of record high prices

India has ramped up purchases of crude from Russia's far east, a grade that's typically favored by Chinese oil refiners