Oil Demand

A surprise cut in oil production from OPEC+ is now setting the stage for other producers to vie for markets in Asia

With daily crude consumption triple that of China, traders and producers looking to tap into diminishing global demand growth will be betting on India into the next decade

The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs

India is the third largest oil importer, and Russia became its leading supplier after Europe shunned Moscow following its invasion of Ukraine last year

Last month Russian oil accounted for about 27% of the 5 million bpd of crude imported by India, the world's third-biggest oil importer and consumer

Brent crude futures lost 20 cents to $85.38 per barrel by 0111 GMT, while US West Texas Intermediate (WTI) crude futures shed 19 cents to $78.87

France's TotalEnergies SE doubled its profits in 2022, joining other international oil and gas companies in fattening their bottom lines as high energy prices surged after Russia's invasion of Ukraine. Adjusted net income rose to USD 36.2 billion, up from USD 18.1 billion in 2021, the company said Wednesday. Earnings benefited from robust refinery use that let the company capture high profits for turning crude into other fuel products. The figures looked different under international accounting rules that included write-offs on Total's assets in Russia, where doing business has been severely complicated by Western sanctions over the war. Under IFRS accounting standards, net profit was USD 20.5 billion, lower than the adjusted profit figure because it included USD 15 billion in write-offs on its Russian businesses. Big oil company profits have led to calls for governments to tax more of those gains as households and businesses face higher utility bills. Energy giants Shell, BP and

The faster-than-anticipated industry growth means India's gasoline consumption will peak sooner than previously thought, some analysts and industry participants say

Brent crude futures retreated by 46 cents, or 0.5%, to $87.17 at 0031 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 40 cents, also down 0.5%, to $81.24 a barrel

India's import of crude oil from Russia increased further in December 2022, topping 1 million barrels per day for the first time ever as Moscow remained its top oil supper for the third month in a row, according to data from energy cargo tracker Vortexa. Russia, which made up for just 0.2 per cent of all crude oil India imported in the year to March 31, 2022, supplied 1.19 million bpd in December. This was higher than 909,403 bpd crude oil India imported from Russia in November and 935,556 bpd in October 2022. The previous record for most crude oil imports from Russia was in June 2022 when India bought 942,694 bpd, according to Vortexa. Russia, which in October 2022 for the first time surpassed traditional sellers Iraq and Saudi Arabia to take the No.1 spot, now makes up for 25 per cent of all oil imported by India. The imports peaked as a price cap was agreed upon by the EU on Russian seaborne oil. Russian oil is available at much lower than USD 60 per barrel cap agreed, industry

A weaker greenback tends to boost demand for oil, as it makes the commodity cheaper for buyers holding other currencies

Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while U.S. West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 per barrel

Brent futures for March delivery fell 43 cents to $79.22 a barrel, a 0.5% drop, by 0522 GMT. U.S. West Texas Intermediate crude fell 36 cents, or 0.5%, to $74.27 per barrel

According to preliminary long-term forecasts, global gas consumption would grow by 20% over the next 20 years

Chinese Oil demand is expected to pick up as the world's largest crude importer pivots away from its strict Covid Zero policy

Brent crude futures were at $76.73 a barrel, up 58 cents, or 0.76%, at 0716 GMT, after dropping 1.3% on Thursday

European officials touted the cap - negotiated last week after months of haggling among the US and its allies - as a way to starve Russia's war machine

Brent crude futures rose 72 cents to settle at $93.86 a barrel, while U.S. West Texas Intermediate crude rose $1.05 to $86.92

The group, which recently cut production targets, will remain cautious, Saudi Arabia's energy minister was quoted as saying last week

Brent crude futures rose 87 cents, or 0.9%, to $96.86 a barrel by 0041 GMT after settling up 1.1% on Friday