Oil Sector

India's oil pricing policies must be fine-tuned to reflect the new Russian reality

Oil companies are selling petrol at a profit of Rs 10 per litre but retail prices haven't been reduced as they recoup past losses and make up for a Rs 6.5 a litre loss on diesel, a report said. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have for the past 15 months not revised petrol and diesel prices in line with the cost. They have times of low oil prices to recoup losses incurred when rates were high. "Post record high losses of Rs 17.4 per litre on petrol and Rs 27.7 a litre diesel for the week ended June 24, 2022, margins for petrol are estimated at a positive Rs 10 per litre for Q3 (October-December 2022) while diesel losses too have likely narrowed to Rs 6.5 a litre for the same quarter," ICICI Securities said in a report. The three fuel retailers haven't changed petrol and diesel prices since April 6, 2022, despite input crude oil prices rising from USD 102.97 per barrel that month to USD ..

The government deplores the lack of good leadership in these companies but it adds to the problem with sub-optimal appointment practices for chief executives in this sector

Profit fell 15.6 per cent over the preceding June quarter when it had reported a net of Rs 15,205.85 crore

Exxon Mobil broke records again with its profits in the third quarter, raking in USD 19.66 billion in net income. The Irving, Texas company said on Friday that it booked USD 112.07 billion in revenue during the quarter, more than double revenue last year during the same period. Americans have struggled with painfully high gasoline prices in recent months, paying more than USD 4.80 on average for a gallon of regular at the beginning of July. Prices eased somewhat towards the end of the quarter, but customers were still paying more than USD 3.79 a gallon of regular, on average, in late September. Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today, said CEO Darren Woods, in a statement. We all understand how important our role is in producing the energy and products the world needs, and third-quarter results reflect our commitment to that objective. Natural gas prices have also been high, .

Oil prices slid on Monday after Chinese data showed that demand from the world's largest crude importer remained lacklustre in September

Company sees oil demand averaging 99.6 million barrels a day, up 1.9 per cent versus a year ago....

With about six weeks until the bloc's measures enter into force, little clarity exists on whether these steps will really suffice to help Russia to get much of its output to fend off a supply shock

Oil prices rose on Wednesday as caution over tightening supply countered the negative impact of uncertain Chinese demand growth and news that United States will release more crude from its reserves

Oil prices rose slightly on Wednesday amid plenty of caution as bullish signals like falling U.S. crude stocks and a generally undersupplied market were countered

President Joe Biden will announce the plan Wednesday, senior administration officials told reporters Tuesday evening on condition of anonymity to preview his remarks

Oil prices were stable on Tuesday as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown

Oil prices were steady on Monday as China's continuation of loose monetary policy was offset by fears that high inflation and energy costs could drag the global economy into recession

The govt has hiked tax on domestically produced crude oil to Rs 11,000 per tonne from Rs 8,000 per tonne.

ICICI Securities Ltd on Wednesday said its one year forward Nifty target is 19,425 with sectorial bias towards banks, capital goods/infrastructure and automobiles

Strikes in France's major refineries continued, leading fears over fuel shortage across the country

India maintains a "healthy dialogue" with Russia and will look at what is offered following announced ownership revamp to the Sakhalin-1 oil and gas project, Hardeep Singh Puri said

Oil prices rose for a fourth session on Thursday, with Brent at a three-week high, after OPEC+ agreed to further tighten global crude supply

More processes to be brought under the self-certification framework while clearance portal is being upgraded

Occidental's stock jumped nearly 5% Tuesday to trade for USD 62.89 after Buffett revealed his latest purchases of nearly 6.7 million Occidental shares worth more than USD 400 million.