Crude Oi
OPEC raises long-term oil demand view, calls for over $12 trn investment
OPEC also raised its demand forecasts for the medium term to2027, saying the figure is up by almost 2 million bpd by the endof the period from last year
 "OPEC raises long-term oil demand view, calls for over $12 trn investment")
Despite windfall tax, ONGC, Oil India's earnings look positive for FY23
With diverse revenue streams RIL is less impacted, while oil marketing companies have seen earnings downgrades amidst volatility in oil prices
 "Despite windfall tax, ONGC, Oil India's earnings look positive for FY23")
Indian ship used to reroute Russian-linked fuel to New York: US tells India
US sanctions on Russia for its February invasion of Ukraine prohibit imports to the United States of Russian-origin energy products including crude oil, refined fuels, distillates, coal and gas
 "Indian ship used to reroute Russian-linked fuel to New York: US tells India")
India seen overtaking China as biggest importer of seaborne Russian crude
China's import of seaborne Russian crude oil is likely to end July below India's, although definitive Chinese numbers are not available
 "India seen overtaking China as biggest importer of seaborne Russian crude")
US to urge India, Japan to back its plan for cap on Russia oil price
The strategy, raised among Group of Seven leaders last month, is to limit the revenue Moscow earns from oil exports without driving Russian cargoes off the global market
 "US to urge India, Japan to back its plan for cap on Russia oil price")
Coal is the new pain point as India grapples with a massive import bill
Quite low in the pecking order of inbound consignments at one point, the fossil fuel today accounts for a third of the value of crude entering the country
 "Coal is the new pain point as India grapples with a massive import bill")
Windfall tax: $12 margin hit for Reliance; govt to rake in Rs 1.3 trn
However, the earnings impact for RIL is likely to be less material given offsets from marking-to-market for current GRM strength, says a brokerage
 "Windfall tax: $12 margin hit for Reliance; govt to rake in Rs 1.3 trn")
Crude prices fall as US, allies consider further oil stock release
U.S West Texas Intermediate (WTI) was down $2.10, or 1.8%, at $112.82 a barrel
 "Crude prices fall as US, allies consider further oil stock release")
Rupee plunges by 34 paise as crude oil prices surge past $110/barrel
The rupee slumped by 34 paise to close at 76.18 against the US dollar on Monday as rising crude oil prices and a lacklustre trend in domestic equities weighed on investor sentiment. Expectations of aggressive rate hikes by the US Federal Reserve to control inflation also weighed on the local unit. At the interbank foreign exchange market, the rupee opened lower at 76.08 against the American currency, later lost further ground to settle at 76.18, down 34 paise from the previous close. On Thursday, the rupee spurted by 37 paise to close at 75.84 against the US dollar. The forex market was closed on Friday on account of Holi. "The dollar is in rally mode as markets expect an even more hawkish Federal Reserve moving forward. Weakness in domestic equities and higher crude oil prices also weighed on the local unit," said Dilip Parmar, Research Analyst, HDFC Securities. Crude oil prices jumped 3.47 per cent to USD 111.68 per barrel after reports that European countries would also conside
 "Rupee plunges by 34 paise as crude oil prices surge past $110/barrel")
Brace for higher commodity prices as Russia invades Ukraine: Analysts
Key commodities such as crude oil, ammonia, urea, potash, and phosphates could move higher over the next few weeks.
 "Brace for higher commodity prices as Russia invades Ukraine: Analysts")
Indian Oil Corp buys first Russian Urals crude in 2 years as prices slump
Urals crude was last imported by IOC at its Paradip port in April 2020, Refinitiv's trade flows data showed
 "Indian Oil Corp buys first Russian Urals crude in 2 years as prices slump")
Mideast share of Nov Indian oil imports at 16-mth high, African grades slip
On the other hand, the share of African oil plunged to a 16-month low of around 9.7%, or about 419,000 bpd, the data showed.
 "Mideast share of Nov Indian oil imports at 16-mth high, African grades slip")
India's crude oil production falls 2.15% in October, gas output rises
India's crude oil production fell 2.15% in October as state-owned firms produced less but, natural gas output rose by a quarter on the back of output from KG-D6 fields of Reliance-BP
 "India's crude oil production falls 2.15% in October, gas output rises")
Boost biofuel production to curb imports of crude oil, fuel gases: Gadkari
Gadkari''s suggestion came at a time when the retail prices of petrol and diesel have skyrocketed in the country following the rise in the rates of crude oil in the international market.
 "Boost biofuel production to curb imports of crude oil, fuel gases: Gadkari")
Crude oil rally takes domestic petrol, diesel prices to record highs
First Petrol price hike since mid-July, selling at Rs 101.39 a litre in national capital; diesel retailed at Rs 89.57
 "Crude oil rally takes domestic petrol, diesel prices to record highs")
Tech View: How to trade paint stocks amid drop in crude oil prices?
Share of Asian Paints and Berger Paints recorded new all-time highs in trade on Thursday
 "Tech View: How to trade paint stocks amid drop in crude oil prices?")
Drone attack on Saudi oil facilities: Biggest disruption in three decades
The drone attack on Saudi Aramco's Abqaiq oil processing facilities on Saturday almost destroyed the plants
 "Drone attack on Saudi oil facilities: Biggest disruption in three decades")
