Crude Oil Market

IOC to invest Rs 61,077 cr in petchem complex at Paradip, Odisha

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 ...

Biden administration recommends allowing major oil project in Alaska

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

India's existing deep discounts on Russian crude oil will stay: Officials

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

Crude one-upmanship: G7 oil price cap on Russia turns on the US tap

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

Analysts see a ray of hope for oil marketing firms after a difficult Q2

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

Why India may have to rework Russian oil purchase if a price cap is imposed

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

Oil takes a breather, eases off 5-week highs as market takes profits

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

Rupee sheds 53 paise on crude oil price spike; bond yields jump

Dealers say it's because of delay in index inclusion

Iraq leads with discounts as W Asia retains top slot in Indian oil market

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

India's crude oil imports from US dip by one million tonnes in June quarter

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

Russia undercuts Saudi Arabian oil in India as competition heats up

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

Oil prices fall as China slowdown spurs concern over demand outlook

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

Oil prices fall ahead of potential large US rate hike, possible inflation

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

Russia may be India's biggest crude supplier in June, a historic first

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

Domestic crude oil producers get marketing freedom, exports not allowed

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

How the Russia-Ukraine conflict is reshaping global oil markets

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

Oil prices surge as Russian invasion of Ukraine rings supply alarm bells

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

Oil nears $100: Petrol, diesel price hike coming after elections

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 January crude oil imports slip from one-year highs

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.

Asia scrambles to stock up fuel as prices spike in global energy crunch

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