Page 2 - Crude Oil

Rupee rises 4 paise to 82.33 against US dollar on positive domestic equity

The rupee appreciated by 4 paise to 82.33 against the US dollar in early trade on Wednesday, tracking positive sentiments in the domestic equity market and relatively weaker dollar against major currencies. At the interbank foreign exchange, the domestic unit opened stronger at 82.32 against the US dollar and then gained ground to 82.30. Later, it slipped to 82.33 against the greenback, registering a rise of 4 paise against its previous close. On Tuesday, the rupee settled at 82.37 against the US dollar. Anand James, Chief Market Strategist at Geojit Financial Services, said there could be slippage to 82 level. "It would require consistent trades above 82.36 to rekindle positivity again." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.10 per cent lower at 103.49. Global oil benchmark Brent crude futures rose 1.21 per cent to USD 78.39 per barrel. The 30-share BSE Sensex was trading 403.21 points or 0.70 per cent higher

Oil prices continue slump in fallout from Silicon Valley Bank shutdown

Brent crude futures were down $1.11 or 1.3% to $79.66 a barrel at 6.26 PM, having earlier touched a low of $78.76

Slow pace of capacity addition casts shadow over India's refinery targets

In short, India's energy security and the may both be on the line unless state refiners step on the gas

India to ensure no breach on Russia oil purchase sanctions

Western countries led by the US had put a price cap of $60 per barrel on exports of Russian oil in a bid to crimp revenues to the Kremlin and keep some oil on the market

Pakistan plans to procure Russian crude oil at $50 per barrel: Report

Cash-strapped Pakistan is making concerted efforts to procure Russian crude oil at USD 50 per barrel, at least USD 10 per barrel less than the price cap imposed by the G7 countries due to Moscow's invasion of Ukraine, media reports said on Sunday. Crude oil is currently being sold globally at USD 82.78 per barrel. Pakistan, which is currently grappling with high external debt and a weak local currency, is desperate to purchase cheap crude at discounted rates from Russia. Moscow will respond to Pakistan's request for discounted crude oil only after it completes formalities such as mode of payment, shipping cost with premium and insurance, according to The News. The first consignment of crude oil from Moscow is scheduled to arrive in Pakistan by the end of next month, paving the way for a bigger deal in the future, the paper said. The shipping of crude oil from Russian ports will take 30 days, which would mean an increase of USD 10-15 per barrel due to the transportation costs, it .

Top headlines: Feb fuel demand hits 24-yr high, NPOs face PMLA regulations

Business Standard brings you the top headlines at this hour

The challenge from Urals

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

Flushing of pipeline from seaside smooth: CPCL on Nagapattinam oil leak

The CPCL on Monday said flushing of pipeline from the seaside, taken up following a crude oil leak, was progressing smoothly. The crude oil leakage which occurred in the 9 km long crude oil pipeline from CPCL CBR Crude Storage Tanks at Nagapattinam to Karaikkal Port late on March 2 was arrested on the morning hours of Saturday. "Online sealing of the pipeline was completed on 05.03.2023 to prevent any further damage to the pipeline. Flushing of pipeline from the sea side, which commenced yesterday evening is under smooth progress and the residual crude oil in the pipeline is being collected in the tanks at refinery end," a company release said. A joint meeting was held with local village leaders by the District Collectorate in which CPCL was also invited. Discussions are underway for an amicable solution and action plans will be drawn by CPCL, it said. "Officials from CPCL and IOCL are working in close coordination to resolve the issue and district administration is extending their

Online sealing done to prevent further damage to crude oil pipeline: CPCL

Chennai Petroleum Corporation Ltd and Indian Oil Corporation have completed online sealing of the crude oil pipeline to prevent any further damage following the leakage that occurred last week on the Nagore Pattinacherry coast in Tamil Nadu, officials said on Sunday. Currently, the officials of the Indian Oil group company are engaged in the flushing of the pipeline in a controlled manner to make the pipeline "hydrocarbon free". "No abnormality was observed today," CPCL said in its update today. A mobile oil recovery unit and oil dispersants were used to avoid any impact to the environment due to the leakage, it said. Officials from CPCL and IOCL were working round the clock while the Nagapattinam district administration has been extending its full support to the operation. Meanwhile, fishermen from the village in Nagapattinam district reportedly continued their agitation today demanding the authorities to remove the underwater pipeline. Fishermen claimed fish died due to the oi

Govt to stop import of crude sunflower seed oil under tariff rate quota

The government on Wednesday said that it has decided to discontinue imports of crude sunflower seed oil under tariff rate quota (TRQ) from April 1 this year. TRQ is a quota for a volume of imports that enter India at specified or nil duty, but after the quota is reached, the normal tariff applies to additional imports. "Last date for import of crude sunflower seed oil under TRQ has been revised to March 31, 2023. Further, no TRQs shall be allocated for import of crude sunflower seed oil in 2023-24," the directorate general of foreign trade (DGFT) said in a public notice. Earlier in January, a similar decision was taken for crude soybean oil. The duty-free import of 20 lakh MT per year was earlier applicable for two financial years -- 2022-23 and 2023-24 -- for crude sunflower seed oil and crude soya bean oil. For crude sunflower oil, the TRQ was there till June 30 this year.

Output of eight core sectors grows at 4-month high of 7.8% in January

The output of core sectors had increased by 4% in January 2022 and by 7% in December 2022.

1 year of Ukraine war: Cheaper crude from Russia pushes India's import bill

Exports to Russia contracted 13.5 per cent at $2.2 billion during the first three quarters of the current fiscal year

MCX Crude Oil remains range-bound; bias can turn positive above Rs 6,465

On the flip side, in case, Crude Oil futures break the support at the lower-end the commodity could dip below the Rs 6,000 mark.

Brent oil lower amid stronger dollar, caution ahead of Fed minutes

Traders are awaiting the minutes of the latest Federal Reserve meeting, due on Wednesday, as data on core inflation has raised the risk of interest rates remaining higher for longer

Trade watch: Low demand for goods from China, others sinks imports

Import from India's key crude oil suppliers -- Saudi Arabia and Iraq -- contracted 14.3 per cent and 11.2 per cent, respectively

Sensex, Nifty end flat amid late sell-off; IT, broader indices hold gains

CLOSING BELL: The BSE Sensex hit a fresh calendear year high at 61,682, before forfeiting most gains at close. Midcap, Smallcap indices gained nearly a per cent Thursday.

Centre slashes windfall tax on crude oil from Rs 5,050/tonne to Rs 4,350

Windfall tax: The additional excise duty on ATF has been cut to Rs 1.5 per litre from Rs 6 per litre earlier

Share of US in India's crude basket rises to record 14% in December

In December, crude oil imports from the US shot up 93 per cent to 3.9 million MT

Russia plans caps on crude oil discounts to as low as $25 per barrel

Proposal: Discount of $34 in April, $31 in May, $28 in June and $25 in July'

Indian private refiners may gain from EU's ban on Russian oil products

Indian refiners can process cheap Russian crude into products, and export to Europe