Page 33 - Crude Oil
Saudi switches crude grades, delays oil supplies to buyers in Asia
Crude oil loading delays were widespread as most buyers have received Aramco's request to push back shipments in October by 7-10 days
 "Saudi switches crude grades, delays oil supplies to buyers in Asia")
Sensex falls 642 pts, Nifty ends at 10,818 on oil crisis and global tension
Rupee weakens against dollar; 10-yr bond yield inches up
 "Sensex falls 642 pts, Nifty ends at 10,818 on oil crisis and global tension")
India looks to Russia for crude after drone strike on Saudi oil facilities
Minister says volatility in international pricing a cause of concern for India
 "India looks to Russia for crude after drone strike on Saudi oil facilities")
Saudi Aramco assures full volume of crude oil to Indian companies
IOC, BPCL and MRPL to receive full allocated volumes of crude in Oct
 "Saudi Aramco assures full volume of crude oil to Indian companies")
Crude shock: Rise in oil prices may deepen India's auto crisis, say experts
Spike in oil prices will translate into a matching or higher increase in fuel prices in domestic market
 "Crude shock: Rise in oil prices may deepen India's auto crisis, say experts")
Saudi drone strikes: Oil price surges, but govt plays down supply concerns
No supply disruption, says Pradhan; OMCs see margin impact if situation persists
 "Saudi drone strikes: Oil price surges, but govt plays down supply concerns")
India's BPCL buys US crude set to arrive in China after new tariffs kick in
Six tankers carrying about 12 million barrels of US crude were on the way to China at the time of the announcement of new tariffs
 "India's BPCL buys US crude set to arrive in China after new tariffs kick in")
Oil in longest losing run in five weeks as US-China trade war deepens
Oil had rallied by more than 10 per cent from a low in early August, as relations between the US and China appeared to be improving, before it started falling last Wednesday
 "Oil in longest losing run in five weeks as US-China trade war deepens")
ONGC adopts Energy Strategy 2040; targets doubling of oil, gas production
State-owned Oil and Natural Gas Corp (ONGC) has set a target to double oil and gas output from its domestic and overseas fields and expand its refining capacity three-fold alongside diversification into renewables in a new vision document for 2040, its Chairman Shashi Shanker said. ONGC Energy Strategy 2040 envisions the company as "A diversified energy company with a strong contribution from non E&P business; 3x revenues and about 5-6x market capitalisation," he said. The firm produced 24.23 million tonnes of crude oil in the 2018-19 fiscal year and 25.81 billion cubic metres (bcm) of natural gas from its domestic fields. Another 10.1 million tonnes of oil and 4.736 bcm of gas were produced from its overseas assets. It had a turnover of Rs 109,654 crore and a net profit of Rs 26,715 crore in the year ended March 31, 2019. As on August 16, it had a market capitalisation of Rs 164,458 crore. In the company's latest annual report, Shanker said the ONGC board recently approved the ...
 "ONGC adopts Energy Strategy 2040; targets doubling of oil, gas production")
Saudi Aramco defends hold on coveted Indian oil market with Reliance tie-up
Aramco's plan to buy 20% of the oil-to-chemicals business of Reliance comes with an assurance to buy half a million barrels a day of the kingdom's crude on a long-term basis
 "Saudi Aramco defends hold on coveted Indian oil market with Reliance tie-up")
ONGC Q1 net down 24% to Rs 7,043 cr on lower crude output realisation
The company's gross revenue dropped marginally by 0.8 per cent to Rs 1,09,515 cr
 "ONGC Q1 net down 24% to Rs 7,043 cr on lower crude output realisation")
Oil crashes 6% as Trump announces additional tariffs on Chinese imports
A prolonged trade war between the world's two largest economies has triggered worries about oil demand
 "Oil crashes 6% as Trump announces additional tariffs on Chinese imports")
IEA cuts 2019 oil demand growth to 1.2 mn barrels on global trade worries
The oil demand growth forecast assumes the maintenance of US and Chinese tariffs imposed on goods in 2018, but the IEA said it had not factored in further US tariffs announced in May
 "IEA cuts 2019 oil demand growth to 1.2 mn barrels on global trade worries")
Citi bullish on oil, sees Brent rising 28% to $78 within 3 months
Supply risks, rising demand over the northern summer, light fund positioning and a tight physical market are some of the reasons cited by the bank for its optimism
 "Citi bullish on oil, sees Brent rising 28% to $78 within 3 months")
Saudi king says attacks by Iran-backed groups threaten global oil supplies
On Friday, Salman convened emergency summits of Gulf and then Arab leaders to discuss drone strikes on oil installations in Saudi and attacks on four vessels, including two Saudi oil tankers
 "Saudi king says attacks by Iran-backed groups threaten global oil supplies")
Crude tumbles towards worst May performance in 7 years on trade-war anxiety
The global benchmark crude was trading at a premium of $9.71 a barrel to WTI
Oil prices plunge over 5% to $67 as US-China trade tensions intensify
Around 11.20 pm (IST), Brent crude was down $3.62 a barrel at $67.37
US cannot ensure crude sale to India at concessional rate: Wilbur Ross
India this month stopped importing crude oil from Iran following the US move to end sanction waivers
When 30 mn barrels of Russian oil became a logistical nightmare for Europe
About 30 million barrels of Russian oil seen contaminated
 "When 30 mn barrels of Russian oil became a logistical nightmare for Europe")
Russia's $2.7 bn of oil exports to Europe gets tainted and no one knows how
The oil was contaminated with organic chlorides, compounds used in the industry to boost extraction from oilfields by cleaning oil wells and accelerating the flow of crude
 "Russia's $2.7 bn of oil exports to Europe gets tainted and no one knows how")
