Oil Market

Edible oil makers get additional 6 months to remove packing temp details

The government has given six months more time till July 15 to edible oil makers, packers and importers to mention net quantity in terms of volume and weight on the labels instead of temperature at the time of packing, as part of efforts to curb unfair business practices. Earlier, the entities were given the deadline of January 15 for correcting the labelling. "The timeline for declaring the net quantity of edible oils etc. without mentioning temperature is extended for six months, considering the request of the industries to exhaust the un-utilized packaging material," according to the latest order issued by the consumer affairs ministry. The legal metrology officers across the states have been directed to create awareness among the manufacturers, packers and importers of edible oils to pack the commodity without mentioning temperature and advise them to ensure that the quantity declared on the package is correct. Since the weight of edible oil is different at different temperature

Oil prices fall in early trade but remain buoyed by China outlook

Brent crude futures retreated by 46 cents, or 0.5%, to $87.17 at 0031 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 40 cents, also down 0.5%, to $81.24 a barrel

GM mustard (DMH-11) may not solve India's edible oil import problem: ICAR

Indian Institutions engaged in developing GM seeds for 13 crops

Russia welcomes India's decision to not support G7's price cap on its oil

Russia has said that it welcomes India's decision to not support the price cap on Russian oil announced by the G7 and their allies

Oil bounces on pipeline shutdown but heads for weekly loss on demand woes

Brent crude futures were at $76.73 a barrel, up 58 cents, or 0.76%, at 0716 GMT, after dropping 1.3% on Thursday

Oil prices open mixed in early trade on economic fears, rate-hike prospects

Brent crude futures rose 17 cents, or 0.2%, at 0107 GMT to $79.52 a barrel. Last session the benchmark fell below $80 for the second time in 2022

European Union reaches deal for $60-per-barrel price cap on Russian oil

The European Union reached a deal Friday for a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. After a last-minute flurry of negotiations, the EU presidency, held by the Czech Republic, tweeted that ambassadors have just reached an agreement on price cap for Russian seaborne #oil. The decision must still be officially approved with a written procedure but is expected to go through. Europe needed to set the discounted price that other nations will pay by Monday, when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect. The price cap, which was led by the Group of Seven wealthy democracies and still needs their approval, aims to prevent a sudden loss of Russian oil to the world that could lead to a new surge in energy prices and further fuel inflation. Poland long held up an agreement,

India's crude import basket at 10-month low but pump prices to remain high

Fear of worsening economic slowdown in China has dealt the latest blow to global crude oil, with daily prices falling to their lowest since January 4, 2022

Global oil mkt signals short-term weakness ahead of EU ban on Russian oil

The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months

Spike in winter demand for diesel in Europe offers huge scope for India

State-owned refiners are in a strong position to gain from the surging demand for diesel from Europe as winter sets in and natural gas supplies from Russia are set to dwindle on fresh sanctions

Sunflower oil shipments to India from Russia, Ukraine return to normal

Argentina stays top exporter to India since war broke out

COP27 fails to turn off the oil tap as global production hits all-time high

The latest global climate summit has failed to even mention the reduction of fossil fuel usage, a key demand from India, in the final agreement text at Egypt

Oil prices extend gains as China eases some Covid-19 restrictions

Brent crude futures rose 87 cents, or 0.9%, to $96.86 a barrel by 0041 GMT after settling up 1.1% on Friday

Oil drops as China Covid cases spike, dollar gains ahead of midterms

Crude has slumped by about a quarter from its June highs as signs of a global slowdown, tighter monetary policy, and a strong US dollar weighed on prices

Oil prices drop as Chinese demand data shows depressed consumption

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

Oil rises on tight supplies, possibility of China easing Covid curbs

Oil prices rose by more than $1 on Thursday in response to tighter supplies and on news that China is considering a cut in the duration of quarantine

Oil prices rise in tight market as US sets release of more reserves

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 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

India is new major player in Russian oil market once dominated by China

Six vessels hauling Russian crude known as ESPO were headed to refiners in the South Asian nation in August, according to traders and shipbrokers

Saudi Aramco profit surges to another record on bumper oil market

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production