Page 4 - Oil Prices

Russian oil price cap evolves from revenue squeeze to market anchor: Report

Russia said the cap would not hurt the financing of its "special military operation" in Ukraine

Fitch expects windfall tax to be phased out in 2023 on moderating oil rates

Fitch Ratings on Tuesday said it expects the five-month-old tax on windfall profits made by oil companies to be phased out in 2023 on the back of moderating oil rates. The government had on July 1 levied a new tax on domestically-produced crude oil as well as on the export of petrol, diesel and jet fuel (ATF) to take away windfall gains accruing to oil companies from a global surge in energy prices following Russian invasion of Ukraine. The tax rates are revised every fortnight based on prevailing international rates. The levy on petrol export has since been abolished. "We expect the windfall taxes on domestic crude oil production levied by the government in 2022 to be phased out in 2023 with moderating prices," Fitch said in its APAC Oil & Gas Outlook 2023. Domestically-produced crude oil, which makes up for 15 per cent of all oil consumed in the country, is priced at international rates. With global oil prices rallying to a decade high in the aftermath of the Russia-Ukraine war,

Oil prices rise today after price cap on Russian crude, OPEC+ meeting

Oil prices edged higher after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea

Sensex, Nifty end flat after volatile day; Metal index up 2%, RIL down 1.5%

CLOSING BELL: RIL (down 1.45 per cent), Tech M, Dr Reddy's Labs, Bharti Airtel, Axis Bank, and TCS were the top laggards

Russia rejects $60-a-barrel price cap on its oil, warns of cutoffs

Russian authorities rejected a price cap on the country's oil set by Ukraine's Western supporters and threatened Saturday to stop supplying the nations that endorsed it. Australia, Britain, Canada, Japan, the United States and the 27-nation European Union agreed Friday to cap what they would pay for Russian oil at $60-per-barrel. The limit is set to take effect Monday, along with an EU embargo on Russian oil shipped by sea. Kremlin spokesman Dmitry Peskov said Russia needed to analyze the situation before deciding on a specific response but that it would not accept the price ceiling. Russia's permanent representative to international organizations in Vienna, Mikhail Ulyanov, warned that the cap's European backers would come to rue their decision. From this year, Europe will live without Russian oil," Ulyanov tweeted. "Moscow has already made it clear that it will not supply oil to those countries that support anti-market price caps. Wait, very soon the EU will accuse Russia of using

Ukraine urges tougher western squeeze on Russian oil prices as war wages

The office of Ukrainian President Volodymyr Zelenskyy called Saturday for a lower price cap on Russian oil than the one agreed to by Ukraine's Western supporters, while Russian authorities called the $60-per-barrel cap harmful to free, stable markets. Andriy Yermak, the head of Zelenskyy's office, wrote on social media that the price ceiling set by the European Union, Australia, Britain, Canada, Japan, and the United States on Friday didn't go far enough. The cap is set to take effect Monday, along with an EU embargo on Russian oil shipped by sea. It would be necessary to lower it to $30 in order to destroy the enemy's economy faster, Yermak wrote on Telegram, staking out a position also favored by Poland a leading critic of Russian President Vladimir Putin's war in Ukraine. The Russian Embassy in Washington insisted that Russian oil "will continue to be in demand" and criticized the price limit as reshaping the basic principles of the functioning of free markets. A post on the ...

Price cap on Russian oil to benefit mkts, constrain Putin's finances: US

The US has welcomed the USD 60-per-barrel price cap on Russian oil, describing it as an important tool that will benefit emerging markets and low-income economies and further cripple President Vladimir Putin's finances used to fund his brutal invasion on Ukraine. The European Union reached a deal on Friday for a USD 60-per-barrel price cap on Russian oil. The Group of Seven nations and Australia joined the European Union in adopting the price cap on Russian oil, aimed at significantly reducing Moscow's income and President Putin's ability to continue to finance the war in Ukraine. 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 will encourage the flow of discounted Russian oil onto global markets and is designed to help protect consumers and businesses from global supply disruptions, US Treasury Secretary Janet Yellen said on Friday.

Oil price cap looks set to keep Russian oil flowing even as war continues

Lavrov said the cap was irrelevant, the strongest hint yet of a possible softening. With such a generous cap, buyers and sellers can easily claim it's just business as usual

Oil prices remain steady ahead of OPEC+ meeting, EU Russian oil ban

Brent crude futures were up 14 cents, or 0.2%, at $87.02 per barrel by 1008 GMT. U.S. West Texas Intermediate (WTI) crude futures inched up 5 cents, or 0.1%, to $81.27 per barrel

European Union edges closer to $60-per-barrel Russian oil price cap

The European Union was edging closer to setting a USD 60-per-barrel price cap on Russian oil a highly anticipated and complex political and economic maneuver designed to keep Russia's supplies flowing into global markets while clamping down on President Vladimir Putin's ability to fund his war in Ukraine. EU nations sought to push the cap across the finish line after Poland held out to get as low a figure as possible, diplomats said Thursday. Still waiting for white smoke from Warsaw, said an EU diplomat, who spoke on condition of anonymity because the talks were still ongoing. The latest offer, confirmed by 3 EU diplomats, comes ahead of a deadline to set the price for discounted oil by Monday, when a European embargo on seaborne Russian crude and a ban on shipping insurance for those supplies take effect. The diplomats also spoke on condition of anonymity because the legal process was still not completed. The USD 60 figure would mean a cap near the current price of Russia's crude

Jet fuel price slashed by 2.3% as international oil price softens

Jet fuel (ATF) price was on Thursday reduced by 2.3 per cent, reflecting softening international oil prices but petrol and diesel rates remained on freeze for a record eighth month in running. Aviation Turbine Fuel (ATF) price was cut by Rs 2,775 per kilolitre, or 2.3 per cent, to Rs 1,17,587.64 per kl in the national capital, according to a price notification of state-owned fuel retailers. The rate reduction, which will provide relief to airlines for whom fuel makes for almost 40 per cent of the operating cost, comes on the back of a Rs 4,842.37 per kl, or 4.19 per cent, reduction last month. ATF price is revised on the 1st of every month based on the average rate of international benchmark and foreign exchange rates. Petrol and diesel prices, however, continued to remain on freeze for a record eighth month in a row. Petrol costs Rs 96.72 per litre in the national capital and diesel comes for Rs 89.62. State-owned fuel retailers are supposed to revise petrol and diesel prices dai

Russia not bothered by oil price cap; will negotiate with partner nations

Russia on Thursday said it was not bothered at a possible price cap on its crude oil proposed by the West, saying Moscow will negotiate directly with its partners like India and China as the price should be decided between the producers and consumers, and "not someone who just decided to punish someone." Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine. Countries want to reach an agreement ahead of December 5, when Europe's embargo on Russian crude travelling by sea takes effect. Russian Foreign Minister Sergey Lavrov told a press conference on European security issues that Moscow was not bothered about the price cap set to be imposed by the West on its oil exports. "We are not interested in what the price cap will be, we will negotiate with our partners directly, and the partners who continue to work with us will not look at these caps and will not give any guarantees to those who illegally introduce .

Oil price edges higher on tight supply, China demand recovery optimism

Oil prices nosed ahead in early Asian trade, lifted by signs of tighter supply and by optimism over a Chinese demand recovery

Oil up over $2 on tighter supply but likelihood of OPEC+ talks limit gains

Brent crude futures rose $2.22, or 2.67% to $85.25 per barrel by 1340 GMT. The more active February Brent crude contract rose by 3.35% to $87.07

ICICI Bank, HUL, ITC help lift Sensex 177 pts, Nifty above 18,600; PSBs dip

CLOSING BELL: The S&P BSE Sensex hit a fresh life-time high at 62,887, and the Nifty 50 registered a new summit at 18,678 on Tuesday.

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

Oil prices erase 2022 gains as China's protests spark demand worries

Oil prices fell close to their lowest this year on Monday as street protests against strict COVID-19 curbs in China, the world's biggest crude importer, stoked concern over outlook for fuel demand

EU heads for December agreement for proposed price cap on imported gas

Any agreement on the European Commission's proposal to cap the price of imported gas will be postponed until the middle of December, said Jozef Sikela, the Czech minister of industry and trade

Oil inches up in early trade amid wrangling over Russian oil price cap

Brent crude futures inched up 13 cents, or 0.2%, to trade at $85.47 a barrel at 0121 GMT

We should see core inflation dipping: RBI MPC member Ashima Goyal

Core inflation is calculated by largely stripping away the volatile components of food and fuel. Goyal was referring to certain products that have linkages with oil prices