Iraq is willing to double the credit period on crude sales to 60 days if Indian refiners buy more in 2014, the head of refineries at Hindustan Petroleum said. Iran has also sweetened the deal to expand its dwindling market share by offering free shipment and a nominal discount to Indian refiners, sources said last week.
The drop in oil to around $50 a barrel this year has triggered steep cutbacks in production of US shale oil
While prices sustaining lower levels is crucial, Govt actions are also a key monitorable given the forthcoming elections in 2024.
Oil prices hit two-and-a-half-year highs in Asian trade on Friday as violence continued to wrack the Middle East and threatened to spread to other bigger oil producers in the region, analysts said.
Consumption-related stocks, such as hotels, and quick service restaurants (QSRs), have been hitting the ball out of the park ahead. On the other hand, the Miss World Pageant scheduled for later this year in New Delhi, too, could provide some tailwind to these stocks, especially hotels and aviation. However, analysts suggest investors put their best foot forward and buy these counters only on a decline given the recent rally and economic headwinds.
Soaring output has left the world awash with cheap crude as supply exceeds demand by 1 million to 2 million barrels per day
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
It was a 'turbulent year' for global oil markets.
Oil companies last week sent a notice for stopping aviation turbine fuel supplies to Air India at some airports like Calicut and Jaipur, officials said in New Delhi.
While oiling conditions the scalp, it will not stop your hair from falling nor will it accelerate the rate of hair re-growth, says Dr Apoorva Shah.
India is considering doubling to 10 million tonnes the capacity of strategic oil reserves it is building as an insurance against supply disruptions, to take advantage of current low interest rates and slush of funds with oil companies.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
Employees of PSU oil firms said they will strike work on Tuesday against the proposed privatisation of cash-rich oil refiner Indian Oil Corp.
India will need to travel back in time and seek inspiration from football greats Tulsidas Balaram and Chuni Goswami to deftly dribble around and sidestep the West-imposed price cap on exports of Russian seaborne crude oil. India depends on imported oil to meet 86 per cent of its needs, of which nearly a quarter now comes from Russia. The copious flows are roughly 10 per cent cheaper than competing suppliers helping India save billions of dollars in fuel costs.
Reflecting subdued global economic growth, India's outward foreign direct investment (FDI) fell by 33.3 per cent sequentially to $1.21 billion in August, compared to over $1.82 billion in July.
There have been growing global concerns over China's sweeping claims of sovereignty over all of the South China Sea, a huge source of hydrocarbons.
Prices have firmed up by Rs 100 per quintal (Rs 4,750 per quintal on Monday) in Kochi and it is expected to increase as the demand for oil increases in the festival season.
The Western world keeps talking, ratcheting up sanctions, the only thing it can do. The Russians march on to Kyiv and capture Zelensky and key members of his government as part of their 'de-Nazification' drive, predicts Shreekant Sambrani.
Since their highs in September, chemical stocks have underperformed the benchmarks and broader indices over the past month with larger players witnessing a 9-22 per cent fall during this period. Expectations of weak September quarter results amid high inventory, demand woes and weak realisations have led to the underperformance.
Russia will significantly boost the supplies of Liquefied Natural Gas to energy-hungry India from 2016, President Dmitry Medvedev has announced. Mentioning the success of ONGC Videsh Ltd venture in Sakhalin-1 offshore oil block, Medvedev, who along with Prime Minister Manmohan Singh addressed a CEOs' forum of the top companies of the two countries in Moscow on Friday evening, also expressed Russia's interest in expanding cooperation with India in hydrocarbons.
In a presentation prepared for the incoming Narendra Modi-government, the ministry listed national oil companies losing focus on domestic exploration as well as legal disputes around signed contracts with private explorers among the five things that went wrong during the United Progressive Alliance regime.
'Interim Budget has ignited the entrepreneurial spirit.'
The prohibition has freed up as much as 60 million litres of ethanol
Petrol and diesel prices are likely to be hiked this week as oil companies prepare to pare losses accumulated from keeping rates steady for over four months in the run-up to assembly elections in five states, including UP, despite international oil prices jumping to a 13-year high of $140 per barrel. West Texas Intermediate crude futures, the US oil benchmark, rose to $130.50 per barrel on Sunday evening, its highest since July 2008, before retreating. The international benchmark, Brent crude, hit a high of $139.13 at one point overnight, also its highest since July 2008.
According to police, unidentified armed men opened fire at 12 NATO oil tankers parked outside a restaurant at Mianwali-Multan road in Muzaffargarh.
Nifty made a gap up opening and moved higher after oil prices eased, relieving concerns of inflation.
Despite the high oil prices, growth in energy demand will continue globally, but there is need to reorient the approach in meeting the challenge, Minister for Petroleum and Natural Gas Murli Deora said on Sunday.
The amendments to the six-and-half-decade law provides that stock holding limit on commodities will only be imposed under exceptional circumstances like national calamities, famine with a surge in prices, the minister said.
Natural Gas production from KG-D6 block has dropped to below 20 million standard cubic metres a day this week, from over 63 mmscmd peak output achieved in August 2010.
Along with the Russian nationals, local citizen Akash has also been arrested, the official said, adding that further investigation was on.
Oil presently has demand and supply characteristics which are very close to each other. Both show very little inclination to change in any way in the near future. Demand pattern still has not shown any modification while efforts to gear up supply sources have been slow, says Dr Sanjiv Mehta.
Crude oil futures again flirted with the $60 a barrel mark Friday as prices rose on speculative buying and fears of supply disruptions due to refinery glitches.
The author of Riding the Indian Tiger says the inevitable end of U.S. dependence on oil will have far-reaching consequences for both consumer and producer nations
Billionaire investor George Soros said that although the price of oil is rising due to a combination of rise in demand from China, a weakening dollar and the reduction in supply from the Persian Gulf nations, the main reason for the unprecedented spurt in crude price is speculation.
Plenty of other factors are likely to keep a lid on prices.
The Union Cabinet on Thursday approved a revision in the formula for pricing of natural gas and imposed cap or ceiling price to help cut CNG and piped cooking gas prices by up to 10 per cent. Natural gas produced from legacy or old fields, known as APM gas, will now be indexed to the price of imported crude oil instead of benchmarking it to gas prices in four surplus nations such as the US, Canada and Russia, Union I&B Miniser Anurag Thakur told reporters after a meeting of the Cabinet. APM gas will be priced at 10 per cent of the price of basket of crude oil that India imports (Indian basket of crude oil).
United States Secretary of State Antony Blinken reiterated his country's stance against an immediate ceasefire in Gaza during his meetings with key Middle Eastern leaders on Saturday, CNN reported.
Suddenly, demand-supply mismatch is no longer offered as the standard plausible explanation.
Arun Kumar Singh, former chairman of oil refining and marketing company BPCL, was on Wednesday appointed chairman and managing director of ONGC -- the first instance of a retired person being appointed the head of a Maharatna PSU. "The Appointments Committee of Cabinet (ACC) has approved the proposal of ministry of petroleum and natural gas for appointment of Arun Kumar Singh, ex-CMD, BPCL as chairman, ONGC for a three-year tenure with effect from the date of his assumption of charge of the post," an official order said. PTI first reported of Singh's appointment on November 17.
Just as very high oil prices looked an anomaly in a sluggish world, so now do record high equities.
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