BUSINESS
India’s crude oil imports from Russia jump 18% in April amid decline in total imports
The rise in oil supply from Moscow comes amid reports of narrowing discounts on Russian oil and tighter US sanctions on the country.
BUSINESS
PM Modi’s plan to slash electricity bills to benefit consumers, save environment
In an interview, PM Modi said he aims to slash electricity bills to zero by ensuring every household draws renewable power from rooftop solar panels.
BUSINESS
Lower GRMs amid high crude price may drag down performance of state-run OMCs
Singapore GRMs have fallen below $4 per barrel in April—lowest since October 31—compared to around $10 per barrel in February, highest so far in 2024.
BUSINESS
Indian Oil to focus on upskilling employees for green energy roles: Govil, Director, HR
Experts say that only 10-12 percent of India’s renewable energy workforce is female, compared to the global average of 32 percent. However, there are signs of progress as more women take leadership roles and contribute to India’s renewable energy sector.
BUSINESS
Geopolitics, production cuts to drive volatility in crude prices: RIL
In a post-earnings presentation, RIL Chief Financial Officer V Shrikant said crude oil price volatility would be determined by possible supply cuts by OPEC+, geopolitical tensions in the Middle East and potential attacks on Russian energy infrastructure
BUSINESS
Oil India to participate in ninth OALP round, currently mapping data: Official
The government launched the ninth round of the open acreage licensing policy for international competitive bidding on January 3, offering 28 blocks with an area of 136,596 sq. km.
BUSINESS
Oil India to go 'beyond limits' to boost production amid rising crude prices
Manas Sharma, Director- Exploration and Development said the oil explorer plans to drill 78 wells, including exploratory and development wells, in the financial year 2024-25 (FY25) to meet India’s rising oil demand. OIL drilled 61 wells in the previous year.
BUSINESS
India’s oil consumption rises 4.6% in FY24 but domestic production remains steady
Domestic crude oil production in FY24 was 29.4 MMT, almost steady from 29.2 MMT in the previous year. In turn, India’s crude oil imports were the highest in the year as the country met 87.7 percent of its oil requirements from supply from other countries.
BUSINESS
Oil prices ease as weak China economy, likely US output boost outweigh Middle East crisis
Benchmark Brent opened lower at $89.52 a barrel on April 17, down 0.57 percent from previous day’s close of $90.02 a barrel.
BUSINESS
Oil prices jump on Israel’s decision to respond to missiles-attack by Iran
Benchmark Brent opened higher at $90.57 per barrel on April 16, up 0.52 percent from previous day’s close. It had fallen to $88.93 a barrel on the previous day on anticipation of easing geopolitical tensions in the Middle East.
BUSINESS
Crude prices ease as market factors in impact of Iran-Israel war, US denial to deepen crisis
Benchmark Brent opened at $90.26 a barrel on April 15, lower than $90.45 a barrel at which prices settled on April 12—a day before Iran’s attack on Israel. Oil prices were already trading higher in the previous week on account of tensions building up between Iran and Israel.
BUSINESS
Airfare likely to flare up as tensions intensify between Iran and Israel
Indian airlines Air India and Vistara had said they would avoid flying over Iranian airspace for flights to Europe and other Western countries amid the ongoing tensions in the Middle East and would instead take longer routes to steer clear of the conflicted area.
BUSINESS
Oil on boil as Iran launches attack on Israel; What would be the impact on petrol prices?
India—a net importer of crude oil—is highly sensitive to international oil prices as it receives over 85 percent of its requirements from other nations. This directly links the retail prices of petrol and diesel sold in the country to prices in the international market.
BUSINESS
IEA downgrades oil demand forecast for 2024 amid lower OECD deliveries in Q1
IEA said in its monthly oil market report that with the post-Covid rebound now largely complete and electric vehicle fleet expanding, oil demand growth in expected to slow down to 1.2 million bpd and 1.1 million bpd in 2024 and 2025, respectively.
BUSINESS
India to see healthy oil demand growth driven by diesel in 2024: OPEC
In first half of the year, OPEC expects India’s oil demand to increase by an average of around 250 thousand bpd year-on-year, supported by robust economic activity
BUSINESS
How methanol as a fuel can help India reduce its emissions and import bill?
Energy needs of India are expected to be among the highest in the world in the coming years but the country’s energy needs are majorly met by imports.
BUSINESS
OPEC+ keeps output target unchanged. MC explains its impact on India
OPEC+’s ministerial committee has confirmed that the group’s production would remain unchanged till mid-2024.
BUSINESS
Russia continues to remain India’s top crude supplier; imports rise 7% in March
India's import of oil from Russia was higher than supplies from Iraq, Saudi Arabia and other countries in March. Imports of the discounted oil sold by Moscow remain high despite US sanctions on one of Russia's biggest tanker groups in late February.
BUSINESS
ONGC to invest $4.5 billion in 2-3 years to boost output from mature fields
ONGC reported a decline of 3.3 percent in crude oil production in the third quarter of FY24, while a 4.3 percent decline in gas output. The company cited various reasons for the decline in production including natural decline from mature fields.
BUSINESS
ONGC KG Basin peak production may get delayed to end-2024
Pankaj Kumar, director (production), told Moneycontrol that ONGC is currently producing from only one oilfield and was now moving towards commencing production from two others.
BUSINESS
As crude oil prices rise, MC explains what’s on the cards for petrol, diesel prices
After a gap of almost two years, the OMCs, including Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd, had on March 14 slashed fuel prices in the country by Rs 2 per litre.
BUSINESS
IGX expects PNGRB approval for longer gas contracts by early May: CEO Rajesh Mediratta
Mediratta said volumes of the exchange are expected to increase by 30 percent after the exchange launches the sought contracts.
BUSINESS
MC Interview: Indraprastha Gas doesn't see room for further price cut unless APM gas allocation increases, says MD
Managing Director Kamal Kishore Chatiwal said IGL has kept prices lower than other players, adding that the company has plans for expansion and would require an influx of capex for it
BUSINESS
No significant impact to bottomline from recent cuts in fuel, LPG price: Chairman
Indian Oil share price tanked over 5 percent on BSE on March 15 after the fuel price cut, while HPCL and BPCL were down by 6.24 percent and 3.74 percent, respectively
