BUSINESS
Petrol dealers’ association urges govt for gradual reduction in fuel prices
Amid media reports of fuel price reduction, the Consortium of Indian Petroleum Dealers has written a letter to government to immune dealers from the losses incurred by them during instances of sudden price cuts.
BUSINESS
2024: Fuel price cut likely early next year, domestic oil & gas output may get a boost
With international crude oil prices cooling down in 2023 from high levels witnessed in the previous year, expectations are high for price reduction of diesel and petrol by oil marketers in 2024.
BUSINESS
Diesel demand expected to rise after slump in consumption in recent months: Experts
Although demand for diesel was subdued in the last few months, experts expect consumption to increase with the start of the rabi season.
BUSINESS
Crude oil prices hover below $80/bbl amid Angola’s OPEC-exit decision, higher crude output
Brent crude settled at $78.33 per barrel on December 22, whereas, US West Texas Intermediate (WTI) crude futures fell to $73.89 a barrel.
BUSINESS
Oilmax Energy plans to double capex in FY25 to ramp up production from its fields
Oilmax’s listed entity Asian Energy Services Limited (AESL) is expected to report stronger performance in the coming months, similar to the quarter ending September 30, on account of increased activity in the seismic business, the Chief Financial Officer told Moneycontrol.
BUSINESS
IGX awaits regulatory nod for introducing ssLNG contracts: CEO Mediratta
IGX, which currently only provides contracts for natural gas, has filed application with Petroleum and Natural Gas Regulatory Body (PNGRB) for LNG contracts and expects approval soon
BUSINESS
Budget@10: Oil and gas industry headed to energy transition, focused on self-reliance
In the Union Budget 2023-24, finance minister Nirmala Sitharaman allocated Rs 35,000 crore towards energy transition and net zero objectives for state-run oil marketing companies
BUSINESS
India resumes buying Venezuelan oil. What does it mean for the country?
Indian oil companies, including Reliance Industries Limited, Indian Oil Corporation, and HPCL-Mittal Energy, have secured cargoes from Venezuela. Oil from that country is expected to hit the Indian market in the coming months
BUSINESS
OPEC predicts robust oil demand for 2024 supported by resilient global GDP growth
The oil cartel said in a report that oil demand is expected to be supported by resilient global GDP growth, amid continued improvements in economic activity in China.
BUSINESS
India turns to UAE for crude oil amid lower Russian discounts, production cuts
In November, India imported 303,000 barrels per day (bpd) of crude oil from UAE — an increase of 35.26% from the previous month, according to data from energy cargo tracker Vortexa
BUSINESS
Oil ministry says ban on use of sugarcane juice won't hit ethanol blending; experts raise concerns
On December 7, the central government told sugar mills not to use sugarcane juice for ethanol production in ESY (ethanol supply year) 2023-2024, which began this month.
BUSINESS
EKI Energy CMD says no need for regulatory intervention after Shankar Sharma’s comments
The Indore based company's former auditor had raised concerns over the company's financial statements saying recognition of revenues and the corresponding cost were not consistent with accounting principles.
BUSINESS
INOXCVA to launch IPO in December after receiving regulatory nod from SEBI
The company plans to raise fund through IPO by offer-for-sale (OFS) of up to 22.11 million shares as the promoters plan to sell their shares. In August, the company had filed draft papers for an IPO.
BUSINESS
Energy prices require to remain stable and predictable: Oil Minister Puri
Speaking at CNBC-TV18 India Business Leader Awards (IBLA) on December 2, Puri said deepening of oil supply cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its allies, or OPEC+, has led to plummeting of crude prices.
BUSINESS
India’s crude imports from Russia continue to dip for second consecutive month
India imported 1.48 million barrels per day (bpd) in November from Russia, compared to 1.55 million in the previous month.
BUSINESS
Govt lowers domestic natural gas prices to $8.47 per mmBtu for December
The price will continue to remain at $6.5 as per a floor and ceiling of $4 per mmBtu and $6.5 per mmBtu, respectively
BUSINESS
Gas distribution infra in NE states, J&K require new innovations: MoPNG Secretary
The government has launched the 12th CGD (city gas distribution) bidding round in six states of Arunachal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland and Sikkim along with two Union Territories of Jammu & Kashmir and Ladakh
BUSINESS
Crude oil up 2% amid concerns over deeper supply cuts by OPEC, allies
The benchmark Brent crude settled at $81.68 a barrel, up 2 percent, on November 28, while West Texas Intermediate closed at $76.41
BUSINESS
Compulsory biogas blending in CNG, PNG will help create better biofuel ecosystem: Industry leaders
The oil ministry has mandated blending of compressed biogas in compressed natural gas and piped natural gas, targeting 1 percent blending by financial year 2025-26.
BUSINESS
Crude oil prices fall as demand worries outweigh supply cuts concerns
Benchmark Brent crude was trading at $81.99 per barrel on November 21, lower than previous day’s close of $82.32 per barrel.
BUSINESS
Double-digit gain for OMC shares as oil slips to $80 on demand worries
In addition to the decline in crude oil prices, the healthy performance of OMCs in the September quarter has also worked in favour of the companies. The Indian refiners swung back to profit in the second quarter posting a consolidated net profit of Rs 27,295 crore in the second quarter of FY24.
BUSINESS
Crude oil may skid further on slowdown in China, stockpile in US: Analysts
Demand from China, the largest energy importer in the world, has remained weak due to economic distress in the country. Meanwhile, crude stocks in the US rose by 3.6 million barrels recently.
BUSINESS
India may get a breather from crude oil price drop, here's why
Crude prices have been declining steadily and hit a four-month low on November 16. This may lead to oil marketing companies (OMCs) such as Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation reducing fuel prices soon.
BUSINESS
ONGC expects oil commencement from KG basin by Nov; plans OPaL restructuring
The company expects oil production from KG basin to reach peak of 45,000 barrels per day (bpd) by financial year 2024-2025. Additionally, gas production from the basin is expected to reach 10 million metric standard cubic metre per day by FY25
