BUSINESS
MC Explains: Why oil prices have cooled despite tight supplies, conflict
Crude futures are trading at about $82 per barrel after touching $91.39 per barrel on October 16 as the conflict between Israel and Hamas continues.
BUSINESS
State-owned oil producers may report higher production in coming quarters: Analysts
State-owned Oil and Natural Gas Corporation reported a 2.1 percent decline in crude oil production in the second quarter at 5.2 MMT and a 2.8 percent reduction in natural gas output.
BUSINESS
Exclusive: GAIL alleges ArcelorMittal made misleading statements to seek additional LNG supplies
In a response to ArcelorMittal’s petition, GAIL said the steel manufacturer has not disclosed the complete facts of the case, but sought to wriggle out of an agreement alleging economic duress.
BUSINESS
State-run oil refiners post combined net profit of Rs 27,295 crore in Q2
The country’s biggest refiner, Indian Oil, posted a consolidated net profit of Rs 12,967 crore in the second quarter, compared to the net loss of Rs 272 crore in the same period last year. Bharat Petroleum and Hindustan Petroleum posted consolidated net profits of Rs 8,501 crore and Rs 5,827 crore respectively in the quarter ended September 30.
BUSINESS
MC Interview|No price revision for CNG or PNG in FY24, says MGL’s Ashu Shinghal
MGL had reduced prices of CNG and PNG in April by Rs 8 per kg and Rs 5 per SCM, respectively, while in October, it had cut prices by Rs 3 / kg and Rs 2 / SCM.
BUSINESS
Gujarat Gas Q2: Net profit declines 27% YoY to Rs 296 crore
Gujarat Gas’s revenue from operations also fell in the quarter ending September 30 to Rs 3,991.15 crore compared to Rs 4,107.83 crore in Q2FY23
BUSINESS
Indraprastha Gas Q2: Net profit increases 30% to Rs 553 crore
The company’s revenue from operations came in at Rs 3,822.53 crore in the second quarter, a decline from Rs 3,922 crore recorded in the same period last year.
BUSINESS
India lowers buying Russian crude by 4% in Oct, steps up Saudi imports
In October, India imported 1.55 million barrels per day (bpd) of crude oil from Russia, as against 1.62 million bpd in the previous month. Russian oil constituted almost 34 percent of total crude oil imports by India in the month.
BUSINESS
GAIL reports 87% spike in Q2 net profit at Rs 2,442 crore
Revenue from operations came in at Rs 33,050 crore in the quarter in the quarter, a fall from Rs 38,729 crore from the year-ago period.
BUSINESS
Petronet LNG’s petchem project to provide high returns: CEO AK Singh
CEO AK Singh said the project has an internal rate of return of more than 19 percent and equity IRR of 30 percent. Petronet LNG approved investment of Rs 20,685 crore for setting up of petrochemicals project including propane and ethane handling facility at Dahej, Gujarat.
BUSINESS
Petronet LNG Q2 profit rises 9%; shares sink 10% on costly diversification plan
The company's board approved investment of Rs 20,685 crore for setting up of petrochemicals project of 750 KTPA of PDH & 500 KTPA of PP plant including propane and ethane handling facility at Dahej, Gujarat.
BUSINESS
Global oil demand to remain strong on transportation fuel uptake, says RIL
RIL has said oil demand would settle at 102.7 million barrels per day (bpd) in 2024 and average at 101.8 million bpd in 2023
BUSINESS
Indian Oil launches country’s first reference fuel; to fully meet domestic demand
Indian Oil said that at present the company can fully meet the domestic demand and also aims to export the fuel in future by ramping up the existing capacity. Reference fuels are required by automobile manufacturers for developing engines and assessing vehicles’ performance to ensure operability in all the global climatic conditions.
BUSINESS
Share of renewables in global electricity mix to near 50% by 2030: IEA report
The International Energy Agency has said that the share of renewables in the global electricity mix would be nearing 50 percent by 2030 from the current 30 percent. It also said that electric cars would increase by almost 10 times worldwide by 2030.
BUSINESS
Domestic crude oil production stays steady at 2.4 MMT in Sept
India’s gross production of natural gas was 6 percent higher in the month compared to the year-ago period at 3,027 MMSCM (million metric standard cubic metre). For the current financial year till September, the cumulative gross production of natural gas increased 4 percent to 17,879 MMSCM, compared with the corresponding period of the previous year.
BUSINESS
Natural gas prices will be impacted if Middle East conflict spreads: Experts
Israel-Hamas conflict: Concerns over geopolitical tensions in the volatile region have led to a jump in spot prices of liquefied natural gas (LNG). The European natural gas benchmark surged 41 percent last week, with prices soaring to a seven-month high.
BUSINESS
MC Explains: How crude oil prices are behaving amidst Israel-Hamas conflict, and its impact on India
Crude oil prices jumped around 5% after Hamas launched a large-scale surprise attack on Israel on October 7. However, days following the launch of the war, prices slightly cooled down as the conflict does not have a direct impact on oil supplies.
BUSINESS
High crude prices to weaken refiners’ profitability in Q2, say analysts
Marketing margins for fuel retailing companies are set to shrink because petrol and diesel prices haven’t changed
BUSINESS
Exclusive: Oil India aims to begin drilling in Andamans in FY25, says official
Manas Kumar Sharma, director (exploration and development), said rigs required for drilling in the area have been identified. Oil India has two shallow-water blocks, AN-OSHP-2018/1 and AN-OSHP-2018/2, in the Andamans, won in the third OALP round.
BUSINESS
Govt launches 12th CGD bidding round offering areas in North-East, Union Territories
In the 12th CGD bidding round, the government has offered seven geographical areas (GAs) spread over five states and two union territories, covering 92 districts. The five states include Arunachal Pradesh, Meghalaya, Manipur, Nagaland and Sikkim.
BUSINESS
India will navigate through geopolitical crisis if oil supply is not disrupted: Hardeep Singh Puri
Oil Minister Puri said India is closely watching the conflict unfolding between Israel and Hamas. He said that rising crude oil prices would have an adverse impact on attempts at global economic recovery.
BUSINESS
Global Biofuel Alliance guidelines expected in FY24 itself: Indian Biogas Association Chairman
GBA, an alliance of countries and organisations to facilitate the adoption of biofuels, was announced in the G20 Summit by Prime Minister Narendra Modi. However, clear guidelines as to what the alliance would do to achieve its goal has not been announced yet.
BUSINESS
MC Explains | What would be the impact of Saudi’s decision to extend supply cuts?
Saudi Arabia had cut production by 1 million bpd starting July to support crude prices, while Russia has reduced exports by 3,00,000 bpd. India has urged OPEC to review the cuts to ensure that crude prices do not outstrip the paying ability of the consuming countries
BUSINESS
Oil Minister concerned about ‘organised chaos’ and ‘devastation’ over rising oil prices
Oil Minister Hardeep Singh Puri said that crude oil prices of around $80 per barrel or slightly less than that would be a convenient price range for countries
