Reports say the government has asked oil marketing companies, which have recovered most of their losses and are nearing normal, to cut prices as crude slides
For now, the market appears to have moved past interest rates, and the focus is on institutional fund flows
Total production cuts by the oil producing countries’ cartel is projected to reach 4.6 percent of the global demand in July
Saudi Arabia on June 4 announced a 1 million bpd cut in oil production starting in July.
The oil exploration company said that in the last five years, it has spent around Rs 1,44,000 crore on capital expenditure.
Indian imports of sweeter crude oil from Russia, such as the ESPO blend, almost doubled in the month of April.
Brent crude futures dipped 20 cents, 0.3%, to $76.76 a barrel as of 0228 GMT. U.S. West Texas Intermediate crude also dropped 20 cents to $72.63 a barrel.
The windfall tax on crude petroleum has been slashed to nil from Rs 4,100 per tonne, according to a notification issued by the government late on May 15.
Windfall tax, also referred to as the special additional excise duty, was already nil on aviation turbine fuel (ATF), petrol and diesel. The same has been left unchanged.
While the domestic equity market is optimistic about the possibility of the Fed not raising rates again, India may have to follow a different rate cycle of its own
Crude oil firms as USD retreats. Prices rose by 7% this week. There is a decline seen in inventories of gasoline, distillates & jet fuel. How does this impact India? Watch Commodities with Manisha Gupta to know more.
Discounted crude oil has constituted a large portion of India’s imports since last year. OPEC made up for as much as 90 per cent of all crude oil India imported at one point of time, but this has been sliding since Russian oil became available at a discount in the aftermath of Moscow's invasion of Ukraine in February last year.
The Federal Reserve said in its financial stability report on Monday the system overall remained stable, but flagged banking system pressures, real estate stress and persistent inflation
Brent crude was up $1.83, or 2.4%, at $77.13 a barrel by 1200 GMT. U.S. West Texas Intermediate (WTI) crude gained $2.06, or 2.9%, to $73.40.
Gave also said the best way for India to deal with structural macro problems would be to maintain the policy rate above inflation “to prevent the inefficient people from having access to capital”.
In April 2023, Iraq supplied 812,000 bpd of crude oil to India while Saudi Arabia provided 671,000 bpd.
The sharp fall in crude oil prices is majorly on account of concerns about a weakening global economy and recession deterring energy demand. Morgan Stanley has lowered its forecast for Brent prices to $75 a barrel by the end of 2023
Brent futures were up 73 cents, or 1.01%, to $73.06 a barrel by 0957 GMT. U.S. West Texas Intermediate (WTI) crude rose 49 cents, or 0.71%, to $69.09.
On May 2, the government cut the so-called windfall tax on crude oil to Rs 4,100 a tonne from Rs 6,400 a tonne
The government has left the windfall tax on petrol, diesel and aviation turbine fuel at zero
India has tended to be permanently on the cusp of a balance-of-payments crisis due to its reliance on energy imports priced in US dollars. But the situation is changing now.
IEA is an energy agency and OPEC a petroleum organisation. IEA wants OPEC to ensure security of supply while the oil cartel wants IEA to ensure security of demand. But IEA won't guarantee that with electrical vehicle sales rising and crude oil demand stagnating
While demand recovery in China is expected to be a positive factor for crude oil prices, weak economic activity in the US and Europe may drag prices down, the official added.
Indian companies including ONGC, Oil India, BPCL and Indian Oil have stakes in Russian oil and gas projects.