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Oil price shocks extend beyond fuel costs and have broader impact on the economies
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Given ample supplies and low demand, the market looks for real impact on supplies for cues rather than offer knee-jerk responses to perceived threats, experts say.
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OPEC+ ministers are scheduled to hold an online Joint Ministerial Monitoring Committee (JMMC) meeting on August 1.
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Despite disruptions in the Red Sea, which accounts for 10 percent of the world's oil, grain, and consumer goods shipments, crude prices have remained low.
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Speaking at the Energy Technology Meet, Puri further said, "Biofuels will immune the world from the uncertainties which have unfolded in the recent days."
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Both benchmarks rallied nearly 30% in the third quarter on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year.
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Crude oil prices hit a new record high. Crude is headed for a third weekly gain. Since June, Crude prices have jumped by 15%. Apart from Crude, we address why China has cut its reserve requirement ratio to 7.4%. Tune into today's episode of Commodities Corner with Manisha Gupta.
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Nilesh Shah, CEO of Envision Capital, hails Nifty's 20,000 milestone as a sign of India's strength. However, he cautions that crude price fluctuations could pose a risk to India’s macros. Shah is bullish on Mid and SmallCaps and feels that long-term structural growth opportunities will revolve around the 3Cs – Credit, consumer and the capex plays.
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Crude prices touched $83 per barrel on July 25 — the highest in the last three months. The gain in crude oil prices comes as Saudi Arabia implemented additional supply cuts of 1 million barrels per day from July and the recent steps taken by the Chinese govt to boost its economy.
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Speaking at CNN-News18’s Town Hall, Puri said, Oil Marketing Companies (OMCs) took a hit to protect consumers and have left diesel and petrol prices unchanged for over a year now.
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Crude linkage is more relevant to India’s consumption basket, and allows deeper liquidity in global trading markets, on a real-time basis
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Vartika Shukla, chairperson and managing director of Engineers India, speaks to Moneycontrol's Rachita Prasad at India Energy Week on order book growth, the potential growth for refining in India, and her views on women in leadership.
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Moneycontrol conducted a poll to gauge sentiments towards crude oil prices and how fuel prices in India would, in turn, be impacted.
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The NSE Nifty 50 index rose 0.27% to settle at 18,562.75, and the S&P BSE Sensex climbed 0.34% to end at 62,504.80, with both notching closing highs for the third straight session.
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Brent futures fell $1.70, or 1.8%, to $95.26 a barrel by 11:18 a.m. EDT (1518 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.64, or 1.8%, to $87.44.
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Brent crude futures for December settlement were down $1.17, or 1.3%, at $92.33 a barrel by 1217 GMT, after rising 2% last week. U.S. West Texas Intermediate crude for December delivery was at $83.65 a barrel, down $1.40, or 1.7%.
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A rain deficit in some northern states, and deprecation of the rupee, could impact the sector and derail the benefits of declining commodity prices. Analysts feel the pressure on margins may ease only in H2 of FY23.
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US president hopes to convince Saudi Arabia to pump more while crimping Russia’s energy revenues
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Petrol and diesel prices have held steady for over three weeks, according to the price notification by fuel retailers.
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The OPEC oil cartel and allied countries including major exporter Russia are weighing how much oil to produce as US gasoline prices hit another record high.
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Saying that the fiscal situation was less challenging last year, T V Somanathan stressed that the government will work on maintaining growth and fiscal stability, while the primary responsibility of controlling inflation lies with the Reserve Bank of India.
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The factors impacting the crude demand this year are a drop in China’s oil demand on account of lockdown and a surge in commodity prices and sanctions on Russia which have moderated the global economic growth
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Members of the International Energy Agency agreed on Friday to make another round of releases from their emergency fuel reserves.
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This is the 10th increase in prices since the ending of a four-and-half-month long hiatus in rate revision on March 22
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Russia-Ukraine standoff impacted oil prices and equity markets. Brent crude prices have risen sharply. MK Surana, CMD, HPCL, speaks on factors currently affecting the crude prices.
