Oil Industry

Nayara, a major buyer of Russian oil, was recently sanctioned by the European Union as the refinery is majority-owned by Russian entities, including oil major Rosneft

India’s spot oil needs wane as Russia flows are set to rebound

New Delhi's state-owned processors are on track to secure more than three dozen cargoes that will load next month

Joe Biden warns oil firms he’ll seek tax on ‘windfall’ profits

“The oil industry has not met its commitment to invest in America and support the American people,” Biden said Monday. He called the industry’s profits “a windfall of war.”

Oil rises 4% on supply threats, still set for weekly drop

Russian President Vladimir Putin has threatened to halt oil and gas exports to Europe if price caps are imposed and a small cut to OPEC+ oil output plans announced this week also supported prices.

EU sanctions tweak to unblock Russian oil deals with third countries

Russian state-owned companies Rosneft and Gazprom will be able to ship oil to third countries under an adjustment of EU sanctions

Exclusive: OPEC sees global oil demand growth slowing in 2023, sources say

The Organization of the Petroleum Exporting Countries is expected to publish its first forecast for 2023 demand in July.

CIPD seeks insulation of retail petroleum trade from price shocks

The reduction of Central excise duty twice within a span of six months has pushed the retail trade into a tailspin, vastly eroding its capital base and reducing the fuel purchase capacity.

Getting environment clearance in Assam challenging: Oil cos

"Getting forest permission is the most formidable area in Assam. The Ministry of Environment and Forest is on the same page as Petroleum Ministry on this. The state government has to deal at its own level," Director General of Hydrocarbons Atanu Chakraborty said.

Merger of oil cos a tough task, but has its merits: HPCL

Merging all the oil companies into one entity looks difficult even though it has financial benefits, says HPCL‘s Chairman and Managing Director, MK Surana, commenting on the Finance Minister Arun Jaitley‘s Budget proposal to merge state oil firms to create an oil behemoth

Oil prices mixed in Asian trade

Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy EY, said oil prices were pressured by the US Department of Energy's weekly petroleum report.

Why OPEC's losing its ability to set oil prices

US shale oil will replace the Organization of the Petroleum Exporting Countries as the first-mover "swing producer," according to a Goldman Sachs report from the weekend—meaning OPEC is losing its power to set global prices for crude.

Rs 2,000cr insurance to refiners for using Iranian oil soon

After Petroleum Ministry agreed to provide funds, the Finance Ministry has initiated the process of setting up of a Rs 2,000-crore fund to provide insurance cover to domestic refineries that process crude oil imported from Iran.

Brent dips below $99/bbl as Norway meddles; China data eyed

Brent crude fell below USD 99 a barrel on Tuesday as Norway's government intervened in a labor strike and ordered a last-minute settlement to prevent a full closure of its oil industry.

Asia moves to tap oil reserves; doubts about impact

Asian nations moved to release emergency oil stockpiles on Friday as part of a rare global coordinated action by consumer countries to prevent high energy prices from stunting a stuttering economic recovery.

Brent tops $116 as Gaddafi bombs Libyan oil facilities

Brent crude rose 0.3% to surpass USD 116 on Thursday after forces loyal to Libyan leader Muammar Gaddafi bombed oil industry infrastructure, inflicting what could be longer-term damage on the country's exporting capacity.

New market rules could make oil even more volatile

The oil industry is bracing itself for new regulation, welcoming moves to prevent market abuse, but tighter position limits could stifle liquidity and bring greater price volatility.

Oil and unrest: what's the worst that could happen?

Oil industry experts believe major Gulf oil nations have enough cash and military support to avoid Egypt-style civil uprisings, which emerged as the key fear factor for volatile oil markets.

Industry wants cut in taxes: Oil Secretary

The oil ministry will seek changes in crude and products duties after industry asked for cuts, Oil Secretary S Sundareshan said on Wednesday, as international crude prices hover near two-year highs.