Government must leverage oil price tumble to tank up storage facilities and lock in futures purchase prices
The shrinking of India’s non-petroleum product exports is an indication of loss of competitiveness
Brent was up 42 cents, or 0.7%, at $63.01 a barrel by 0104 GMT, while US crude was 46 cents, or 0.8%, higher at $58.31 a barrel.
Lower price of the Indian crude basket not only helps the Union government to prune its current account deficit and save on precious foreign exchange reserves, but it also provides an opportunity to the ruling administration to cash in on the situation and try and take measures to insulate the economy from future oil shocks.
Finance minister Arun Jaitley said No cut in excise duty on oil. Asks to pay the TAXES honestly.
Experts give their reading and outlook on commodity markets and specific commodities.
The slump in oil prices last year is one of the factors that helped Indian economy notch up big gains by cutting its import bill and reining in inflation.
Shell's second-quarter earnings on a current cost of supplies (CCS) basis attributable to shareholders (excluding identified items) was USD 1 billion, down from USD 3.8 billion in the same period last year, a 70 percent fall.
Minister of State for Finance Jayant Sinha, in an interview to PTI, said Indian economy will be "fine" if the oil price stays in the range of USD 40-60 per barrel, but there could be a concern if it goes beyond.
Moody's Investors Service today said ratings of state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) may come under pressure if oil prices fall more sharply than expected and companies carry on with their growth and expansion plans aggressively.
As oil markets rebounded from 12-year lows this week, US shale companies - for the first time in months - started inquiring and placing new hedges for the next few years, according to three market sources familiar with money flows.
Oil prices had rallied earlier with internationally traded Brent crude surging over 6 percent as the world's biggest oil producers including Saudi Arabia and several key OPEC members met in Doha.
French oil company Total said today it had cut its investment target this year as it steps up efforts to drastically cut costs to counter a global collapse in oil prices.
Of all the decommissioning over the next 25 years, more than half is likely to take place between 2019 and 2026. The estimate, from Douglas-Westwood, takes account of the fall in the price of oil.
Delegates at the one-day forum noted the significant increase in ONGC's latest budget while national oil companies in other countries have announced cuts in upstream spending and are reviewing field developments, albeit putting some on hold.
The OPEC chief said market fundamentals did not support the sharp drop in oil prices which have fallen by almost 60 percent since June 2014. Badri said that global demand for oil is forecast to rise to 110 million barrels per day by 2040 from 93 million bpd now.
Asian stocks resumed their slides on Tuesday, with China's and Japan's major stock indexes tanking again in early trade, sparking fears of a hard landing for the Chinese economy, the world's most important growth engine.
Other commodities also hit fresh lows in early Asian trading as fears spread that a more severe slowdown in China would pull down other economies in the region, denting energy and raw material consumption.
B K Mishra, M D, Welspun Corp says quarter-on-quarter (QoQ) performance will remain volatile because of the volume, in excess of a million tonne, needs to be booked on lower price to keep the new mills running.
During full 2014-15 fiscal, the company's consolidated net profit increased 26.33 percent to Rs 254.75 crore as against Rs 201.64 crore in the year-ago period.
Auctioning coal mines to the private sector to restart electricity projects, pressing ahead with necessary land acquisition for road building or easing bureaucratic hurdles in the attainment of licences will help Indian exporters gain competitiveness.
The Organisation of the Petroleum Exporting Countries (OPEC) is unlikely to implement a production cut at its next meeting in June.
Rolls-Royce has won an order to supply engines for 50 A380 aircraft for Emirates for a USD 9.2 billion.
The IEA's expectation for a "notable acceleration" in demand for oil in 2015 comes as Iran called on fellow Organisation of Petroleum Exporting Countries (OPEC) members to cut production.
Rating agency Moody's on Thursday upgraded India's credit outlook to positive from stable, saying that the measures taken by the policymakers would enhance economic strength.