OPEC is set to win a bigger share of India’s oil imports in coming decades due to the proximity of its supplies, the producer group’s head told Reuters, after its dominance was recently eroded by competition from discounted Russian oil. The share of oil from the Organisation of the Petroleum Exporting Countries (OPEC) imported by […]
Oil prices weakened slightly on Friday, but remain set for a second weekly gain as positive US economic growth and signs of Chinese stimulus boosted demand sentiment, while Middle East supply concerns added further support. Brent crude futures were down 94 cents at USD 81.50 a barrel by 12:12 a.m. ET (17:12 GMT), having set […]
In early Asian trade on Friday, oil prices surged, poised to achieve their first weekly gain in two months, fueled by a positive outlook on oil demand from the International Energy Agency (IEA) for the coming year and a decline in the value of the dollar. According to Reuters, Brent futures experienced a 9-cent increase, […]
The Indian rupee is likely to open slightly higher on Monday after the dollar declined to its lowest in over two months against a basket of major peers. Non-deliverable forwards indicate the rupee will open at around 83.24-83.25 to the US dollar, compared with 83.27 in the previous session. Brent crude rose in Asia trading, […]
Minister of Petroleum and Natural Gas Hardeep Singh Puri met the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday and addressed the OPEC crude production cuts and their impact on the global energy sector. “Minister of Petroleum and Natural Gas Hardeep Singh Puri urged OPEC to recognize the gravity of the […]
Amid rising gas prices, the US inflation rose to 3.7 per cent, recording an acceleration for the second-straight month, CNN reported on Wednesday. However, core inflation, which strips out volatile food and energy prices, continued to slow, CNN reported citing data from the Bureau of Labor Statistics. The Consumer Price Index, a closely watched inflation […]
India’s July crude oil imports from Russia dipped for the first time in nine months, while inbound shipments from Saudi Arabia tumbled to their lowest in 2-1/2 years following OPEC+ cuts, tanker data from trade and industry sources showed. Both China and India, the world’s biggest and third-biggest oil importers, cut imports from Russia and […]
Saudi Arabia, the world’s largest crude oil exporter, has announced voluntary output cuts in crude oil in response to a tighter market induced by global central banks’ interest rate hikes and inflationary pressures. These cuts, initially set for this month, now have been extended to include August. Additionally, OPEC+ has agreed to further reduce production […]
Oil prices experienced a decline in early Asian trade on Monday as global macroeconomic uncertainties and the possibility of further interest rate hikes by the US Federal Reserve offset predictions of tighter supplies resulting from OPEC+ cuts. Brent crude futures dropped by 20 cents, or 0.3 per cent, to USD 75.21 a barrel at 0044 […]
