Saudi Arabia has announced reductions in crude oil volumes to be supplied to at least nine clients in Asia and Europe following its decision to add another 1 million barrels per day (bpd) to its OPEC+ production cut quota to prop up prices. Bloomberg reports that the Saudi Kingdom will slash supplies to some refiners by between […]
The total volume of iron ore dispatched to global destinations from Australia and Brazil was 29.7 million tonnes in December, the highest since June 2019, according to a survey from Mysteel. Iron ore shipments from ten Australian ports bound for global destinations hit 21.7 million tonnes, and the tonnage shipped from Brazil’s nine ports to reach […]
After three consecutive months of raising its crude oil prices, the world’s largest oil exporter, Saudi Arabia, is widely expected to make the first cut to its official selling prices (OSPs) since the OPEC+ group started their record production cuts to prop up the market and prices amid crashing demand. Oil refiners and traders in […]
India’s crude oil imports fell in June 2020 to their lowest level since February 2015, while its export of refined products also declined on a year-on-year basis, for the first time in almost a year, government data showed. Crude oil imports last month dropped about 19 per cent from a year earlier to 13.68 million tonnes, down for […]
Indian Oil Corporation (IOCL) reported a net profit of Rs 1,910.8 crore on a standalone basis for the quarter ended June 30, recording a 46.9% drop from the same period a year ago. The state-run oil refining and marketing company attributed the fall in profit to inventory losses, stemming from fluctuations in global oil prices. The […]
The severe demand squeeze due to the pandemic prompted lockdowns and low global crude prices has helped India in reducing its crude import bill. Declining consistently since April, India’s oil imports fell about 29 per cent (YoY) to around 13.44 million tonnes in June, the lowest since October 2011. In value terms, the June oil imports stood at $4.93 billion (Rs […]
Despite the pick-up in economic activity around the globe after lockdowns triggered by the Covid-19 pandemic, Brent crude oil prices are likely to remain range-bound between $35 – 40 per barrel till the third quarter of the current calendar year 2021 (CY21), but move up to $45 – 50/barrel in the second half of CY21, suggests a […]
India’s crude oil imports plunged by 22.6 percent year on year in May, the biggest drop since October 2011, as fuel demand and refinery production took a huge hit on account of a countrywide lockdown to curb the spread of the deadly coronavirus. According to the preliminary data from Petroleum Planning and Analysis Cell, India […]
Indian Oil Corporation (IOC), the country’s biggest refiner and fuel retailer, has issued a tender to import a total of up to 24 million barrels of crude oil from the United States between October this year and March next year, Reuters reported, citing tender documents it has seen. IOC wants to import 2 million barrels each […]
As oil prices start firming up from decades low, experts are suggesting the Indian government hedge part of its oil import to lock in the low price for the future, Business Standard reports. In India, public sector oil marketing companies (OMCs) don’t hedge oil beyond the level they import immediately. This is done just to […]
