Oil prices rose in Asian trading on Monday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking US rig count added to upward price pressure. Brent crude futures climbed 39 cents, or 0.5 per cent, to $85.82 a barrel… Continue reading Crude oil rises as heightened geopolitical risks exacerbate supply concerns | Economy & Policy News
Tag: oil
Saudi oil giant Aramco reports $30 bn in Q2 profits, down nearly 40%
Saudi state-run oil giant Aramco said Monday that it made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices. Total sales stood at just over 400 billion riyals (about $106 billion), down from 562 billion riyals… Continue reading Saudi oil giant Aramco reports $30 bn in Q2 profits, down nearly 40%
Russia’s oil to India in June the cheapest since Ukraine war began
By Rakesh Sharma The average cost of Russian crude landing on Indian shores in June was the lowest since Moscow’s invasion of Ukraine more than a year ago. The price for each barrel including freight costs was $68.17, down from $70.17 in May and $100.48 a year earlier, according to… Continue reading Russia’s oil to India in June the cheapest since Ukraine war began
Bears may tighten grip on OMC stocks as Crude Oil trades at 6-week high
Web Exclusive Premium OMC stocks are under pressure Oil prices surged for the 6-consectuive week, climbing a 3-month high post displaying a strong accumulation near $70 per barrel from March to June of this year. This is the sharpest and straight up jump the Brent Crude has observed following an intense sell-off since… Continue reading Bears may tighten grip on OMC stocks as Crude Oil trades at 6-week high
Indian refiners push the envelope on Russia crude oil
Indian refiners are concerned after the European benchmark Brent crude rose to the highest level since mid-April, marching towards $90 a barrel. The rise in Brent prices and the output cut by Moscow this month have made Russian Urals crude costlier, complicating matters for Indian importers, led by Indian Oil and Reliance Industries. … Continue reading Indian refiners push the envelope on Russia crude oil
Vedanta announces new appointments, advisory board for oil business
Representative Image (Photo: Bloomberg) Vedanta, an Indian multinational corporation specialising in metals and oil, announced on Friday a series of new appointments for its aluminium and oil divisions. Additionally, the company unveiled plans for a new advisory board to guide the oil and gas sector. John Slaven has been appointed as chief executive… Continue reading Vedanta announces new appointments, advisory board for oil business
Arabia extends cut of 1 mn barrel of oil a day through Sept, to boost price
Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices. The Saudi cut of 1 million barrels per day, which began in July, comes as the other OPEC+ producers have agreed… Continue reading Arabia extends cut of 1 mn barrel of oil a day through Sept, to boost price
Gulf Oil Lubricants India PAT grows 20.8% to Rs 68.30 cr in June quarter
Lubes maker Gulf Oil Lubricants India on Thursday reported a 20.8 per cent growth in standalone Profit After Tax (PAT) at Rs 68.30 crore in the June quarter. The Hinduja Group company had posted a standalone PAT of Rs 56.53 crore in the first quarter of the previous fiscal, according to a statement.… Continue reading Gulf Oil Lubricants India PAT grows 20.8% to Rs 68.30 cr in June quarter
Rupee slips to near one month low after US downgrade, oil firms demand
The rupee depreciated 33 paise on Wednesday and settled at a nearly one-month low of Rs. 82.59 per US dollar due to demand for safe-haven currencies after the US’ credit rating was downgraded by Fitch from ‘AAA’ to ‘AA+’, citing an “expected fiscal deterioration over the next three years”. This led to risk… Continue reading Rupee slips to near one month low after US downgrade, oil firms demand
India’s July edible oil imports hit record at 1.76 mn metric tonnes
India’s edible oil imports in July rose to a record 1.76 million metric tonnes as refiners built up stocks for upcoming festivals given uncertainty over supplies from the Black Sea, five dealers told Reuters. Higher purchases by the world’s biggest importer of vegetable oils could help to lower palm oil stocks in Indonesia… Continue reading India’s July edible oil imports hit record at 1.76 mn metric tonnes