Category: Oil & Gas

China’s oil refinery throughput rose in March as refiners stepped up runs amid signs of a tentative economic recovery in the world’s second largest consumer of crude. Total refinery throughput was 63.78 million metric tonnes, data from the National Bureau of Statistics (NBS) showed on Tuesday. That was equivalent to 15.09 million barrels per day […]

The Indian government has raised its windfall tax on petroleum crude to 9,600 rupees ($114.99) a metric ton from 6,800 rupees with effect from April 16, the government said on Monday. The tax, which is revised every fortnight, will remain unchanged at zero for diesel and aviation turbine fuel. The government had on April 4 […]

Russia has been able to swiftly repair some of key oil refineries hit by Ukrainian drones, reducing capacity idled by the attacks to about 10% from almost 14% at the end of March, Reuters calculations showed. Ukraine stepped up drone attacks on Russian energy infrastructure since the start of the year, hitting some major oil […]

Oil prices are expected to rise on Monday after Iran’s attack on Israel over the weekend, analysts said on Sunday, but further gains may depend on how Israel and the West choose to retaliate. Iran launched explosive drones and missiles at Israel late on Saturday in retaliation for a suspected Israeli attack on its consulate […]

Oil prices rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though prices are set for weekly losses amid expectations of fewer U.S. interest rate cuts this year. Brent crude futures climbed 51 cents, or 0.57%, to $90.25 a barrel by 0420 GMT, while […]

Russia’s government is looking at the possibility of introducing some easing of rigorous fuel environmental standards in order to allow the usage of low-quality gasoline in the face of possible fuel shortages, three industry sources told Reuters. According to sources’ calculations, it could bring in additional 10%, or between 300,000 metric tons and 350,000 tons […]

Oil prices stabilised on Tuesday, with the previous session’s drop arrested by dwindling prospects of negotiations between Israel and Hamas producing a ceasefire in Gaza. Brent crude futures edged up 5 cents, or 0.1%, to $90.43 per barrel by 1309 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 10 cents or 0.1% at […]

Baghdad is repairing a pipeline that could allow it to send 350,000 barrels per day (bpd) to Turkey by the end of the month, an Iraqi deputy oil minister said on Monday, a step likely to rile oil foreign companies and the Kurdistan Regional Government (KRG). The reopening of the Kirkuk-Ceyhan pipeline, which has been […]

India’s fuel consumption declined by 0.6 per cent year-on-year (y-o-y) in March. However, demand for the 2024 financial year increased by about five per cent, primarily due to higher sales of automotive fuel and naphtha. Preliminary data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed that the total consumption, a […]

Fuel consumption in India, a proxy for oil demand, increased 4.6 per cent, to hit a record high of 233.32 million tonne (mt) in FY24.This was lower than the 10.57 per cent rise seen in FY23. The demand fell by 0.6 per cent on an annual basis in March as a result of lesser petroleum […]

Oil drifted lower on Monday after Israel withdrew more soldiers from Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict in the Middle East. Brent crude futures dropped 90 cents or 1%, to $90.27 a barrel by 1000 GMT. U.S. West Texas Intermediate crude was down 86 cents, or about […]

Oil and Gas stocks were trading in the positive zone, with the S&P BSE Oil&Gas index rising 416.87 points or 1.5% at 28250.01 at 09:46 IST. Among the components of the S&P BSE Oil&Gas index, Indraprastha Gas Ltd (up 3.91%), Linde India Ltd (up 2.51%),GAIL (India) Ltd (up 1.84%),Bharat Petroleum Corporation Ltd (up 1.67%),Indian Oil […]