Crude oil

crude oil production fell over 4 per cent in the financial year 2018-19 after aging fields of state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) missed the target, official data showed Thursday. India produced 34.2 million tonne of crude oil in the fiscal year ended March 31, down from 35.7 million tonne in the previous year, according to data released by the Ministry of Petroleum and Natural Gas here. ONGC output dropped to 21 million tonne from 22.25 million tonne in 2017-18, while OIL saw a 2.5 per cent dip to 3.3 million tonne. Fields in the private sector saw a production drop of nearly 2 per cent to 9.8 million tonne mainly because of lower output at Cairn India's Rajasthan oilfields. ONGC production was lower due to technical issues at its Mumbai and Neelam Heera fields in the Arabian Sea and less than the production at Santhal and Balol fields in Gujarat. During March, the country's total crude oil production fell to 2.85 million tonne from 3.04 million … [Read more...] about India’s crude oil production drops 4% in FY19

New Delhi: India’s crude oil imports from Iran jumped a whopping 43.72 per cent to 2.07 Million Tonne (MT) in August this year. India is among the largest importers of Iranian crude oil and the jump in imports comes amid increasing pressure from the United States (US) on Iran’s oil customers to cut purchases.Cumulatively, oil imports by India from Iran in the first five months (April to August) of the current financial year increased 43.69 per cent to 13.32 MT as compared to 9.26 MT imported in the corresponding period a year ago, fresh data sourced from the Directorate General of Commercial Intelligence and Statistics (DGCIS), an arm of the ministry of commerce and industries showed.In value terms, India imported $1.08 billion worth of crude oil from Iran in August alone, as compared to $0.52 billion worth of crude imported in the corresponding month last year. India's oil import from Iran in value terms during the five month period doubled to $6.82 billion from $3.27 … [Read more...] about India’s crude oil imports from Iran jumped 44 per cent in August

New Delhi: India's crude oil imports in October rose to their highest level in at least more than seven years, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Tuesday.Crude imports in October climbed 10.5 per cent from a year earlier to 21.02 million tonnes, the highest monthly import figure in PPAC data going back to April 2011.Imports rose as many refiners resumed purchases after maintenance of units.In October, India's oil imports from Africa surged to more than a three-year high.In India, the world's third-largest consumer, oil imports typically rise from October due to higher fuel demand in the festival season and as industrial activity picks up after months of monsoon rains.India is among the eight countries to have received a waiver from the United States to continue crude oil imports from Iran without penalty after sanctions were reimposed on Tehran.India's oil imports from Iran fell by about 12 per cent to about 466,000 bpd in October. … [Read more...] about India’s crude oil imports rise to highest level in at least 7 years

crude oil imports in May fell 22.6 per cent from a year earlier, it’s biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus.Crude oil imports fell to 14.61 million tonnes, it’s lowest since 2015, Petroleum Planning and Analysis Cell data showed on Friday.Oil products imports eased 0.8 per cent to 3.57 million tonnes year-on-year, while exports rose by 5.9 per cent to 5.75 million tonnes, gaining for a ninth straight month in May as slowing demand at home prompted companies to ship more oil overseas.The country has relaxed coronavirus-led restrictions in lower risk areas, which is expected to improve demand and scale up crude processing.The latest data bolstered those expectations with India’s fuel demand jumping nearly 50 per cent in May from the previous month, signalling a slow revival of economic activity.However, industry analysts expect a full-scale recovery to pre-COVID-19 … [Read more...] about India’s May crude oil imports post biggest decline since at least 2005

LONDON: Oil prices rose on Tuesday after a volatile session sparked by confusion over the status of the US-China trade deal.Markets were unsettled by surprise comments from White House trade adviser Peter Navarro, who said the hard-won deal was "over", though US President Donald Trump later soothed jangled nerves with an assurance that the agreement was fully intact.Brent crude rose 49 cents, or 1.1 per cent, to $43.57 a barrel by 0933 GMT, having skidded to a session low of $42.21. US oil was up 48 cents, or 1.2 per cent, at $41.21 a barrel after touching a low of $39.76.US-China relations have reached their lowest point in years since the coronavirus pandemic that began in China hit the United States hard. President Trump and his administration have repeatedly accused Beijing of not being transparent about the outbreak.Oil prices were also supported by data showing that the historic downturn in the euro zone economy eased again this month as businesses resumed activity across the … [Read more...] about Crude oil prices rise after Trump assurance on China trade deal