The world’s oil demand is expected to climb by more than expected in 2023, according to OPEC, which boosted its prediction in its first upward revision in months. The organization cited China’s relaxation of COVID-19 limitations and slightly better expectations for the global economy. The Organization of the Petroleum Exporting Countries (OPEC) predicted on Tuesday…
In response to a question in the Rajya Sabha, Minister of State for Petroleum & Natural Gas Rameswar Teli stated that the Special Additional Excise Duty (SAED) collection for FY23 is estimated at a level of ₹25,000 crores from crude oil production, export of gasoline, diesel fuel, and aviation turbine fuel (ATF). The SAED, also…
In the second half of the year, when China’s economy emerges from anti-virus lockdowns, crude oil prices could reach $100 per barrel, according to Iran’s liaison to OPEC. Afshin Javan, Iran’s national representative to the OPEC producer group, stated on the fringes of the India Energy Week conference in Bengaluru that “we have some market…
The fear of additional interest rate hikes and ongoing Russian crude exports caused oil prices to decline by more than 2% in the previous session. However, prices stabilized in early Asian trade on Tuesday. Brent crude futures were up 28 cents to $85.18 per barrel, while U.S. Crude oil futures for West Texas Intermediate (WTI)…
Oil prices dropped on Monday, giving up earlier gains, as investors remained cautious ahead of a U.S. Federal Reserve meeting that may cause market turbulence and global producers this week decided to keep output steady. Brent crude futures were down 20 cents, or 0.2%, to $86.46 per barrel, while U.S. West Texas Intermediate crude was…
Due to the east Asian Lunar New Year vacation, which thinned down early trading on Monday, oil prices dipped lower. However, they managed to hold onto the majority of last week’s gains due to the likelihood that China, the world’s top oil consumer, will experience an economic revival this year. The price of Brent crude…
The expectation that China’s harsh COVID-19 regulations will be relaxed will result in a rebound in gasoline consumption in the world’s largest oil importer drove up oil prices on Wednesday, extending gains from the previous session. Following a 1.7% gain in the prior session, Brent crude futures were up 52 cents, or 0.6%, at $86.44…
India’s overall imports from Russia increased by 400% (year over year) to $32.88 billion in April–December 2022, making it the country’s fourth-largest crude oil supplier. According to data made public by the Commerce and Industry Ministry, the Ukrainian situation led to a rise in the sourcing of discounted crude. Russia ranked as India’s eighteenth-largest trading…
Based on the Wholesale Price Index (WPI), producer inflation fell to a 22-month low in December. WPI-based inflation decreased from 5.85 percent in November to 4.95 percent in December, primarily as a result of lower prices for food items and crude oil. The Monetary Policy Committee is anticipated to face pressure to postpone the increase…
Goldman Sachs Group Inc predicts that the price of commodities, particularly crude oil, would be largely determined by when China reopens following the Lunar New Year celebrations later this month. If China and other Asian economies entirely remove coronavirus limitations, a barrel of Brent oil may hit $110 by the third quarter, according to Currie….
