US becomes India’s fifth largest oil supplier

India’s oil imports from the US rose sharply in January from December, making the world’s largest economy the fifth largest oil supplier to India. According to news agency Reuters, India shipped 218,400 barrels per day (bpd) of crude oil from the US compared to 70,600 bpd in December 2024. Refiners in India, the world’s third-biggest oil importer

Oil hits four-month high after sweeping US sanctions on Russia

Oil extended gains to hit the highest in more than four months as a fresh wave of US sanctions against Russia’s energy industry threatened to crimp supplies in an already-tightening global market. Global benchmark Brent advanced above $81 a barrel after surging almost 4% in the previous session. West Texas Intermediate was near $78. The

Global oil market to calm on more oil production: Petroleum Minister

The world’s third largest oil consuming and importing nation, is hoping that more oil production coming from the western countries like the US and Canada will calm the markets and bring stability in prices, Petroleum Minister Hardeep Singh Puri said. Speaking at CII’s 12th PSE Summit here, Puri said countries in the western hemisphere are

ArcelorMittal diversifies with stake in French energy

Luxembourg’s ArcelorMittal locked down its new stake in a French company that makes tubes for oil and gas drillers and which could see growth from greener hydrogen, geothermal and carbon capture uses, the world’s number-two steelmaker said. ArcelorMittal completed its purchase announced in March of a 28% share of Vallourec from private equity firm Apollo

BPCL sees further cuts in oil OSPs as fuel margins drop

Bharat Petroleum Corp, India’s third-biggest refiner, expects Middle Eastern producers to cut the official selling prices (OSPs) of their crude in coming months to reflect lower margins on fuel sales, according to its head of finance. Lower fuel cracks – the difference between the cost of crude oil and refined product sales – are hitting

IEA says oil demand set to peak by 2029

The International Energy Agency (IEA) predicts that global oil demand will peak by 2029, after which it will gradually decline as renewable energy sources become more prevalent. This forecast aligns with the global push toward cleaner energy and the increasing adoption of renewable technologies. Contrarily, the Organization of the Petroleum Exporting Countries (OPEC) anticipates that

ICRA says oil import bill to rise to $101-104 billion in FY25

India’s net crude oil import bill could reach $101-104 billion in the current financial year 2024-25 from $96.1 billion in FY24 provided the discounts on Russian crude purchase remain at prevailing lower levels amid rising import dependency, Icra said in its latest report. The estimate assumes an average crude oil price of $85 per barrel

Crude oil consumption increased by 4.6% in FY24: PPAC

India’s total consumption of crude oil or petroleum products rose 4.6 pent in fiscal 2023-24 (FY24) to 233.3 million metric tonne (MMT), while domestic production of crude oil rose marginally at 0.6 per cent. The domestic crude oil production was almost unchanged at 29.4 MMT in 2023-24, compared to 29.2 MMT in the year-ago period.

Canada carbon capture project struggles to get key contract

Canada is struggling to get a key tool in place for major carbon capture and storage (CCS) projects, said a representative of one of the largest such ventures, as the country seeks to launch incentives vital to cutting emissions from Alberta’s oil sands. A government fund has told the Pathways Alliance, comprised of the six

India’s oil import bill declines by 35%

India’s oil import bill declined 35.3% during the first four months of FY24 due to easing crude oil prices over the past year. Refiners imported 79.4 million metric tonnes of crude oil for $41.6 billion during April-July, compared to 81.3 MMT for $64.3 billion in the same period of last fiscal, according to the Petroleum