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

No more easy bunkering now, with shift in energy transition

The days of picking and choosing from a range of bunker fuels at ports are disappearing as geopolitics cause oil flows to shift, meaning shippers must plan more carefully ahead to ensure they can buy the fuel they need, according to TFG Marine. Russia has been a key provider of 3.5% (high) sulfur fuel oil

Russia oil discount to India decline, but shipping charges remain high

Shipping costs of $11-19 a barrel from Russian ports to India – some of it on 100+ tankers allegedly acquired by Russian actors for shadow fleets – are higher than rates for comparable distances, such as the Persian Gulf Travel from to Rotterdam