Who refines crude oil in india

Brent crude futures slipped 3 cents to $113.09 a barrel by 0515 GMT, after rising as much as 1 percent earlier. Front-month prices tumbled 7.3 percent last week, their first weekly fall in five (Representative image) After shooting to near $123 per barrel last week amid various global factors, crude oil prices slid by as much as 6 percent or $11 to $112 per barrel on June 17. This was a sudden reversal from the steep climb in the wake of Russia’s invasion of Ukraine, global travel opening up, and services reviving. Speaking to CNBC-TV18 on June 20, Vandana Hari, founder and CEO of Vanda Insights, said the correction was mainly due to two factors — Libya’s oil production being confirmed at 700,000 barrels per day (bpd) instead of the earlier expected 100,000 bpd; and tumble in United States markets due to sell-off in broader risk assets. “What happened on Friday (June 17) was quite late in the US session and quite a surprise,” Hari said. Follow our Market LIVE blog … [Read more...] about Crude oil sell-off a bit overdone as prices could be ticking back up soon, says Vandana Hari of Vanda Insights

- A + A (June 23): Oil retreated along with other key commodities as concern over a global economic slowdown intensified, with Federal Reserve Chair Jerome Powell warning that a US recession is possible. West Texas Intermediate sank below $103 a barrel after closing at a six-week low on Wednesday. The US benchmark has lost more than 15% since the close on June 8 as the drumbeat of warnings over the state of the world’s economy has grown steadily louder, drowning out signs the oil market remains tight. Powell said while he didn’t see the likelihood of a recession as particularly elevated, it was a possibility. Commodity price hikes were “clearly” connected to the war in Ukraine, he said. Crude’s retreat has been accompanied by deep losses in other raw materials, especially base metals such as copper. Oil is rapidly giving up its gains in what’s been a volatile quarter as investors attempt to gauge the trajectory of the US economy and its impact on raw materials. … [Read more...] about Crude oil sinks again as specter of US slowdown alarms investors

- A + A (June 22): Oil plunged for the second time in a few days on concerns that a global economic slowdown will ultimately hobble demand. West Texas Intermediate tumbled toward US$103 a barrel, before paring some losses. Investors are concerned about the impact of sharply higher US interest rates, with Federal Reserve Chair Jerome Powell due to testify before Congress Wednesday on his bid to curb inflation raging at the fastest pace in decades. Prices are also surging outside the US, with UK inflation at a fresh 40-year high. Since a spike in prices after Russia invaded Ukraine, oil markets have been grappling with a liquidity crisis. Futures holdings are at the lowest since 2016, leaving headline prices prone to outsized swings. The US crude benchmark also fell below its 100-day moving average early on Wednesday for the first time since January, adding technical pressure to an already fragile market. While crude has been shaky over the past week, plunging 6.8% … [Read more...] about Crude oil buckles as recession angst rattles commodity investors

Oil pumping jacks, also known as "nodding donkeys", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia. Photographer: Andrey Rudakov/Bloomberg India's government is engaged on the issue of facilitating payments with Russia, and the Reserve Bank of India will do whatever the government decides, Deputy Governor Michael Patra said June 24. He did not offer any other details. The Deputy Governor's statements assume significance as the government had remained tight-lipped on the issue even as multiple meetings between banking representatives of both nations had taken place. Ever since the Russian invasion of Ukraine and the subsequent barrage of sanctions on Moscow by the West, trade between India and Russia has depended on routing transactions through smaller Russian banks which are as yet untouched by sanctions. Both nations had initially focused on establishing a barter mechanism involving a set of commodities. A key part of this would be an agreement … [Read more...] about India engaged on issue of facilitating payments with Russia: Deputy Governor Michael Patra

- A + A (June 24): Oil prices rose slightly in early Asian trade on Friday (June 24) as nations seek to address global crude oil and fuel supply tightness. Brent crude futures had risen 39 cents, or 0.4%, to US$110.44 (about RM486.43) a barrel at 0012 GMT, while US West Texas Intermediate crude futures rose 37 cents, or 0.4%, to US$104.31 a barrel. OPEC and allied producing countries including Russia will likely stick to a plan for accelerated output increases in August in hopes of easing crude prices and inflation as US President Joe Biden plans to visit Saudi Arabia, sources said. The group known as OPEC+ agreed in its last meeting on June 2 to boost output by 648,000 barrels a day in July, or 7% of global demand, and by the same amount in August, up from the initial plan to add 432,000 barrels per day a month over three months until September. However, the group has struggled to hit the monthly increase targets due to underinvestment in oilfields by some OPEC … [Read more...] about Oil prices rise on tight supply, inventory uncertainty

NEW YORK: Oil price s settled up by more than US$ 3 a barrel on Friday, supported by tight supply, but they notched their second weekly decline on concern that rising interest rates could push the world economy into recession. Brent crude LCOc1 settled up $3 .07 , or 2.8 %, at $113.12 a barrel by 1 2:10 p.m. EDT (1610 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 s ettled up $3.35 , or 3 .2 %, at $107.62. T he U.S. Federal Reserve "was talking very hawkish which was undermining the oil rally, but sentiment is changing a little especially on strong economic data," said John Kilduff, partner at Again Capital LLC in New York. On Thursday, Fed Chair Jerome Powell said the central bank's focus on curbing inflation was "unconditional", adding to fears about more interest rate hikes. Read full story A survey on Friday showed U.S. consumer sentiment hit a record low in June even as the outlook for inflation improved slightly. Read full … [Read more...] about Oil price settles up but posts weekly decline on recession fears

London (CNN Business) President Vladimir Putin said Wednesday that Russia is rerouting trade to "reliable international partners" such as Brazil, India, China and South Africa as the West attempts to sever economic ties. "We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the BRICS countries," Putin said in his opening video address to the participants of the virtual BRICS Summit . The "BRICS" acronym refers to an informal grouping of the five developing economies. According to Putin, trade between Russia and the BRICS countries increased by 38% and reached $45 billion in the first three months of the year. "Contacts between Russian business circles and the business community of the BRICS countries have intensified," Putin said. "For example, negotiations are underway to open Indian chain stores in Russia [and to] increase the share of Chinese cars, equipment and … [Read more...] about Putin says Russia is rerouting trade to China and India

Share to Twitter Share to Linkedin Topline With oil prices down this month, billionaire investor Warren Buffett is once again buying the dip by adding to one of his favorite energy stocks, as his investing conglomerate Berkshire Hathaway purchased roughly $500 million worth of Occidental Petroleum shares this week. Key Facts Buffett’s Berkshire Hathaway purchased roughly 9.5 million shares of Occidental over the past week at a cost of nearly $530 million, according to a new regulatory filing late on Wednesday. After a buying spree that started in late February, Buffett’s investing conglomerate now owns roughly 152 million shares of Occidental—a 16.3% stake worth nearly $8.5 billion that makes Berkshire by far and away the largest shareholder in the energy giant. Shares of Occidental Petroleum failed to rally on the news Thursday, but it remains one of the best-performing stocks this year, rising over 90% thanks to the massive spike in oil … [Read more...] about Warren Buffett Adds To Massive Stake In Occidental Petroleum, Buying The Dip After Oil Prices Drop

Oil prices plunged more than five percent Wednesday as traders grow increasingly worried that demand for the commodity will take a hit from a possible recession caused by a sharp hike in interest rates aimed at reining in inflation. West Texas Intermediate lost 5.09 percent to $103.92 a barrel, while Brent was off 4.70 percent at $109.26. Crude has soared in recent months to multi-year highs on concerns that tight supplies caused by the Ukraine war will not be enough to meet demand from reopening world economies, particularly China as it emerges from months-long lockdowns. But central banks have been forced to ramp up borrowing costs as the rise in energy costs has helped send inflation soaring to levels not seen since the 1980s. That has fanned concerns that economies around the world are heading for a recession, sending chills through crude markets. Eyes are on a two-day Congressional testimony by Federal Reserve boss Jerome Powell this week, which will be looked over for … [Read more...] about WTI crude plunges 5% on recession fears

(Representative image) India's current account deficit (CAD) fell to $13.4 billion in January-March 2022 from $22.2 billion in October-December 2021, according to data released by the Reserve Bank of India (RBI) on June 22. The deficit was $8.1 billion in January-March 2021. In percentage terms, the CAD in January-March 2022 was 1.5 percent of GDP, down from 2.6 percent of GDP the previous quarter. "The sequential decline in CAD in Q4:2021-22 (January-March) was mainly on account of a moderation in trade deficit and lower net outgo of primary income," the central bank said. India's merchandise trade deficit fell to $54.5 billion in the first quarter of 2022 from $59.8 billion the previous quarter, helping bring down the CAD. Close On the services front, the trade surplus edged up marginally to $28.3 billion from $27.8 billion in October-December 2021. Also helping the current account deficit to moderate was a lower net outgo of primary income, which … [Read more...] about India’s January-March current account deficit falls to $13.4 billion; FY22 CAD at three-year high