Brent crude futures were at USD 71.US crude inventories fell by 1. WTI closed the last session down 0.Sydney: Oil prices edged down on Thursday despite a surprise decline in US inventories, with international benchmark Brent retreating from a five-month high touched in the previous session.US crude inventories fell by 1.end-ofTags: oil price, crude oil, opec, oil import, oil productionLocation: Australia, New South Wales, Sydney.2 per cent, from their last close.7 million barrels.7 million barrels.
“Prices are soft despite a surprise drawdown in US inventories,” ANZ Bank said in a research note.67 per barrel, down 9 cents, or 0.Net US crude imports last week dropped by 659,000 barrels per day (bpd).67 per barrel, down 9 cents, or 0.1 per cent, from their previous settlement.27 a barrel.5 per cent. 8 at USD 72.1 per cent.
4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1. Brent fell 0.1 percent on Wednesday, after earlier touching its highest since Nov.US West Texas Intermediate (WTI) crude futures were at USD 63.REUTERS https://www.foamingscrew.com/ US West Texas Intermediate (WTI) crude futures were at USD 63.51 a barrel at 0056 GMT, down 11 cents, or 0.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.

ONGC39;s 13.The high levels of free cash flow will improve ONGC39;s financial flexibility, especially at a time when the company is unlikely to reduce its borrowings by selling its 13.For the April-June quarter of the current fiscal, ONGC reported 47."The government39;s decision, it said, is credit positive because it provides ONGC with cash flow to reduce its borrowings.ONGC reported 47.2 per cent increase in EBITDA or operating profit to Rs 14,240 crore.2 per cent increase in EBITDA or operating profit to Rs 14,240 crore.
"The increase in EBITDA was largely driven by higher crude oil prices, as well as the depreciation of the Indian rupee," Moody39;s said. Moody39;s said the government could, however, ask ONGC to share fuel subsidies in the next few quarters or alternatively, look for higher dividends."If it had done so, such a request could have partly negated the impact of the increase in oil prices.Debt reduction from free cash flow generation because of high oil prices and the absence of subsidy sharing will provide the company with a buffer to absorb declines in oil prices, it said.
"If oil prices stay above USD 70 per barrel for the remainder of the year and the government refrains from asking ONGC to share the costs of any fuel subsidies, we expect ONGC to generate a consolidated free cash flow of more than Rs 20,000 crore after likely capital spending of Rs 30,000 crore and dividend payments of Rs 9,500 crore. ONGC increased its borrowings by about Rs 25,000 crore in January 2018, when it acquired a 51.77 per cent stake in IOCL is currently valued at Rs 22,500 crore.77 per cent stake in Indian Oil Corp (IOC), given that the share prices of IOC have fallen by about 25 per cent since September 1, 2017.While ONGC has only reported standalone financial results, its consolidated EBITDA — which includes the results of ONGC Videsh Ltd, ONGC39;s international exploration and production business — will also benefit from the increase in oil prices.ONGC increased its borrowings by about Rs 25,000 crore in January 2018.11 per cent stake in Hindustan Petroleum Corp Ltd for Rs 36,915 crore.
In a report, the global rating firm said the government has decided against asking ONGC to share in the cost of any fuel subsidies.New Delhi: Oil and Natural Gas Corp39;s (ONGC) highest ever pre-tax quarterly profit (EBITDA) provides cash flow to the state-owned firm to reduce borrowings, Moody39;s Investors https://www.foamingscrew.com/ Service said on Monday. The rating agency in its base case assumed an average oil price for the remainder of the year of between USD 45 and USD 65 per barrel and expects ONGC to maintain retained cash flow/net debt above 30 per cent. end-ofTags: ongc, pre-tax profit, moodys, ebitda, sharesLocation: India, Delhi, New Delhi. The company could reduce part of its acquisition debt by using this free cash flow," it said.However, the refining businesses of the company (HPCL and Mangalore Refining and Petrochemical Ltd) will likely report weaker earnings for Q1 2019 versus Q4 2018 because regional refining margins were lower by about USD 1 per barrel, Moody39;s added."Any such move by the government would constrain ONGC39;s free cash flow and debt reduction, which will be credit negative," it said.

At the interbank foreign exchange market, the domestic unit opened at 70.12 and advanced to a high of 69.97 during the day.Forex traders said the greenback’s weakness against key rivals overseas, sustained foreign fund inflows and heavy buying in domestic equities also supported the rupee upmove.Mumbai: The rupee rebounded by 23 paise to close at 70.02 against the US dollar Friday after Brent crude oil prices receded from a six-month high of USD 75.60/barrel.
Forex traders said the greenback39;s weakness against key rivals overseas, sustained foreign fund inflows and heavy buying in domestic equities also supported the rupee upmove.At the interbank foreign exchange market, the domestic unit opened at 70.12 and advanced to a high of 69.97 during the day. It finally settled at 70.02, registering a rise of 23 paise against the dollar over its previous close.The rupee Thursday had slumped 39 paise to close at more than six-week low of 70.25 against the US dollar."Indian rupee recovered Thursday39;s loss after Brent crude oil prices recedes from a six-month high of USD 75.60/barrel," V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities said adding that since start of the April the correlation between Brent crude oil and USD/INR steadily rising.On a weekly basis, the domestic currency saw a 67 paise decline.Sharma further said that "along with overseas fund inflows, profit booking in broad dollar supported rupee to strength in today39;s session".
The dollar index, which gauges the greenback39;s strength against a basket of six currencies, slipped 0.08 per cent to 98.12.Foreign institutional investors (FIIs) were net buyers in the capital markets on Thursday, putting in Rs 3,785 crore.Brent crude futures, the global oil benchmark, fell 2 per cent to trade at USD 72.86 per barrel.The BSE Sensex rallied 336 points to reclaim the 39,000 mark Friday. The Sensex settled 0.87 per cent higher at 39,067.33. The NSE Nifty too ended 112.85 points, or 0.97 per cent, up at 11,754.65.Meanwhile, Financial Benchmark India Private Ltd https://www.foamingscrew.com/product/come-twin-foaming-screw-material-special-barrel-screw/ (FBIL) set the reference rate for the rupee/dollar at 70.1445 and for rupee/euro at 78.1283. The reference rate for rupee/British pound was fixed at 90.5322 and for rupee/100 Japanese yen at 62.80.end-ofTags: rupee, us dollar, forex, interbank foreign exchangeLocation: India, Maharashtra, Mumbai (Bombay).

However, this cut came after the government had raised duty on nine occasions between November 2014 and January 2016 taking advantage of falling oil prices then.“The situation in the global oil market could turn worse from November when substantial production from Iran could vanish from markets in the wake of US sanctions. If oil cartel OPEC refuses to pump in an extra 1.5 million barrels of oil per day, crude prices could hit $100 a barrel. This would make life miserable for the common man as petrol and diesel prices could cross Rs 100 a litre in the absence of any government support,” said an oil sector analyst asking not to be named.
Sources said that as part of the exercise to tame petrol and diesel prices, the centre is nudging states to cut VAT rate on the two products. The average VAT rate is over 30 per cent and states have actually made a killing during the current run of retail price rise for petrol and diesel as it has increased their tax kitty substantially.In addition, state-owned oil marketing companies have also been told to reduce the frequency of daily price increases and absorb some losses till crude prices moderate. Excise duty cut would be the last option and if https://www.foamingscrew.com/product/film-blowing-screw-barrel/ it happens, it would be at moderate levels of Rs 2 per litre, said the sources.“It is time the government thinks of bringing petroleum products under the GST regime to reduce high levels volatility. But immediately, states should agree to cut VAT rate on petrol and diesel by 5-6 per cent along with some cut in excise rate by the centre.
The economy is growing by over 8 per cent and tax revenues are going up. There is no reason why the government’s reliance on oil sector for taxes should reduce even now," Kirit Parikh, chairm­an, Integrated Research and Action for Development (IRADe) and former member of planning commission.According to the oil ministry’s Petroleum Planning and Analysis cell, VAT and sales tax on petroleum products have increa­s­ed states’ kitty by Rs 1,84,091 crore in FY18 from Rs 1,66,378 in FY17. In fact, the ad valor­em duty on petroleum products have consistently incre­a­sed state’s tax collections at the cost of consumers who have to bear with higher pri­ces of petrol and diesel.Compared to states, the Ce­ntre’s excise collection fr­om petroleum sector has actually fallen marginally in FY18 to Rs 2,29,019 crore in FY17 from Rs 2,42,691 cr­ore. But it has more than do­u­bled from Rs 99,184 crore in FY15 due to nine increases in duty rates.“Duty cut has become im­minent now if the government is serious about protecting the common man fr­om price rises. The Centre should ensure that the stat­es where the government is being run by the ruling party takes up the responsibility of reducing value-added tax (VAT) rates first. The others would definitely follow. The important issue is to prevent any further inc­r­ease in diesel prices that co­uld fuel inflationary pressu­re and put pressure on gr­o­wth prospects of the economy,” said B K Chaturvedi.

Singh however indicated that retail prices will rise if the current trend in international oil prices continues."We have decided to temporarily moderate retail prices by not passing on the required increase as we believe the current international oil product prices are not supported by fundamentals.The government had between November 2014 and January 2016 raised excise duty on petrol by Rs 11.If this practice was followed in letter and spirit petrol and diesel prices should have been increased by 60-80 paisa a litre in last fortnight, an analyst tracking the sector said.61 now, according to sources privy to fuel pricing methodology.
The prices at petrol pumps of state-owned fuel retailers like Indian Oil Corp (IOC) were cut by 1-3 paisa every day in the first fortnight of December 2017 before Gujarat went to polls.2-0.Finance Secretary Hasmukh Adhia and Economic Affairs Secretary Subhash Garg have in the past weeks ruled out any immediate reduction in excise duty to cushion the https://www.foamingscrew.com/product/come-twin-foaming-screw-material-special-barrel-screw/ increases warranted from a spike in international oil price.end-ofTags: karnataka elections, sanjiv singh, oil firms, petrol prices, diesel prices, dharmendra pradhanLocation: India, Delhi, New Delhi. The final impact on fiscal would depend upon the degree of discretionary fiscal adjustment encompassing both non oil revenue and non oil expenditure," Rao said." Asked about all the three PSU oil firms fixing retail rates in tandem, he said it was possible that all of them thought that the spike in international oil prices is not supported by fundamentals and needs to be moderated.63 a litre and diesel touched a record high of Rs 65.84 per barrel, which was used for raising the price to Rs 74. Also, the rupee has weakened to Rs 66. But we believe the surge in international oil products market is not supported by fundamentals and passing them on to consumers will unnecessarily create panic," Singh said.3 per cent, increase CAD/GDP ratio by 0.
The freeze in fuel prices follows the finance ministry39;s refusal to cut excise duty to give relief to the common man after petrol hit a 55-month high of Rs 74.New Delhi: With oil PSUs deciding not to hike petrol and diesel prices ahead of Karnataka elections, IOC Chairman Sanjiv Singh Tuesday said the company has decided to "temporarily moderate" prices to avoid sharp spikes and panic among consumers.41, making imports costlier. Prices have since then moved more or less in tandem with international rates barring a few exceptions like the period before a crucial election.14.89 per litre and petrol to Rs 68. This is despite the benchmark international rate for petrol going up from USD 78.State-owned oil firms have since April 24 not changed petrol and diesel prices despite benchmark international product rates going up by nearly USD 3 per barrel.

01 billion rupees.end-ofTags: hindustan petroleum, profit, shares, revenueLocation: India, Delhi, New Delhi.Sales grew 13 per cent to 541.35 billion rupees from 7.53 billion rupees in the quarter.Average gross refining margin, the profit earned on each barrel of crude processed, advanced to $6.58 billion rupees, according to Thomson Reuters Eikon data.
Net profit for the three months ending September 30 soared to 17.Net profit for the three months ending September 30 soared to 17.75 per barrel for the half year ended September 30, https://www.foamingscrew.com/product/film-blowing-screw-barrel/ from $5.12 per barrel in the same period last year.
State-owned oil refiner Hindustan Petroleum Corp Ltd’s second-quarter net profit more than doubled, but fell short of analysts’ estimates.Analysts on average had expected a profit of 20.01 billion rupees a year earlier, the company said in a filing on Thursday.Sales grew 13 per cent to 541.35 billion rupees ($267 million) from 7.53 billion rupees in the quarterU.

The private American Petroleum Institute (API) is due to publish its weekly crude stocks estimates later on Tuesday, followed by the official Energy Information Administration (EIAD) data due on Wednesday.International Brent crude oil futures were trading at $51.International Brent crude oil futures were trading at $51. Singapore: Oil prices dipped early on Tuesday over disagreement within producer cartel OPEC on who should cut how much production in a planned coordinated reduction to prop up prices.
US West Texas Intermediate (WTI) crude futures were down 5 cents at $50."Crude oil prices labored under the weight of various OPEC members seeking exemption from the production cut agreement," ANZ bank said on Tuesday.Until there is more clarity on the planned cut, which OPEC hopes will be coordinated with non-members like Russia, analysts said oil prices would likely remain range-bound - but volatile - around current levels.US crude inventory data is closely watched as a means to estimate the country’s supply overhang.jpg International Brent crude oil futures were trading at $51.38 per barrel at 0117 GMT, down 8 cents from their last close.38 per barrel at 0117 GMT, down 8 cents from their last close.38 per barrel at 0117 GMT, down 8 cents from their last close.47 a barrel.
Iraq’s oil minister Jabar Ali al-Luaibi said the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) wanted to be exempt from output curbs as it needed more money to fight Islamic State militants."Expect more of this https://www.foamingscrew.com/ choppy interplay until more concrete news emerges, as speculative buying runs into record producer selling of the futures contracts for hedging," said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore.

55 per cent at USD 56.The oil for delivery in https://www.foamingscrew.com/product/ September also lost Rs 12, or 0.Crude oil prices firmed up globally with the global benchmark Brent gaining 0.33.The oil for delivery in September also lost Rs 12, or 0.33 per cent, at Rs 3,895 per barrel.
Crude oil for delivery in August was trading lower by Rs 13, or 0.Crude oil for delivery in August was trading lower by Rs 13, or 0.60 a barrel and West Texas Intermediate by 0. end-ofTags: crude oil, multi commodity exchange, brent crude.
West texas intermediateLocation: India, Delhi, New Delhi.33 per cent, at Rs 3,895 per barrel with a business volume of 49,295 lots on Multi Commodity Exchange (MCX).31 per cent, to Rs 3,918 per barrel in 519 lots.New Delhi: Crude oil futures fell 0.31 per cent, to Rs 3,918 per barrel in 519 lots.33 per cent to Rs 3,895 per barrel on Friday after speculators booked profits at existing high levels.33 per cent at USD 63.

7%, at $42. shale producers have shut in wells. crude inventories rose by a much bigger than expected 1.China, the world’s top crude importer, is also expected to slow crude imports in the third quarter, after record purchases in recent months, as higher oil prices hurt demand and refiners worry about a second virus outbreak. gasoline and distillate inventories fell, the data showed, feeding optimism that fuel consumption is picking up as some economies ease lockdowns imposed to contain the coronavirus pandemic.However, U.S.S. crude stockpiles,” Chiyoki Chen, chief analyst at Sunward Trading said.S. government data will be released on Wednesday.S. crude stockpiles grew more than expected, adding to worries about oversupply.
Still, the market remains concerned about a rising number of coronavirus cases in the United States and elsewhere, said Kazuhiko Saito, chief analyst at Fujitomi Co.34 a barrel by 0335 GMT, while U. (AFP Photo)TOKYO:  Oil futures dropped on Wednesday, extending losses from the previous day, after U.U.S.Global oil consumption has started to recover as economies emerge from lockdown, while the Organization of the Petroleum Exporting Countries (OPEC) and allied producers - a grouping known as OPEC+ - have slashed output and U.end-of oil prices, oil demand, us crude, https://www.foamingscrew.com/ crude stockpile, oil supply.On Tuesday, both Brent and WTI contracts traded at their highest levels since prices collapsed in early March.02 a barrel.7 million barrels last week, according to industry group the American Petroleum Institute (API), well ahead of analysts’ expectations for a 300,000-barrel build. West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.
New cases of COVID-19 rose 25% in the United States in the week ended June 21 and the death toll in Latin America passed 100,000 on Tuesday, according to a Reuters analysis and tally.S.9%, to $40.Global oil consumption has started to recover as economies emerge from lockdown Oil futures dropped on Wednesday after US crude stockpiles grew more than expected.Brent crude was down 29 cents, or 0.“We expect Brent to be traded between $35-45 a barrel for the next week as concerns over a second wave of the coronavirus pandemic will limit gains, while reduced supply from OPEC+ will lend support,” Sunward’s Chen said.U.“Some investors took profits after the recent rally as they saw higher U.

Shale producers have shut in wells. crude inventories rose by a much bigger than expected 1.China, the world’s top crude importer, is also expected to slow crude imports in the third quarter, after record purchases in recent months, as higher oil prices hurt demand and refiners worry about a second virus outbreak. gasoline and distillate inventories fell, the data showed, feeding optimism that fuel consumption is picking up as some economies ease lockdowns imposed to contain the coronavirus pandemic.However, U.S.S. crude stockpiles,” Chiyoki Chen, chief analyst at Sunward Trading said.S. government data will be released on Wednesday.S.
S. crude stockpiles grew more than expected, adding to worries about oversupply.Still, the market remains concerned about a rising number of coronavirus cases in the United States and elsewhere, said Kazuhiko Saito, chief analyst at Fujitomi Co.34 a barrel by 0335 GMT, while U. (AFP Photo)TOKYO:  Oil futures dropped on Wednesday, extending losses from the previous day, after U.U.S.Global oil consumption has started to recover as economies emerge from lockdown, while the Organization of the Petroleum Exporting Countries (OPEC) and allied producers - a grouping known as OPEC+ - have slashed output and U.end-ofTags: oil prices, oil demand, us crude, https://www.foamingscrew.com/ crude stockpile, oil supply.On Tuesday, both Brent and WTI contracts traded at their highest levels since prices collapsed in early March.02 a barrel.7 million barrels last week, according to industry group the American Petroleum Institute (API), well ahead of analysts’ expectations for a 300,000-barrel build.
West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.New cases of COVID-19 rose 25% in the United States in the week ended June 21 and the death toll in Latin America passed 100,000 on Tuesday, according to a Reuters analysis and tally.S.9%, to $40.Global oil consumption has started to recover as economies emerge from lockdown Oil futures dropped on Wednesday after US crude stockpiles grew more than expected.Brent crude was down 29 cents, or 0.“We expect Brent to be traded between $35-45 a barrel for the next week as concerns over a second wave of the coronavirus pandemic will limit gains, while reduced supply from OPEC+ will lend support,” Sunward’s Chen said.U.“Some investors took profits after the recent rally as they saw higher U.

Reliance’s Jio telecom business is expected to roll out the country’s largest 4G mobile network when it launches later this year.The comments came as Reliance posted its biggest quarterly profit in over eight years on better margins in the company’s core refining and petrochemical business.80 a barrel, up from $10.The company had made small purchases from Iran in the current quarter and was currently engaged in talks for bigger supplies, indicating that it could also get into a long-term supply contract, said V Srikanth, Reliance’s joint chief financial officer.
“We have had engagements with Iran before the sanctions and they have grades of crude that are attractive to us from where we are,” Mr Srikanth said at a news conference on Friday.India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after the sanctions targeting Tehran ended in January, sources had told Reuters.The gross refining margin on each barrel of crude processed was $10.Mr Anshuman Thakur, head of strategy at Reliance Jio said the company will expand its internal customer base for Reliance Jio’s telecom service to two million people from the current half a million people and will launch full service by the end of the year.1 per barrel a year ago, Reliance said.Mr Srikanth said the company will be able to sustain margins at above $10 — one of the highest among global refiners — in the current financial year.
Reliance Industries Ltd, India’s biggest oil refiner, said that it is looking to buy more crude from Iran as the company seeks to rebuild ties to benefit from shorter shipping distances.jpgReliance Industries Ltd, India’s biggest oil refiner, said that it is looking to buy more crude from Iran as the company seeks to rebuild ties to benefit from shorter shipping distances.11 billion) for the Jan-March period — its highest quarterly profit since December 2007.Reliance, which still gets 95 per cent of its profit from oil and petrochemicals, has https://www.foamingscrew.com/product/come-twin-foaming-screw-material-special-barrel-screw/ telecom and last month launched an e-commerce company.The company said it has already spent Rs 1.Reliance, controlled by Mukesh Ambani, reported an estimate-topping net profit of Rs 7,398 crore ($1.2 lakh crore towards setting up a pan-India telecom network and will be spending another Rs 30,000 crore.23RIL. end-of.

At Multi Commodity Exchange, crude oil for delivery in current month rose by Rs 28 or 0.68 per cent.Crude oil was trading higher 0.68 per cent to Rs 4,139 per barrel in futures market on Thursday.New Delhi: Crude oil was trading higher 0.68 per cent to Rs 4,139 per barrel in futures market on Thursday as speculators created fresh bets, taking positive cues from overseas markets.
At Multi Commodity Exchange, crude https://www.foamingscrew.com/product/come-twin-foaming-screw-material-special-barrel-screw/ oil for delivery in current month rose by Rs 28 or 0.68 per cent to Rs 4,139 per barrel in a business turnover of 3,757 lots.Likewise, the oil for delivery in May traded higher by Rs 26 or 0.63 per cent to Rs 4,148 per barrel in 152 lots.
Analysts said speculators built fresh positions after oil prices rose overseas, buoyed by the US government data showing a surprise fall in crude stockpiles.
This mainly led to rise in crude oil prices in futures trade here.Meanwhile, West Texas Intermediate gained 33 cents, or 0.52 per cent to USD 63.70 while Brent crude rose 35 cents, or 0.51 per cent to USD 68.37 per barrel.end-ofTags: crude oil, overseas markets, multi commodity exchange, oil pricesLocation: India, Delhi, New Delhi.

International Brent crude oil futures were trading at $48.14 per barrel.dc-Cover-oss3k5fjsb6m2o630i1nnnhfa1-20160720091305.Medi_.jpeg International Brent crude oil futures were trading at $48.14 per barrel. Singapore: Oil prices edged away from 5-week highs on Tuesday, with traders cashing in on a 16-per cent rally since early August that has largely been fueled by talk of producers taking action to prop up the market.International Brent crude oil futures were trading at $48.14 per barrel at 8.55 p.m. ET, down 21 cents from their previous close.
Despite the dip, prices remained over 15 per cent higher than the monthly $41.51 per barrel low from Aug. 2.U.S. West Texas Intermediate crude was trading at $45.56 a barrel, down 18 cents from its previous close, but still over 16 per cent above its $39.19 monthly low from Aug. 3.Traders said the price falls were the result of cashing in following more than two weeks of rallying prices.The previous gains had been driven by producer talk of reining in ballooning oversupply."Crude oil rose to a four-week high as speculation continued to mount that OPEC would discuss a potential cap on production at an upcoming meeting between the members of the group. Russia joined in, saying it was open to such talks as well," ANZ bank said.Led by top crude exporter Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEC), has re-launched a debate about oil producers potentially capping soaring output in an effort to reduce a global overhang in production and storage of crude oil and refined fuel products.Analysts said that concerns over oil production in Venezuela were also impacting markets."News of an imminent collapse in oil output from Venezuela also supported prices," ANZ said.
Venezuela, which holds the world’s largest crude oil reserves, is on track to suffer its steepest annual https://www.foamingscrew.com/product/come-twin-foaming-screw-material-special-barrel-screw/oil output drop in 14 years as it struggles with an economic and political crisis and years of underinvestment and mismanagement.In the 12 months to June, Venezuela’s crude output fell 9 per cent to 2.36 million barrels per day (bpd), and internal trade and supply data seen by Reuters show that state-controlled oil firm PDVSA’s crude exports, which account for 94 per cent of the country’s hard currency income, fell to 1.19 million bpd in July, excluding independent sales made by its joint ventures.end-of.

78 per barrel, up 20 cents, or 0.“Geopolitically infused rallies could shoot prices towards or even past the $80 per barrel mark for intermittent periods this summer,” the Canadian bank said.“China and India comprise nearly 55 per cent of global demand growth.On the demand side, most of the world’s growth in fuel consumption is coming from Asia.“We see Brent and WTI prices averaging USD 75 per barrel and USD 67 per barrel respectively https://www.foamingscrew.com/product/film-blowing-screw-barrel/ through the rest of this year, but risk is asymmetrically skewed to the upside,” RBC Capital Markets said in a note.“While macro fears of an economic hard landing may be overblown, the concentration risk of global oil demand remains underappreciated,” it added.01 per barrel at 0042 GMT, up 18 cents, or 0. Iranian production was stable at 2.“Electrical outages added a further hurdle to Venezuelan production, which fell by 290,000 barrels per day in March to 732,000 barrels per day.
Singapore: Oil prices were firm on Friday, supported by ongoing supply cuts led by producer club OPEC and by US sanctions on petroleum exporters Iran and Venezuela.Oil markets have been pushed up by more than a third this year by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), US sanctions on oil exporters Iran and Venezuela, and escalating fighting in Libya. Throw in the rest of emerging Asia and the figure balloons to 80 per cent,” said RBC Capital Markets.International Brent crude oil futures were at USD 71.3 per cent, from their last close.end-ofTags: oil prices, opec, crude oil, oil productionLocation: Singapore, –, Singapore.OPEC and its allies will meet in June to decide whether to continue withholding supply, and while OPEC’s de-facto leader, Saudi Arabia, is seen to be keen to continue cutting, sources with the group said it may raise output from July if disruptions elsewhere continue.Production in Venezuela has been plunging as the US sanctions add to a deep economic and political crisis, while the US government is expected to tighten oil sanctions against Iran in May.US West Texas Intermediate (WTI) crude futures were at USD 63.78 per barrel, up 20 cents, or 0.US West Texas Intermediate (WTI) crude futures were at USD 63.3 per cent, from their previous settlement.7 million barrels per day, (but) could take a further hit if the US cuts import waivers in May,” said Jefferies bank on Friday.China and India comprise nearly 55 per cent of global demand growth.

While lower crude oil price may hurt Middle Eastern countries and Russia among others badly, it is a boon for an oil importing country like India.9 per cent of the GDP.The government has raised excise duty on petrol and diesel three times in last two months and by seven times since November 2014.37 per litre and by Rs 2 a litre on diesel to mop up a little less than Rs 4,400 crore.The government raised excise duty on petrol and diesel, three times in quick succession, which will help it garner an additional Rs 10,000 crore in the fiscal.There are indications that the government will again increase the excise duty on petrol and diesel to shore up its revenue as it has fallen short of its revenue estimates from disinvestment due to poor market conditions. At current rate, a litre of crude oil will be around Rs12 as against Rs15 for a litre for bottle water. According to Interna-tional Energy Agency, oil price could remain subdued at least until 2017.24 per barrel on Thursday.Indian crude oil basket falls to $29 a barrel; Centre may raise tax again Indian crude oil basket falls to $29 a barrel; Centre may raise tax againThe price of Indian basket crude oil for the first time in 12 years dipped below $30 dollar level, to $29.The price of Indian basket of crude oil has been around $33. The government may also not realise the anticipated revenue from direct taxes as companies are still struggling with subdued profits. Crude oil price has been falling since June 2014 when they were around $120 a barrel.This means that crude oil is now cheaper than a bottle of mineral water. The government has also used low crude oil prices to decontrol diesel and petrol prices. In rupee terms, the Indian basket price fell to Rs1,956. Last week, the government hiked excise duty on petrol by Rs 0.
Apart from crude oil cost, the price that we pay for petrol or diesel also includes charges such as transportation, refining cost, taxes, oil distribution companies’ profits and fuel retailer’s margin.Consumers, however, may not be able to enjoy the benefits of low crude oil as the government could use this opportunity to increase excise duty to mop up tax revenue.65 a barrel on Th-ursday.58 a barrel between December 12 to December 29 as supply glut, demand slow down and Opec’s reluctance to cut output led to the lowest crude oil price in over a decade. https://www.foamingscrew.com/product/ The remaining saving in the cost was taken away by the government in form of additional excise duty to meet the tight fiscal deficit target of 3.Despite the falling fuel prices, the government has passed on only a part of the benefit to consumers by cutting petrol and diesel prices. The low fuel price will allow India to keep inflation under control, helped in phasing out fuel subsidies and also managed to increase excise duty collection. It is also for the first time that in Indian currency the price has dipped below Rs 2,000 level in many years.end-ofLocation: India, Delhi, New Delhi.