India's ONGC will invest $10.5 billion in deepwater exploration, says chairman
A.K. Singh, Chairman of the Oil and Natural Gas Corp in India, said on Monday that it aims to invest 10 billion rupees (10.51 billion dollars) over five-years into exploring its local "deepwater and ultradeep" water fields. Singh told reporters on Monday. ONGC plans to drill 87 ultradeep and deepwater wells before March 2031.
Sources say that India will import up to a quarter of its LPG from the US by 2027
Three sources familiar with the matter have confirmed that India intends to purchase up to one quarter of its liquefied gas imports from the United States by 2027. This'move' would reduce India's dependence on the Middle East, and help it to achieve a deal with Washington. New…
MORNING BID AMERICAS - Chips and Ships
Hello Morning Bid readers! It's hard to escape semiconductors and the strait. Asian stocks fell this week, despite the fact that tech giants such as Taiwan's TSMC had reported record numbers. These ructions could 'indicate concerns over the durability of hyperscalers massive AI…
China's oil imports continue to decline as volumes in May hit an eight-year low
China's crude imports in May fell 29%, to the lowest level?in 8 years. This is a continuation of a sharp drop that has been seen by the world's largest oil importer. Customs data on Tuesday showed that imports fell to 33.08 millions tons or 7.79 billion barrels per day - the lowest since February 2018.
Oil minister: India needs to know how long fuel retailers will be able to sustain losses.
Hardeep Singh Puri, the oil minister, said that India would at some point need to assess how long it can continue selling fuels below market prices. The Middle East conflict has disrupted the supply of petrol and diesel, but governments have kept pump prices low to protect consumers from inflation.
Deal between Trump and Xi could boost US energy exports in China
U.S. president Donald Trump is expected to arrive in Beijing on May 14-15 for a meeting with President Xi Jinping. U.S. officials'say that a deal could be considered for Beijing to purchase more U.S. Energy. Tariffs on U.S. LNG and oil imports from China have been halted. These…
Sources: India refuses Russian LNG due to sanctions; talks continue about permitted cargoes
Two sources who are directly involved in the matter confirmed that India had declined Russia's offer of liquefied gas, subject to U.S. sanction, despite a shortage caused by Middle?East tensions. This has left a tanker bound to India in limbo while talks continue about permitted cargoes.
China's energy imports fall in April amid the Iran War as fuel exports reach a decade-low
China's oil exports dropped to their lowest level in nearly four years as the Strait of Hormuz was closed in April, cutting off the oil supplies to the world's largest oil importer. According to data released by the customs on Saturday, crude oil imports fell?20% to 38.5 millions metric tons in April compared to one year ago…
India buys Iranian oil for the first time in seven years without any payment issues
The oil ministry announced on Saturday that Indian refiners had purchased Iranian oil?amid a Middle East conflict which has?disrupted supplies via the Strait of Hormuz. India, the world's third largest oil importer and user, hasn't received a shipment from Tehran since May 2019. This is due to U.S. pressure against buying Iranian crude.
India's palm oil imports in March fell to a 3-month low due to a price surge
Five dealers said that India's palm-oil imports dropped nearly 19% to a new low in March, as the price of tropical oil, which tracks energy markets, rose. This prompted refiners, who track the energy markets, to reduce?purchases, and wait for correction. Reduced imports may deplete stocks…
India reduces special excise duty on petrol and diesel
India has slashed the special excise duty on 'petrol and diesel' as fuel prices remain volatile, with supplies being?stifled by the Iran war. The Indian Finance Ministry reduced the special excise tax on petrol from 13 rupees per litre to 3 rupees (US $0.0318) in a government order issued Thursday.
Indian refiners seeking legal opinion to purchase sanctioned Russian oil through US waiver
Two government sources confirmed that Indian refiners were seeking legal advice on how to purchase Russian oil sanctioned by Washington after New Delhi was granted a waiver for buying crude at sea in order to reduce pressure on the global markets. On Thursday, the U.S. granted…
Source: India wants US marine coverage for Middle East energy cargoes
India and the United States are in discussions to secure marine coverage for vessels that ship oil from the Middle East. New Delhi is seeking to protect buyers from possible supply disruptions due to the Gulf crisis. The official who didn't want to be named said that "so far,…
Middle East is a major source of oil and LNG globally
India and other Asian countries are most dependent on Middle East oil and gas, which makes them vulnerable to supply disruptions if the conflict that has erupted following the Israeli and U.S. attack on Iran continues. Here is an overview of the imports and stockpiles of major Middle Eastern buyers.
China Oil Refiners Feel Safe From Iran Conflict Disruption with Crude Stockpile
Refiners in China, the world's top oil importer, have enough supply on hand to weather near-term disruption from the Iran conflict, bolstered by recent record purchases of Iranian and Russian crude and robust government stockpiling, traders said.A prolonged supply disruption could…
Asia's dependence on Middle East oil and LNG
Asia is highly dependent on Middle East oil and gas, which makes it vulnerable to a prolonged disruption of supply if the conflict that has erupted following the Israeli and U.S. attacks on Iran continues. Here is an overview of the imports and stocks for major Asian buyers who buy Middle Eastern oil and natural gas.
Trump announces India will purchase oil from Venezuela
U.S. president Donald Trump said on Saturday that India would buy Venezuelan crude oil to help replace some of the Russian oil it buys, the third largest oil importer in the world. Trump said to reporters on Air Force One, as he flew from Washington to his Florida vacation home, "We have already made that deal.
Trump declares that India will purchase oil from Venezuela and not Iran
U.S. President Donald Trump on Saturday said India will buy Venezuelan oil, helping to replace some of the Russian oil that the world's third-biggest oil importer buys. "We've already made that deal, the concept of the deal," Trump told reporters aboard Air Force One as he traveled…
CNOOC Ships First Golden Arrowhead Crude from Guyana To China
According to shipping and trade data, China, the world's largest oil importer will receive its first Golden Arrowhead Crude cargo from Guyana by December. Producer CNOOC Ltd is looking to expand markets for this new grade. CNOOC loaded a million-barrel shipment onto the Very Large Crude Carrier Sophia in November.
Oil India reports a 43% drop in its quarterly profit due to low selling prices and rising expenses
Oil India, an Indian exploration company, reported on Friday a 43% drop in its second-quarter profits. This was due to a decline in crude realisations (the price at which the product is sold), while increased expenses also affected margins. The profit of the state-owned company…