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The Economic Times

Changed oil market may help India extract better deals from suppliers

India's fuel consumption is rising while global demand weakens, affecting next year's crude purchase negotiations. The govt plans to pass benefits of a new oilfield law to winners of the ninth exploration licensing round. The volatile market may delay state-run companies from reducing consumer prices.

Business Standard

10th oil, gas bidding round may offer 'no-go' areas: Oil ministry official

India is likely to offer areas classified as 'no-go' areas in the tenth round of bidding for exploring and producing oil and gas in early 2025, a top oil ministry official said on Thursday. Bids for 28 oil and gas blocks offered in the ninth Open Acreage Licensing Policy (OALP) round closes on September 21 and the 10th round is in works, the official, speaking on condition of anonymity, told reporters here. OALP-X round will happen after the Parliament approves in the ensuing winter session amendments to the Oilfields (Regulation and Development) Act (ORDA) of 1948 to expand definition of mineral oils to include any naturally occurring hydrocarbon, coal-bed methane and shale gas/oil. The amendment also replaces mining lease with petroleum lease and decriminalises certain offences. "We hope that the amendments will be approved in the winter session of Parliament (likely in November/December). The changes are expected to bring confidence for the potential bidders for OALP X exploratio

The Economic Times

10th oil, gas block bidding round in 2025 on liberalised terms: Oil Ministry official

India plans to offer previously restricted 'no-go' areas for oil and gas exploration in the tenth round of bidding in early 2025. This follows expected amendments to the Oilfields Act, which will expand the definition of mineral oils and decriminalize certain offences, aiming to boost domestic production.

Business Standard

Price cut before Maha elections in question as global oil market volatile

International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below USD 70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at USD 74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at USD 71.71. A decline in price of crude oil -- which is converted into fuels like petrol and diesel at refineries -- had rekindled hopes for a reduction in petrol and diesel rates that have been on a freeze for over two years now barring a pre-election reduction earlier this year. "Oil prices continue to be volatile. They fell one day last week to below USD 70 but rose the day after," the official, speaking on condition of anonymity,

Business Standard

Japanese markets record strong gains

The dollar bounced back and long-dated bond yields rose while gold hovered near a record high. Oil prices rebounded despite lingering concerns over global demand.

The Economic Times

Petrol, diesel price cut before Maha elections? Oil Minister official says prices volatile

International oil prices remain volatile, causing uncertainty in petrol and diesel price reductions despite lower input costs. State-owned fuel retailers have not revised rates since late 2021, citing volatility. Petrol and diesel prices are currently frozen, with potential cuts before Maharashtra elections uncertain.

The Economic Times

Indian refiners using Russian insurance for oil above $60/bbl, govt source says

Indian refiners are using Russian insurance for oil cargoes priced above $60 per barrel, bypassing the G7 price cap. Russian firms insured 60% of these shipments to India in July, up from 40% in December. India is now the top buyer of Russian oil, overtaking China.

The Economic Times

India plans oil, gas exploration licensing round in early 2025, source says

India plans to launch a new oil and gas exploration licensing round early next year, a source from the oil ministry said.

The Economic Times

Indian Oil Corp. shares drop 2.04% as Sensex rises

A total of 1,286,295 shares changed hands on the counter till 01:43PM (IST)

Business Standard

Gold, Equities, Oil, Bonds: What next for these assets after Fed rate cut?

US Fed rate cut: Asian equities, however, saw meaningful gains Thursday morning where Indian stock market hit fresh record highs

Business Standard

Crude Oil Strategy Today: Check target price, support & other key levels

With Israel looking to carry out its offensive against Hezbollah to the next level, traders will monitor the evolving situation in Middle East closely for possibility of disruptions to oil supplies.

The Economic Times

Oil And Natural Gas Corporation Stocks Live Updates: Oil and Natural Gas Corporation Closes at Rs 290.40, Achieving 6.94% Returns Over Three Months

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CNBC TV18

Oil extends losses as weak demand signs offset US Fed’s rate cut

West Texas Intermediate declined toward $70 a barrel after losing 0.4% on Wednesday, while Brent closed below $74.

The Economic Times

Maruti plans 25,000 charging points ahead of its first EV launch

Maruti Suzuki India is set to launch its first electric vehicle, the Concept eVX SUV, in January 2025. The company plans to establish around 25,000 EV charging points and collaborate with oil marketing and energy companies to build a robust charging ecosystem. This initiative aims to address the challenges of EV adoption in India.

Mint

Oil trades 1% lower after mixed storage data ahead of US Fed verdict; Brent crude at $73, faces resistance $75/bbl

Oil trades 1% lower after mixed storage data ahead of US Fed verdict; Brent crude at $73, faces resistance $75/bbl

The Economic Times

Oil prices edge higher on US crude stocks, market awaits Fed decision

Crude inventories fell by 1.6 million barrels to 417.5 million barrels in the week ending Sept. 13, the Energy Information Administration (EIA) said, compared with analysts' expectations in a Reuters poll for a 500,000-barrel draw. Gasoline and distillate inventories, meanwhile, rose last week.

Business Line

MOIL eyes overseas expansion

State-run company targeting manganese ore and critical minerals acquisitions

The Economic Times

Technical Breakout Stocks: BSE, ICICI Bank and Hero MotoCorp hit fresh record highs on Wednesday; buy, sell or hold?

Investors showed interest in bank stocks, while consumer durables, energy, oil & gas, healthcare, and IT stocks experienced selling pressure.

The Economic Times

Russian insurance shores up oil exports to top buyer India

Russian insurers are increasingly covering oil shipments to India, with 60% of Moscow's oil cargoes insured by Russian firms in July. This shift helps Russia bypass western sanctions and sell oil above the $60 per barrel price cap. India's approval of Russian insurers has bolstered this trend, making it the top buyer of Russian oil.

Mint

This multibagger defence stock could become the next Maharatna PSU after Oil India

With a ₹1.2 trillion order book, could this defence aircraft company become the next Maharatna PSU?

Business Standard

India's edible oil demand to increase despite hefty import duty hike

India is the world's largest importer and meets 70% of its vegetable oil demand through foreign sourcing

The Economic Times

Indian Oil Corp. shares fall 0.43% as Nifty gains

A total of 352,769 shares changed hands on the counter till time (IST).

The Economic Times

Indian plans to keep buying cheap Russian oil, Hardeep Puri says

India will continue buying oil from Russian companies not under sanctions due to low prices, says Oil Minister Hardeep Singh Puri. With 88% of its oil needs imported, India seeks the cheapest suppliers. India also plans to expand its refining capacity and increase natural gas usage if prices stabilize.

The Economic Times

Belying traders’ expectations, there may be a 25 bps cut with a lot of dovish talk: Anurag Singh

Anurag Singh of Ansid Capital discusses the Federal Reserve's strategy on interest rate cuts, suggesting a cautious approach with only 25 basis points cuts. He highlights the current economic indicators and market conditions, emphasizing that rapid rate cuts could mislead the market. Singh also shares insights on commodities, particularly oil and gold.

Mint

Indian Oil Corporation share are down by -0.94%, Nifty up by 0.23%

Indian Oil Corporation Share Price Today on 18-09-2024: On the last trading day, Indian Oil Corporation (IOC) opened at ₹170.95 and closed at ₹168.95. The stock reached a high of ₹171.15 and a low of ₹168.85 during the day. Overall, the stock experienced a decline, closing lower than its opening price.

The Economic Times

India's MOIL eyes domestic JVs for manganese ore mining

MOIL, India's mining company, is exploring joint ventures with Gujarat and Madhya Pradesh to mine manganese ore, as well as pursuing critical minerals domestically and overseas.

Business Standard

ONGC, OIL rise up to 2.5% as govt cuts windfall tax on crude oil to nil

Govt cuts windfall tax to nil: On Tuesday, Centre scrapped windfall tax on crude oil from Rs 1,850 per tonne amid ease in oil prices

Business Standard

Windfall tax on crude petroleum slashed to zero

The government on Tuesday slashed windfall tax on domestically produced crude oil to 'nil' per tonne with effect from September 18. The tax is levied in the form of Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks. The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at Rs 1,850 per tonne.

The Economic Times

Oil And Natural Gas Corporation Share Price Today Live Updates: Oil and Natural Gas Corporation Sees Price Drop Amidst Diverging Moving Average

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Hindustan Times

Government scraps windfall tax on crude petroleum, effective from today

The tax is levied in the form of Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks.

CNBC TV18

Oil steadies with Middle East tensions and stockpiles in focus

Brent traded near $74 a barrel after rising almost 3% over the previous two days, with West Texas Intermediate above $71.

Mint

Oil rises 2% from three-year low after traders bet on demand growth ahead of US Fed rate cut; Brent at $73/bbl

Oil rises 2% from three-year low after traders bet on demand growth ahead of US Fed rate cut; Brent at $73/bbl

Business Standard

Govt asks oil firms not to hike retail prices, 3 MT of edible oil available

The government has asked edible oil processors not to hike retail prices following recent increase in import duties, as there is enough stock of cooking oils that were shipped at a lower duty. The food ministry said the stocks imported at lower duties would easily last 45-50 days, and therefore the processors should refrain from increasing maximum retail prices (MRP). Last week, the Centre implemented an increase in the basic customs duty on various edible oils to support domestic oilseed prices. Effective September 14, 2024, the basic customs duty on crude soyabean oil, crude palm oil, and crude sunflower oil has been raised to 20 per cent from nil, making the effective duty on crude oils to 27.5 per cent. Additionally, the basic customs duty on refined palm oil, refined sunflower oil, and refined soyabean oil has been increased from 12.5 per cent to 32.5 per cent, making the effective duty on refined oils to 35.75 per cent. On Tuesday, Food Secretary Sanjeev Chopra chaired a mee

Mint

Brent crude sheds 25% YTD on soft demand: Should you buy OMC stocks? D-Street experts pick ONGC, Oil India

Brent crude crashed to a three-year low last week. Ahead of the US Federal Reserve policy decision, crude oil is teetering on the edge of a potential upside as the widely anticipated rate cut could revitalize demand

The Economic Times

Market Trading Guide: CG Power, Oil India are stock recommendations for Wednesday

Indian indices continued their winning streak, ending at record highs. Nifty closed at 25,418.55, up 34.80 points. Analyst Rupak De sees a breakout from the recent range-bound pattern as crucial for determining the next direction. Support is at 25,350, and resistance is at 25,500.

The Economic Times

Government asks edible oil firms not to hike retail prices; 30 lakh tons oils imported at lower duty available

The government has urged edible oil processors not to raise retail prices despite recent import duty hikes, citing sufficient stocks imported at lower duties. The food ministry stated that these stocks would last 45-50 days. The import duty increase aims to support domestic oilseed farmers as new crops arrive in October 2024.

The Economic Times

IREDA, Oil India among top 10 midcap stocks sold by mutual funds in August

Fund houses held fewer Indian Renewable Energy Development Agency shares in August compared to July, decreasing from 57 lakh to 30 lakh. The total value of these shares in August amounted to Rs 72 crore.

Mint

Can the drop in crude oil prices spoil the party for MCX?

Options are MCX's main earnings driver, and crude oil options form a big chunk.

The Economic Times

Indian Oil Corp. shares drop 0.75% as Sensex rises

A total of 172,386 shares changed hands on the counter till 01:08PM (IST)

Mint

Indian Oil Corporation share are down by -0.76%, Nifty up by 0.07%

Indian Oil Corporation Share Price Today : On the last trading day, Indian Oil Corporation's stock opened at ₹171.75 and closed at ₹170.50. The stock reached a high of ₹171.95 and a low of ₹170.10 during the day.