MK Surana, Former CMD, HPCL, says crude below $80 and the cracks at $13 for HSD and $11 for MS, make OMCs well placed on overall setup. Also, many of these OMCs are going on a new path. OMCs are in a stage where there is a growth potential with a surety of the existing … Read more
Global central bankers fretting about geopolitics just got another sharp reminder overnight about the potential threat that the Middle East poses to their inflation fight.In the same week that multiple monetary officials meeting in Washington said they’re on the lookout for potential oil shocks that could reignite consumer-price growth, Israel’s attack on Iran on Friday … Read more
Oil prices rose more than $2 in early trade on Monday after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months. Brent crude futures were up $1.80, or 1.5%, at $121.52 a … Read more
The United States uses more gasoline than any other nation in the world, and lately Americans have grown concerned about the swift rise in costs at the pump. The White House on Tuesday announced plans to release millions of barrels of oil from strategic reserves in coordination with other nations in hopes of lowering costs. … Read more
By Davide Barbuscia, Saeed Azhar and Yousef Saba Saudi Arabia could have a credibility problem if it keeps shifting the goal posts for the amount of foreign investment it wants to turn its vision of a future beyond into a reality, financial sources and analysts said. Five years since Crown Prince Mohammed bin Salman launched … Read more
London: The Organization of Petroleum Exporting Countries (OPEC)) and its key allies decided at a meeting on Monday to stick to planned moderate increases in output for November despite market expectations that the alliance would further boost production in order to dampen soaring crude prices. A statement released after the brief videoconference meeting of the … Read more
Wholesale inflation eased after six months in June to 12.07% from a record 12.94% a month ago as food and fuel inflation declined, official data released Wednesday showed. WPI inflation was -1.81% in June 2020 and the last time it eased was in December. Food inflation decelerated to 3.09% from 4.31% in May while fuel … Read more
NEW DELHI: Gradual but rapid rise in crude oil prices and petroleum products may have put strain on the foreheads of Indian policymakers, but there is one section on Dalal Street who is not complaining. Oil explorers are set to gain from the swift climb in the global crude prices and some of them have … Read more