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ONGC oil output jumps 10%
NEW DELHI: State-owned oil and gas company Turnarounddd Natural Gas Corp (ONGC) has reported a 10 percent growth in crude oil production from its west coast fields in the current fiscal, reversing the decline in previous years. The largest U.S. oil and gas producer is looking to capitalize on years of low oil prices by aggressively acquiring oil and gas fields in the U.S., Russia, Central Asia, Africa and elsewhere to secure overseas assets. The target oil equivalent for 2018 is 20 million tons. ONGC Chairman and Managing Director Dai K Sarraf told PTI: “Crude oil production has increased from 285, 642 daily months starting from April This month it has increased to more than 3.15 million barrels per day.” ONGC has been maintaining production for the past few years. “This year production has increased by more than 10 percent, which is no small achievement for a company with a mature oil field.” Mumbai and Burson are India’s largest offshore oi...
DarnellDarwin
47
May 31, 2024
Crude oil futures fall 0.57% on Asian cues
NEW DELHI: Crude oil prices fell 0.57 percent today as rupee futures traded at 5,054 per barrel The dollar cut speculators’ exposure due to weak Asian trade. On various commodity exchanges, crude oil prices for November 29 delivery fell Rs, or 0.57%, to Rs 5,054 a barrel on a Rs volume of 4,662 lots. Similarly, the price of crude oil for delivery in December 24 fell by Rs. (0.47%) to Rs. 5,075 per barrel in Rupee hands. Analysts said that trading sentiment in futures trading weakened today after the fall in Asian crude prices. Meanwhile, West Texas Intermediate for December delivery fell 27 cents to $81.93, and Brent crude for December delivery fell 14 cents to $81.93. It was trading at $86.98 in early trading.
CathyMark
60
May 31, 2024
Falling crude, share sale talk points to a dismal performance of ONGC stock
MUMBAI: The leading index ONGC has corrected by 10 percent in the last two years despite an influx of positive news such as the government raising petrol prices, easing the burden of subsidies after the fall in crude prices and deregulating diesel prices. The possibility of poor viability and the government’s concern over continuing epidemics is weighing on the stock market. The stock has also lagged significantly behind the BSE 2017 Oil and Gas Index declining 4.5% per annum. Meanwhile. The price of Brent crude oil has fallen by nearly 30%, from $116 a barrel in June to $82 a barrel in November. Analysts say the fall in crude prices has affected oil exploration companies like ONGC and Oil India. This is because the cash per barrel of crude oil is linked to world prices. “Global crude oil prices have fallen by nearly $10 per barrel in the past one year. The sharp fall in the past one month has not affected the growth of companies like ONGC,” said Vinod Nair, ...
EdwiinWard
68
May 31, 2024
Brent gains after US crude stocks data, trades above $83
SINGAPORE: Brent crude rose to 83 barrels per barrel on Thursday 83 barrels per barrel As U.S. crude inventories grew less than expected, U.S. job growth strengthened and the dollar above slowed the decline in oil prices further away from record lows. Since 2010. Analysts said the recent low oil prices attracted some investors to the market amid tensions in Libya, where militants have seized the vital Salalah oil field. But US data is a bigger factor. OptionsXpress’ Ben Le Brun “The impact of last night’s price strength has continued into Asia,” adding that the situation in Libya will also help oil prices. As of GMT Brent crude oil prices were up 140327 cents per barrel at 83.09 cents U.S. dollars. Data showed that as of October 31 U.S. crude oil inventories increased by 466 U.S. crude oil prices rose 130,000 cents per barrel to 78.81 U.S. dollars this week. This exceeded analysts’ expectations for an increase of 2.2 million barrels. Whea...
AlvisBowman
46
May 31, 2024
Oil marketing companies cut fuel prices; stocks gain
ET Online Mumbai: Shares of oil marketing companies rose after they reduced retail prices of petrol and diesel following the fall in global crude oil prices. The reduction comes less than two weeks after the government announced a price cut of Rs 3.50 during Diwali. Petrol prices have been reduced by Rs 2.40 each and diesel prices by Rs 2.25 each. Analysts said that the marketing margins of oil marketing companies have increased, but most of the positives are reflected in the prices. Gaura Mehta, Vice President, Institutional Equities, Ambit Capital “Sixty-nine months ago, we said to the OMC, ” This is very constructive, but after the recent rally, most of the positives have been digested.” “Also, a small risk is that the marketing of these oils could face increasing competition from the private sector because of the PSU deregulation, so in that sense I think they’re priced pretty much in the best case scenario, and the risk is unfavorable.R...
UriahPartridge
44
May 31, 2024
Oil Ministry seeks Rs 8,183 crore in fuel subsidy
NEW DELHI: The Petroleum Ministry has sought 818.3.3 To make up for the IOCC cash subsidy of Rs. crore cash subsidy etc. retailers suffered one-third of the loss in the September quarter on account of selling below the cost of diesel and cooking fuel. Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have reported a revenue loss of around Rs 2456.3. crore in the July-September quarter. Upstream oil and gas producers ONGC, Oil India Ltd and GAIL India LTD are set to receive Rs 163,795.5 crore, while the remaining Rs 81,833.3 crore is being sought from the government as cash subsidy, sources said. During the second quarter, fuel retailers sold diesel, domestic LPG and kerosene at government-controlled prices below market prices. The resulting losses were compensated by government cash support and bailout funds from upstream companies like ONGC. Of the upstream compensation, Oil and Natural Gas Corporation (ONGC) will ...
CathyMark
75
May 31, 2024
IOC, BPCL, HPCL to go for round III of fuel price cuts, reduction likely on November 15
NEW DELHI: As Indian consumers benefited from the sharp fall in global oil prices, state-owned oil companies gained six benefits from polls in Jharkhand, Jammu and Kashmir Seventh victory since October Also seventh victory since October 18 Third since diesel restriction day was relaxed. Reduction in petrol rates. Industry experts have predicted that retail prices of petrol and diesel at Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) could be reduced by around one liter per liter by the end of the year if the current trend continues. That year. Rs 1 this week. For consumers, both fuels are 10 to 13 percent cheaper than their peaks earlier this year. Fuel prices are reviewed at the beginning and middle of each month and adjusted according to global trends. November 15 is just 10 days from the start of legislative elections in two states Gosh, the prices are likely to go down. Official sources said the price cuts cou...
PageCarl
47
May 31, 2024
Crude oil futures fall on weak Asian cues
NEW DELHI: Crude oil futures today fell 0.11% to 4, 751% per barrel The rupee cut speculators’ positions amid a weakening trend in Asian markets. Futures trading sentiment shifted from bullish to bearish. Analysts said OPEC is unlikely to solve the global oversupply problem by cutting production as the dollar strengthens. On various commodity exchanges, crude oil for delivery during the month totaled 1, 192 lots, down Rs 5, or 0.11%, at Rs 4751% per barrel. The price of oil for delivery in December also fell by a similar margin till 2000 lots at Rs 4,776 per barrel. Meanwhile, on the New York Mercantile Exchange, West Texas Intermediate crude for December delivery (WTI) was at $77.03 a barrel and Brent crude fell 37 cents to $80.01 a barrel. Blood
ReneeHal
44
May 31, 2024
Oil duty hike to shore up govt revenue by Rs 11,000 crore: India Ratings
Mumbai: An increase of Rs 1.50 in excise duty on petrol and diesel will bring in additional revenue of Rs 1,100 crore per liter of fuel for the government this fiscal, India Ratings said today. The decision to relax diesel price controls is expected to reduce oil subsidies by Rs 15,100 crore. He added, “The ongoing adjustment in global crude oil prices will also bring significant benefits to the government.” He added that these additional revenues will be very useful in the first six months of FY2015, considering that there has been minimal growth in indirect tax revenues as of now and the budget deficit is leveraged at over 80%. “The government has budgeted a 20% increase in indirect tax revenue for FY2015, the report said. /p The price of India’s crude oil basket fell to $78.92 per barrel on November 12 from $84.77 per barrel on October 30th. Yesterday, the government increased excise duty, reducing the price of petrol and diesel by 1.50 rupees per...
SibylKelsen
45
May 31, 2024
With low global crude prices, inflation to ease further: FM Arun Jaitley
NEW DELHI: Wholesale inflation has fallen to its lowest level in the last five years. Finance Minister Arun Jaitley today said the fall in international crude oil prices will further help improve the price situation. “We believe that the fall in prices is in our interest. With the fall in crude oil prices, this downward trend will help improve the price situation. Food prices will continue to rise,” he told reporters here. However, the minister warned that the future trend of oil prices must be monitored. Jaitley added, “We should not be too optimistic at the moment.” International oil prices fell to $77 per barrel, a new low in the last four years. Inflation based on wholesale prices declined. The growth rate of industrial production fell to 1.77% in September from 2.38% in the beginning month of September, the lowest in five years, due to a slowdown in food and fuel price increases. Industrial production grew at a faster pace in September than in ...
IvanHerty
42
May 31, 2024
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