end-ofTags: oil price, crude oil, oil production, opecLocation: Japan, Tokyo-to, Tokyo.US crude CLc1 was off by 5 cents at $68.8 million barrels in the prior week, against expectations, but rose on Thursday on expectations the stockpile would soon decline again.Russian oil output rose by 150,000 barrels per day in July from a month earlier, surpassing the amount Moscow had said ti would add following a meeting of global oil producers in Vienna in June, energy ministry data showed on Thursday.5 per cent on Thursday.

Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production to help to compensate for an anticipated shortfall in Iranian crude supplies once planned US sanctions take effect later this year.20 a barrel to the Oman/Dubai average, it said on Thursday.32 a barrel by 0052.32 a barrel by 0052 GMT, after rising 1.Oil prices tanked earlier this week when the US government reported that US inventories rose 3.8 mn barrels in prior week.2 per cent at $73. Oil prices tanked earlier this week when US govt reported that US inventories rose 3.

Tokyo: Oil prices edged lower on Friday after PVC free foam board screw barrel strong gains the previous day, easing on persistent supply concerns as Russia increased production in July and Saudi Arabia cut the price of crude for its Asian customers.91, after gaining nearly 2 per cent in the previous session.The Organization of the Petroleum Exporting Countries and partners including Russia had earlier cut output to rebalance supply and demand.Saudi Aramco cut its September price for its Arab Light grade for Asian customers by $0.2 per cent at $73.70 a barrel versus August to a premium of $1.Brent crude futures LCOc1 were down 13 cents, or 0.Brent crude futures LCOc1 were down 13 cents, or 0.

In its earlier years, the Narendra Modi government benefited from a low global crude oil prices due to excess crude inventory world-wide. In initial years of the Modi government, the crude prices had fallen to below $40 a barrel against high of $120 per barrel witnessed during UPA 2. Crude oil prices were hovering around $76.16 a barrel on Friday.Since the UPA-2 days, oil producing countries have tried to bring down their production to jack up crude oil prices and geopolitical tension has made things worse. However, when crude oil prices were falling the Modi government started hiking taxes on petrol and diesel to increase its tax kitty. So consumers in India did not really benefit from lower global prices. But now when international crude oil prices are rising and the rupee is falling, consumers have to bear the burden. Between November 2014 and January 2016, Centre had raised excise duty on petrol and diesel on nine occasions to take away most gains arising from plummeting international oil prices.

In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by Rs 13.47 a pvc crust foam board screw barrel Manufacturers litre. However, in October 2017, the Centre had reduced basic excise duty on petrol and diesel by just Rs 2 per litre.Excise duty on petrol is currently at Rs 19.48 per litre and on diesel by Rs 15.33 a litre. Besides, the states also impose high rate of taxes on fuel that vary from one state to another.The lowest tax on fuel is charged in Andaman and Nicobar Islands where a 6 per cent sales tax is collected on both the fuels. Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel. The total tax incidence on petrol comes to 45-50 per cent and on diesel, it is around 35-40 per cent.However, the Centre currently does not want to reduce taxes on fuel as this might hit its revenue.

Taxes from GST have not been as per expectation and shortfall in taxes could hit government’s fiscal deficit target of 3.3 per cent of the GDP. Besides, finance ministry officials thinks that while a Rs 2-3 cut in tax may not provide a large benefit to general public, it will have an adverse impact on revenue.With Assembly elections scheduled in four important states including Madhya Pradesh and Rajasthan soon, the Centre is under pressure to intervene and offer relief to people. Opposition parties have also announced nation-wide strikes and protests over the record-high fuel prices.Oil minister Dharmendra Pradhan has suggested bringing petrol and diesel under GST to bring down taxes on diesel and petrol to give relief to consumers. However, states are reluctant to let go of their right to tax petrol and diesel.During the last GST Council meeting not a single state agreed to include petrol and diesel in the GST list as they wanted some scope for manoeuvring taxes to raise funds during crisis.States, especially Kerala, pointed out that with everything being brought under GST, states’ options to raise resources have come down.

[Brent futures had fallen to $63.65 a barrel down 19 cents, or 0.3 per cent, from their previous close.US crude touched $59.05 a barrel on Friday, the highest level since mid-2015, fuelled by the outage of the Keystone pipeline.Singapore: Oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts.Brent futures had fallen to $63.65 a barrel by 0427 GMT, down 19 cents, or 0.3 per cent, from their previous close.US West Texas Intermediate (WTI) futures were down 35 cents, or 0.6 per cent, at $57.76 a barrel, after falling 1.4 percent in the last session.US crude touched $59.05 a barrel on Friday, the highest level since mid-2015, fuelled by the outage of the Keystone pipeline, one of Canada’s main crude export routes to the United States.But TransCanada Corp this week said it would restart the 590,000 barrel-per-day pipeline at reduced pressure later on Tuesday after getting approval from US regulators.Uncertainty over Russia’s determination to join with other major oil producers in extending crude production curbs beyond next March has weighed on oil markets.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and other key producers, including Russia, will meet on Nov. 30 to discuss whether to continue with the cuts after they agreed last January to withhold 1.8 million bpd of output.Russia’s economy was negatively affected in October by the ongoing curbs, which saw Moscow agree to cut output by 300,000 bpd, Economy Minister Maxim Oreshkin said on November 23.Goldman Sachs said the outcome of the meeting was “much more uncertain than usual”, adding that the market faced downside risks.“We view risks to oil prices as skewed to downside this week as we believe current prices, timespreads and positioning already reflect a high probability of a nine-month extension,” the bank said.Consultancy Wood Mackenzie said it looked as if producers had nearly concluded an agreement to extend cuts until the end of next year.“(But) if the production cut agreement ends in March 2018, our forecast shows there would be a projected 2.4 million bpd year-on-year increase in world oil supply for 2018,” Ann-Louise Hittle, vice president, macro oils, said in a note on Monday.Some traders are also starting to consider the possibility that while producers will agree to extend the curbs, the scale of the output cuts will be reduced from the current 1.8 million bpd, said Ric Spooner at Sydney’s CMC Markets.“This may be a logical move for OPEC. It would provide continued certainty for the China pipe screw barrel Factory market, avoiding the sharp sell-off that could accompany a cold turkey exit,” he said.“At the same time it would mitigate the risk to OPEC and Russia of precipitating further loss of market share by encouraging competitors with higher prices.”end-ofTags: oil prices, opec, oil production, price cutLocation: Singapore, –, Singapore