US West Texas Intermediate (WTI) crude futures were at USD 63.Ballooning shale oil output in the United States has also helped rein in benchmark crude prices.8 per cent on Monday.32 per barrel, down 8 cents, or 0.end-ofTags: oil prices, crude oil, opec, oil importLocation: Singapore, –, Singapore. That comes after they previously agreed to crimp output by 1.13 per cent, from their previous settlement..Russian Finance Minister Anton Siluanov said over the weekend that Russia and OPEC may decide to boost production to fight for market share with the United States, but this would push oil as low as USD 40 per barrel.

The Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, will meet in June to decide whether to continue withholding supply.13 per cent.“Rising US shale output has .However, losses in oil prices were checked by tighter supplies from Iran and Venezuela amid signs the United States will further toughen sanctions on those two OPEC producers, and on the pvc crust foam board screw barrel Manufacturers threat that renewed fighting could wipe out crude production in Libya.“There is a growing concern that Russia will not agree on extending production cuts and we could see them officially abandon it in the coming months,” said Edward Moya, senior market analyst, OANDA. Brent ended down 0.32 per barrel, down 8 cents, or 0. WTI fell 0.US crude oil output from seven major shale formations is expected to rise by about 80,000 bpd in May to a record 8. imposed headwinds for oil prices,” said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures.Brent crude oil futures were at USD 71 a barrel at 0431 GMT, down 18 cents, or 0.5 per cent on Monday.

Singapore: Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight the United States for market share, checking a recent rally driven by tighter global production.REUTERS Published: Apr 16, 2019, 10:57 am IST Updated: Apr 16, 2019, 10:57 am IST US West Texas Intermediate (WTI) crude futures were at USD 63.25 per cent, from their last close.OPEC and its allies including Russia, known as OPEC+, will meet in June to decide whether to continue withholding supply.46 million bpd, the US Energy Information Administration said in a report..2 million barrels per day (bpd) from January 1 for six months.

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.

OPEC+ pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets.Singapore: Oil prices rose on Friday, pushed up by ongoing supply cuts led by producer club OPEC and US sanctions against Iran and Venezuela, putting the crude markets on pace to post their biggest first quarter gain since 2009.US West Texas Intermediate (WTI) futures were at USD 59.56 per barrel at 0211 GMT, up 26 cents, or 0.4 per cent, from their last settlement.WTI futures are set to rise for a fourth straight week and are set for a first quarter gain of 31 per cent.Brent crude oil futures were up 30 cents, or 0.4 per cent, at USD 68.12 per barrel. Brent futures are set to increase by 1.7 per cent for the week and are set to climb by 27 per cent for the first quarter.

For both futures contracts, the first quarter 2019 is the best performing quarter since the second quarter of 2009 when both gained about 40 per cent.Oil prices have been supported for much of 2019 by the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, together known as OPEC+, who have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets.“Production cuts from the OPEC+ PVC free foam board screw barrel Manufacturers group of producers have been the main reason for the dramatic recovery since the 38 per cent price slump seen during the final quarter of last year,” said Ole Hansen, head of commodity strategy at Saxo Bank.The price surge triggered a call by US President Donald Trump on Thursday for OPEC to boost production to lower prices.“Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!” Trump wrote in a post on Twitter.OPEC+ are meeting in June to discuss whether to continue withholding supply or not.

OPEC’s de-facto leader Saudi Arabia favors cuts for the full year while Russia, which only reluctantly joined the agreement, is seen to be less keen to keep holding back beyond September.However, the OPEC+ cuts are not the only reason for rising oil prices this year, with analysts also pointing to US sanctions on oil exporters and OPEC members Iran and Venezuela as reasons for the surge.Despite the surging prices, analysts are expressing concerns about future oil demand amid worrying signs the global economy may move into a recession.Saxo Bank’s Hansen said “the biggest short-term risk to the oil market is likely to be driven by renewed stock market weakness.”Stock markets have been volatile this year amid signs of a sharp global economic slowdown.“Business confidence has weakened in recent months ... (and) global manufacturing PMIs are about to move into contraction,” Bank of America Merrill Lynch said in a note, although it added that “the services sector ... continues to expand unabated.”Given the OPEC+ cuts, however, Bank of America said it expected oil prices to rise in the short-term, with Brent prices forecast to average USD 74 per barrel in the second quarter.Heading toward 2020, however, the bank warned of a recession.end-ofTags: oil prices, opec, oil export, oil productionLocation: Singapore, –, Singapore

 Petrol price was cut by 25 paise a litre and diesel by 17 paise.Petrol and diesel prices were cut for the fourth straight day on Sunday on China foam wall panel barrel screws Factory softening international oil prices, providing some relief to consumers battered by t months of relentless rate hikes.New Delhi: Petrol and diesel prices were cut for the fourth straight day on Sunday on softening international oil prices, providing some relief to consumers battered by two months of relentless rate hikes.Petrol price was cut by 25 paise a litre and diesel by 17 paise, according to the price notification of state-owned oil firms. In Delhi, petrol now costs Rs 81.74 a litre and diesel is priced at Rs 75.19 per litre.In Mumbai, petrol is sold for Rs 87.21 per litre and diesel at Rs 78.82.

Fuel prices have been declining since Thursday as oil companies factored in softening of international rates. In four days, petrol price has been cut by Rs 1.09 per litre and diesel by 50 paise.State-run oil marketing companies Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise fuel prices with effect from 0600 hrs on a daily basis.The rates were reduced by a minimum Rs 2.50 per litre across the country on October 5, when the government cut excise duty on petrol and diesel by Rs 1.50 a litre and asked oil PSUs to subsidise the fuels by another Re 1 a litre. The reduction in BJP-ruled states was more as they matched this cut by an equivalent reduction in local sales tax or VAT.The price cut follows international oil prices trading near the lowest level in a month on a bigger-than-expected gain in American stockpiles.

On Friday, West Texas Intermediate for November delivery settled at USD 69.12 a barrel on the New York Mercantile Exchange, while Brent for December settlement was at USD 79.78 a barrel on the London-based ICE Futures Europe exchange.Brent had earlier this month hit a four-year high of USD 86.74 a barrel. Prior to Thursday39;s cut in rates, diesel price had risen by Rs 2.74 per litre since October 5 to more than wipe away the excise duty cut and oil firm subsidy. Petrol price had during this period risen by Rs 1.33 a litre. Before the October 5 price cut, petrol in Delhi had hit an all-time high of Rs 84 per litre and diesel was at record Rs 75.45.This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel. In Mumbai, petrol had hit a peak of Rs 91.34 hit on October 4 and diesel was sold at a record high of Rs 80.10.end-ofTags: diesel prices, petrol prices, fuel prices, oil marketing companiesLocation: India, Delhi, New Delhi.

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.

"You can neither quote me or my company on this," he said.47 per litre to take away gains arising from plummeting global oil prices.14. "We have been told not to discuss pricing," said a top official at one of the three state-owned oil marketing firm said.68 per barrel to USD 86.They started moving up immediately after polling for assembly elections in Gujarat concluded on December 14, leading to speculation that government may have asked oil companies to hold on to the prices.Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs 56.end-ofTags: oil companies, petrol price, diesel priceLocation: India, Delhi, New Delhi. Also, the rupee has weakened to Rs 66.Finance Secretary Hasmukh Adhia had last month and Economic Affairs Secretary Subhash Garg had last week ruled out any immediate reduction in excise duty to cushion the increases warranted from spike in international oil price.93, oil PSUs have since April 24 not changed fuel rates.Oil ministry officials said they don39;t have anything to do with pricing and its up to the companies how they price fuel.

This led to its excise mop up more than doubling to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. However, a global rally in crude prices pushed domestic fuel prices far higher than those levels.State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost.With finance ministry refusing to cut excise duty to give relief to the common man from petrol hitting a 55-month high of Rs 74.63 a litre and diesel at a record high of Rs 65.The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.77 a litre and that on diesel by Rs 13.Daily price notification issued by oil firms showed static petrol and diesel price since April 24.56 now, according to sources privy to fuel pricing methodology making imports costlier.

If this practice was followed in letter and spirit petrol and diesel China PVC free foam board screw barrel prices should have been increased by 50-60 paisa a litre in last one week, an analyst tracking the sector said.Daily price notification issued by oil firms showed static petrol and diesel price since April 24.88 per litre in Delhi and diesel Rs 59.The government had in June 2010 freed petrol price from its control and the diesel rates were deregulated in October 2014.The government had between November 2014 and January 2016 raised excise duty on petrol by Rs 11.The benchmark international diesel rates during this period have climbed from USD 84.35.

09 billion, the company said. Jio’s subscriber base swelled to nearly 139 million at the end of September.05 billion, Thomson Reuters data showed.Net profit was Rs 82.end-ofTags: reliance jio, reliance industries, ril, mukesh ambani, jiofoLocation: IndiaRelated StoriesReliance Jio Q2 loss at Rs 270.“Now what investors are thinking is how they will scale up their ARPU from Rs 156 to, say, Rs 180.Oil-to-retail giant Reliance, controlled by India’s richest man Mukesh Ambani, suggested there were signs its costly gamble was paying off. (Photo: AFP)Mumbai: Reliance Industries Ltd’s telecoms arm Jio will turn profitable “shortly,” the Indian conglomerate said on Friday, while adding it would continue to pump around $1 billion into the venture for each of the next few quarters.1 percent. 30, its highest ever.aunched late last year with free voice and cut-price data, sparking a price war in India’s cut-throat telecoms sector.Reliance Jio is telecom arm of energy giant Reliance Industries led by richest Indian Mukesh Ambani.On a consolidated basis, which also includes Reliance Industries’ U.

The country’s top wireless carrier Bharti Airtel’s ARPU was Rs 154, while smaller rival Idea Cellular’s APRU stood at Rs 141 in the April-June quarter.47 billion ($947 million) of revenues in the three months to Sept. 30, though made a loss of Rs 2.0 for the quarter, a nine-year high, but shrunk to $3.”Core operationOn a standalone basis, including just its refining, petrochemicals and oil and gas exploration businesses, Reliance posted a 7. shale gas, retail and other operations, profit came in at Rs 81.4.5 percent rise in quarterly revenue from operations to Rs 717.71 billion.S.Jio launched late last year with free voice and cut-price data, sparking a price war in India’s cut-throat telecoms sector which has driven down margins and forced consolidation.7, rising as much as 2. Jio racked up Rs 61. Reliance has poured more than $30 billion into Jio so far.Gross refining margin (GRM), the profit earned on each barrel of crude processed, was $12.“It will not be a surprise if they break-even or turn a profit in the last quarter of this financial year,” said Jagannadham Thunuguntla, head of fundamental research at domestic brokerage Karvy.To woo customers to Jio’s network, Reliance in July launched a $23 phone that blurs the lines between a smartphone and a basic feature phone.61 billion. But that was below analysts’ average estimate of Rs 88.5 croreJio's 'Diwali Dhan Dhana Dhan' offer promises 100 per cent cashbackReliance Jio's new plan offers 100 per cent cashback on Rs 399.

Reliance will continue to spend around Rs 70 billion a quarter on Jio for the next few quarters, Anshuman Thakur, Reliance Jio’s head of strategy said.7 China granulation screw barrel per barrel against the benchmark Singapore complex margins due to a falling price difference between light and heavy crude oil grades, Srikanth said.The wireless carrier reported an average revenue per user (ARPU) of Rs 156.“I can only see it (net income) turning positive very shortly,” joint Reliance finance chief V Srikanth said, as the group disclosed Jio’s bottom line for the first time.65 billion in the quarter to Sept.Jio’s net debt stood at Rs 490 billion, Srikanth said, adding that parent Reliance’s debt will peak in the quarter to December or the next quarter, after which it will begin sliding, suggesting robust growth for the conglomerate.The refining and petrochemicals businesses delivered an 11.Last quarter, the company outperformed Singapore’s benchmark GRM by around $5 per barrel.3 percent rise in its second-quarter profit, helped by higher margins from its refining and petrochemicals.Ahead of the results, shares in Reliance hit a record high of Rs 890.Earlier this month, it also launched a guaranteed buyback offer for Jio customers buying Apple Inc’s latest iPhones.

Crude had surged more than 15 per cent in the foam wall panel barrel screws Factory four sessions since the November 30 OPEC meeting. Brent futures slid $1. 30 to cut output, as data showing record high production in the producer group fed skepticism that it would be able to reduce supplies.The US EIA expects US crude production to fall less than previously expected to 8.01 to settle at $53.19 million barrels per day (bpd) from 33.4 million bpd in 2015, according to its monthly short term energy outlook.93 a barrel, while US West Texas Intermediate (WTI) crude futures fell 86 cents to $50.01 to settle at $53.93 per barrel.93 per barrel.93 a barrel, while US West Texas Intermediate (WTI) crude futures fell 86 cents to $50.21 million bpd, its highest in nearly 30 years.As part of last week39;s decision, OPEC said major oil producers outside the group would cut 600,000 bpd of production on top of OPEC39;s 1.2 million bpd reduction.New York: Oil prices on Tuesday ended lower for the first time since OPEC agreed on Nov.20 a barrel from December.OPEC39;s output set another record high in November, rising to 34.Brent futures slid $1.Crude had surged more than 15 per cent in the four sessions since the November 30 OPEC meeting.

If the Cushing build is reinforced in Wednesday39;s report from the US Energy Information Administration, that would signal the largest weekly rise since January 2009, data showed.9 million bpd in 2016 and to 8.But in a sign the fight for market share is not over, Saudi Aramco cut the January price for its Arab Light grade for Asian customers by $1.8 million bpd in 2017 from 9."Prices fell for the first day in five in reaction to news that OPEC39;s output hit a record high last month," said James Williams, president of energy consultant WTRG Economics in Arkansas.Market watchers had said OPEC39;s decision to cut output marked an about-face for Saudi Arabia, which has been battling to keep market share for the past two years by selling more, if cheaper, barrels rather than bolstering prices.end-ofTags: oil, oil price, crude oil, brent, wti, opecLocation: United States, New York, New York.Russia reported average oil production in November of 11. That means OPEC and Russia alone produced enough to cover almost half of global oil demand, which is just above 95 million bpd.Oil prices pared losses slightly after inventory data released late Tuesday from the American Petroleum Institute showed US crude stocks dropped more than expected last week despite a hefty build of 4 million barrels in Cushing, Oklahoma.82 million bpd in October, according to a Reuters survey. Those countries and OPEC meet this weekend to finalize the terms.

[Brent crude futures were trading at $51.63 a barrel."Statistical balances suggest that conditions have improved markedly."We should see rig counts continue to increase in the wake of the recent price rally," Morgan Stanley said.That would be harder to achieve if Iraq, which is OPEC's second-biggest producer after Saudi Arabia, didn't participate.dc-Cover-20160113034645.27 million bpd, official data showed on Monday.39 million bpd in September.774 million bpd, with exports standing at 3.59 per barrel at 0133 GMT, down 19 cents, or 0.Iraq said on Sunday that its oil production stood at 4.original.Traders said the price falls followed comments from Iraq, which said it wanted to be exempt from a production cut by the Organization of the Petroleum Exporting Countries (OPEC) that the group plans to decide at its November 30 meeting.Despite Monday's lower prices, analysts said that oil markets, which have been dogged by two years of oversupply, might be rebalancing in terms of production and consumption.On the demand side, Japan's crude imports fell 4.US West Texas Intermediate (WTI) crude was down 22 cents, or 0.59 per barrel at 0133 GMT, down 19 cents, or 0.

"Comments by Iraq over foam wall panel barrel screws the weekend that it may not join the OPEC agreement to cut production could see oil prices come under pressure in today's session," ANZ bank said on Monday.4 percent, from their last close. We suspect that the market is moving more quickly into balance than is generally recognised," Barclays bank said in a note to clients on Sunday.50 million to 33.end-of.OPEC plans to reduce production to a range of 32.4 per cent, at $50.0 million barrels per day (bpd), down from 33.4 percent, from their last close.Also pressuring the market, US oil rigs rose by 11 last week, the first double-digit increase since August.4 per cent, from their last close.Ongoing strength in the dollar, which can crimp demand as it makes fuel purchases more expensive for countries using other currencies at home, also weighed on oil.6 percent in September from the same month a year earlier, to 3. Singapore: Oil prices fell early on Monday as Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop up the market, and as US drillers stepped up work.jpeg Brent crude futures were trading at $51.59 per barrel at 0133 GMT, down 19 cents, or 0.87 million bpd."The market moved into a small deficit in Q3, will remain so in Q4 and then the deficit will expand significantly in 2017," it added.Brent crude futures were trading at $51."We are not going back in any way, not by OPEC not by anybody else," said Falah al-Amri, the head of Iraq's State Oil Marketing Company.

Spot prices are higher than those in future months in a backwardated market.Asia’s incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.Asia’s incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.Saudi Arabia’s crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (bpd) of crude bound for Asia.Strong fuel oil margins, however, are likely to support prices for heavier grades that produce more of the residual fuel, survey respondents said. (Photo: File)SINGAPORE: Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.

End-ofTags: oil exporter, crude oil.Two of the five respondents expect Arab Heavy crude’s OSP to stay unchanged in September, while most of the respondents said Arab Medium’s September OSP could fall by 20-40 cents a barrel.State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.The cuts would track a backwardation between prompt and third month Dubai prices that narrowed by 70 cents a barrel in July versus June.Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.“Fuel oil cracks rallied the most,” one of the respondents said, adding that this could lead to smaller price adjustments for Arab Medium and Arab Heavy crude versus light grades.The official selling price (OSP) for flagship Arab Light crude single screw barrel Manufacturers could drop by at least 50 cents a barrel, falling below a premium of USD 2 a barrel for the first time in four months, a Reuters survey of five buyers in Asia showed.