India’s monthly diesel consumption fell for the first time in 10 months year-on-year in September, while petrol sales grew by the least in four months as record high pump prices dented demand, government data showed on Friday.
India’s oil imports from Iran edged up in September from the previous month as refiners pushed back loading of some August cargoes due to a delay in obtaining government approval to use Iranian ships and insurance, data obtained from sources showed.
Asia’s emerging markets, the key driver for global oil demand growth, are being hit hard by soaring crude prices and sliding currencies, raising red flags over expectations of further increases in consumption.
India’s Oil and Natural Gas Corp Ltd (ONGC) has sought an exemption from a government request to buy back government-held shares in the company as ONGC needs the funds for its own capital expenditures, Chairman Shashi Shanker said on Wednesday.
Oil prices rose on Monday as the number of U.S. rigs drilling for new production was cut last week and as the market is expected to tighten once U.S. sanctions against Iran’s crude exports kick in from November.
Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen’s Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world’s top oil exporting region.
India’s coal imports appear to have surged in July and may even come close to a monthly record as it grapples with domestic transport woes and rising demand for electricity.
A U.S. judge on Thursday dismissed a lawsuit by New York City seeking to hold major oil companies liable for climate change caused by carbon emissions from burning fossil fuels.
Oil prices rose about 1 percent on Friday as strike actions in Norway and Iraq hit supplies, but futures were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. sanctions.
Indian refiners cut imports of Iranian oil last month as they started weaning their plants off crude from the country to avoid sanctions by the United States that are set to take effect in November.