India’s Reliance Industries Ltd, owner of the world’s biggest refining complex, imported 6.8% less oil in May than a year ago, according to data from shipping and industry sources. The sources declined to be identified as they were not authorised to speak with the media.
A surge in India’s oil imports from the United States outpaced growth in shipments from its traditional suppliers in the Middle East, after Washington imposed sanctions on Tehran in November, according to tanker arrival data obtained from sources.
Oil prices rose on Monday after U.S. Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.
India’s Oil & National Gas Corp Ltd has sold a naphtha cargo at close to $6 a tonne over Middle East quotes on a free-on-board (FOB) basis, the lowest premium in more than five months, industry sources said on Friday.
Additional sanctions imposed on Iran by the United States show that Washington’s offer of talks is not genuine, Iranian Foreign Ministry spokesman Abbas Mousavi said on Saturday.
Oil prices rose around 1% on Friday to move further away from five-month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts.
U.S. refiners warned the Trump administration that tariffs on imports from Mexico could deliver a punishing blow to refiners and raise the cost of gasoline just as the U.S. driving season kicks into high gear, according to sources familiar with the discussions.
Oil prices fell on Tuesday amid a global economic slowdown that is starting to hit oil demand, triggering calls in producer club OPEC for supply cuts to be extended.
Investment banks are beefing up trading teams in markets such as gas, metals and carbon permits that are flourishing as businesses and economies become greener, according to recruitment consultants.
Asian spot prices for liquefied natural gas (LNG) remained steady at the seven-week low hit in the previous week, as lower prices attracted some demand from India, but the market was well supplied as new cargo deliveries were expected soon.