Oil prices on Monday after a weekend attack on a Saudi oil facility by Yemen’s Houthi forces and as traders looked for signs that top economies would take measures to counteract a global slowdown.
Indian oil companies are keen to invest in Khaleej Al Bahrain basin, T.S. Tirumurti, who deals with economic relations at India’s foreign ministry, said on Monday.
Crude oil prices rose by Rs 63 to Rs 3,959 per barrel in futures market on Monday as speculators created fresh positions, taking positive cues from physical spot market.
Indian Oil Corporation Limited (IOCL) will invest Rs 1,00,300 crore in expanding its Paradip refinery capacity from 15 million tonnes per annum (mtpa) to 25 mtpa and setting up a naphtha cracker unit.
The price of spot cargoes of liquefied natural gas (LNG) has ticked up recently in Asia amid tentative signs of some peak summer demand, but the problem remains that for many buyers the cost is still too high.
India’s liquefied natural gas (LNG) imports rose 4.6% year-on-year and 15.6% month-on-month to 91 million metric standard cubic meter per day (mmscmd) in June, according to data from the Petroleum Planning & Analysis Cell and Ministry of Petroleum and Natural Gas.
Overwhelmingly bearish economic sentiment has sent oil prices spiraling down and persistent cuts in demand growth forecasts are indicative of further downside risk.
The retail prices of petrol were lowered by 7 paise for the second successive day across four metro cities on Monday (August 19). Diesel prices, on the other hand, were reduced by 8-9 paise.
Amid rising competition from alternative mobility solutions in the country, India’s fuel retailers have firmed up plans to expand door-step delivery of fuel beginning with diesel.
Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists, although price gains were capped by an unusually downbeat OPEC report that stoked concerns about demand growth.