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Friday, March 29, 2024
TopicCrude oil

Topic: crude oil

Oil price falls to 21-year low as demand sinks and the world runs out of storage

New York futures fell to less than $16 a barrel as deal by OPEC+ and other producers failed to counter the demand hit from a crippled global economy.

India’s petroleum demand has crashed by 70% as country has come to a near-halt

Consumption for the entire month could average about 50% below last year’s levels if the lockdown ends 15 April as planned.

India to stock up Middle Eastern crude oil to take advantage of low prices

New Delhi’s move to buy millions of barrels of Middle Eastern crude is seen to be part of a broader G-20 response to the collapse in oil prices.

How Saudi Arabia can save the global oil industry

Saudi Arabia needs to get producers to curb output or make clear it will continue to pump 12.3 million barrels a day, causing prices to crash to single digits.

Trump’s push for huge deal to cut oil supply draws disbelief

Oil traders are frantically assessing whether Saudi Arabia, Russia & possibly even the US are poised to strike a grand bargain to cut daily supplies.

Oil plummets further after Trump suspends travel from Europe to US

Brent crude for May delivery fell 5.3% to $33.88 a barrel after Trump said US would suspend all travel from Europe for next 30 days.

Bharat Petroleum grabs US crude on its way to China after tariffs kicked in

BPCL bought one or two cargoes of US crude recently diverted from its original destination of China & could buy more American oil headed there.

Modi govt plans to resume oil imports from Iran, skirt US sanctions

New govt plans to hold talks with Iran at the earliest to discuss ways to resume oil imports and is even looking to pay in Indian currency.

Elections keep petrol & diesel rates in check in India, even as global crude price soars

Global crude price has risen by almost $9 since 10 March, when the Lok Sabha polls were announced. But average petrol price in India has risen by just 50 paise.

Modi govt promised to raise India’s crude oil output – but it actually dropped last 5 yrs

Higher crude imports went unnoticed due to global prices, analysts say. Modi govt says ‘made considerable progress, but it takes time’.

On Camera

Congress attacks chief economic advisor over statement on unemployment, asks BJP govt to ‘vacate seat’

While releasing 'India Employment Report 2024', V Anantha Nageswaran said govt can't solve 'all social, economic challenges'. Congress leader Kharge says CEA protecting 'dear leader'.

Amid plans to lift AFSPA, Army starts joint training with Jammu & Kashmir Police

In an interview with Gulistan News this week, Union Home Minister Amit Shah said the government would leave law and order to J&K Police and slowly withdraw troops.

For BJP, Kejriwal is an idea whose time has come to be destroyed

The ‘idea’ Kejriwal's politics grew around was a no-holds-barred fight against corruption. That is the reason Modi govt has now tarred him and his entire party with the same paint.