Crude oil futures little changed as Saudis cut supplies to US

Crude oil futures were little changed during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the energy commodity helped by a slide in Saudi exports to the US, however, overall markets remained under pressure as world market flooded with fuel.

Further, the prices of crude oil rose after a report that Saudi Arabia's crude ex

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Key points

* Upstream PSUs demand floor price for gas at $4.2/mmbtu - expect 14% upside to our FY2018E EPS of Rs29.2 for Oil India:

Upstream PSU (ONGC) has asked the government to review the domestic gas price formula and fix a floor price for gas at $4.2/mmbtu, which translates into an increase of 50% from th

24/03/2017 2:26:55 PM | Posted in Broking Firm Views - Long Term Report read full news
All drill, no frack: U.S. shale leaves thousands of wells unfinished

By Devika Krishna Kumar

NEW YORK  - U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate.

Rising U.S. shale output has rattled OPEC's most influential exporter S

Oil edges up as Saudis cut supplies to U.S., but global glut remains

By Libby George

LONDON  - Oil edged higher on Friday, boosted by hopes that an OPEC output cut was beginning to balance a long-oversupplied market, but benchmark prices were on track for weekly losses as concerns persisted over an excess of crude.

Benchmark Brent crude futures were at $50.86 per barrel at 1040 GMT, up 30 cents from their last close.

EXCLUSIVE: Saudi exports to U.S. to fall by 300,000 bpd in March - official

By Rania El Gamal

DUBAI  - Saudi Arabia's crude exports to the United States in March will fall by around 300,000 barrels per day from February, in line with OPEC's agreement to reduce supply, a Saudi energy ministry official said on Thursday.

The United States imported about 1.3 million bpd from OPEC's top exporter in February, according to

Saudi Arabia sees crude supply stable around 10 million bpd - sources

DUBAI - Saudi Arabia expects its crude oil supply to be stable at around 10 million barrels per day in the next few months, fully in line with the country's OPEC quota and regardless of possible fluctuations in monthly production, industry sources said.

Riyadh has stressed the importance of focussing on its supply rather than output as supply includes crude delive

Indian Oil declares interim dividend of Rs 4.50 per share

State-run oil marketing company Indian Oil Corporation on Thursday said that its board has approved second interim dividend of Rs 4.50 per share (i.e.@ 45% on the paid up equity share capital) for the financial year 2016-17. “The board of Indian Oil has declared 2nd interim dividend of Rs 4.50 per share (i.e.@ 45 % on the paid up equity share capital) for the financial year 2016-17,&rdquo

World's top LNG buyers form alliance to push for flexible contracts

By Jane Chung and Yuka Obayashi

SEOUL/TOKYO  - The world's biggest liquefied natural gas (LNG) buyers are clubbing together to secure more flexible supply contracts in a move that further shifts power to buyers rather than producers.

Korea Gas Corp (KOGAS) said on Thursday it had signed a memorandum of understanding in mid-March with Japan's JER

Oil up from four-month lows, inventories curb recovery

By Edmund Blair

LONDON - Oil prices climbed off four-month lows on Thursday but the recovery was cautious with investors fretting that OPEC-led supply cuts were not yet reducing record U.S. crude inventories.

Brent crude, the international benchmark for oil, was trading at $50.84 a barrel by 0915 GMT, up 20 cents on the day and rebounding from Wednesday'

Crude oil futures rise 0.28% as demand picks up

Crude oil futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity after the overnight losses, however, supply concerns kept the gains in check.

The US Energy Information Administration (EIA) data showed that, US crude inventories rising faster than expected, piling pressure on O

Cairn India rises over 3% as cabinet okays policy for extending oilfield contracts

Shares of oil and gas major Cairn India advanced over 3 per cent on the Bombay Stock Exchange (BSE) after cabinet passed a policy for granting extension to licences of oil and gas fields on payment of an additional 10 per cent profit share. Buoyed by the government move, shares of company gained as much as 3.22 per cent to hit intra-day high of Rs 300.50 apiece on the Bombay Stock Exchange.

OMCs share gain on interim dividend payout

Shares of oil marketing companies (OMCs) such as Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) were trading higher between 2-3 per cent on the Bombay Stock Exchange (BSE) as board of these companies are scheduled to hold meeting to declare interim dividend. In BSE, Oil&Gas index was at 13461.21, up by 187.79 points, or by 1.41

Cabinet nod for extending oil production sharing contracts

A Union Cabinet panel on Wednesday approved a policy for extending the licences of oil and gas fields awarded before the 1999 New Exploration Licensing Policy (NELP) regime, on payment of an additional 10 per cent profit share.

The Cabinet Committee on Economic Affairs approved the policy for grant of extension to the Production Sharing Contracts (PSC) signed by the government awardin

Oil bounces off November lows, but bloated US stockpiles pressure market

By Henning Gloystein

SINGAPORE - Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production.

Brent crude futures, the international benchmark for oil, were at $50.82 per barrel at 0807 GMT, up 18 cents,

Venezuelans line up for gasoline as OPEC nation's oil industry struggles

By Alexandra Ulmer and Mircely Guanipa

CARACAS/PUNTO FIJO, Venezuela  - Grumbling Venezuelans were lining up for scarce gasoline across the OPEC nation on Wednesday, due to mounting oil industry woes in the country with the world's largest crude reserves.

Venezuela, which also has the world's cheapest gasoline, has wrestled with intermittent gas

Major oil companies open their wallets in Gulf of Mexico bidding

By Ruthy Munoz

HOUSTON - Royal Dutch Shell plc, Chevron Corp and Exxon Mobil Corp signaled the oil industry's return to the Gulf of Mexico's deep waters with high bids in a government auction up 76 percent over a year ago.

The auction of offshore oil and gas parcels received nearly $275 million in high bids, compared with $156.4 million a year ago. T

India eases rules for old oil, gas blocks; to unlock $21 billion reserves

NEW DELHI - India approved a policy on Wednesday allowing extra time to contractors of old blocks to unlock oil and gas reserves of more than 426 million barrels, worth over $21 billion, as it seeks to cut its dependence on imports.

The policy approved by the Cabinet will help companies including Cairn India and Oil and Natural Gas Corp that are exploring blocks award

'ONGC doubles gas production in Tripura in 5 years'

State-owned ONGC has more than doubled its gas production in five years in Tripura brightening prospects of setting up of more gas based projects, officials said here on Wednesday.

"ONGC has more than doubled its production from 6,450 lakh cubic metres of gas in 2012-13 to 13,820 lakh cubic metres in 2016-17," a spokesman of the Oil and Natural Gas Corporation (ONGC) said.

Crude oil futures in reverse gear on bloated US crude storage

Crude oil futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the energy commodity on rising crude stocks in the US despite an OPEC member countries effort’s to slash output.

The American Petroleum Institute (API) said on Tuesday that, the US crude oil inventories surged by 4.5 million barre

Adani Enterprises acquires 100% shares of AIPL

Adani Enterprises has said that it has acquired Adani Infrastructure Pvt Ltd (AIPL), which is yet to commence business operations. AIPL with an authorised and paid up capital of Rs5 lakh is a subsidiary of Adani Properties Pvt Ltd for development of infrastructure, a promoter group company. “The company has acquired 100% equity share capital of AIPL...The transaction is done at arm’

Oil prices slide on bulging U.S. crude inventories

By Edmund Blair

LONDON - Oil prices slipped back to three-month lows on Wednesday after data showed U.S. crude inventories rising faster than expected, piling pressure on OPEC to extend output cuts beyond June.

A deal between the Organization of the Petroleum Exporting Countries and some non-OPEC producers to reduce output by 1.8 million barrels per day (bpd

Oil prices climb on talk that OPEC could extend supply cut

By Edmund Blair

LONDON  - Oil prices climbed on Tuesday, helped by expectations that an OPEC-led output cut would be extended beyond June but gains were pegged back by concerns about persistently high crude inventories.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to cut production from Jan. 1 by 1.8 million b

Crude oil futures rise 0.40% on global cues

Crude oil futures were trading higher during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the energy commodity on weakness in the US dollar after Chicago Fed President Charles Evans reinforced the perception that the US central bank won't accelerate the pace of its interest rate hikes.

The dollar hurt after the Fed'

Oil prices rise on talk that OPEC could extend supply cut

By Henning Gloystein

SINGAPORE  - Oil prices rose on Tuesday on expectations that an OPEC-led production cut to prop up the market could be extended, while strong demand would also work to slowly erode a global fuel supply overhang.

Prices for front-month Brent crude futures, the international benchmark for oil, were at $51.97 per barrel at 0746 GMT, up