Oil Prices NEWS

TOKYO: Oil prices fell on Monday amid mounting concerns that surging caseloads of coronavirus infections in India and other countries will lead to stronger measures and hit economic activity, along with demand for commodities such as crude.Brent crude was down 43 cents, or 0.6%, at $66.34 a barrel by 0139 GMT, after rising 6% last week. U.S. oil was down 42 cents, or 0.7%, at $62.71 a barrel, having gained 6.4% last week.

Oil rose on Monday amid hopes that fuel demand is picking up in the United States as the summer driving season approaches and the rollout of COVID-19 vaccinations there accelerates, though increasing case numbers in other countries are set to cap gains.Brent was up 25 cents, or 0.4 per cent, at $63.20 a barrel by 0155 GMT. U.S. crude gained 17 cents, or 0.3 per cent, to $59.49 a barrel.

SINGAPORE: Oil prices edged down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.Brent crude futures for June fell 16 cents, or 0.2 per cent, to $64.70 a barrel by 2351 GMT while U.S. West Texas Intermediate crude for May was at $61.32 a barrel, down 13 cents, or 0.2 per cent.

NEW DELHI: The government on Wednesday left the price of natural gas produced by companies such as ONGC unchanged at a decade-low rate of USD 1.79 while the same for difficult fields like the one operated by Reliance-BP was cut by 11 per cent.

BEIJING: China Petroleum & Chemical Corp, better known as Sinopec, plans a 23.8% increase in capital spending to 167.2 billion yuan in 2021 following recovery of oil prices and energy demand as the COVID-19 epidemic subsided.Sinopec expects to spend 66.8 billion yuan on upstream exploration focusing on shale gas development in southwest China

Oil prices resumed their decline on Monday, falling around 1% as worries about a drop in demand for fuel products in the wake of yet more European lockdowns dominated trading.Germany plans to extend a lockdown to contain COVID-19 infections into a fifth month, according to a draft proposal, after new cases exceeded levels authorities say will cause hospitals to be overstretched.

Oil prices dropped for a fifth day on Thursday after official data showed a sustained rise in U.S. crude and fuel inventories, while the ever-present pandemic clouded the demand outlook. Stocks of gasoline and diesel increased against expectations among analysts for a decline.

NEW DELHI: Amid record-high fuel prices, finance minister Nirmala Sitharaman on Monday said there is no proposal as of now to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST).This meant that the central government continued to levy excise duty on them while state governments charged VAT. These taxes, with excise duty, in particular, have been raised periodically.

Oil prices edged up on Monday, with Brent drifting near $70 a barrel, propped up by output cuts from major producers and optimism about global economic and fuel demand recovery in the second half of the year.Brent crude futures for May gained 23 cents, or 0.3%, to $69.45 a barrel by 0102 GMT while U.S. West Texas Intermediate crude for April was at $65.90 a barrel, up 29 cents, or 0.4%.

KUWAIT (Reuters) - Kuwait’s finance minister said on Wednesday that an increase in oil revenues due to higher crude prices would not cover the Gulf state’s budget obligations and he called for radical economic reforms.Kuwait’s budget would need oil prices of $90 per barrel to eliminate its deficit, the minister, Khalifa Hamada, said in a statement.

The spike in oil prices has focused attention on how the steady rise in energy costs is threatening to create a drag on the global economic recovery and stoking fears of inflation.the international benchmark, above $70 a barrel for the first time since January 2020.

As governments and industries seek less-polluting alternatives to hydrocarbons, the world’s biggest crude exporter doesn’t want to cede the burgeoning hydrogen business to China, Europe or Australia. So it’s building a $5 billion plant powered entirely by sun and wind that will be among the world’s biggest green hydrogen makers when it opens in the planned megacity of Neom in 2025.

Oil prices will hit $80 a barrel this year as demand comes roaring back and producers won’t be able to immediately respond with sufficient supply. Hayal Ahmadzada, Socar’s chief trading officer, said the glut of excess oil stocks that built up in 2020 in response to the pandemic will be fully drawn down by the summer.

Oil extended gains after closing at the highest level in more than a year as declines in U.S. and Chinese crude stockpiles added impetus to a rally driven by tightening global supplies. Futures in New York climbed to trade above $55 a barrel. The American Petroleum Institute reported crude inventories fell by 4.3 million barrels last week.

The budget provides for additional fund infusion of Rs 1,000 crore for SECI and Rs 1,500 crore for IREDA and the launch of a National Hydrogen Mission in 2021-22 for generating Hydrogen from green power sources.The Union Budget for 2021-22 has laid a major focus on capturing the emerging energy transition trends.

The oil and gas sector has emerged as one of the largest contributors to the overall profit , said Motilal Oswal Financial Services in a report. According to there port, the oil and gas sector was the largest contributor to the overall profit pool of about 22%.

A focus on fiscal spending, a probable lack of urgency in lifting sanctions on Iran and restrictions on the North American energy industry all combine to support oil prices. A $2 trillion stimulus package in 2021 and 2022 could boost U.S. oil demand by roughly 200,000 barrels/day and contribute to weakening dollar.

Now solar power tariff dropped to a new low of Rs 1.99 per unit in an auction for 500MW projects by GUVNL last week and State-run power giant NTPC, Torrent Power, Saudi Arabian firm Al Jomaih Energy and Water Co. and Aditya Birla Renewable have emerged the lowest quoting Rs 1.99 per unit under auction" as told by a source.