Oil Market

"India's smartwatch market grew 121 per cent YoY driven by affordability, rising customer demand and availability of a wide variety of options in the budget segment. Around 40 per cent of the total shipments were driven by the less than Rs 2,000 price band, its highest proportion ever," said senior analyst Anshika Jain.

Luxshare undertook around 40 per cent of Apple Watch production, according to Counterpoint Research. In tier-2, Huaqin ranked first as it produced smartwatches from a variety of brands. Meanwhile, LINWEAR, I DO and Yawell benefitted from the stellar growth of Indian brands.

Josep Borrell, the EU's high representative for foreign policy, told The Financial Times that Brussels was aware that Indian refiners were buying large volumes of Russian crude oil before processing it into fuels for sale in Europe, saying for the first time the EU should act to stop it.

In a meeting with stakeholders, Food Secretary Sanjeev Chopra said that consumers should get the benefit of reduced prices as fall in prices of edible oils in international markets is gradually being reflected in the domestic markets as well. The stakeholders were advised to take up the issue with their members immediately and ensure that the MRP of each oil brand be reduced in line with the decline in the international prices of edible oils with immediate effect.

Russia exported around 40 million ton of crude oil and oil products to Asia and some 180 million ton to Europe in 2022, Novak told reporters on the sidelines of an energy event on Thursday as quoted by Xinhua news agency report. This year, 140 million ton of oil and oil products will go to the East. About 80-90 million ton will remain.

IEA expects the surprise, voluntary output cut of 1.66mmbpd (from May'23 till end-CY'23) by OPEC+ to push the oil market into deficit in 2HCY23; this deficit will be aided by continued expectation of CY23 global oil demand growing by 2.0mmbpd on likely rebound in China. We believe the OPEC+ output cut decision was a reiteration.

The price of Brent crude oil was trading above $84 a barrel in Asia after jumping by more than $4, or 5 per cent, the BBC reported. The increase came after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels a day. Oil prices soared when Russia invaded Ukraine in February 2022.

The move is a "precautionary measure" taken in coordination with some countries of OPEC+, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, to stabilise the global oil market, it added on Sunday.

During the trip, Rosneft Oil Company and Indian Oil Company signed a term agreement to substantially increase oil supplies as well diversify the grades to India. Igor Sechin, CEO of Rosneft Oil Company, and Shrikant Madhav Vaidya, Chairman of Indian Oil Corporation Ltd., signed the agreement, in the presence of India's Minister of Petroleum and Natural Gas Hardeep S. Puri.

Prices of petrol and diesel have not been increased by public sector oil marketing companies (OMCs) since April 6, 2022, despite record high international prices, Minister of State for Petroleum Rameswar Teli told the Lok Sabha in a written reply. The three OMCs, namely Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, have booked a combined loss of Rs 18,622 crore between April 2022 and December 2022, it said.