Oil Market

Russian oil supply makes up some 13 per cent of total oil exports. The EU alone was importing about 2.3 million b/d of Russian crude before the war in Ukraine, which started on February 24. Europe is now weaning itself off Russian Urals and buying more crude from across the Atlantic and via the Middle East.

The company had posted a revenue of Rs 68 crore for the same quarter previous fiscal. Core EBITDA grew by 32 per cent QoQ to Rs 115 crore from Rs 87 crore in the same quarter previous fiscal. Sales volume grew by 42 per cent YoY whereas sales price realization increased by 55 per cent YoY and Gas production grew by 17 per cent YoY at 0.77 mmscmd.

On the other hand, trading bodies are optimistic that Indonesia will need to deal with its own continuing production of both crude palm and palm oil and hence will not be able to continue with the export ban for long. The market that was already on the edge since the Ukraine-Russia war broke out in late February, faced a double whammy when Indonesia imposed the export ban from April 28 owing to domestic reasons.

The hacker has demanded $75,00,000 as a ransom. "The Central and Assam's intelligence agencies are now investigating the major cyber-attack in the field headquarters of OIL," a senior OIL official told IANS, refusing to disclose further details. OIL's Manager, Security, Sachin Kumar, had filed an FIR with the police on Tuesday night, complaining that their server, network, and other related services.

Notably, the marketing year for edible oil starts in November. In the month of March, the edible oil imports rose nearly 10 per cent year-on-year to 1.05 million tonnes, the SEA data showed. In March 2021, it was at 9,57,633 tonne. In March, 212,000 tonnes of sunflower oil arrived in India as those vessels had left before conflict between Russia and Ukraine started. Ukraine and Russia are two major suppliers of sunflower oil to India.

The report, released on Thursday, documents that in the six years since the Paris Agreement was adopted, the world's 60 largest private banks financed fossil fuels with $4.6 trillion, with $742 billion in 2021 alone. 2021 fossil fuel financing numbers remained above 2016 levels, when the Paris Agreement was signed.

While Brent crude lost more than $3 a barrel on concerns that the move would mean that demand for oil will fall, the Shanghai Composite stock index fell in early trade before regaining most of the losses later in the morning. Until now, Chinese authorities had resisted locking down the city of almost 25 million people to avoid destabilising the world's second largest economy.

According to the brokerage house's estimates, the Centre has the financial capacity to take the hit on its own income statement without breaching the fiscal deficit targets. "Considering our revised crude oil prices forecasts of $80 per bbl in FY23 (from $70 per bbl earlier), if the GoI decides to take the entire burden, it would cost $12-13 billion (or 0.4 per cent of GDP) next year," the brokerage house said in a report.

The average price rose by 2.3 cents to $6.011, according to figures released on Tuesday by the American Automobile Association (AAA) and Oil Price Information Service. The overnight surge was the 28th consecutive increase and the new record came 19 days after the price topped $5 for the first time in history, Xinhua news agency reported.

Responding to a question raised by Shiv Sena MP Priyanka Chaturvedi, Puri said, "In the last three financial years, we imported less than 1 per cent crude oil from Russia, and in the first nine months of this fiscal, only 0.2 per cent of our oil requirement has been imported from Russia."