GLOBAL OIL DEMAND
Oil gains despite OPEC+ planning to boost output
Despite OPEC+'s planned output hikes, oil prices remain surprisingly resilient, trading near $67 a barrel. Analysts attribute this to China's aggressive stockpiling and OPEC's actual output lagging behind targets, preventing the anticipated 'oil glut' from materializing visibly. Doubts persist about the glut narrative until verifiable stock increases occur, even with projected surpluses.
Market Wrap: Auto, metal stocks lift Sensex up 76 points, Nifty above 24,770 on GST relief, Fed rate cut bets
Indian benchmark indices Sensex and Nifty closed in the green on Monday, lifted by auto and metal shares, as optimism over sweeping GST tax cuts and China’s steel reforms supported sentiment alongside expectations of a Federal Reserve rate cut this month.
India's oil-demand growth set to outpace China, says Trafigura Group
India's oil demand is expected to surpass China's this year. This excludes China's strategic stockpiling. Urbanization and rising incomes are driving India's growth. China's crude consumption is slowing, except in petrochemicals. China's stockpiling supports global crude prices. Experts question if future demand can absorb increasing oil supply.
S&P Global expects dated Brent crude to hit $55 per barrel by year-end
Dated Brent crude prices are likely to fall to around $55 per barrel by year-end, an S&P Global executive said at the Asia Pacific Petroleum Conference on Monday.
China oil stockpiling helps offset global surplus, S&P Global says
China, the world's leading oil importer, has significantly increased its crude oil stockpiles this year, reaching a multi-year high. This aggressive stockpiling, estimated at 530,000 barrels per day, has helped absorb a global surplus created by increased OPEC+ production. China's current onshore crude oil inventories stand at approximately 1.4 billion barrels, exceeding global oil demand growth.
S&P Global expects dated Brent crude to hit $55 per barrel by year-end
S&P Global anticipates a drop in Dated Brent crude prices. The price could hit $55 a barrel by the end of the year. OPEC's decision to gradually increase output influences this forecast. Ample supply and continued Russian oil flow contribute to the expected price decline. Ample stock and commercial inventory may further lower the price. Contango situation indicates comfortable supplies.
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GIFT Nifty up 80 points; here's the trading setup for today's session
Equity indices remained flat, buoyed by positive global cues and auto stock purchases. Despite global trade uncertainties, a simplified GST framework and strong domestic macros are expected to support market momentum. Technically, the Nifty may rise towards 25,150-25,250 if it decisively surpasses 24,750, with support at 24,500.
Oil prices climb as OPEC+ agrees to raise output at slower pace from October
Oil prices saw a slight increase in early trading following OPEC+'s decision to moderately raise output from October, a response to anticipated weaker global demand. This decision, while surprising given potential winter oversupply, contrasts with larger previous monthly increases. Market sentiment is also influenced by potential U.S. sanctions on Russia and ongoing geopolitical tensions, including Russia's intensified attacks on Ukraine.
OPEC+ set to raise oil output further from October, sources say
OPEC+ is poised to agree on a further increase in oil output, but is likely to slow the pace of increases from October due to weakening global demand. The group will discuss boosting output at an online meeting, potentially unwinding a second tranche of cuts ahead of schedule.
OPEC+ set to raise oil output further from October, sources say
OPEC+ is poised to agree on further increasing oil output, potentially slowing the pace of increases from October due to weakening global demand. A deal to boost output from October would unwind a second tranche of cuts of about 1.65 million bpd, more than a year ahead of schedule.
Potus undoes some knots in ties; PM Modi responds in kind
Despite recent trade tensions, Prime Minister Modi and President Trump express mutual appreciation for the India-US partnership. Trump acknowledges their "special relationship," even while expressing disappointment over India's oil imports from Russia and imposing tariffs. Modi reciprocates Trump's positive assessment, emphasizing the forward-looking nature of their strategic alliance, signaling a potential thaw in relations.
Onam, Ganesh Chaturthi drive coconut prices to new highs
Across South India, coconut prices have surged from Rs 15-25 to Rs 80-100 due to pandemic-induced supply chain disruptions, climate change impacts, and pest infestations. Neglect of plantations and reduced yields have exacerbated the shortage, impacting copra, oil, and fresh nut availability. Despite being the largest producer, India faces a global crisis affecting prices and supply.
Oil & Gas Industry Layoffs 2025: ConocoPhillips, Chevron, BP, Petronas, OMV, among companies cutting jobs
Oil and gas company layoffs 2025: Global oil and gas firms plan more job cuts in 2025. This follows reductions last year due to falling oil prices and industry changes. Halliburton, OMV, and ConocoPhillips are among those reducing staff. Chevron, BP, and Petronas also have layoff plans. Equinor and Shell are cutting jobs in renewables and exploration.
Buy, Sell or Hold: Nuvama recommends buy on NALCO; sees over 30% upside on Inox Wind
Antique remains upbeat on Nalco, citing strong demand prospects and capacity growth, while Nuvama is optimistic on Inox Wind, highlighting its restructuring efforts, healthy order book, and role as a fully integrated renewable energy player.
Oil prices ease as investors await OPEC+ output decision
Oil prices edged lower for the third consecutive day as investors anticipate the upcoming OPEC+ meeting, where further output increases will be considered for October. The potential boost in production could lead to unwinding output cuts ahead of schedule. Meanwhile, U.S.
India's diesel shipments to Europe surge 137% in August
India's diesel exports to Europe witnessed a significant surge in August, climbing 137% year-on-year to 242,000 barrels per day. This increase is attributed to European buyers preparing for the upcoming EU ban on fuels refined from Russian crude in 2026.
Reliance's Oil-to-Chemicals profit margins largely unaffected by Russian crude: Jefferies
Jefferies reports Reliance Industries' O2C profitability shows minimal dependence on Russian crude due to offsetting logistics costs. The company's O2C profitability is tracking a strong 15 per cent year-on-year growth in the first half of 2026, supported by firm auto fuel margins and European diesel spreads. Reliance maintains compliance with Western sanctions and can adapt to potential Russian crude sanctions.
The energy transition is now a national security issue. Just ask India
India faces scrutiny over Russian oil imports, highlighting energy security concerns. The nation heavily relies on oil imports but is more self-sufficient in electricity, mainly from coal and renewables. While oil dependence seems strong, boosted by discounted Russian oil, India is pushing for electrification and renewable energy.
Rupee falls 1 paisa to 88.03 against US dollar in early trade
The Indian Rupee experienced a slight dip against the US dollar, settling at 88.03. This occurred amidst foreign investment outflows and a strong dollar. However, GST rate cuts and lower oil prices cushioned the fall. The services sector showed strong growth. Sensex and Nifty saw gains. Foreign investors sold off equities. Market watchers anticipate a trading range for the rupee.
US dollar Islamic bonds: What is it? As world's biggest oil company Aramco plans to raise $3-$4 billion for Sukuk that follows Shariah principles
Saudi Aramco during its earnings call in August said it planned to continue borrowing, adding that the company's balance sheet gearing was among the lowest in the industry.
Russian crude's share rises 5% in a shrunk August basket
India's crude imports hit a 10-month low in August due to weaker domestic demand, even as Russian supplies increased by 5.6% to 1.67 mbd, raising its share to 37%. Imports from Iraq, Saudi Arabia, and the US declined, while the UAE emerged as a significant gainer. Discounts on Russian oil continue to attract Indian refiners, despite pressure from the US.
ConocoPhillips says it will cut workforce by 20-25%, shares fall
ConocoPhillips, a major U.S. oil and gas producer, plans to reduce its workforce by 20-25% as part of a significant restructuring effort. CEO Ryan Lance cited rising costs, exceeding competitors by $2 per barrel, as a key driver. The cuts, impacting 2,600 to 3,250 employees, aim to streamline operations by 2026.
China’s chemicals makers reap reward of shift from oil to coal
Falling coal prices are reshaping China's chemicals sector, benefiting coal-based producers while oil-based counterparts struggle with overproduction and losses.
Oil prices hold on to gains from US sanctions
Oil prices are stable in Asian trading. The market is awaiting the OPEC+ meeting. U.S. imposed sanctions on companies smuggling Iranian oil. U.S. crude oil stockpiles are expected to fall. Economic data is soft. China is holding a military parade. Xi Jinping, Vladimir Putin and Kim Jong Un are attending. China is challenging the U.S. with a new global order.
India's August palm oil imports surge 16% to 13-month high ahead of festive season
Higher imports of palm oil and soyoil lifted India's total edible oil imports in August by 3.6% to 1.6 million tons from a month earlier, the highest level in 13 months, according to dealers' estimates. The import figures exclude duty-free shipments that arrived via land borders from Nepal, they said.
India's fuel demand slows down in August
India's fuel demand growth slowed in August, impacting overall oil consumption. Petrol, diesel, and cooking gas saw reduced growth compared to April-July. Jet fuel consumption declined significantly, influenced by factors like tensions with Pakistan and the Air India crash. This slowdown, coupled with global economic concerns, could affect India's oil imports and has global implications as well.
India challenges US rhetoric on Russian crude, Oil minister Puri counters 'laundromat' jibe
Amidst US criticism over Russian oil imports, India's Oil Minister Hardeep Puri defended the country's energy strategy, arguing that it stabilises global markets and prevents price surges. Puri refuted claims of undermining sanctions, highlighting adherence to international rules and legal transactions.
Oil prices fall with expected low demand, upcoming supply boost
Oil prices declined as traders anticipated weaker U.S. demand after Labor Day and a potential supply increase from OPEC+ this autumn. Market sentiment was also influenced by uncertainty surrounding Russian supply and India's continued purchase of Russian oil despite U.S. pressure. While U.S. crude inventories showed strong draws, concerns linger about the impact of tariffs on future economic outlook.
Oil will find its market, one way or another
US tariff policy differentiates between China's domestic use of Russian oil and India's exports, aiming to curb Moscow's oil production. However, restricting India's refining activities may only redirect oil flow to BRICS nations. The US risks diminishing its influence and the dollar's dominance in energy trade by antagonizing BRICS and failing to address global energy demand effectively.
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