Oil Demand

The world is likely to have a "major surplus" of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said in an annual report published Wednesday.

Major sectors such as Oil and Gas (14 per cent), Banking (12 per cent) and FMCG (17 per cent) notched up healthy growth, while healthcare and travel and hospitality, each showcased a robust 8 per cent growth, said the report.

On the Multi Commodity Exchange, crude oil for April delivery fell Rs 113 or 1.57 per cent to Rs 7,074 per barrel with a business volume of 6,469 lots.

India's Adani Wilmar forecast double-digit percentage growth in fourth-quarter edible oil sales on Friday, driven by strong demand during the festive season in the world's biggest importer.

India's crude oil imports rose in December on firm demand, data from Petroleum Planning and Analysis Cell (PPAC) showed on Monday.

Iran's Supreme Leader Ayatollah Ali Khamenei called on Muslim states to cease oil and food exports to Israel, demanding an end to its bombardment of the Gaza Strip, state media reported.

World demand for oil, gas and coal is forecast for the first time to peak this decade, the head of the International Energy Agency wrote in the Financial Times on Tuesday.

In addition to causing spikes in electricity demand as people fire up air conditioners, the scorching temperatures have led to a spate of disruptions at oil refineries.

India will soon overtake China as the largest driver of global oil demand even as it has an opportunity to become a world leader in green hydrogen production, International Energy Agency (IEA) chief Fatih Birol said Wednesday.

India's strong credit demand and softening crude oil prices could buoy the economy, putting the South Asian country on course for a 6.5% expansion this fiscal year, according to a top adviser to the Finance Ministry.

While China could "buy literally the entire Russian oil exports" as it abandons Covid-zero policies, Russia will want to keep the Indian market because it is more lucrative.

Adani Wilmar, a joint venture between Adani Group and Singapore's Wilmar Group, said revenue from the edible oil business, its largest, climbed nearly 4% on the festive and wedding demand.

Electric vehicle adoption in India is growing rapidly, prompting a major rethink about demand for fuel, while refiners in the third-largest economy on the continent are moving away from producing fuel. Despite new momentum in India, the question for the country is whether it will be enough to ultimately shake its fossil fuel dependency. State refin...

Oil prices rose in early trade on Thursday, building on gains in the previous session as China's demand outlook improves and concerns rise over the impact of sanctions on Russian supply.

The falling stockpiles come as demand for heating oil is set to soar with a powerful winter storm hitting the United States, with sub-zero wind chills expected as far south as Texas.

The world is likely to have a "major surplus" of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said in an annual report published Wednesday.

Major sectors such as Oil and Gas (14 per cent), Banking (12 per cent) and FMCG (17 per cent) notched up healthy growth, while healthcare and travel and hospitality, each showcased a robust 8 per cent growth, said the report.

On the Multi Commodity Exchange, crude oil for April delivery fell Rs 113 or 1.57 per cent to Rs 7,074 per barrel with a business volume of 6,469 lots.

India's Adani Wilmar forecast double-digit percentage growth in fourth-quarter edible oil sales on Friday, driven by strong demand during the festive season in the world's biggest importer.

India's crude oil imports rose in December on firm demand, data from Petroleum Planning and Analysis Cell (PPAC) showed on Monday.

Iran's Supreme Leader Ayatollah Ali Khamenei called on Muslim states to cease oil and food exports to Israel, demanding an end to its bombardment of the Gaza Strip, state media reported.

World demand for oil, gas and coal is forecast for the first time to peak this decade, the head of the International Energy Agency wrote in the Financial Times on Tuesday.

In addition to causing spikes in electricity demand as people fire up air conditioners, the scorching temperatures have led to a spate of disruptions at oil refineries.

India will soon overtake China as the largest driver of global oil demand even as it has an opportunity to become a world leader in green hydrogen production, International Energy Agency (IEA) chief Fatih Birol said Wednesday.

India's strong credit demand and softening crude oil prices could buoy the economy, putting the South Asian country on course for a 6.5% expansion this fiscal year, according to a top adviser to the Finance Ministry.

While China could "buy literally the entire Russian oil exports" as it abandons Covid-zero policies, Russia will want to keep the Indian market because it is more lucrative.

Adani Wilmar, a joint venture between Adani Group and Singapore's Wilmar Group, said revenue from the edible oil business, its largest, climbed nearly 4% on the festive and wedding demand.

Electric vehicle adoption in India is growing rapidly, prompting a major rethink about demand for fuel, while refiners in the third-largest economy on the continent are moving away from producing fuel. Despite new momentum in India, the question for the country is whether it will be enough to ultimately shake its fossil fuel dependency. State refin...

Oil prices rose in early trade on Thursday, building on gains in the previous session as China's demand outlook improves and concerns rise over the impact of sanctions on Russian supply.

The falling stockpiles come as demand for heating oil is set to soar with a powerful winter storm hitting the United States, with sub-zero wind chills expected as far south as Texas.