Oil Prices: U.S. economic growth slowed more than expected in the first quarter, but an acceleration in inflation suggested that the Federal Reserve would not cut interest rates before September.
HPCL To Commission Barmer: "The 9 million tonnes a year refinery is 76 per cent mechanically complete and will be completed by year end or so. First product from the refinery will flow in December or January next year," HPCL director for refineries S Bharathan told reporters on the sidelines of India Energy Week here.
Oil Imports: China imported 11% more crude oil last year versus 2022 at 563.99 million metric tons, equivalent to 11.28 million barrels per day (bpd), up from a previous record of 10.81 million bpd in 2020, data from the General Administration of Customs showed.
Standard Chartered predicts a much smaller global oil surplus in the early part of this year, and sees demand growth remaining at elevated levels throughout 2024.
PSUs: PSU's petrol sales increased by 7.5% yoy in November. State-run companies have control over 90% of petrol pumps in India. Compared to the November of 2019, petrol and diesel sales by state companies are up 25% and 1%, respectively.
Russia India Oil: India's oil imports reached a 10-month high in October due to OPEC's share, as refiners bought more crude from Saudi Arabia and the UAE. However, Russia's share of the Indian market fell to the lowest in nine months. India, the world's third-biggest oil importer and consumer, typically relies on Middle Eastern producers, and has encouraged refiners to diversify to cheaper alternatives.