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REUTERS/Ernest Scheyder Acquire Licensing RightsLONDON, Aug 17 (Reuters) - Production cuts announced by Saudi Arabia and its OPEC⁺ allies are expected to tighten the global petroleum market moderately over the remainder of 2023 and into the first quarter of 2024. Since then, additional production cuts announced by Saudi Arabia will remove an extra 90 million barrels from the market between July and September. Russia has also announced extra cuts amounting to 25 million barrels in August and September, assuming they are implemented in full. Related columns:- U.S. oil and gas production begins to flatten (August 4, 2023)- Saudi output cut removes downside risk from oil market (July 12, 2023)- Is oil market’s glass half-full or half-empty? (June 29, 2023)- Frustrated oil bulls made to wait for price recovery (June 22, 2023)John Kemp is a Reuters market analyst.

Persons: Ernest Scheyder, Brent, John Kemp, Paul Simao Organizations: REUTERS, OPEC ⁺, OECD, U.S . Energy Information Administration, of, Petroleum, OPEC, Thomson, Reuters Locations: Midland , Texas, U.S, Saudi Arabia, Russia, European, China, Saudi, United States, Europe, Asia

LAUNCESTON, Australia, Aug 17 (Reuters) - China made a rare draw on crude oil inventories in July as imports softened and refinery processing remained elevated to meet rising domestic demand and a surge in refined fuel exports. China doesn't disclose the volumes of crude flowing into or out of strategic and commercial stockpiles, but an estimate can be made by deducting the amount of crude processed from the total of crude available from imports and domestic output. The volume of crude available to refiners was 14.36 million bpd, consisting of imports of 10.29 million bpd and domestic output of 4.07 million bpd. Subtracting the refinery throughput from the total crude available leaves a deficit of 510,000 bpd. Imports dropped 2.38 million bpd in July from June's 12.67 million bpd, and were the lowest monthly total since January.

Persons: China doesn't, refiners, Brent, Robert Birsel Organizations: National Bureau of Statistics, Brent, Refinitiv Oil Research, Reuters, Thomson Locations: LAUNCESTON, Australia, China, storages, June's, East, Saudi Arabia, Brent, Singapore

☆ A former BlackRock stock chief shares 5 stocks and one area of the bond market he likes right now as growing recessionary pressures threaten to spoil the S&P 500's rally
▼ + stars: | 2023-08-16 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Bob Doll thinks a mild recession will hit the US economy sometime in the near-to-mid future. Outside of the stock market, Doll also thinks bonds are relatively attractive compared to last year. Within the bond market, he likes Treasurys most, with 10-year yields offering more than a 4% coupon. A 1.5% 10-year Treasury is a bad deal, and of course bonds have sold off hard," he said. Treasury bonds can be bought via a brokerage or through TreasuryDirect.

Persons: Bob Doll, Bob Doll isn't, Doll, Phillips, refiners Organizations: Conference, BlackRock, Valero, Aaa, Treasury Locations: HMOs, TreasuryDirect

☆ Oil slips as China sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. In a surprise move, China's central bank marginally cut key interest rates on Tuesday, after a broad array of data highlighted intensifying pressure on the economy, mainly from the property sector. There are concerns China may struggle to meet its growth target of about 5% for the year without more fiscal stimulus. On Tuesday, Barclays cut its forecast for China's 2023 gross domestic product growth to 4.5%, citing a faster-than-expected deterioration in the housing market. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely, Tomasz Janowski Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, Tuesday, Barclays, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, OPEC

☆ Oil edges up as China cuts policy rates to support economy
▼ + stars: | 2023-08-15 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. Prices turned higher after the People's Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%. Despite the weak macroeconomic data, China's oil appetite showed resilience. The declining U.S. output could exacerbate global oil supply tightness as the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, cut production. Reporting by Muyu Xu and Katya Golubkova; Editing by Sonali Paul and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Stringer, Robert Carnell, refiners, Muyu Xu, Katya Golubkova, Sonali Paul, Tom Hogue Organizations: REUTERS, Garden Holdings, SINGAPORE, Brent, . West Texas, People's Bank of China, ING Bank, Energy, of, Petroleum, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Beijing, Asia Pacific, OPEC

Total refinery throughput in the world's second-largest oil consumer was 63.13 million metric tons last month, data from the National Bureau of Statistics (NBS) showed. Production was up slightly from the 14.83 million bpd of oil processed in June. Domestic fuel demand has picked up with the arrival of the summer travel season, notably in gasoline and jet fuel. China's crude oil imports in July pared back from close-to-record levels during the previous month, totalling 43.7 million metric tons, or 10.3 million bpd, according to the customs data. The NBS data on Tuesday also showed China's domestic crude oil production in July was 17.31 million metric tons, or 4.1 million bpd, versus 17.13 million metric tons in 2022.

Persons: Dominique Patton, refiners, Production, Andrew Hayley, Jacqueline Wong Organizations: Shandong Haiyou Petrochemical Group, REUTERS, National Bureau of Statistics, Reuters, Zhuochuang, Thomson Locations: Shandong, county, Shandong province, China, BEIJING

☆ Here are Tuesday's biggest analyst calls: Disney, Nvidia, Ford, Walmart, JPMorgan, Palo Alto and more
▼ + stars: | 2023-08-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Daiwa reiterates Disney as buy Daiwa is standing by its buy rating on Disney after the company's earnings report last week. Deutsche Bank reiterates Palo Alto Networks as buy Deutsche Bank is bullish heading into earnings later this week. Barclays reiterates Walmart as overweight Barclays is bullish heading into earnings later this week. " Bank of America downgrades Phillips 66 and Marathon Petroleum to neutral from buy Bank of America downgraded several refiners and said the risk/reward is "no longer compelling." Bank of America initiates Turnstone Biologics as buy Bank of America said the biopharmaceutical company is well-positioned.

Persons: it's, Daiwa, KBW, Berkshire Hathaway, Morgan Stanley, Pharvaris, Wells Fargo, Wells, it's bullish, Hannon Armstrong, KeyBanc, PSTG, " Bank of America downgrades Phillips, DINO, Ford Organizations: UBS, Nvidia, Disney, Deutsche Bank, Networks, JPMorgan, Citigroup, Bank of America, ISI, Barclays, Walmart, " Bank of America, of America, Marathon Petroleum, U.S, MPC, Ford

Consumers purchase gasoline at a gas station as a plane approaches to land at the airport in San Diego, California October 8, 2012. National retail gasoline prices will average $3.90 a gallon this month, predict analysts at Goldman Sachs. Jones said he was relieved prices were not close to the $5 a gallon level of last summer. Total U.S. gasoline stocks this month fell to 216.4 million barrels, the fifth decline in six weeks, according to U.S. government data. Reporting by Laura Sanicola and Shariq Khan; editing by Stephanie Kelly and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Goldman Sachs, Martin Jones, Jones, Irving Oil's, Patrick De Haan, Laura Sanicola, Shariq, Stephanie Kelly, Aurora Ellis Organizations: REUTERS, Consumers, American Automobile Association, Toyota Corolla, Washington , D.C, U.S . Midwest, Total U.S, U.S . National Oceanic, Atmospheric Administration, NOAA, Hurricanes, Thomson Locations: San Diego , California, California, Washington, Massachusetts, Washington ,, U.S, Ohio, Michigan, Whiting , Indiana, New Brunswick, Canada, Trainer ,, Texas, Gulf

☆ Oil steadies as China data sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. REUTERS/Stringer /File PhotoCompanies Country Garden Holdings Co Ltd FollowLONDON, Aug 15 (Reuters) - Oil prices stabilised on Tuesday as sluggish Chinese economic figures were countered by Beijing unexpectedly cutting key policy rates for the second time in three months. China's industrial output and retail sales data on Tuesday showed the economy slowed further last month, intensifying pressure on already faltering growth and prompting authorities to cut key policy rates to shore up activity. In an effort to shore up support, the People's Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, Robert Carnell, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, People's Bank of China, ING Bank, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Beijing, Saudi Arabia, Russia, OPEC, Asia Pacific

Futures prices for ultra-low sulphur diesel delivered in New York Harbor in September climbed to $135 per barrel on Aug. 9, up from $95 on May 31. Prices for diesel and other distillate fuel oils have been rising much faster than for crude petroleum, widening margins for refiners. Diesel prices are rising as traders anticipate that shortages will quickly re-emerge if the economy avoids falling into a recession later in 2023. The rapid escalation in diesel prices and hedge fund position building is a warning that capacity constraints and upward pressure on goods prices are likely to re-emerge relatively quickly later in 2023 and in 2024. Depleted diesel inventories are a sign that if the economy achieves a mid-cycle soft-landing the second phase of the current expansion could prove short and inflationary.

Persons: Guan, John Kemp, David Evans Organizations: Kinder, Phillips, Los, Los Angeles Refinery, REUTERS, U.S . Energy Information Administration, ICE Futures, U.S . Commodity Futures Trading Commission, U.S, diesel, Diesel, Thomson, Reuters Locations: Los Angeles, Carson , California, U.S, United, New York Harbor, Europe, Singapore

Recovering profit margins may prompt complex refiners to maximise yields of transport fuels, causing excess naphtha output as a byproduct in a tepid petrochemical market and further depressing feedstock margins. Mandell expects margins to continue to perform well throughout the year heading into higher-demand crop planting season and into winter in the United States. "The healthy margins reflect the bull market for diesel combined with still strong gasoline cracks even if gasoline did weaken sharply on week. U.S. oil companies said during recent second quarter earnings presentations that strong global demand for fuels and low product inventories are driving robust profits. "Global capacity additions continue to progress slower than anticipated, and we believe that global demand growth will remain strong," Hennigan added.

Persons: Brian M, Mandell, Eugene Lindell, bullish HSFO, FGE's Lindell, Lindell, ENEOS, Phillips, Michael J, Hennigan, Mohi Narayan, Laura Sanicola, Ahmad Ghaddar, Jeslyn Lerh, Tony Munroe, Muralikumar Organizations: NEW, Phillips, Saudi, Reuters, Petronas, Hyundai, India's Reliance Industries, Oil, Marathon Petroleum, Marathon, Thomson Locations: NEW DELHI, WASHINGTON, Latin America, Asia, United States, Europe, Singapore, Malaysia, South Korea, U.S, New Delhi, Washington, London

☆ Oil hedge funds place their bets on heat-fueled hurricane season
▼ + stars: | 2023-08-08 | by ( Nell Mackenzie | ) www.reuters.com time to read: +5 min

Gasoline prices usually rise ahead of the U.S. summer driving season. Money managers in the week to Aug. 1 boosted their net long holdings of NYMEX RBOB gasoline futures to the highest since late February 2022. HEDGE FUND-FUELED TURNAROUNDGasoline futures have risen around 14% this year, compared with a roughly 2% rise for U.S. crude futures . To guarantee a profit, they need the rise in gasoline prices to be sustained until hurricane activity is confirmed. But for gasoline to continue its rise against the price of crude oil, there needs to be a hurricane in the Gulf of Mexico, they said.

Persons: Liz Hampton, Tom Kloza, Vincent Elbhar, Eliot Geller, Brent Belote, Cayler, Belote, Arion, Nell Mackenzie, Laura Sanicola, Barbara Lewis Organizations: REUTERS, Liz Hampton LONDON, Gulf Coasts, Silicon Valley, Societe Generale, Reuters, Money, Futures Trading Commission, Reuters Graphics, El, Oil Price Information Service, CTA, Investment, Commodity, Fund, Aspect, CoreCommodity Management, CoreCommodity, Barclays, JP, Cayler, Thomson Locations: Loco Hills, New Mexico, U.S, Russia, Ukraine, Gulf of Mexico, United States, Gulf, Silicon, Gulf Coast, Mexico, Europe, Hurricanes, Washington

LAUNCESTON, Australia, Aug 8 (Reuters) - China's imports of major commodities lost momentum in July in a further sign that the world's second-biggest economy is struggling to boost flagging growth. While June's imports were the second-highest on record, the July outcome was the weakest since October last year on a barrels per day basis. In the first seven months of 2023, China's copper imports slid 10.7% to 3.04 million metric tons. Iron ore imports dropped to 93.48 million metric tons in July, down 2.1% from June's 95.52 million. For the first seven months of the year China's coal imports came in at 261 million metric tons, some 86% above the same period in 2022.

Persons: It's, Brent, China's, Lincoln Organizations: Administration of Customs, Brent, Reuters, Thomson Locations: LAUNCESTON, Australia, China

Saudi Arabia on Thursday extended a voluntary oil production cut of 1 million barrels per day to the end of September, keeping the door open for another extension. Russia has also elected to reduce its oil exports by 300,000 barrels per day next month. A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. UBS said it expects Brent prices to trade in the $85 to $90 per barrel range over the coming months. Earlier on Wednesday, the U.S. Energy Information Administration reported that the country's crude oil inventory declined by a record 17 million barrels last week as exports and refiners' input of crude oil ramped up in the heart of summer travel season.

Persons: Brent, Alexander Novak, Maxim, Shariq Khan, Natalie Grover, Arathy, Jason Neely, Kirsten Donovan, David Gregorio, Leslie Adler, Deepa Babington Organizations: Saudi, bbl, UBS, U.S . West Texas Intermediate, Organization of, Petroleum, REUTERS, U.S . Energy Information Administration, Bank of England, Thomson Locations: Russia, Saudi Arabia, U.S, Russian, OPEC, Saudi Aramco, Abqaiq, Bengaluru, London, Houston, Singapore

REUTERS/Jennifer Hiller/File PhotoSINGAPORE, Aug 4 (Reuters) - Surging U.S. crude exports in 2023 are pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows. U.S. crude exports are also easing the loss of supply after Saudi Arabia deepened output cuts from July, above what major producers agreed to in June. The widening exports illustrate the increasing influence of crude from the U.S., the world's biggest oil producer, in the global market. U.S. crude exports have averaged 4.08 million barrels per day so far in 2023, up from an average of 3.53 million bpd in 2022, according to the Energy Information Administration. PRESSURE EXTENDSThe pressure exerted from the WTI Midland exports is even extending to Asian markets for Middle Eastern crude.

Persons: Jennifer Hiller, Brent, it's, Joel Hanley, Rohit Rathod, Adi Imsirovic, John Evans, Muyu Xu, Alex Lawler, Arathy, Florence Tan, Simon Webb Organizations: REUTERS, Midland, P, Energy Information Administration, WTI Midland, United, Dubai, Surrey Clean Energy, Gazprom Marketing, Organization of, Petroleum, Exchange, Futures, Thomson Locations: Texas, U.S, SINGAPORE, Europe, Asia, Saudi Arabia, United Arab Emirates, Midland, Dubai, Africa, Brazil, Singapore, WTI, Saudi, London, Houston

☆ How extreme heat is making your gas more expensive
▼ + stars: | 2023-08-04 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Extreme heat is contributing to this unwelcome price spike. Saudi Arabia and Russia restrain supplyOf course, extreme heat is not the sole factor behind the gas price jump. Still, high heat is clearly piling pressure on gas prices. The good news is there are signs the impact of high heat on gas prices may be easing. Kloza said gas prices could just be pennies away from their peak of the summer.

Persons: ”, Tom Kloza, Andy Lipow, Kloza, ” Kloza Organizations: New, New York CNN, Oil Price Information Service, AAA, Lipow Oil Associates, Diesel, Retail Locations: New York, Saudi Arabia, Russia, Texas , Louisiana, Gulf

REUTERS/Christian Hartmann/File PhotoSINGAPORE, Aug 3 (Reuters) - Oil prices were little changed on Thursday after a two-day decline, including a sharp drop on Wednesday, as a U.S. government credit downgrade weighed on sentiment, though concerns around supply tightness provided some support. Ratings agency Fitch downgraded the main U.S. credit rating, the world's biggest oil consumer, reflecting an expected fiscal deterioration as well as a high and growing government debt burden. Both benchmarks were trading near their highest since April on Wednesday, but closed down 2% after the ratings downgrade. "Since oil had a steady rise over the past month, it was ripe for a pullback. The oil market will remain tight over the short-term, but prices could be still vulnerable for a deeper drop," said Edward Moya, an analyst at OANDA.

Persons: Christian Hartmann, Fitch, Brent, Edward Moya, refiners, Tina Teng, Andrew Hayley, Sudarshan, Christian Schmollinger, Kim Coghill Organizations: REUTERS, Brent, U.S, West Texas, Energy, Administration, Organization of, Petroleum, Reuters, CMC Markets, Thomson Locations: Scheibenhard, Strasbourg, France, SINGAPORE, U.S, Saudi Arabia, China

☆ Oil rises marginally as markets weigh inventory data, US ratings downgrade
▼ + stars: | 2023-08-03 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. Both benchmarks had been trading at near their highest levels since April on Wednesday, but closed down 2% amid risk-off investor sentiment following the ratings downgrade. Wall Street's three main indexes closed lower and Treasury yields rose on Wednesday as uncertainty rippled through financial markets. U.S. crude stocks fell by a record 17 million barrels last week as refiners stepped up runs and exports topped 5 million barrels per day (bpd), the Energy Information Administration said on Wednesday. The inventory drawdown, which dramatically exceeded analysts' expectations in a Reuters poll of 1.4 million barrels, pointed to global demand outpacing supply as deep cuts from major producers continue.

Persons: Christian Hartmann, Fitch, refiners, Andrew Hayley Our Organizations: REUTERS, Brent, U.S, West Texas, AAA, U.S ., Energy Information Administration, Organization of, Petroleum, Reuters, Thomson Locations: Scheibenhard, Strasbourg, France, BEIJING, U.S, Saudi Arabia, Russia, Moscow

☆ Oil rises marginally as markets weigh inventory data, U.S. ratings downgrade
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose slightly in early Asian trading on Thursday, as markets weighed bullish U.S. inventory data on Wednesday and a likely extension of OPEC+ output cuts against the fallout of Fitch's downgrade of the U.S. government's top credit. Both benchmarks had been trading at near their highest levels since April on Wednesday, but closed down 2% amid risk-off investor sentiment following the ratings downgrade. Wall Street's three main indexes closed lower and Treasury yields rose on Wednesday as uncertainty rippled through financial markets. The inventory drawdown, which dramatically exceeded analysts' expectations in a Reuters poll of 1.4 million barrels, pointed to global demand outpacing supply as deep cuts from major producers continue. Reuters reporting suggests that OPEC+ is unlikely to tweak its current oil output policy, with Saudi Arabia expected to extend their voluntary 1 million bpd cut for another month to include September.

Persons: Fitch, refiners Organizations: Brent, U.S, West Texas, AAA, U.S ., Energy Information Administration, Organization of, Petroleum, Reuters Locations: Red, Ras Behar, Egypt, U.S, Saudi Arabia, Russia, Moscow

Russia remained the top supplier to China, with pipeline and seaborne arrivals of 2.04 million bpd in July, which was down from June's 2.56 million bpd. However, it was still enough to exceed imports from Saudi Arabia, which Refinitiv estimated at 1.82 million bpd in July, down from 1.94 million bpd in June. It's also worth noting that much of the strength in China's crude imports is because of massive inflows into commercial or strategic storages. India's refiners continue to gorge on discounted Russian crude, with arrivals in July estimated at an all-time high of 2.08 million bpd. Japan's July oil imports are estimated at 2.49 million bpd, up from June's 2.11 million bpd, while South Korea's are put at 2.76 million bpd, up from 2.53 million bpd in June.

Persons: Amit Dave LAUNCESTON, It's, China doesn't, India's refiners, Brent, Clyde Russell, Christopher Cushing Organizations: REUTERS, Refinitiv Oil Research, Brent, OPEC, Reuters, Thomson Locations: Vadinar, Gujarat, India, Australia, China, Asia, Russia, June's, Saudi Arabia, OPEC, Angola, Oman, East, Iraq, Moscow, South, North Asia

☆ Phillips 66 joins rival refiners with sharp profit drop on lower margins
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

General view of oil tanks and the Bayway Refinery of Phillips 66 in Linden, New Jersey, U.S., March 30, 2020. Phillips said realized margins fell to $15.32 per barrel in the second quarter, from $28.62 a year earlier. Despite the fall in margins, fuel demand remains resilient. Phillips 66's crude utilization rate was 93% in the second quarter, higher than 90% a year earlier, while total processed input was unchanged year-over-year at 1.9 million barrels per day (bpd). Phillips 66's second-quarter net income fell to $1.7 billion, or $3.72 per share, from $3.2 billion, or $6.53 per share, in the year-ago quarter.

Persons: Mike Segar, Phillips, Arunima Kumar, Sriraj Organizations: Bayway, REUTERS, Rivals Valero Energy Corp, Marathon Petroleum, Thomson Locations: Phillips, Linden , New Jersey, U.S, Ukraine, Houston, Bengaluru

☆ Saudi Arabia may raise Sept crude prices for a third month
▼ + stars: | 2023-08-01 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

SINGAPORE, Aug 1 (Reuters) - Saudi Arabia, the world's biggest oil exporter, may raise its price for Arab Light crude for sale to Asian refiners for a third month as its voluntary output cuts may be extended, further tightening the supply of high-sulphur, or sour, crude. The supply reductions have boosted oil prices, particularly for sour crude, since the end of June. Arab Light prices are also supported by improving refining margins in Asia, in particular for middle distillates. Most of the survey respondents expected Saudi Arabia to raise prices for heavier grades Arab Medium and Arab Heavy by more than Arab Extra Light as the light crude is oversupplied. The Arab Extra Light OSP typically tracks premiums of Murban, a light sour crude from the United Arab Emirates.

Persons: Backwardation, Saudi Aramco's, Muyu Xu, Christian Schmollinger Organizations: Saudi Aramco, Organization of, Petroleum, Ministerial, United, Brent, Saudi, Kuwaiti, bbl, Thomson Locations: SINGAPORE, Saudi Arabia, State, Saudi, Oman, Dubai, OPEC, Saudi Aramco, Asia, Singapore, United Arab Emirates, Americas, West Africa

☆ India raises windfall tax on petroleum crude
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - The Indian government has hiked windfall tax on petroleum crude to 4,250 Indian rupees ($51.68) per tonne from 1,600 Indian rupees with effect from Aug. 1. A windfall tax on diesel has been increased to 1 rupee per litre from nil earlier, according to a government notification on Monday. The windfall tax on petrol and aviation turbine fuel has been left unchanged. Earlier this month, the government raised the windfall tax on petroleum crude to 1,600 Indian rupees per tonne from zero. India last July imposed the windfall tax on crude oil producers and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.

Persons: refiners, Shivani Tanna, Nikunj, Krishna Chandra Eluri, Maju Samuel Organizations: Thomson Locations: India

Pakistan paid for its first Russian crude cargo in Chinese yuan. "How will it pay other lenders and how will it finance trade with China if it uses the low yuan reserves to pay for Russian oil?" However, Urals quality is a deterrent, as Pakistan's refineries cannot get as much gasoline and diesel out of Urals crude as they produce from Saudi and UAE crudes. Kpler's Katona expects Pakistan's liquidity issues and technical challenges to weigh on its appetite for Russian crude. "Russian imports into Pakistan will not grow into anything bigger than one cargo per month," he said.

Persons: Shahbaz Ashraf, Aadil Nakhoda, Nakhoda, Viktor Katona, Zahid Mir, Mir, PRL, Kpler's Katona, Ariba Shahid, Charlotte Greenfield, Florence Tan, Sonali Paul Organizations: Pakistan, United, FRIM Ventures, Karachi's Institute of Business Administration, Saudi, Pakistan Refinery Ltd, Reuters, Thomson Locations: KARACHI, Pakistan, Ukraine, Russia, Saudi Arabia, United Arab Emirates, Islamabad, Moscow, China, PORT, Oman, Saudi Arab, Saudi, UAE, Karachi, Sudarshan, Singapore

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