Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Crude oil prices rose on Wednesday morning after the Organisation of Petroleum Exporting Countries (OPEC) reported an increase in oil demand in 2024. On Wednesday, May Brent oil futures were $82.41, up 0.60%, while April West Texas Intermediate (WTI) crude oil futures were $78.06, up 0.64%.
On Wednesday morning, March crude oil futures were trading at ₹6,469 on the Multi Commodity Exchange (MCX), up by 0.34% from the previous close of ₹6,447. April futures were also trading at ₹6,459, up by 0.33% from the previous close of ₹6,438, during opening trade. Released on Tuesday, OPEC Monthly Oil Market Report said the global oil demand growth forecast for 2024 remains unchanged at 2.2 million barrels a day, year-on-year.
It said oil demand growth in OECD Asia Pacific is revised down slightly for Q1 of 2024 due to expected lower performance in Japan's and South Korea's manufacturing and petrochemical sectors. “However, this is offset by upward adjustments for India and other Asia, reflecting anticipated improvements during the same period. With this, the OECD is forecast to expand by around 0.2 million barrels a day, and non-OECD by 2 million barrels a day this year,” it said, adding that the global oil demand is forecast to grow by 1.8 million barrels a day, year-on-year, in 2025.
The OPEC report on world oil supply said non-OPEC production in 2024 is expected to grow by 1.1 million barrels a day, slightly revised from the previous month’s assessment. The revision considers some countries' recently announced additional voluntary production adjustments in the Declaration of Cooperation (DoC) in the second quarter of 2024 and the rest of 2024.
Meanwhile, an industry body, the American Petroleum Institute, reported that crude oil inventories in the US declined by 5.52 million barrels for the week ending March 8, against an increase of 0.42 million barrels a week earlier. The market was expecting crude oil inventories to rise by 0.4 million barrels for the week ending March 8.
Also Read : Study explores using coal for energy storage devices in EV batteries India wants higher domestic coal production, reduced imports
According to a senior government official, Goods and Services Tax (GST) co-insurance and re-insuranc...
Taxation 12-Feb-2024
According to the sources, Adani Group unit in charge of significant Australian coal port has obtaine...
Large Corporate 14-Jun-2024
India’s Bharat PetroResources Ltd, the exploration arm of refiner Bharat Petroleum Corp is loo...
Oil & Gas 08-Feb-2024
Monsoon May Dim Steel Margin Gains: Elara Capital Flags Seasonal DipElara Capital warns that the ear...
Announcement 12-Jun-2025
Microsoft mentioned that a Russian state-sponsored group hacked into its corporate systems on Januar...
USA 20-Jan-2024
1️⃣ India reviews the impact of US duties on steel and aluminium exports.2️⃣ Govt may explore trade...
Announcement 29-Mar-2025