Chinese refiner Rongsheng Petrochemical has bought its first Canadian crude cargo via the recently expanded Trans Mountain pipeline (TMX) from TotalEnergies through a tender, several trade sources said on Monday.
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Brent futures for August delivery fell 14 cents to $80.97 a barrel, while WTI crude futures for July delivery slipped 9 cents to $76.90.
The Indian government has cut the windfall tax on petroleum crude to 5,200 Indian rupees ($62.33) per metric ton from 5,700 rupees, effective on June 1, according to a notification issued on Friday.
Saudi Arabia has invited OPEC+ oil ministers to Riyadh to hold their June 2 policy meeting to discuss a complex deal that may extend deep oil production cuts into 2025.
U.S. oil drillers are sticking to pledges to temper spending on boosting output, keeping the world's top crude producer on course for slower growth in 2024 in what may ease pressure on OPEC+ to make further supply cuts this weekend.
Brent futures for July delivery were down 44 cents at $81.42 a barrel while the more liquid August futures were up 8 cents at $81.96. U.S. West Texas Intermediate (WTI) crude was down 3 cents at $77.88.
Analysts have lowered their 2024 oil price forecast for the first time since February, reflecting lower risks to supply from ongoing wars in the Middle East and Ukraine, a Reuters poll showed on Friday, as markets gear up for a meeting of OPEC and its allies this weekend.
The heads of petrochemical industry associations from seven Asian countries called for an international cooperation, Friday, to overcome the challenging business environment of recent years.
Political instability following President Raisi's death introduces uncertainty, yet there are strong indications that the Chabahar Port deal will continue to be a priority for Delhi and Tehran despite scrutiny from the West.
Asia's imports of crude oil rose to the highest in 12 months in May, with the strength being driven by India as the region's second-biggest buyer is on track to see record arrivals.
Brent futures dipped 17 cents or 0.2% to $83.43 a barrel as of 0921 GMT, while U.S. West Texas Intermediate (WTI) crude fell 12 cents or 0.15% to $79.11.
Brent crude futures for July delivery were up 62 cents, or 0.7%, at $84.84 a barrel by 1050 GMT. U.S. West Texas Intermediate futures for July were also up 62 cents, or 0.8%, at $80.45.
The Indian government has announced a special bidding round for two discovered oil and gas fields in the Mumbai offshore region and a coal bed methane field in West Bengal.
India's Reliance Industries operator of the world's biggest refining complex, has signed a one-year deal with Russia's Rosneft to buy at least 3 million barrels of oil a month in roubles, four sources aware of the matter told.
Saudi Arabia, the world's biggest oil exporter, may cut prices for most crude grades it sells to Asia in July, the first cut in five months, as Middle East benchmarks and margins for Asian refiners have weakened, refining sources said.
India's Adani Energy Solutions said on Monday that its board has approved a fundraise of up to 125 billion rupees ($1.50 billion).
The Brent crude July contract was up 21 cents at $82.33 a barrel by 0926 GMT. The more active August contract rose 26 cents to $82.10. U.S. West Texas Intermediate (WTI) crude futures were up 23 cents at $77.95.
India seeks collaboration between state-run oil refiners and Reliance Industries Ltd. to negotiate a long-term supply agreement with Russia to ensure stable crude oil supply and protect the economy from price volatility.
The 188th Meeting of the OPEC Conference, the 54th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) will convene via videoconference on Sunday, 2 June 2024.
Pipeline operators in Poland and Russia agreed on a solution that will allow Kazakh oil transit to Germany to continue, removing a risk that it would stop in June, sources familiar with the matter told Reuters.