US VENEZUELA OIL TRADE
IOC to buy crude, LPG ships as West Asia crisis exposes shipping risks
The move marks a potential shift in the company's shipping strategy, which has traditionally relied on a mix of time-charter and voyage-chartered vessels.
Citi bullish on Indian equities, sees Nifty at 28,000 by end-2027
Citi Research projects that India's benchmark Nifty 50 index could hit 28,000 points by the end of 2027. This forecast is based on strong earnings prospects and falling oil prices. Recent foreign portfolio investor activity has contributed significantly to the positive sentiment in the equity market. Additionally, lower oil prices could improve macroeconomic conditions and reduce inflation rates in India.
Oil falls on open as Trump says fresh Iran attacks 'unlikely'
Oil prices fell at the start of the week as uncertainties regarding military actions persist. US President Donald Trump suggested that further attacks on Iran are unlikely while diplomatic talks are ongoing. The tensions surround recent incidents affecting shipping in the Strait of Hormuz, a critical oil passage. Brent crude oil prices declined by 64 cents, while West Texas Intermediate prices also saw a reduction.
Trading setup for the day: Gift Nifty signals positive start to Muhurat Trading
Diwali Muhurat Trading Setup: Bechmark Nifty experienced a significant increase, closing at 25,030 on Friday as markets opened positively. Investors showed optimism ahead of a special trading session on Diwali, scheduled for Sunday. Foreign portfolio investors were net buyers, contributing substantially to market growth, while domestic institutions were net sellers. The Indian rupee appreciated against the US dollar, aided by favorable market conditions.
IOC to buy crude, LPG ships as West Asia crisis exposes shipping risks
Indian Oil Corporation aims to enhance control over its energy supply chain by acquiring crude oil carriers and LPG vessels. The company is also exploring domestic shipbuilding initiatives under the Make in India program. Amid increasing freight rates and tensions in West Asia, IOC has adjusted its shipping strategy significantly. It has diversified crude procurement, sourcing significant amounts from various countries, including Russia and Venezuela.
The high price of being King Trump: How tariffs and war fuelled voter anger
Inflation has significantly impacted the political careers of Biden and Trump. Rising costs have led to voter discontent against both administrations in recent elections. Trump's tariff policies and military actions have contributed to increasing economic burdens on citizens. Democrats now have an opportunity to implement policies that address voter concerns about inflation and foreign conflict. Improving these areas could help position them competitively for the 2028 presidential election.
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Rubio to visit France on first post-midterm foreign trip to face questions on Trump policies
US Secretary of State Marco Rubio will attend the G7 foreign ministers meeting in France this weekend. This trip follows significant Republican losses in the midterm elections, raising questions about Trump's international policies. Rubio is expected to address various global issues, including the Iran and Russia-Ukraine conflicts. The meeting aims to cover topics like energy security and support for Ukraine amidst ongoing challenges.
Secret Service arrests man near White House after he said he heard voices telling him to kill Trump
Ronny Yordrix Guanipa Chrinos was arrested near the White House after acting suspiciously in a vehicle. Secret Service officers found multiple firearms and discovered that the vehicle was reported stolen. The suspect, from Venezuela, claimed that voices in his head prompted him to kill US President Trump. He is currently in custody of the US Marshals Service facing legal charges.
Life threat for Donald Trump: Man with multiple guns arrested near White House months after press dinner shooting event, Homeland Security reveals details about suspect
Earlier in April, shots were fired as US President Donald Trump attended a press dinner in Washington.
ONGC uses stuck Russian dividend dues for Sakhalin fund, seeks operatorship of Venezuela oilfields
ONGC has utilized funds from its Russian dividends to meet its obligations for the Sakhalin-1 abandonment fund. The company is negotiating with Venezuela's PDVSA to take operational control of the San Cristobal and PetroCarabobo projects. This move is expected to enhance ONGC's ability to recover historical dividends and improve cash flow management. Discussions with relevant parties have progressed, and new agreements are anticipated soon.
Indian rupee strengthens past 94/$ as oil slides, foreign inflows return
The Indian rupee strengthened past 94 per dollar after regaining appeal among emerging-market currencies recently. Significant foreign inflows into Indian equities and a sharp fall in oil prices are key factors. Analysts suggest India's equity markets may attract global investments as concerns about AI infrastructure spending grow. The Reserve Bank of India announced measures to support the rupee against maintaining fluctuations.
Rupee falls 9 paise to 94.50 against US dollar in early trade
In early trading on Friday, the rupee slipped by 9 paise to reach 94.50 against the US dollar, driven by a robust dollar and surging crude oil prices. After a brief bounce-back, it peaked at 94.36. The domestic equity market exhibited mixed performance, with Sensex rising yet Nifty falling. Notably, Foreign Institutional Investors remained active, purchasing substantial equities, bolstering market optimism.
US midterm outcome offers limited relief to India; oil, Russia sanctions remain key risks: Report
The outcome of the US midterm elections is expected to offer only marginal relief to India. Crude oil prices and potential tariffs on Russian oil purchases will continue to present economic challenges. While a Democratic majority may enhance diplomatic engagement, immediate trade relief seems unlikely. The rupee and foreign portfolio investor inflows could see some positive impact.
KOSPI crashes 4% as US midterm shock rattles Asian markets
Oil prices and stock markets reacted significantly to the recent midterm election victories by Democrats in the United States. Asian chip stocks declined alongside the dollar, indicating market volatility following the elections. Lower oil prices have resulted in a bond rally, subsequently reducing yield rates. Anticipation of increased support for renewables is driving optimism in solar supply chain stocks.
India takes calm view of US midterm results, sees bipartisan support anchoring ties
India is observing the results of the recent US midterm elections with a sense of calmness and stability. The Democrat victory is seen as a move to limit the influence of the Trump administration. India has maintained strong relations with both parties in Congress since 2000 through various sectors.
Canada says US midterms won't change trade stance, sees talks with American officials
A senior Canadian cabinet minister stated that the US midterm election results will not affect trade negotiations. Dominic LeBlanc mentioned he would soon communicate with US officials regarding trade matters. President Trump suggested that a trade deal with Canada is close, but significant work remains. Canadian Prime Minister Mark Carney confirmed that certain US demands have been scaled back.
US to loan about a third of heating oil reserve in bid to tame prices
The US Energy Department will loan 300,000 barrels of fuel oil from its emergency heating reserve to four companies to ease supply pressures and rising prices ahead of winter. The release, nearly a third of the reserve, follows calls from bipartisan senators as Middle East disruptions linked to the Iran war push fuel costs higher.
US trade deficit contracts slightly in September
In September, the US trade deficit decreased by 0.6 percent, driven by capital goods imports and strong exports. Imports rose by 1.2 percent to $426.6 billion, primarily fueled by computers and accessories. Additionally, crude oil imports saw a reduction of $1.3 billion during this period. On the other hand, exports climbed by 1.8 percent, reaching $321.5 billion due to oil, food, and capital goods.
US midterm election results: What Trump & Republicans' loss means for India
US midterms result: Indian industry and economy watchers were keenly looking at the polls to try and find out what direction US policy will take. In recent months, India's trade/export fortunes have swayed in lockstep with Trump's tantrums, making policymakers jittery over any new development in the US.
Rupee rises 14 paise to 94.61 against Us dollar in early trade
In early trade, the rupee appreciated by 14 paise, reaching 94.61 against the US dollar. This upswing was fueled by declining crude oil prices and a weaker US dollar. Additionally, the inflow of foreign funds and a buoyant equities market bolstered the rupee's strength. During this period, the Sensex increased by 435.10 points, while the Nifty rose by 115.
Oil edges down as investors await US midterm election results
Oil prices decreased due to investor caution ahead of the US midterm elections and ongoing peace negotiations. Brent futures and West Texas Intermediate crude both saw declines despite an unexpected drop in US crude stocks. Vote counting for the midterm elections continues, which may influence the Republican party's control of Congress. Peace talks in the Middle East were also impacted, especially involving the US and Iran.
Indian oil refiners expect healthy margins amid global supply disruptions
A combination of these factors offer Indian refiners an opportunity to capitalise on stronger diesel, gasoline and aviation turbine fuel (ATF) cracks. Reliance Industries (RIL), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation and Hindustan Petroleum Corporation (HPCL) reported record refining performances in the September quarter (Q2) and expect the run to continue.
India bonds wipe out early gains as oil rebounds
Indian government bond yields have seen a slight uptick, predominantly influenced by the volatile crude oil market and geopolitical tensions. The market reacted sharply to recent US-Iran conflict reports. Traders are now closely watching the upcoming US midterm elections, which could impact Congressional dominance. As economic conditions evolve, the demand for state-debt auctions remains a key focus, with investors showing caution amid global uncertainties.
Petrol price in India cheaper than US, UAE, China, Canada: Global average petrol rate is Rs 150, diesel Rs 159, data shows
Petrol rate in India are lower than in the US, UAE, China, Canada and several other countries, according to global fuel price data. While the average global petrol price is around ₹150 per litre, India's rate is approximately ₹109. The comparison also shows huge differences across countries, with Hong Kong among the most expensive markets at over ₹421 per litre.
Venezuela's Maria Corina Machado hopeful for 2027 presidential election
Venezuelan opposition leader Maria Corina Machado, in her first public remarks since returning from 10 months in exile, said the country is moving irreversibly towards presidential elections in 2027. She called for the dismantling of the repressive system and the release of political prisoners, while denying any contact with interim President Delcy Rodriguez or Washington over a possible meeting.
High freight rates narrow Indian refiners’ crude oil choices, squeeze margins
With freight rates reaching unprecedented levels, Indian refiners are facing escalating crude oil expenses that are eroding their margins. Notably, oil in the physical market is trading at a considerable premium over Brent futures, making Middle Eastern imports more desirable. The Iran conflict has led to congestion and trade shifts, aggravating delivery challenges. As a result, Indian refiners are increasingly turning to Gulf crude to meet their needs.
'51st state': Trump pitches Venezuela as next US state, says it has 'a lot of oil'
US President Donald Trump has suggested that Venezuela could become the 51st US state, citing growing ties between Washington and Caracas and increased cooperation over oil supplies. Speaking at a rally in Texas, Trump announced the arrival of the first 1 million barrels of Venezuelan oil secured under an agreement and said the shipment would be refined locally. He also suggested that Venezuela could eventually elect a governor instead of a president.
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