Indian shares paused on Wednesday after two days of sharp gains as energy and financial stocks ceded ground, while Asian peers retreated over concerns of an uptick in U.S. inflation.
Domestic sales of diesel and petrol by state refiners plunged by a fifth in the first half of May from a month earlier, preliminary data showed on Monday
NEW DELHI: Indian refiners, anticipating a lifting of US sanctions, plan to make space for the resumption of Iranian imports by reducing spot crude oil purchases in the second half of the year, company officials told Reuters.
The world s third largest oil consumer and importer halted imports from Tehran in 2019 after former US President Donald Trump withdrew from a 2015 accord and re-imposed sanctions on the OPEC producer over its disputed nuclear programme.
US President Joe Biden s administration and Iran have been involved in indirect talks to revive the pact for Tehran to curb its nuclear activities in exchange for a lifting of sanctions.
(Bloomberg) A wave of strong oil buying by processors in China and Japan underpinned by one mega-refiner’s massive spree has lifted spot premiums in Asia’s physical market, adding to signs of rising global demand.Spot premiums for crude grades favored by Chinese and Japanese refiners, such as Russia’s ESPO and Qatar’s Al-Shaheen, have surged to multi-month highs, according to traders who asked not to be identified. Dubai crude’s prompt timespreads went deeper into backwardation a bullish market indicator with the differential more than doubling from last week.Oil processors and traders are weighing mixed signals from Asia’s market as the coronavirus pandemic leaves an uneven imprint. While key crude importer India has been hit hard by a brutal Covid-19 wave, other nations, especially China, have continued to do well. Those signs of progress add to evidence of recoveries in Europe and U.S. demand, underpinning gains in futures markets.