Putin suggests Russia and US could work together to regulate oil prices

as declared in Russian President Vladimir Putin suggested that Moscow and Washington could cooperate to soothe volatility in the oil market that has roiled the industry in recent years. Russia has partnered with OPEC and other producer nations since 2017 to manage nearly half of the world's oil supply. The United States, where drillers compete in a free market, is not part of the deal. Still, Putin suggested that some form of cooperation is possible during a press conference with U.S. President Donald Trump in Helskinki on Monday. Led by Saudi Arabia and Russia, the two dozen producer nations last month agreed to hike output to offset falling output in Venezuela and looming U.S. sanctions on Iran, the world's fifth largest oil producer.

HPCL, BPCL, IOC shares rally 2% each after fall in crude oil prices

HPCL, BPCL, IOC shares rally 2% each after fall in crude oil pricesMoneycontrol NewsThe share prices of oil marketing companies - HPCL, IOC and BPCL - rallied 2 percent each intraday on Wednesday after fall in crude oil prices. Any decline in international crude oil prices is always good for oil retailers and country like India which imports more than 80 percent of its requirement. Related NewsOil prices dropped after an increase in US crude inventories last week. Brent crude oil prices corrected sharply by 11 percent from its recent 3-1/2-year high of $80.50 hit last month. (With inputs from Reuters)At 11:59 hours IST, the stock price of Hindustan Petroleum Corporation was quoting at Rs 286.70, up 1.92 percent while Bharat Petroleum Corporation was up 2.01 percent at Rs 401.20 and Indian Oil Corporation up 1.55 percent at Rs 166.60 on the BSE.

Higher oil prices are threatening the future of a once-burgeoning financial sector

as declared in Higher oil prices this year have reduced the need for energy-exporters in the Middle East to raise funds through the Islamic bond market — threatening the growth of a niche finance sector that has been struggling to gain wider traction. Oil prices have stayed above $60 per barrel so far this year. That's expected to persist: S&P Global Ratings has revised upward its forecast for oil to an average $65 per barrel this year from the $55 per barrel it projected earlier. Those countries were forced to diversify their revenue sources when oil prices slumped and stayed at multi-year lows from 2015 to 2017. In addition to current higher oil prices, the better fiscal discipline that the countries now have — from cutting spending and subsidies when oil revenue fell — has given them fewer reasons to replicate last year's large sukuk deals, Mohamed said.

Macro has become riskier, can't pretend higher oil prices won't stoke inflation: CEA Subramanian

Macro has become riskier, can't pretend higher oil prices won't stoke inflation: CEA SubramanianMoneycontrol NewsMacro indicators have only become riskier relative to a few months ago and one can't pretend that higher oil prices won't stoke inflation in India, according to Chief Economic Advisor Arvind Subramanian. "If we weather this volatile oil turbulence, the economy will be in good shape," he said. Related NewsSubramanian, in an interview with CNBC TV 18, also spoke at length about the distress in the banking system. Subramanian said a three-tier structure under Goods and Services Tax (GST) is possible, ruling out a single-rate tax system. "I think in India the debate should be about why can't we have three rather than why not one?"

oil prices: Oil prices rise as concerns about oversupply ease

The world's biggest oil exporter expects its crude shipments to drop by roughly 100,000 barrels per day in August. TOKYO: Oil prices gained on Friday after Saudi Arabia 's Opec governor said the kingdom's exports are likely to fall next month and inventories may be squeezed in the third quarter. Brent oil rose 22 cents, or 0.3 per cent, to $72.80 by 0034 GMT, after falling 32 cents on Thursday.US West Texas Intermediate was up 51 cents, or 0.7 per cent, at $69.97, extending a 1 per cent gain in the previous session.However, both benchmarks are on track for a third weekly loss, after big falls early in the week.Prices have been dragged down by concerns about oversupply as some production returned after outages, while trade tensions stoked fears of damage to economies and commodities.Saudi Arabia moved on Thursday to allay fears of oversupply.The world's biggest oil exporter expects its crude shipments to drop by roughly 100,000 barrels per day in August as it works to ensure it does not push oil into the market beyond customers' needs, the kingdom's Opec governor Adeeb Al-Aama said. "Despite the international oil markets being well balanced in the third quarter, there will still be substantial stock draws due to robust demand and seasonality factors in the second half," Al-Aama said in a statement.He also said concerns that Saudi Arabia and its partners are moving to substantially oversupply the market are "without basis".

collected by :Frank Ithan