Market News
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Tata Motors, Castrol India partner to build circular economy for used engine oil
Tata Motors and Castrol India will pilot a used engine oil collection and recycling programme in Karnataka. The companies aim to build a scalable circular economy model for lubricants through a traceable recycling ecosystem.
India-bound oil supertanker booked in Gulf at 897% of benchmark freight rate
A supertanker has been provisionally booked to ship oil from the Persian Gulf to India at a staggering rate, nearly nine times the benchmark freight cost. This eye-watering price highlights a severe shortage of available vessels in the region. The high demand, driven by increased exports and the need to move stuck cargoes, is forcing buyers to pay premium rates, with ships taking weeks to return to the Persian Gulf.
A $19.50 oil premium: Saudi Arabia sets record crude price as Hormuz crisis rattles markets
Saudi Aramco has set a record premium for its crude oil sold to Asian buyers. This move comes as disruptions in the Strait of Hormuz impact global energy markets. Iran's actions have affected oil flows from the Persian Gulf. Global oil prices have seen a significant rise. Fuel prices are also surging across continents.
WTI Crude continues to trade at a premium to Brent as Trump deadline on Iran nears
After a weekend meeting, OPEC+ has warned that there will be a prolonged impact on oil supply even after the hostilities have ended. Members approved an increase in output quotas, even as exports from the Gulf remain restricted.