With a tight supply outlook, Brent crude oil hovers above $83

15 May 2024 CW Team

With the view of U.S. policymakers holding interest rates higher for longer, oil prices increased after dropping about $1 a barrel in the previous session. U.S. West Texas Intermediate crude futures rose 62 cents to $78.88. and Brent crude futures were up 55 cents at $83.34 a barrel by 1239 GMT.

Supporting the dollar and making dollar-denominated oil more expensive for investors holding other currencies, it is anticipated that the U.S. central bank will keep its policy rate on hold for longer. The inflation data from the U.S. this week will further inform the Federal Reserve on interest rate policy.

Regarding supplies, sources told Reuters that Kyiv launched its most recent volley over the weekend with a drone strike that partially shut down the biggest refinery in southern Russia, as part of what has turned into a series of attacks by Russia and Ukraine against each other's vital infrastructure. There have been persistent expectations that the Organisation of the Petroleum Exporting Countries (OPEC) and its partners, referred to as OPEC+, will continue to reduce supplies into the second half of the year.

Iraq?s oil minister indicated that Iraq, the second-largest OPEC producer, is committed to voluntary oil production cuts agreed by the producer group. OPEC+ has previously called out Iraq for pumping more than its output quota in the first three months of 2024. Baghdad agreed to compensate with additional production cuts over the rest of the year. The comments followed the minister's suggestion that the nation had made enough voluntary reductions and would not agree to any additional cuts proposed by the wider OPEC+ group at its June meeting.

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..