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.

Products

06 Oct 2025

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India. The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..