The price of crude oil has touched the $60/ bbl mark, the highest since mid- 2015. Strong assurances from OPEC and Russia regarding the extension of the production cut deal has pushed oil prices above $60 per barrel, possibly bringing oil prices into a new higher range. OPEC, Russia and other oil exporting countries have pledged to hold back 1.8 million bpd in oil production in order to tighten markets until the end of March to drain a global supply glut, which is one of the key factors contributing to the oil price hike.
The Indian base oil market remains steady with Inventories at optimum levels with surplus of imported grades. Compared to last month import of the country has decreased by 19% in the Month of September 2017.
|Month||Group I - SN 500 Iran Origin||Group II -J-150 Singapore Origin||N- 70 South Korea Origin||Rubber Process Oil (Aromatic)|
|September 2017||710 – 715||685 - 695||655 - 665||380 - 395|
|October 2017||725 – 730||700 - 710||670 - 680||395 - 410|
|November 2017||745 – 750||720 - 730||690 - 700||415 - 430|
|Prices Sep-Nov 2017||Gone up by USD 35 PMT (5%)||Gone up by USD 35 PMT (5%)||Gone up by USD 35 PMT (5%)||Gone up by USD 35 PMT (9%)|