April 2020 - Page 3 of 3 - Petroleumbazaar

Indian Refiners export diesel to China as Beijing recovers from Covid-19

CRUDE OIL NEWS, EXPLORATION NEWS, INTERNATIONAL NEWS, NATIONAL NEWS, NewsBy admin April 23, 2020 Leave a comment

Indian refiners have started exporting commodities like diesel, a large share of which is going to China, where economy is on a recovery path. This comes as fuel sales have dropped by more than half and product storage facilities are getting exhausted. According to reports, the demand for diesel for the first half of April…

Trump to consider halting Saudi oil imports, says U.S. has ‘plenty’

CRUDE OIL NEWS, EXPLORATION NEWS, INTERNATIONAL NEWS, NATIONAL NEWS, News, UncategorizedBy admin April 22, 2020 Leave a comment

President Donald Trump said on Monday that his administration was considering the possibility of stopping incoming Saudi Arabian crude oil shipments as a measure to support the battered domestic drilling industry. “Well, I’ll look at it,” Trump told reporters at a daily news conference after he was asked about requests by some Republican lawmakers to…

Kerosene subsidy bill down to zero in March

NATIONAL NEWSBy admin April 22, 2020 Leave a comment

India’s kerosene subsidy bill in March was zero because of low oil prices, compared to about Rs 100 crore in the previous month and Rs 339 crore in the same month a year ago, two officials familiar with the matter said on condition of anonymity. Oil prices continue to remain weak in the face of…

Why India barely gains from the historic drop in crude oil prices

UncategorizedBy admin April 22, 2020 Leave a comment

The May futures contract of West Texas Intermediate (WTI) crude fell into unchartered territory on Monday, with sellers willing to pay buyers $37.63 a barrel to take delivery. The big problem, of course, was that there is hardly any storage capacity available, so buyers were shying away as well. Note that WTI crude futures contracts…

Low crude price, covid-19 may delay RIL-Aramco deal

UncategorizedBy admin April 22, 2020 Leave a comment

MUMBAI : Historically low crude oil prices could mean the multi-billion dollar deal between Reliance Industries and Saudi Aramco could take longer to seal. Chairman Mukesh Ambani had last August announced Reliance Industries’ plan to sell 20% stake in its refining and petrochemicals business for $15 billion to Saudi Aramco, as part of his plan…

Oil firms float finished fuel products on Arabian Sea as demand slumps

UncategorizedBy admin April 22, 2020 Leave a comment

US oil futures touched an unprecedented negative pricing on Monday over low demand and scarce storage. Closer home, Indian refiners, too, are facing a similar issue with their refined products. This has forced some like Bharat Petroleum Corporation (BPCL) to float some products in the Arabian Sea. Officials said products have been stored in tanker…

Lack of space at India’s SPR an opportunity lost: Platts

NewsBy admin April 22, 2020 Leave a comment

Mumbai, Lack of space at India’s strategic oil reserve is an opportunity lost for the country, S&P Global Platts Insight blogpost said Tuesday. The global oil prices have crashed as Covid-19 outbreak had drastically shrunk demand and this has put crude prices in the low range of just about $20 a barrel. India, being a…

Bharat Petroleum divestment process begins amid corona virus lockdown

NATIONAL NEWS, UncategorizedBy admin April 21, 2020 Leave a comment

Despite the Covid-19 lockdown, the central government is keeping the ball rolling for divestment of its stake in Bharat Petroleum Corporation (BPCL). The Assam government has given a no-objection certificate (NOC) for the sale of 61.65 per cent BPCL stake in Numaligarh Refinery (NRL). The sale of NRL to a state-run entity is seen as…

Monthly Archives: April 2020