NEW YORK, Oil prices rallied on Wednesday after U.S. crude inventories fell in the most recent week, but gains were capped by worries over the economic fallout from the coronavirus pandemic and weak refining margins. Oil futures have staged a recovery from recent weakness as production has declined more swiftly than expected, reducing the supply…
NEW YORK: Oil prices climbed more than 4 per cent on Wednesday on signs of improving demand and a drawdown in US crude inventories, but gains were capped by worries over the economic fallout from the Covid-19 pandemic and weak refining margins. Brent crude futures were up $1.38, or 3.98 per cent, at $36.03 per…
The OPEC+ coalition appears determined to ease the global oil glut and lift the oil prices that had cratered in April because of OPEC+ wrangling and crashing global demand in the pandemic. Oil prices have rallied since the start of the new OPEC+ cuts. These cuts, along with curtailments in North America, have combined with…
The Trump administration has started giving energy companies temporary breaks on royalties they must pay for oil and gas extracted from federal lands because of the coronavirus pandemic, amid criticism that the move is a handout to industry and will mean less money for state and local governments. Government data shows companies in Utah receiving…
CARACAS, Venezuela’s military will escort Iranian tankers bringing fuel to the gasoline-starved country as soon as they enter its exclusive economic zone, Defense Minister Vladimir Padrino said on Wednesday. His comments came after Venezuelan opposition leader Juan Guaido said the shipment should “alarm” Latin America. Both OPEC members are U.S. adversaries whose oil industries are…
The Trump administration abruptly postponed an auction of oil and gas leases in New Mexico that had been scheduled to begin on Wednesday morning without providing a reason for the move. Bureau of Land Management (BLM) spokeswoman Allison Sandoval confirmed the delay, which was first announced on a government website. She said the agency “will…
GUWAHATI: Amid strong protests against ministry of environment, forest and climate change giving environmental clearance for drilling and testing of hydrocarbons at seven locations under Dibru-Saikhowa National Park Area in Tinsukia district to Oil India Limited (OIL), the company said that its operations will have no impact on the bio-diversity hotspot. The company in a…
MUMBAI (ICIS)–India is proposing to impose a 15% tax on all chemical and petrochemical imports, to protect the domestic industry in the current fiscal year ending March 2021 as the south Asian nation battles the coronavirus pandemic. Downstream end-users, however, have posed strong opposition to the measure dubbed as “covid (coronavirus disease) tax” – which…
Due to lower demand of petroleum products amid the lockdown to contain the outbreak of the coronavirus, India’s crude oil import is likely to fall by 8.9% in FY21, according to Care Ratings. Since people are likely ‘to be sceptical to travel anywhere any time soon post the lockdown period’, analysts pointed out that consumption…
It’s going to take months for oil demand in the world’s third biggest market to get back to pre-virus levels as India faces its deepest recession ever in the wake of its near two-month lockdown. Once the engine of global oil demand growth, India’s fuel consumption collapsed by as much as 70% at one stage…
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