NEW YORK: Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up with coronavirus restrictions easing. Brent crude futures were up 2 cents at $35.55 a barrel by 11:11 a.m. EDT (1511 GMT). US West Texas Intermediate (WTI) crude futures…
Black gold rises in price against the background of a gradual easing of restrictions imposed in connection with the pandemic coronavirus that spur demand for petroleum products. The surplus on the oil market reduced in recent weeks that also has quotes of support. The oil market is finally will soon be balanced,’ ‘“ said the…
At the present time, monitoring oil prices-reference oils, for example, Brent oil, West Texas Light oil, Dubai and Oman oil, to determine other oil prices, in terms of quality and spatial quality, is no longer difficult for specialists or analysts. Specialised bulletins publish this periodically and in a similar manner. Daily, weekly and monthly rates…
Venezuela, which sits on the largest proven oil reserves in the world, is celebrating the arrival of a small flotilla of Iranian tankers bearing gasoline in violation of U.S. backed sanctions. An oil tanker called Fortune’ was able to arrive at a Venezuelan refinery with its cargo, estimated to be about 1.5 million barrels of…
Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mr Mohammed Barkindo, has urged member countries not to flout last April’™s deal to cut their crude oil production quotas, despite recent noticeable improvement in the international market. Barkindo, who spoke with Energy Intelligence, according to the international oil cartel Tuesday, also advised OPEC+ members to…
A U.S. judge has dealt another blow to the Trump administration’s efforts to increase domestic oil and gas output from public lands, saying officials failed to protect habitat for a declining bird species when it issued energy leases on hundreds of square miles. Judge Brian Morris said the Interior Department did not do enough to…
Pertamina Hulu Mahakam (PHM), a subsidiary of state-owned oil company Pertamina, is opening up a new oil and gas field in the country to find new reserves despite a sharp fall in crude oil prices. PHM began on May 21 drilling a new oil and gas exploration well in the Peciko Field, Mahakam Block, which…
US drilling industry says offshore ban would crush jobs, government revenuesA US ban on new offshore drilling in the Gulf of Mexico, which presidential hopeful Joe Biden promised to enact if elected, would lead to hundreds of thousands of job losses and billions in lost government revenue over 20 years, an offshore drilling industry group…
The central government is assessing the cash position of state-owned companies and will ask them to ramp up dividend payouts and share buybacks as much as possible, Business Standard has learnt. This comes at a time when the Covid-19 pandemic and the nationwide lockdown has ensured that revenue from sources like taxes and divestment may…
We are exploring whether we can store some of our investment in a different country. We are looking at the US if we can store some of the low-priced oil minister Dharmendra Pradhan told a television channel. The plan could be similar to the one of Australia, which last month said it would build up…
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