The U.S. and Canadian oil and natural gas rig count fell to all-time lows as North American energy firms slashed spending after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in the week to May…
LONDON, Commodities trader Trafigura has seized the moment and taken a rare dominant position in the North Sea crude market over the past two weeks as oil demand jumped, trading sources said. A combination of OPEC-led global production cuts, cheap freight rates and oil stuck in floating storage sent crude markets into overdrive starting at…
The Modi government’s decision to raise the price of subsidised cylinder over the past several months, including the recent fall in non-subsidised LPG price, has led to zero subsidy for the first time in years. According to an estimation by a Nomura report, oil firms are likely to end up making an over-recovery of Rs…
New Delhi: Spot prices of liquefied natural gas (LNG) have fallen sharply to $1.3 per unit, which has serious implications for India because it will be difficult to sell the fuel to factories as supplies under long-term contracts have a much higher rate of $5-7. Industry fears a flood of disputes and litigation as factories…
In an effort to boost Make in India initiatives and further the goal of Aatmanirbhar Bharat, state-run GAIL India is processing line pipe tenders of more than Rs 1,000 crore for around 100,000 tonne steel procurement by September 2020. This would translate to progressive supply of 800 kilometre of line pipe from domestic bidders. This…
New Delhi: India’s petroleum product demand is expected to fall by eight per cent to 4,597 thousand barrels per day in 2020, International Energy Agency (IEA) said as part of its May oil market report. “We expect oil demand to fall by 180 kb/d y-o-y in 1Q20 and 1.3 mb/d in 2Q20. Consumption should return…
NEW YORK, Global benchmark Brent rose more than 1% on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease coronavirus restrictions on people’s movements. Oil has slumped in 2020, with Brent hitting a 21-year low below $16 a barrel in April as demand…
NEW YORK: Global benchmark Brent rose on Thursday to its highest since March, supported by lower US crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people’s movements imposed due to the coronavirus crisis. Crude prices have slumped in 2020, with Brent hitting a 21-year low below $16 a barrel in…
Administrator of National Energy Administration, People’s Republic of China, HE Zhang Jianhua and delegation, along with HE Wang Qun, Permanent Representative and Ambassador Plenipotentiary and Extraordinary of the Permanent Mission of the People’s Republic of China to the United Nations and other International Organisations in Vienna, met with OPEC Secretary General HE Mohammad Sanusi Barkindo…
The COVID-19 pandemic has dramatically changed the short-term outlook for global vehicle manufacturing industry and sales, including sales of electric vehicles (EVs).But policy actions to support decarbonization and lower-emission transportation in the post-virus world could accelerate the energy transition and displace larger volumes of oil demand for road transport to the point of bringing peak…
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