Global oil prices soared again on Friday, with US futures ending May with fantastical record monthly gains on hopes global output would fall fast enough to meet a rise in global consumption. Those hopes were supported by a fall in the number of US and Canadian oil and gas rigs to record lows which signal…
Abu Dhabi: Oil prices extended their rally for a fifth consecutive weekly high, as oil markets ended the month May on a positive note driven by production cuts and global economies easing their lockdown measures. Brent was trading at $37.84 on Friday’s closing, with West Texas Intermediate (WTI) on $35.49, as the American benchmark recorded…
The battle lines are already drawn in a high-stakes political contest that will ostensibly determine the fate of the American shale industry. On the blue corner is former VP Joe Biden, who has not only pledged to steer the U.S. to a net-zero carbon emissions status by 2050 but is also hell-bent on stopping key…
Seeking to deter further shipments of Iranian fuel to Venezuela, the Trump administration has quietly warned foreign governments, seaports, shipping companies and insurers that they could face stiff U.S. sanctions if they aid the tanker flotilla, the U.S. envoy on Venezuela told Reuters on Friday. Elliott Abrams, Washington’s special representative on Venezuela, said the pressure…
Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts—as usual, with Saudi Arabia on one side and Russia on the other. But discussions seem premature, given the latest survey that suggests that the…
As opinions continue to differ on whether OPEC will extend its current oil output cut beyond June, available information has shown that not all members of the oil cartel complied fully with their agreed quotas for the month of May. This is despite the fact that the oil output by OPEC member countries reached its…
GUWAHATI: Three days after an explosion occurred at an oil well in Assam’s Tinsukia district on Wednesday, the emission of natural gas from the well still continued on Saturday. Sources in OIL said all possible measures had been already taken to save people living in adjoining villages by evacuating them to a safer location. They…
New Delhi: IGL is considering raising the price of CNG as a sharp decline in sales due to the lockdown has proven inadequate to cover operational costs and additional expenditure incurred to make stations corona-ready. Sources told TOI the company was not looking at raising the price of PNG (piped natural gas). But continued under-recovery…
Petrol and diesel consumption in Telangana is on revival course, presumably faster than anticipated, as COVID-19-triggered-lockdown and restrictions that severely impacted the offtake are being relaxed. ‘It is pretty good now’ is how R. Sravan S. Rao, executive director and State head of the Indian Oil Corporation (IOC) for Telangana and Andhra Pradesh, sought to…
The oil industry expects fuel demand to start limping back to the pre-Covid period from this month with the relaxation in lockdown and increased movement of vehicles across the country. Analysts said a change in lifestyle would lead to people preferring personal vehicles to public transport, which would spur fuel demand and boost vehicle sales.…
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