NEW YORK: Oil fell on Wednesday after jumping for awhile above $40 a barrel, the highest since March, then retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.Oil prices were also were pressured as US refined product inventories surged…
Oil rose on Wednesday, topping $40 a barrel for the first time since March, supported by lower U.S. inventories, expectations that Organization of the Petroleum Exporting Countries and other producers including Russia (OPEC+) will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis. Suggesting a supply glut is on…
The grand alliance that’s helped revive global oil markets is being rattled by a long-running feud over members breaking their promises.Just a day before a proposed gathering on Thursday, the OPEC+ coalition hurriedly backtracked from the meeting intended to green-light an extension of its deepest production cutbacks and prop up crude prices. Saudi Arabia and…
OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters. OPEC+ agreed to cut output by a record 9.7 million barrels per day, or about 10% of…
LONDON: When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in US output. Now that crude has rallied on the back of those cuts from below $20 a barrel to $40 or…
The Trump administration has shelved all but one of the oil and gas lease sales it had scheduled for this month as the coronavirus pandemic has caused energy prices to crash and left U.S. drillers in crisis. According to a government website on Wednesday, sales in Utah and Colorado have been officially postponed, adding to…
GUWAHATI: PSU major OilNSE 2.81 % India on Wednesday said gas is uncontrollably flowing even after seven days of a well blowout at Baghjan in Tinsukia district and it has spread to a larger area, forcing the company and authorities to evacuate more people to camps. The opposition Congress urged the Petroleum and Natural Gas…
New Delhi: The government does not regard the recent plunge in oil and gas prices as a normal market-driven fluctuation that should determine the economics of domestic producers, petroleum minister Dharmendra Pradhan said, responding to mounting concerns about viability of Indian fields as their prices are linked to global benchmarks. “Normally prices respond to demand-supply…
NEW DELHI: Anybody can start liquefied natural gas (LNG) dispensing station in the country and wouldn’t require a city gas distribution license for it, the regulator has said in a big step towards aiding India’s ambition of shifting some of its long-haul transport to natural gas. This helps resolve long standing regulatory confusion over LNG…
New Delhi: State-owned GAIL and Energy Efficiency Services Ltd (EESL) signed a memorandum of understanding on Wednesday for cooperation in development of trigeneration projects in India. Trigeneration or Combined Cooling, Heat and Power (CCHP) typically involves natural gas-fired generators to produce electricity. The waste heat from flue gas is recovered to produce hot water or…
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