India’s gasoline and diesel demand is expected to return to pre-lockdown levels in July, an executive at the country’s second largest fuel retailer Bharat Petroleum Corp said on Thursday.”The current demand for petrol and diesel is at 70% of levels seen before the lockdown,” Vijayagopal N, director of finance at BPCL, said in a call…
Petroleum Natural Gas Regulatory Board (PNGRB) in its public notice on 2nd June 2020 announced that any entity can set up an LNG station in any Geographical Area (GA) or anywhere else, even if it is not the authorised entity for that GA. This clarification by the PNGRB has been wholeheartedly welcomed by PLL management.…
NEW YORK- Oil fell more than 3% on Monday after OPEC+ nations agreed to extend output cuts, but Saudi Arabia and two other Gulf producers said they would not maintain supplemental reductions that amount to more than a million barrels of daily supply. Brent crude fell, breaking a seven-day streak of gains. Brent futures fell…
LONDON: Oil slipped on Monday after Saudi Arabia said that an extension of output cuts by Opec+ nations would not include additional voluntary cuts by a trio of Gulf producers.Brent crude was down 65 cents, or 1.5 per cent, at $41.65 a barrel by 1400 GMT, while US West Texas Intermediate (WTI) crude fell 72…
OSLO, Norway’s parliament has agreed to give additional tax breaks to the oil industry on top of those proposed by the minority government in a bid to spur investment and protect jobs, news agency NTB reported on Monday. Equinor and other oil firms, hit by low crude prices as demand faltered amid the COVID-19 pandemic,…
After extension in the framework of OPEC+ last Saturday of the current restrictions of oil production until July, Saudi Arabia, and state company Saudi Aramco (SE:2222), in particular, have achieved the greatest growth of export prices for its crude oil for at least two decades, according to Bloomberg. Limiting production will have an impact primarily…
Saudi Arabia will boost output in July to match its output OPEC quota while ending deeper, voluntary cuts amid signs of global demand recovering, the Saudi energy minister said on Monday. OPEC, Russia and other producers agreed on Saturday to extend record output cuts of 9.7 million barrels per day (bpd) into July, curbing global…
NEW DELHi: Output at ONGC Videsh, the overseas arm of the state-run explorer, will likely fall in the current financial year after rising for seven straight years due to a natural decline in fields and production cut commitments by key producers such as Russia and the UAE. ONGC Videsh produced about 15 million metric tonnes…
NEW DELHI: The government on Monday extended the last date of bidding for the 11 oil and gas blocks on offer in the fifth exploration bid round to June 30 in view of the COVID-19 lockdown in the country. The fifth bid round under Open Acreage Licensing Policy (OALP) opened in January and was to…
NEW DELHI/SINGAPORE: Indian Oil Corp (IOC), the country’s top refiner, is seeking to buy up to 24 million barrels of US oil for delivery between October 2020 and March 2021, tender documents showed, as part of its efforts to diversify supply. The move will help IOC to hedge against unpredictable pricing moves by Middle East…
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