Oil prices rose on Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China. Brent crude futures were up 78 cents at $41.48 a barrel and West Texas Intermediate crude…
NEW YORK: Oil prices rose slightly Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China. Brent crude futures were up 54 cents at $41.25 a barrel by 11:23 a.m.…
DUBAI: State oil giant Saudi Aramco started laying off hundreds of employees this month, two sources familiar with the matter said, as global energy companies reduce their workforces in response to the coronavirus crisis. Like other top oil firms, Aramco has cut capital spending for 2020 after the pandemic brought an unprecedented drop in oil…
NEW YORK (Reuters) – U.S. refiners and other buyers of crude oil are reworking some of their supply contracts to guarantee volumes after many were cut off unexpectedly when a price collapse this spring led drillers to curtail production, sources said. FILE PHOTO: A pump jack is seen at sunset near Midland, Texas, U.S., on…
LONDON/DUBAI/MOSCOW: An Opec+ panel pressed countries such as Iraq and Kazakhstan on Thursday to comply better with oil cuts and left the door open for extending or easing record production curbs from August. The panel, known as the Joint Ministerial Monitoring Committee (JMMC), advises Opec+ and will meet again on July 15, when it would…
CAIRO – Ministry of Petroleum announced achieving a petroleum discovery in the offshore Geisum concession in the south of the Gulf of Suez with shallow waters.The Ministry clarified that the new discovery comes with an initial production rate of 2,000 barrels per day of crude oil, and it is estimated that there are about 70…
MOSCOW – the Operator of the Sakhalin-2 project has extended for 5 years license to develop two oil and gas fields in the Okhotsk sea, the company said Sakhalin energy on Thursday. License to the Piltun-Astokhskoye and Lunskoye fields will be in effect until may 2026. The operator can prolong the validity of licenses five-year…
With gas continuing to flow out uncontrollably and the blaze still raging at a natural gas well of Oil India Limited (OIL) at Baghjan in Assam, an environment impact assessment study is in progress along with monitoring of air quality and noise level, the PSU said. Well number 5 has been spewing gas uncontrollably since…
Prime Minister Narendra Modi will on Saturday launch a Rs 50,000 crore employment scheme to provide income support to migrant workers who returned to their home states during the coronavirus lockdown.The ‘Garib Kalyan Rojgar Abhiyan’ will primarily focus on six states where maximum migrant workers have returned. This massive rural public works scheme will empower…
New Delhi: UK oil major British Petroleum said it will set up a major new centre for its global business services (GBS) operations in Pune, India. The BP-owned centre, will provide business processing and advanced analytics capabilities in support of bp businesses worldwide, is expected to begin operations by January 2021, the company said in…
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