LONDON/MOSCOW – An OPEC-led panel meeting to review the oil market next week will advise the wider OPEC+ group cooperating on a record supply cut, five OPEC+ sources said, meaning further talks would be needed on whether to extend the agreement further. OPEC, Russia and allies, known as OPEC+, agreed on Saturday to keep…
The world owes much to Azerbaijan for promoting international energy cooperation and for being at the forefront of efforts to ensure sustainable oil market stability, Mohammad Sanusi Barkindo, OPEC Secretary General, said at the Webinar on ‘Energy Issues in the post-COVID-19 World’, Azerbaijan Center of Analysis of International Relations (AIR Center), 11 June 2020, via…
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a sixth week in a row even as oil prices rebound from historic lows and some producers return to the wellhead. The U.S. oil and gas rig count, an early indicator of future output, fell by…
Guwahati: A ‘roadmap’ has been chalked out to douse Assam’s oil well fire, which continues to blaze for the fourth day on Friday and has till now claimed two lives, the state-owned Oil India Ltd (OIL) announced. An OIL release said that a “Roadmap” for the well control operation by experts’ team from Singapore…
Gas Exchange can facilitate trading of coal bed methane in a short term market: Vilas Tawde, MD & CEO, EOGEPLMumbai-based Essar Oil & Gas Exploration & Production Ltd (EOGEPL) will soon evacuate gas from the Raniganj block through GAIL’s Urja Ganga Gas Pipeline which once commissioned will become the energy lifeline of local industry, Vilas…
Singapore — India’s oil demand has rebounded from levels witnessed during the lockdown, prompting refiners to raise throughput, but consumption will struggle to recover to year-ago levels in coming months and keep overall demand numbers for 2020 in the red, analysts told S&P Global Platts. With the economy struggling and COVID-19 cases rising, domestic…
Emergency Response Centres (ERCs) to handle major oil fires in the fastest way possible are yet to be set up in India, more than a decade after they were recommended by the MB Lal Committee.This is according to the last report of the Parliamentary panel on Petroleum and Natural Gas that was tabled in the…
Hit badly by the lower crude oil price, state-run Oil and Natural Gas Corporation (ONGC) has sought a price assurance of $45 a barrel from the government. Owing to the lockdown and Covid-19 impact, the company has also cut its capital expenditure by over 15 per cent or Rs 5,000 crore for 2020-21. The…
Oil prices dropped sharply on Thursday as fears resurfaced that a second wave of coronavirus could hit the US and stunt economic activity, while data showing that US oil inventories surged last week also subdued prices. On Wednesday, data showed US commercial crude oil inventories rose by 5.7 million barrels compared to the previous week,…
NEW YORK – Oil prices tumbled about 8% a barrel on Thursday, fuelled by renewed concerns about demand destruction as new cases of coronavirus tick up globally, while crude inventories hit a record in the United States. U.S. coronavirus cases surpassed 2 million on Wednesday, according to a Reuters tally, and new infections are rising…
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