July 31, 2020 - Petroleumbazaar

Headache for OPEC as oil market structure signals return of glut

INTERNATIONAL NEWSBy admin July 31, 2020 Leave a comment

Rising OPEC and US oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand would recover quicker after a…

Oil sinks on weak U.S. economic data, political uncertainty

CRUDE OIL NEWSBy admin July 31, 2020 Leave a comment

NEW YORK – Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election. Investors sold riskier assets following Trump’s tweet that raised the prospect of delaying the vote. The date of the U.S. election is…

Oil Market Contango Returns In A Sign Of New Glut

CRUDE OIL NEWSBy admin July 31, 2020 Leave a comment

Sluggish oil demand recovery with resurging coronavirus cases in many parts of the U.S. and the world and the return of previously withheld production from OPEC+ and North America have combined to flip the oil futures curve again to a sign of a new glut looming this year. According to Reuters estimates, the Brent Crude…

U.S. keen to ensure Russian pipeline does not threaten Europe, Pompeo says

INTERNATIONAL NEWSBy admin July 31, 2020 Leave a comment

The United States will do everything it can to ensure Russia’s Nord Stream 2 gas pipeline project does not pose a security threat to Europe, but needs more tools to do so, U.S. Secretary of State Mike Pompeo said on Thursday. Russia aims to use the pipeline to double the amount of gas shipped to…

Saudis seen cutting oil price as fresh supply meets demand slump

INTERNATIONAL NEWSBy admin July 31, 2020 Leave a comment

Saudi Arabia may have little choice but to reduce the price of its oil as OPEC and allied producers start to ease output curbs amid weakening demand that’s crashed the value of physical supplies. Aramco is expected to cut the official selling price for its flagship Arab Light grade by 48 cents a barrel for…

North Dakota to spend $66 mln to plug abandoned wells

EXPLORATION NEWSBy admin July 31, 2020 Leave a comment

North Dakota plans to spend $66 million to plug wells abandoned by oil and gas companies in the U.S. state after the pandemic crushed demand for crude, causing a plunge in prices. The $66 million has come from the Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, said Katie Haarsager, a spokeswoman for the…

Oil India completes capping stack of blowout well

EXPLORATION NEWSBy admin July 31, 2020 Leave a comment

Oil India Limited informed the exchanges Thursday about the final preparation for capping operation of the blowout well in Bhagjan. All high-pressure well control equipment was placed at the designated positions as per plan which included Choke manifold, Ground Xmass tree, BOP control unit and all associated high-pressure lines/hoses, Heat shields are placed to shield…

Trump says India, China and Russia don’t take care of their air

NATIONAL NEWSBy admin July 31, 2020 Leave a comment

Washington: US President Donald Trump has alleged that India, China and Russia do not take care of their air, while America does, noting that he withdrew from the “one-sided, energy-destroying” Paris climate accord which would have made it a “non-competitive nation”. Trump, in his address on energy and the Permian Basin in Midland, Texas on…

NRL gets environmental clearance for Rs 22,594-crore mega expansion project

NATIONAL NEWSBy admin July 31, 2020 Leave a comment

NUMALIGARH: Numaligarh Refinery Limited (NRL) has got environmental clearance for its mega-expansion project of Rs. 22,594 crore from the Ministry of Environment, Forest and Climate Change (MoEFCC). The ministery gave the nod for the environment clearance to the project for expansion of the refinery from 3 MMTPA (million metric tonne per annum) to 9 MMTPA…

Plan to boost oil royalty by scaling up exploration

EXPLORATION NEWSBy admin July 31, 2020 Leave a comment

Jaipur: With the royalty revenue from oil and gas falling over Rs 900 crore in the past four months compared to last year due to sharp decline in crude oil prices, the department is planning to help companies engaged in exploration ramp up production by expediting approval for new land in the Barmer-Sanchore basin. In…

Daily Archives: July 31, 2020