The world’s fastest-growing oil market is showing an uneven recovery two months after easing demand-destroying virus-control measures. Provisional fuel sales in June had climbed within 88% of 2019 levels from less than half in April in the midst of the world’s biggest lockdown, the oil ministry said citing sales of the three major state-owned retailers.…
Bharat Petroleum’s Corporate Research & Development Centre (CRDC) has bagged as many as 62 patents since its inception 19 years ago and is awaiting 68 more. Since its establishment in July 2001, CRDC has developed a bouquet of innovations, bagging as many as 62 patents from the country as well as abroad, including the US…
New Delhi: Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) plans to increase its network of aviation fuel stations by 50 per cent as it looks to capture greater market share in the business currently controlled by public sector oil retailing firms. In its latest annual report, RIL said the double-digit growth observed over 52 consecutive…
The much vaunted Gas Economy drive propelled by the NDA Government, in pursuit of a cleaner and cheaper fuel is likely to be stumbled, at least in the short and medium terms due to the price shock that has forced major global suppliers to shut-in many of their projects and put planned investments on hold.…
Oil futures were up on Thursday, supported by a drop in US unemployment and a drawdown in crude inventories, but the spike in US coronavirus infections fanned concerns that economic activity will weaken in coming weeks. New Covid-19 cases in the United States rose by nearly 50,000 on Wednesday, according to a Reuters tally, the…
NEW YORK – Oil futures gained more than 2% on Thursday, supported by a drop in U.S. unemployment and a drawdown in crude inventories, but a resurgence in U.S. coronavirus infections fanned concerns that economic activity will weaken in coming weeks. New COVID-19 cases in the United States rose by nearly 50,000 on Wednesday, the…
U.S. shale is hurting. While the entire global energy industry has been hit hard by the novel coronavirus pandemic and its disastrous effect on oil prices and oil demand, West Texas shale takes the cake for the biggest economic collapse. While the international Brent crude benchmark did take a beating, the West Texas Intermediate crude…
LONDON – With more cars taking to the roads as coronavirus lockdowns ease, demand for lighter, sweeter oil more suitable for refining into gasoline is ticking up.European refiners especially are moving away from sour varieties like Russian Urals, which have risen in price since a supply cut pact by producer countries made the grades scarcer,…
US federal prosecutors are seeking to seize four tankers sailing toward Venezuela with gasoline supplied by Iran, the latest attempt to disrupt ever-closer trade ties between the two heavily sanctioned anti-American allies. The civil-forfeiture complaint filed late Wednesday in the District of Columbia federal court alleges that the sale was arranged by a businessman, Mahmoud…
HOUSTON: BP Plc said it completed the sale of its Prudhoe Bay oil and gas producing properties to closely-held Hilcorp Energy, ending 60 years as a top Alaskan oil producer. BP and other oil majors have reduced their production roles in the northernmost US state as output slid and lower-cost fields emerged elsewhere. Hilcorp, known…
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