August 4, 2020 - Petroleumbazaar

Oil gains on the back of OPEC cuts, weak dollar

CRUDE OIL NEWSBy admin August 4, 2020 Leave a comment

Oil posted a gain last month, boosted by a steadily weakening US dollar and OPEC’s restraint on production.Deep crude output curbs by the OPEC and its allies have helped futures rebound from their plunge below zero in April, yet the unprecedented cuts are set to ease in a matter of days. On Friday, crude oil…

Trump administration easing more Obama-era oil and gas rules

INTERNATIONAL NEWSBy admin August 4, 2020 Leave a comment

BILLINGS, Mont. — The Trump administration is seeking to ease more rules for oil and gas drilling that were adopted under the Obama administration, with the latest changes projected to save energy companies more than $130 million over the next decade. The U.S. Bureau of Land Management proposal would streamline requirements for measuring and reporting…

Russia says July oil output in line with OPEC+ deal

INTERNATIONAL NEWSBy admin August 4, 2020 Leave a comment

MOSCOW – Russia’s Energy Ministry said on Sunday that the country’s oil output in July was unchanged from levels seen in June, in line with an OPEC+ agreement.The ministry added that its level of compliance with the deal in July was close that recorded in June, when it stood at 99%. Energy ministry data published…

OPEC July oil output surges as Gulf voluntary cuts end

CRUDE OIL NEWSBy admin August 4, 2020 Leave a comment

LONDON: OPEC oil output has risen by more than 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance. The 13-member Organization of the Petroleum Exporting Countries pumped 23.32 million…

Nigeria to Reduce Crude Oil Production Cost to $10 Per Barrel

INTERNATIONAL NEWSBy admin August 4, 2020 Leave a comment

Mallam Mele Kyari, the Group Managing Director, the Nigerian National Petroleum Corporation (NNPC), has said the corporation is working on lowering crude oil cost of production from $17 per barrel to about $10 per barrel. Kyari disclosed this at Seplat Energy Summit 2020, titled “The Impact of Global Energy Transition on African Economies” held on…

Attempt to Cap Gas Well at Baghjan Fails, OIL Says Reasons Being Examined – OIL

NATIONAL NEWSBy admin August 4, 2020 Leave a comment

Guwahati: An attempt to cap OIL’s damaged gas well at Baghjan in Assam which has been spewing gas for 66 days failed on Friday. The wagon which was used to put a lid on its mouth gave in and toppled over, the company said. The reasons for the failure of the capping operation are being…

AAI, HAL, OIL among firms on PSU panel’s list for examination in FY21

NATIONAL NEWSBy admin August 4, 2020 Leave a comment

The Committee on public undertakings has selected the Airports Authority of India (AAI), Hindustan Aeronautics Limited (HAL), Oil India Ltd, among others, for examination during the year 2020-21, according to a release by the Lok Sabha secretariat. The Committee on Public Undertakings met on July 29 and selected 11 subjects for a comprehensive examination. This…

Fuel demand recovery falters in July amid record Covid cases, lockdowns, high prices

NATIONAL NEWSBy admin August 4, 2020 Leave a comment

Demand for diesel in July dropped 12.5% over June, halting a swift recovery witnessed in May and June. Petrol sales in July also fell 1% compared to June. Diesel and petrol sales are down 21% and 11%, respectively, in July from a year earlier, according to industry executives. The figures are for sales by state-run…

Unified gas transport tariff: Industry players object proposal

NATIONAL NEWSBy admin August 4, 2020 Leave a comment

Major players in the natural gas sector have raised objections to the government’s proposal to implement a unified gas transport tariff for integrated gas transportation networks, including a network of seven GAIL pipelines and a network of two Gujarat State Petronet Ltd pipelines. The proposal by the Petroleum and Natural Gas Regulatory Board (PNGRB) is…

Govt to come out with a new policy on public sector enterprises soon – FM Sitharaman

NATIONAL NEWSBy admin August 4, 2020 Leave a comment

Finance Minister Nirmala Sitharaman on Saturday said that the government will soon come out with a policy on new public sector enterprises (PSEs) to define strategic sectors which will not have more than four PSUs. As part of the ‘Aatmanirbhar Bharat Abhiyan’, the finance minister had earlier talked about a policy where a maximum of…

Daily Archives: August 4, 2020