Oil dipped below $45 a barrel on Friday on worries that a demand recovery would slow due to a resurgence of coronavirus cases, although a pledge from OPEC member Iraq to cut oil output further in August provided support. The resurgence of infections remains a key issue for the market and demand outlook. Tallies show…
NEW YORK : Oil in New York fell as US President Donald Trump’s latest attack on Chinese tech companies stoked tensions between the two countries, weighing on risky assets. Futures traded below $42 a barrel as Trump signed executive orders prohibiting US residents from doing business with WeChat, TikTok or the apps’ Chinese owners. The…
WASHINGTON: The Interior Department on Friday announced a new proposal to ease a regulation on royalties for sales of coal, oil and gas extracted from federal and tribal land after a court struck down its initial repeal of the Obama-era rule last year. The changes to the Office of Natural Resources Revenue’s (ONRR) regulations lift…
RIYADH — Oil ministers of Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Oman, and Iraq on Friday reviewed the recent developments in oil markets, the continued recovery in the global economy and oil demand, and the progress made in rebalancing the oil market during a conference call. The call was attended by Saudi Arabia’s…
The U.S. sent in June its first crude oil shipment to Saudi Arabia since the ban on crude export was lifted in 2015, which was also the first shipment since one very small shipment back in 2002, according to data from the U.S. Census Bureau reported by Reuters. The data showed that the United States…
ISTANBUL Turkeys president has called a maritime deal between Greece and Egypt worthless, saying Turkey will resume oil and gas exploration in the Eastern Mediterranean. Egypt and Greece on Thursday signed a maritime deal that sets the sea boundary between the two countries and demarcates an exclusive economic zone for oil and gas drilling rights.…
LONDON: BP is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants to invest more in renewable energy, three sources familiar with BP’s thinking said. The strategy was discussed at a BP executives meeting in July, the sources said,…
Indian state-run refiner Hindustan Petroleum (HPCL) will delay commissioning of expansion programmes at its 150,000 b/d Mumbai refinery on the west coast and the 166,000 b/d Visakhapatnam facility on the east coast by several months because of the Covid-19 pandemic. The 40,000 b/d expansion of the Mumbai refinery to 190,000 b/d will be completed in…
Indian Energy Exchange (IEX) on Friday has clarified on a news item claiming that the exchange is in talks for the gas venture stake sale. IEX has intimated exchanges about its participation in Gail’s tender for expression of interest (EOI) in gas exchange. The stock exchanges had sought clarification on an article appeared in “Newspaper-Business…
DELHI : As state governments of Delhi and Telengana unveiled their respective policies to promote manufacturing and sales of electric vehicles, manufacturers and startups in the electric mobility ecosystem appreciated the efforts of both state governments. The new policies of both state governments follow the centre’ announcement to earmark ₹10000 crore for subsidies on electric…
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