August 10, 2020 - Petroleumbazaar

Crude oil prices settle almost 2% lower amid growing geopolitical risks

CRUDE OIL NEWSBy admin August 10, 2020 Leave a comment

Crude oil prices settled almost 2% lower at the last trading session of the week, dropping for the second time in five days amid growing fears that global energy demand could plummet to record lows. U.S. West Texas Intermediate futures closed lower, having shed 1.74% to trade at $41.22 per barrel. Brent, the world’s barometer…

Saudi holds back oil to Pak after Qureshi’s threat to split OIC

INTERNATIONAL NEWSBy admin August 10, 2020 Leave a comment

Islamabad/New Delhi: Saudi Arabia has halted the provision of oil on loan for Pakistan after the Imran Khan government threatened to split the Organization of Islamic Countries (OIC) over Kashmir.Hit by a severe economic crisis, Pakistan had borrowed a $6.2 billion loan from Saudi Arabia in 2018. The loan package included a provision under which…

Nobel-winning Mexican scientist calls for complete ban on fuel oil

INTERNATIONAL NEWSBy admin August 10, 2020 Leave a comment

MEXICO CITY – Dirty fuel oil widely used to generate electricity in Mexico should be completely banned, Mexican scientist Mario Molina said, citing its high sulfur content as a danger to both human health and the earth’s atmosphere. The oil, a byproduct of the refining process, is especially prevalent in Mexico due to the inability…

Is The OPEC+ Alliance Coming To An End?

INTERNATIONAL NEWSBy admin August 10, 2020 Leave a comment

It’s been a wild and bumpy ride for OPEC+ this year. The consortium, consisting of the traditional members of the Organization of the Petroleum Exporting Countries plus oil and gas superpower Russia, was largely responsible for the huge collapse in oil prices toward the end of April. After a huge drop in oil demand corresponding…

Oil drilling drops to 15-year low in US with shale in full retreat

EXPLORATION NEWSBy admin August 10, 2020 Leave a comment

Drillers cut exploration in US oil fields to a 15-year low as billions of barrels from old discoveries became worthless and explorers abandoned growth plans. The number of active oil rigs in the US fell by four to 176, the lowest since 2005, according to Baker Hughes Co. data released Friday. Energy companies have been…

Assam – Baghjan fire to douse soon

EXPLORATION NEWSBy admin August 10, 2020 Leave a comment

Oil India Limited(OIL) said on Saturday that well-head and well plinth have been made ready for well control operation at Baghjan oil well in Tinsukia district.The capping Blow out preventer (BOP) stack with kill lines has been tested successfully. The Baghjan Oil blowout incident crossed 74th day on Saturday but still, the fire has been…

NUMALIGAARH – Biorefinery likely to start production in 2022

NATIONAL NEWSBy admin August 10, 2020 Leave a comment

10th Aug 2020:GUWAHATI, The biorefinery at Numaligarh, which will produce ethanol and other platform chemicals using bamboo as feedstock, is likely to commence commercial production from 2022. Numaligarh Refinery Limited (NRL), Finland’s Chempolis Ltd and Finnish energy company Fortum 3 BV had established a joint venture Assam Bio Refinery Private Limited (ABRPL) in 2018 for…

New Rules For LPG Gas Cylinder – OTP Is Must To Get LPG Cylinder

NATIONAL NEWSBy admin August 10, 2020 Leave a comment

10th Aug 2020:New rule has been issued for cooking gas. You will not get cylinder if you do not have one-time password (OTP). Now the OTP has become mandatory to get the gas cylinder. The rule has been issued with an aim to provide fast and hi-tech services to the customers and to check irregularities…

Pachpadra refinery bounces back after lockdown, deadline within reach, says govt

NATIONAL NEWSBy admin August 10, 2020 Leave a comment

10 Aug 2020:Jaipur: Work on the Rs 43,123-crore refinery at Pachpadra may have stalled due to lockdown, but with a little over two years left to meet the deadline for completion of the project, now there is a race to accelerate construction activities. Before the Covid outbreak, 3,800 people were working on the site, but…

Saudi Aramco losses to derail investment in Reliance

NATIONAL NEWSBy admin August 10, 2020 Leave a comment

10th Aug 2020:The 73 per cent decline in quarterly profit of Saudi Aramco may force the oil giant to refrain from its promised investment in India for quiet sometime. The Saudi Kingdom-controlled company had announced two major investment plans in the country — the strategic investment in the greenfield petroleum refinery in Maharashtra and the…

Daily Archives: August 10, 2020