18 August 2020-LONDON/MOSCOW/DUBAI: Compliance with OPEC+ oil output cuts is seen at around 97% in July, two OPEC+ sources told Reuters on Monday, two days ahead of a meeting of key OPEC+ producers to review adherence with their production pact as demand slowly recovers. The Organization of the Petroleum Exporting Countries and allies including Russia,…
18 August 2020-PARIS: French energy group Total and its partners have launched the third phase of development for the Mero deep offshore oil project off the coast of Brazil, the company said on Monday. The Mero 3 floating production storage and offloading vessel(FPSO) will have a liquid treatment capacity of 180,000 barrels per day (bpd)…
18th August 2020-Brussels: Josep Borrell, High Representative of the European Union (EU) for Foreign Affairs and Security Policy, has urged Turkey to immediately end its renewed drilling activities in the Eastern Mediterranean. “I call on the Turkish authorities to end these activities immediately and to engage fully and in good faith in a broad dialogue…
18th August 2020-UNITED STATES OF AMERICA : The Trump administration on Monday finalized a plan to allow oil and gas drilling in Alaska’s Arctic National Wildlife Refuge, putting it on track to issue decades-long leases in the pristine wilderness area before a potential change in US leadership. The 19 million acre (7.7 million hectares) refuge…
18th August 2020:Nagpur: Vidarbha Petroleum Dealers Association (VPDA) has alleged that a number of outlets licensed to vend bio-diesel have been selling spurious fuel instead. The government had allowed direct sale of bio-diesel for mixing with high speed diesel (HSD) from April 2019. This has led to a number of dealers selling fuel oil in…
18th August 2020:NEW DELHI : Prime Minister Narendra Modi on Monday chaired a meeting with key cabinet ministers, including Nitin Gadkari (transport), Piyush Goyal (trade and railway), Nirmala Sitharaman (finance) and Hardeep Singh Puri (aviation), to work out a master plan to improve multimodal connectivity in industrial hubs to cut the cost of logistics, officials…
18th August 2020:The government has set targets of 10 per cent bioethanol blending of petrol by 2022 and to raise it to 20 per cent by 2030 under the ethanol blending programme to curb carbon emissions and reduce India’s dependence on imported crude oil. 1G and 2G bioethanol plants are set to play a key…
18th August 2020:The blowout — an uncontrolled release of gas or oil — at an Oil India Limited (OIL) natural gas well in Upper Assam’s Baghjan was capped on Monday after 83 days. Efforts are in progress to douse the fire, which had broken out on June 9, at the well. The natural gas well…
18th August 2020:NEW DELHI: India and Nepal on Monday reviewed the status of various development projects supported by New Delhi in the Himalayan nation and decided to speed up their implementation against the backdrop of consistent efforts by China to draw Kathmandu into its sphere of influence with cheap loans and infrastructure projects. The talks…
NEW YORK Oil prices edged lower on Friday on worries that demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories. This week, two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil…
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