September 2020 - Petroleumbazaar

Crude oil futures decline on low demand

CRUDE OIL NEWSBy admin September 29, 2020 Leave a comment

New Delhi: Crude oil futures on Monday fell by 0.57 per cent to Rs 2,952 per barrel as participants reduced their positions on low demand.On the Multi Commodity Exchange, crude oil for October delivery eased by Rs 17, or 0.57 per cent, to Rs 2,952 per barrel with a business volume of 2,971 lots. Crude…

Oil steady as surging virus cases cloud demand outlook

CRUDE OIL NEWSBy admin September 29, 2020 Leave a comment

Oil prices were steady on Monday but on track for their first monthly fall since April as rising coronavirus cases continued to spur concerns about demand. Brent crude LCOc1 rose 12 cents, or 0.3%, to $42.04 a barrel by 1151 GMT. U.S. West Texas Intermediate CLc1 was at $40.36 a barrel, up 11 cents or…

Global oil inventories expected to drop below 5-year average in Q2 2021: OPEC

INTERNATIONAL NEWSBy admin September 29, 2020 Leave a comment

OECD commercial oil inventories are expected to stand slightly above the five-year average through Q1 2021, before dropping below that benchmark for the remainder of the year, OPEC Secretary General Mohammed Barkindo said. The projections are based on latest forecasts, which expect world oil demand in 2020 to contract by 9.5 million b/d, while non-OPEC…

How can the oil and gas sector help in the drive to build back better?

INTERNATIONAL NEWSBy admin September 29, 2020 Leave a comment

The oil and gas industry has grown accustomed to experiencing shocks throughout the decades, yet the demand contraction of more than 10 million barrels a day in the first half of 2020 during the peak of lockdown provided a glimpse of what a new baseline could look like. In response, according to analysis by Accenture,…

Russia Calls For A Global Response To The Oil Demand Crisis

INTERNATIONAL NEWSBy admin September 29, 2020 Leave a comment

All players on the global energy market need to act together to tackle the effects of the pandemic on oil demand, Russia’s Energy Minister Alexander Novak said at a virtual meeting of G20 energy ministers this weekend. “Our task, as the leaders of the energy industry, is to show stamina and solidarity in the face…

Equinor plans $2 billion Breidablikk oilfield development

EXPLORATION NEWSBy admin September 29, 2020 Leave a comment

OSLO: Equinor and its partners in Norway’s Breidablikk oil discovery have agreed on an 18.6 billion Norwegian crowns ($1.95 billion) development plan for the North Sea field, the state-controlled company said on Monday. Partners in the field are ConocoPhillips, Petoro and Vaar Energi, a unit of Eni.”The Breidablikk field is one of the largest undeveloped…

Libya’s Oil Production Soars After Blockade Ends

EXPLORATION NEWSBy admin September 29, 2020 Leave a comment

Crude oil production in Libya jumped nearly threefold from below 100,000 barrels per day last week to around 250,000 bpd now – a week after the blockade on Libya’s oil ports was lifted. While the restart of Libya’s oil industry and exports are welcome news for the country, which has lost more than US$10 billion…

Indian Oil to launch cost-effective aluminium-air batteries for EVs

NATIONAL NEWSBy admin September 29, 2020 Leave a comment

State-run Indian Oil Corporation (IOC) is planning to launch first-of-its-kind aluminium-air batteries that are potentially a more cost-effective alternative to lithium-ion batteries for use in electric vehicles (EV) and stationary applications. The idea is to manufacture these barriers in sites closer to demand centres such as Chennai or Pune. IOC bought a minority stake in…

Business environment for City Gas Distribution at its best: D K Sarraf, PNGRB

NATIONAL NEWSBy admin September 29, 2020 Leave a comment

New Delhi: The business environment for City Gas Distribution (CGD) companies in India is at its best currently with the government and the regulator pushing for creation of supporting infrastructure and market reforms, D K Sarraf, Chairperson of downstream Oil & Gas regulator Petroleum & Natural Gas Regulatory Board (PNGRB) has said. “The business has…

Govt may consider halving cess on domestic crude

NATIONAL NEWSBy admin September 29, 2020 Leave a comment

New Delhi: The government may give a ‘Make in India’ push to oil and gas explorers, as it is considering a proposal to halve cess on domestic crude oil to encourage exploration activity and allow Covid-hit oil producers to protect their margins at a time when a glut in the market and suppressed demand is…

Monthly Archives: September 2020