September 22, 2020 - Page 2 of 6

India Topped Its Strategic Petroleum Reserves With $19 A Barrel Oil

NATIONAL NEWSBy admin September 22, 2020 Leave a comment

India used the ultra-low crude oil prices earlier this year to top its strategic petroleum reserves with oil at $19 a barrel, saving nearly US$700 million in the process, India’s Ministry of Petroleum and Natural Gas said on Monday. “Taking advantage of the low crude oil prices in international market, India purchased 16.71 million barrels…

Prices of Crude Oil Vulnerable Amidst Fading Demand, Oversupply Issues

CRUDE OIL NEWSBy admin September 22, 2020 Leave a comment

The warning from Prince Abdulaziz bin Salman, Energy Minister in Saudi Arabia that he is going to whoever tries to play games with the oil market will pay the price, might not be taken seriously with the fading worldwide demand, as we head into another likely COVID-19 wave, indicate that the oil might be at…

Weekly Energy Recap: Oil bounces back amid KSA pledge

CRUDE OIL NEWSBy admin September 22, 2020 Leave a comment

Oil prices ended their downward trajectory that started early September and recorded their biggest weekly gain in three months. The rebound came despite plenty of bearishness in the market that was emphasized by the monthly oil reports from both OPEC and the International Energy Agency (IEA). However, OPEC’s latest reassurances to its commitment to balance…

Turkmenistan to begin TAPI gas pipeline construction

INTERNATIONAL NEWSBy admin September 22, 2020 Leave a comment

ISLAMABAD: Turkmenistan on Friday announced that it intended to start building a gas pipeline from the Turkmenistan-Afghanistan border to the Herat offtake point in Afghanistan. Turkmenistan also assured Pakistan of addressing its concerns over different issues pertaining to the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project. Special Assistant to Prime Minister on Petroleum Nadeem Babar led a…

Saudi Prince Warns Short Sellers Not To Bet Against Oil

INTERNATIONAL NEWSBy admin September 22, 2020 Leave a comment

As the price of oil begins to falter, Saudi Arabia has stepped up its rhetoric, even going as far as to warn short sellers not to bet against the price of the commodity. Saudi Energy Minister Prince Abdulaziz bin Salman gave “clear hints” on Thursday that there could be a change of direction in production…

Global effort begins again to stabilise oil prices, OPEC+ meet may be called in Oct

INTERNATIONAL NEWSBy admin September 22, 2020 Leave a comment

New Delhi, A bigger global effort to stabilise oil prices involving all major oil producers including Russia is again on the cards to see that the current crisis does not escalate further putting several oil producers closer to bankruptcies. Sources said that an emergency meeting of OPEC+ including Russia could be scheduled next month if…

Investors Are Pulling The Plug On Argentina’s Prized Shale Play

EXPLORATION NEWSBy admin September 22, 2020 Leave a comment

Much ink has been spilled about the downfall and dubious recovery of the United States shale oil sector. The West Texas Intermediate (WTI) crude benchmark’s dramatic rock bottom in April, which saw oil prices plunge to nearly $40 dollars below zero in a jaw-dropping first, a flurry of think pieces about the sector’s future poured…

Oil workers flee as third storm in month aims for U.S. offshore fields

EXPLORATION NEWSBy admin September 22, 2020 Leave a comment

Royal Dutch Shell Plc halted some oil production and began evacuating workers from a U.S. Gulf of Mexico platform, the company said on Saturday, as a new tropical storm flared. Beta, the 23rd named storm of the Atlantic hurricane season, formed in the Bay of Campeche and was forecast to gradually strengthen and soak the…

Govt to decide on subsidised cooking gas by BPCL before financial bid stage

NATIONAL NEWSBy admin September 22, 2020 Leave a comment

NEW DELHI: The issue of continuation of cooking gas subsidy will be considered before inviting financial bids for BPCL privatisation, Parliament was informed on Saturday. However, the interest of LPG customers of BPCL would be taken into consideration while deciding on the subsidy issue, Minister of State for Finance Anurag Singh Thakur said in a…

Maharashtra: Now, villagers ‘want’ Nanar refinery project

NATIONAL NEWSBy admin September 22, 2020 Leave a comment

The controversy over the mega refinery project with an investment of Rs 3 lakh crore in Sindhudurg district has taken a new twist. Those opposing the project at Nanar site on Saturday now want the project to come up in the larger interest of the region. They made a representation to the Housing Minister Dr…

Daily Archives: September 22, 2020