23 Sept. 2020-MELBOURNE: Oil rose in early trade on Tuesday, paring sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength, but worries about fuel demand persisted with flare-ups around the globe in coronavirus cases. U.S. West Texas Intermediate (WTI) crude futures for October, due to expire on Tuesday, rose…
23 Sept. 2020-Oil prices recovered on Tuesday in a “nervous” market attentive to the demand for black gold, which could be seriously affected by possible new confinements.Around 9:35 AM GMT (11:35 AM in Brussels), a barrel of North Sea Brent for delivery in November was worth $41.99 (€35,76) in London, up 1.33% compared to the…
23 Sept. 2020-LAUNCESTON: China’s rate of storing crude oil slowed for a second month in August, as the massive of surge of imports started to ease in a trend likely to extend in the coming months. The flow of crude into commercial and strategic stockpiles was around 1.1 million barrels per day (bpd), according to…
23 Sept. 2020-Venezuela’s state-run oil company PDVSA has begun loading an Iran flagged large tanker with Venezuelan heavy crude for export, a source with knowledge of the situation said on Tuesday, as ties have deepened between the two OPEC nations. Venezuela and Iran are under sanctions imposed by the United States, hurting their oil industries…
23 Sept. 2020-Saudi Arabia’s energy minister is keeping his options open while the recovery in oil prices splutters, setting up a potentially volatile period ahead.Crude prices tumbled at the start of September after traders grew nervous that further potential lockdowns to slow the spread of coronavirus could fracture a fragile recovery in consumption. But Prince…
23 Sept. 2020-MUMBAI: India’s natural gas production fell 13.2% during April-August compared to a 1% fall registered in the corresponding period last fiscal, said Care Ratings in a note.The cumulative fall in production was primarily a result of restricted or negligible offtake by consumers due to the pandemic and ensuing lockdowns. While domestic production from…
23 Sept. 2020-The Ministry of Petroleum and Natural Gas (MoPNG) is coming up with a fresh strategy to increase hydrocarbon production in the country. It is likely to open bidding for production enhancement contracts (PECs) of old oil blocks of Oil India (OIL) and Oil and Natural Gas Corporation (ONGC). It is also planning to…
23 Sept. 2020-In November 2018, the three oil marketing companies (OMCs) – Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) – had come out with an advertisement floating tenders for 78,493 petrol pumps across the country. This move, which came just before the polls, was pitched as a step to…
23 Sept. 2020-NEW DELHI: LNG imports have shot past domestic supplies for the first time in India, creating ground for decontrolling the market even as local producers feel hamstrung by below-cost prices dictated by government formula. Domestic gas met 47 per cent of demand in 2019-20, while a spurt in import of cheap cargos pushed…
23 Sept. 2020-Hyderabad: On Tuesday, the High Court bench headed by Chief Justice Raghavendra Singh Chauhan and Justice Bollam Vijaysen Reddy heard a public interest litigation seeking to direct the State Government to withdraw the proposal to install an electrical substation, which is part of the transmission system. The allegation of the petitioner is that…
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