September 2020 - Page 9 of 19

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…

SOPs for oil & gas industry are being re-visited to prevent accidents in future: Centre

NATIONAL NEWSBy admin September 22, 2020 Leave a comment

Being aware of the Baghjan oilfield incident in Assam’s Tinsukia district, the Centre said in the Parliament on Saturday that the Standard Operating Procedures (SOPs) for oil and gas industry are also being re-visited for making improvements in order to prevent such accidents in future. In a written reply in the Lok Sabha, Ministry for…

Centre mulls closure of PSUs up for sale on a case-to-case basis

NATIONAL NEWSBy admin September 22, 2020 Leave a comment

The Union government may consider the closure of central public sector units (PSUs) even if they have been approved for strategic disinvestment on a case-to-case basis. In a written reply to a question in the Lok Sabha, Minister of State for Finance Anurag Thakur said that the government follows a policy of closure of centre…

Oil Rallies Despite Bearish Demand Forecasts

CRUDE OIL NEWSBy admin September 22, 2020 Leave a comment

Oil prices perked up this week, buoyed by both OPEC developments and Hurricane Sally. That is despite BP’s pessimistic 2020 edition of its annual outlook that suggests we have already seen peak oil demand. This is startling given BP’s 2019 outlook that suggested oil demand would continue to rise for more than a decade. Undeterred…

Oil flat as Libya developments counter OPEC+ boost

CRUDE OIL NEWSBy admin September 22, 2020 Leave a comment

NEW YORK – Oil prices were unchanged on Friday, weighed after a Libyan commander said a blockade on the country’s oil exports would be lifted for a month, while supportive signals from an OPEC+ meeting lifted futures. Both the U.S. and Brent crude benchmarks posted weekly gains after Saudi Arabia pressed allies to stick to…

Monthly Archives: September 2020