OPEC expects coronavirus to curb oil demand recovery into 2021 Global oil demand will rebound more slowly in 2021 than previously thought because of rising coronavirus cases, OPEC said on Wednesday, hampering efforts by the group and its allies to support the market. Demand will rise by 6.25 million barrels per day (bpd) next…
A Canadian offshore oil regulator has accepted a bid from BP Canada to explore a portion of an environmentally sensitive marine refuge in the Atlantic Ocean for drilling. The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) announced Nov. 4 that it had accepted a bid from the energy company for 264,500 hectares of…
U.S. crude, fuel inventories fall in latest week -APIU.S. crude oil and fuel stocks fell sharply last week, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell by 5.1 million barrels in the week to Nov. 6 to about 482 million barrels, compared with analysts’ expectations in a…
Prime Minister Shri Narendra Modi inaugurated Office-cum-Residential Complex of Cuttack Bench of Income Tax Appellate Tribunal through video conference today. Shri Ravi Shankar Prasad, Union Minister for Law & Justice and Communications and Electronics & Information Technology, Shri Dharmendra Pradhan, Union Minister of Petroleum & Natural Gas and Steel, Shri Naveen Patnaik, Chief Minister…
The relationship between Qatar and India is an old and enduring one. According to the ministry of external affairs data, the total bilateral trade between both countries reached USD 12.33 billion in FY 2018-2019. However, the Foreign Direct Investment (FDI) of Qatar into India has been a modest one, but its contribution to India’s…
New Delhi: The government on Wednesday approved a Production-Linked Incentive (PLI) scheme for ten key sectors, including telecom, automobiles and pharmaceuticals, taking the total outlay for such incentives to nearly Rs 2 lakh crore over a five-year period. The scheme will help encourage domestic manufacturing, reduce imports and generate employment as the…
India’s flagship overseas firm ONGC Videsh Ltd on Wednesday announced the acquisition of Australian firm FAR Ltd’s stake in the USD 4.2-billion Sangomar oil project off Senegal’s shore for USD 45 million. This is the first acquisition by OVL, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), in…
Abu Dhabi will open a commodities exchange in March to rival those of Middle Eastern neighbours, letting investors trade its crude using futures contracts for the first time. The ICE Futures Abu Dhabi exchange will open on March 29 and offer contracts based on the emirate’s flagship Murban crude grade, pending regulatory approvals,…
LONDON, A return of oil exports from Iran during Joe Biden’s presidency is some way off according to trading company chiefs and OPEC sources, giving OPEC+ more time to adjust their supply pact. The U.S. president-elect has said he’d return to Iran’s 2015 nuclear deal if Tehran resumes compliance with the pact. President…
LONDON, The Intercontinental Exchange has signed memorandums of understanding with Chevron, Trafigura and Occidental Petroleum to use the new Murban oil futures contract as a pricing benchmark for U.S. crude sales to Asia, the president of ICE Futures Europe said. ICE said on Tuesday it planned to launch ICE Futures Abu Dhabi…
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