The OPEC+ group of producers must continue to calibrate the easing of its collective oil production cuts to the still fragile global oil demand in the pandemic, Abdelmajid Attar, the Energy Minister of Algeria, which holds OPEC’s rotating presidency for 2020, told Bloomberg in an interview. “Despite the positive signs and a significant improvement…
OPEC’s analysts on Dec. 14 painted a much gloomier view of the oil market in 2021 -– and yet indicated that the bloc and its allies can afford to be more aggressive with their planned increase in crude production in the months ahead. In its closely watched oil market report, OPEC revised down its…
The solution reached by Opec+ in early December may have calmed oil markets’ fears over lack of unity in the alliance’s appetite for retaining production curbs until the end of the year. But month-by-month revisiting of output limits opens the prospect for tensions to emerge with each negotiation. And the potentially growing impatience of…
The president of OPEC reiterated that the oil producers’ cartel shouldn’t rush to increase output early next year and said energy demand was still fragile with the coronavirus raging across parts of the world. Algeria’s Energy Minister Abdelmajid Attar, who holds OPEC’s rotating presidency, said there was no guarantee the group and its allies…
‘The refuge includes the birthing grounds of the Porcupine caribou herd, as well as the prime denning area for the Beaufort Sea polar bears (a threatened species, numbering only 900).’ Photograph: AP Language is everything. Those who argue for oil drilling in the Arctic national wildlife refuge, a place of stunning wild beauty in…
Emerging Global Offshore Oil And OPEC+ Prior to OPEC+, a coalition of 23 countries, agreeing to continue with production cuts on December 3, 2020—Libya’s oil production shifted market dynamics in 2020—as the OPEC member swiftly ramped its oil output above 1 million barrels per day (MBPD). In parallel with Libya’s output, global offshore production is…
It has been stated by Oil India Limited (OIL) that diversion of the well at the nearby early production setup (EPS) had been attempted on September 13 and a cumulative production of 6,960 kilo litres (KL) of high-quality condensate along with 49.01 million metric standard cubic metre (MMSCM) of natural gas has been achieved…
India does not lag behind in adhering to universally accepted global goals when it comes to climate change. It has always accepted its share of the responsibility to lower carbon emissions within the prescribed time-lines. Unlike some of the more developed nations which principally are a major cause for the dire state of the…
Bongaigaon: Team EIL at IOCL Bongaigaon successfully completes revamp of PGTR of DHDT UNIT (indeDIESEL) after revamp at IOCL BONGAIGAON Refinery, as part of BS-VI project. DHDT Unit at Bongaigaon Refinery was revamped for quality up-gradation of Diesel from existing BS-IV specifications to meet BS-VI specification alongside capacity augmentation from 1.2 MMTPA to 1.6 MMTPA.…
Billionaire Anil Agarwal’s Vedanta group plans to raise as much as $8 billion through a mix of debt and equity to secure funds for the acquisition of state-run Bharat Petroleum Corp. Ltd (BPCL), two people directly aware of the talks with investors and banks said. London-based Vedanta Resources Plc has initiated talks with a…
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