TOKYO- Oil prices fell on Wednesday after a bigger-than-expected build in U.S. crude stockpiles stoked fears for weak fuel demand and a potential supply glut, but hopes that OPEC and its allies will postpone a planned January increase to oil output braked losses. Brent crude futures for January dropped 14 cents, or 0.3 per…
Oil prices slipped on Tuesday as worries that lockdowns to fight a new surge in coronavirus cases could hit short-term demand outweighed hopes for a vaccine and the possibility of tighter OPEC+ supply policies.Brent futures fell 38 cents, or 0.9 per cent, to $43.44 a barrel by 1-52 p.m. EST (1852 GMT), while U.S.…
U.S. environmental activists are heaping pressure on Democratic president-elect Joe Biden to avoid cabinet appointees with fossil fuel ties, with one group on Tuesday slamming his pick of a congressman who received donations from the oil and gas industry. The pressure reflects the environmental lobby’s desire to push the incoming administration to take aggressive…
Saudi Arabia called on fellow OPEC+ members on Tuesday to be flexible in responding to oil market needs as it builds the case for a tighter oil production policy in 2021 to tackle weaker demand amid a new wave of the coronavirus pandemic. OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia…
The oil market is too fluid to allow for any decisions on Opec+ policy beyond the end of this year to be made now, Saudi Arabia’s oil minister Prince Abdulaziz bin Salman said today. Speaking on semi-official Asharq TV after a meeting of the Opec+ Joint Ministerial Monitoring Committee (JMMC) that ended without an…
A new hydrocarbon study contradicts conventional wisdom about how methane is trapped in rock, revealing a new strategy to more easily access the valuable energy resource. “The most challenging issue facing the shale energy industry is the very low hydrocarbon recovery rates- less than 10 percent for oil and 20 percent for gas. Our…
BOGOTA- Colombia will sign contracts with two Canadian oil and gas companies for four onshore blocks after no counteroffers were made during the Andean country’s most recent energy auction, the national hydrocarbons agency (ANH) said on Tuesday. CNE Oil & Gas, a subsidiary of Canacol Energy Ltd, and the Colombian arm of Parex Resources…
NEW DELHI- State-owned Oil and Natural Gas Corp (ONGC) on Tuesday signed contracts for seven oil and gas blocks it had won in the latest bid round that saw scant participation from the private sector.Oil India Ltd signed up for the remaining four blocks awarded under the fifth bid round of Open Acreage Licensing…
The commercial production of gas from ONGC’s Ashoknagar block is expected to begin soon, bringing Bengal on to the energy map of the country, petroleum minister Dharmendra Pradhan said on Tuesday.He said “ONGC is moving towards commercial production from its block in Bengal which would put it on the oil map of the country”.…
Resurgent demand in India for gasoil, gasoline, LPG and naphtha bodes well for West African crudes, most of which are light sweet and medium sweet, and state-run refiners such as Hindustan Petroleum Corp. and Indian Oil Corp. have been on a buying spree, issuing a number of tenders for December- and January-loading crude. The…
English
Arabic
Chinese (Simplified)
Gujarati
Hindi
Marathi
Persian