Oil prices plunged about 5 per cent on Monday, weakening as rising coronavirus cases stoked worries about global demand, and a potential return of Libyan production bolstered oversupply fears. Crude oil followed other equities and commodities markets in turning risk-averse on Monday as rising Covid-19 infection rates in Europe and other countries prompted renewed lockdown…
All OPEC’s interests and goals in its 60 year-activity are based on unity, solidarity and cooperation and the transformation of the OPEC’s idea into reality is also the result of trust among the oil countries, Azerbaijani Energy Minister Parviz Shahbazov said, Trend reports referring to the Azerbaijani Energy Ministry. “While fulfilling its regulatory mission in…
OPEC and its allies are watching efforts to resume oil output in Libya very closely, OPEC sources said on Monday, although producers should wait to see if there is a sustainable restart before reacting. OPEC member Libya is exempt from cutting oil output under a deal by the Organization of the Petroleum Exporting Countries and…
Market sentiment has been generally bullish over the last week supported by (i) supply disruption caused by Hurricane Sally in the Gulf of Mexico (ii) a draw in commercial crude oil inventories by 4.4 million barrels w/w and (iii) strong language coming from OPEC+ during the JMMC meeting last Thursday, during which Saudi Arabia pressured…
The Gambia government on Saturday 19 September 2020 signed a 30 years Oil and Gas Exploration deal with PetroNor, an Axis of Oslo listed Stock Exchange Market Oil and Gas Company for A4 block. The signing comes after three years of legal battle between The Gambia government and African Petroleum Gambia Limited at the International…
NEW DELHI: India saved over Rs 5,000 crore when the country in April-May used two-decade low international oil prices to fill up its three strategic underground crude oil storages, Petroleum Minister Dharmendra Pradhan said on Monday.India, the world’s third-biggest oil importer, has built strategic storages in underground rock caverns at three places to meet any…
New Delhi: Country’s largest oil marketing company Indian Oil Corporation proposes to leverage its growing petrochemical operations to expand textile business as it looks to diversify operations and offset risks associated with oil operations. At a recent Asia Pacific oil summit IOC chairman S.M. Vaidya reportedly said that petrochemical expansion is being targeted by the…
New Delhi: Indian Oil Corporation (IOC) said on Monday that its retail outlets of the future will be ‘energy pumps’ offering a wide assortment of cleaner, greener and more efficient fuel options to millions of customers. “While we are confident that petroleum fuels still have a long way to go, transition fuels will have a…
This was stated by Minister for Petroleum and Natural Gas Dharmendra Pradhan in a written reply in the Rajya Sabha on Monday.Pradhan said that Indian Oil Corporation Ltd (IOCL), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) have informed that home delivery of diesel is not offered by them either. But, door-to-door…
India used the ultra-low crude oil prices earlier this year to top its strategic petroleum reserves with oil at $19 a barrel, saving nearly US$700 million in the process, India’s Ministry of Petroleum and Natural Gas said on Monday. “Taking advantage of the low crude oil prices in international market, India purchased 16.71 million barrels…
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