The warning from Prince Abdulaziz bin Salman, Energy Minister in Saudi Arabia that he is going to whoever tries to play games with the oil market will pay the price, might not be taken seriously with the fading worldwide demand, as we head into another likely COVID-19 wave, indicate that the oil might be at…
Oil prices ended their downward trajectory that started early September and recorded their biggest weekly gain in three months. The rebound came despite plenty of bearishness in the market that was emphasized by the monthly oil reports from both OPEC and the International Energy Agency (IEA). However, OPEC’s latest reassurances to its commitment to balance…
ISLAMABAD: Turkmenistan on Friday announced that it intended to start building a gas pipeline from the Turkmenistan-Afghanistan border to the Herat offtake point in Afghanistan. Turkmenistan also assured Pakistan of addressing its concerns over different issues pertaining to the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project. Special Assistant to Prime Minister on Petroleum Nadeem Babar led a…
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…
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…
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…
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…
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…
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…
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…
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