Opec members produced 23.25mn b/d in July — up by 970,000 b/d from a 28-year-low in June, when Saudi Arabia, Kuwait and the UAE all delivered cuts in excess of their commitments under the Opec+ output restraint deal. The end of those voluntary reductions drove last month’s increase. July marked the first month-on-month rise in…
DUBAI: Iraq said on Thursday it would make an additional cut in its oil production of about 400,000 barrels per day in August to compensate for its overproduction over the past period under the OPEC+ supply reduction pact. Iraq says the oil output cut in August will be over and above the agreed cut for…
New York — The US oil and gas rig count edged down 3 to 285 in the week ended Aug. 5, rig data provider Enverus said, as Permian counts fell back to early July lows. The number of oil-focused rigs fell four to 198, falling below 200 for the first time since early July, but…
Singapore — Hopes that India’s oil demand will recover in the second half of the year is fading fast as some provinces implement partial lockdowns to battle the COVID-19 pandemic, prompting refiners to start planning for lower crude runs in order to prevent a problem of plenty at home. India, one of the fastest growing…
CHENNAI: After unsafely stored ammonium nitrate killed at least 135 people and injured thousands in Beirut, concerns have been raised over 690 metric tonnes of the chemical that have remained in storage for years under the custody of the Customs Department here. According to Customs Department sources, 740 tonnes of ammonium nitrate (prill type) in…
Hindustan Petroleum Corp Ltd (HPCL) on Thursday reported a 157 per cent jump in its June quarter net profit on the back of inventory gains and better than industry performance. Consolidated profit of Rs 2,252.65 crore, or Rs 14.78 per share, was 156.7 per cent higher than Rs 877.48 crore, or Rs 5.76 a share,…
The post lockdown times have seen the Indian gas sector looking up with a sharp increase in the domestic gas supply from no growth between FY17 and FY20 to over 12 per cent compound annual growth rate (CAGR) over FY21 to FY24, even amid the uneven impact of COVID-19 on gas consumers. The growth was…
The international benchmark moved above its low from March 6 in European trading hours, closing a so-called price gap that was formed on that day, a move that traditionally leads to additional buying.Oil climbed to a five-month high in London, topping $45 a barrel after U.S. industry data showed a decline in the nation’s stockpiles.…
NEW YORK – Oil prices rose to their highest since early March on Wednesday after U.S. crude inventories fell sharply and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook. Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April…
U.S. natural gas prices have surged this week, breaking out of a narrow trading range with the largest single-day increase in more than 18 months and pushing up other benchmarks across the world. A day after Henry Hub jumped 30 cents to finish at $2.10, the September contract gained another 9.2 cents to finish at…
English
Arabic
Chinese (Simplified)
Gujarati
Hindi
Marathi
Persian