The coronavirus crisis will lead to global oil demand dropping by around 8 percent this year compared to last year, the International Monetary Fund (IMF) said in a new report, as carried by Qatari daily The Penunsula. This year, oil prices will be 41 percent lower than in 2019, the IMF said in its ‘Global…
Dangote oil refinery in Nigeria is on its final stages after heavy lifting company Mammoet completed the lifting and transport work on site. Mammoet is demobilizing equipment it has deployed on the Dangote oil refinery construction site over the past two years. Mammoet was contracted to assist in the construction of the refinery in 2018.…
China bought only 5% of the targeted $25.3 billion in energy products from the United States in the first half of 2020, falling well short of its trade deal commitments at a time when relations between the two top economies are already sour. China’s imports of crude oil, liquefied natural gas (LNG), metallurgical coal and…
Range Resources has agreed to sell its North Louisiana natural gas assets for just one-tenth of what it paid for it in 2016, as shale drillers struggle with high debt and low commodity prices. Range Resources said on Monday that it had signed an agreement to sell its North Louisiana assets for gross proceeds of…
The Bharatiya Janata Party-led government at the Centre is pushing for a new set of Environment Impact Assessment (EIA) norms for development projects amid the nationwide lockdown triggered by the COVID-19 pandemic. The draft EIA Notification 2020 has been widely criticised by independent experts and activists terming it ‘pro-industry’ and ‘anti-people’. In Assam, activists, civil…
Shares of Bharat Petroleum Corporation (BPCL) tanked up to 6.4 per cent to Rs 391 apiece on the BSE on Tuesday after media reports said the divestment of government’s stake in the oil marketing company is unlikely to fructify in the current financial year. The stock, however, pared losses later to trade 1.74 per cent…
India’s Ministry of Petroleum and Natural Gas on Tuesday notified liberalised guidelines for bulk and retail marketing of petrol and diesel, offering new opportunities for foreign oil companies, including those in the Gulf, to enter this lucrative energy business. India is one of the biggest markets in the world for petrol and diesel with retail…
The government on Tuesday said any entity with a net worth of at least Rs 500 crore is eligible for obtaining the liberalised licence to sell petrol and diesel to retail and bulk consumers. Clarifying on the November 2019 liberalised fuel licensing regime, the Ministry of Petroleum and Natural Gas said any entity with a…
New Delhi: Oil Minister Dharmendra Pradhan on Tuesday tested positive for coronavirus and has been admitted to Medanta Hospital. In a tweet, Pradhan said he has been admitted to hospital after testing positive of COVID-19. Pradhan, 51, had developed COVID-like symptoms on Monday and was tested on Tuesday. “After seeing symptoms of COVID-19, I got…
Oil posted a gain last month, boosted by a steadily weakening US dollar and OPEC’s restraint on production.Deep crude output curbs by the OPEC and its allies have helped futures rebound from their plunge below zero in April, yet the unprecedented cuts are set to ease in a matter of days. On Friday, crude oil…
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