Even before the coronavirus pandemic upended all forecasts for global trade and energy demand, analysts had doubted that China would be able to fulfill its pledge in the phase-one trade deal with the United States to buy as much as US$26 billion worth of American energy products this year. COVID-19 and the resulting plunge in…
North Dakota’s oil regulators decided on Tuesday not to impose any oil production restrictions amid the coronavirus pandemic, The Bismarck Tribune reported.North Dakota follows Texas and Oklahoma in deciding not to mandate proration. Instead, they will let the market decide for itself how much oil should be produced. In May this year, the Railroad Commission…
RIO DE JANEIRO, Petrobras is preparing to launch a tender to build Brazil’s largest-ever oil platform, according to two people with knowledge of the matter, as the state-controlled oil firm pushes ahead with ambitious plans to boost deepwater production. Petroleo Brasileiro SA, as the Rio de Janeiro-based producer is formally known, plans to launch the…
Guwahati: Union Minister of Petroleum & Natural Gas Dharmendra Pradhan reviewed the progress of capping activities of inferno at gas producing well of Oil India Limited (OIL) in Baghjan in Tinsukia district. OIL stated that air quality monitoring was conducted in Baghjan and Guijan side and noise monitoring was conducted in Guijan Side. Sample of…
NEW DELHI : The Union cabinet on Wednesday approved an extension till end September for availing free cooking gas cylinders under the marque Pradhan Mantri Ujjwala Yojana (PMUY). The earlier announced Pradhan Mantri Garib Kalyan Yojana (PMGKY) package included providing women of 83 million below poverty line (BPL) families with free cooking gas cylinders for…
City gas distribution stocks are feeling the heat this week. Shares of Indraprastha Gas Ltd (IGL), Mahanagar Gas Ltd (MGL) and Gujarat Gas Ltd have declined in the range of 6-8% since Friday. Concerns over competition and the resultant adverse impact on profitability have weighed on investor sentiment. In a conference call with investors and…
New Delhi, Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Wednesday said with easing of lockdown restrictions, it has resumed work on projects worth ₹1.04 lakh crore which will help address future energy demand as well as kickstart the economy. IOC said it is on track to achieve its planned capital spending of…
Oil prices started the week down slightly on Monday as investors remained alert to the progression of the COVID-19 pandemic, a compass for anticipating the evolution of demand for black gold. At around 5:45 a.m., a barrel of North Sea Brent for September delivery was worth $ 42.87 in London, down 0.63% from Friday’s close.In…
NEW YORK – Oil prices were little changed on Monday as coronavirus cases increased in many countries, though cautious investor optimism about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses. Brent crude was down 6 cents, or 0.1%, at $43.08 per barrel…
LAUNCESTON: China’s refineries imported and processed record amounts of crude oil in June, and while these are undoubtedly bullish economic signals, it’s worth noting that flows into storage tanks were also likely at an all-time high. The massive amount of crude being stored in China may end up weighing on oil imports from August onwards,…
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