New Delhi: Oil Minister Dharmendra Pradhan on Friday said there is no going back on the decision to privatise the country’s largest oil marketing company BPCL in view of the slump in global energy prices. Speaking at the BNEF Summit, he however said the timing of the privatisation would be decided by the finance ministry.…
Oil pared its decline from a three-month high as investors turned their attention back to improving demand and easing supply after the market was momentarily roiled by US-China trade confusion. Futures in New York recovered most of its earlier losses after President Donald Trump said the trade deal with Beijing was “fully intact” following remarks…
NEW YORK: Oil prices edged higher in a volatile session on Thursday, finding support from signs of a marginal improvement in the US economy but rising cases of COVID-19 in some states capped gains. Brent crude rose 24 cents, or 0.6 per cent, to $40.55 by 11:14 a.m. ET (1514 GMT), after trading as low…
Chinese refiners have stopped importing US crude oil since early 2019 amid an increasingly bitter trade dispute between Washington and Beijing.There had been expectations of a resumption in the trade at the start of the year following the phase one trade deal between the world’s two largest economies. However, the coronavirus pandemic has ratcheted tensions…
Optimism is supposedly back in oil markets, with the Global Research team at Bank of America lifting its oil price forecast for this year and next as demand recovers from coronavirus-linked shutdowns, the OPEC+ output cut deal curtails supply, and producers slash capital expenditure. The bank now sees Brent crude oil averaging $43.70 per barrel…
LONDON/NEW YORK – After U.S. crude futures took an historic plunge into negative territory in April, the two top oil price reporting agencies said on Thursday they will start new benchmarks reflecting the price of Gulf Coast-traded crude on tankers, a break from the old landlocked system. The two agencies are battling for primacy to…
Commercial oil stocks in the USA last week increased by 1442 thousand barrels – up to 540,722 million barrels, according to the weekly report of the U.S. Department of energy. Inventories of gasoline decreased by 1673 thousand barrels and amounted to 255,322 million barrels, according to Bloomberg.Commercial distillate stocks rose by 249 thousand barrels to…
ANCHORAGE, Alaska (Reuters) – The Trump administration on Thursday released its plan to open environmentally sensitive areas in Arctic Alaska to oil development, overturning some protections that go back decades. The plan released by the Interior Department’s Bureau of Land Management revokes an Obama-era management system for a huge swathe of federal land on the…
Oil India Limited (OIL)’s gas well number 5 at Baghjan in Assam’s Tinsukia, where a blowout on May 27 triggered a continuing oil and gas leakage near the Maguri Motapung Wetland and Dibru Saikhowa Biosphere Reserve, was not assessed for its wildlife and biodiversity impact, according to Union environment ministry’s documents. No wildlife clearance was…
“India cannot afford to remain dependent on low cost, low value, low quality products. So we are very keen to focus on certain areas where we have the competitive advantages,” he said at a webinar organised by Indo-American Chamber of Commerce. In sectors like oil and gas and medical devices, India and the US can…
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