With global economies and oil demand recovering, there is no point in extending oil output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, Kirill Dmitriev, head of Russia’s sovereign wealth fund RDIF, told RBC. Producers are currently cutting output by a record 9.7 million barrels per day (bpd) –…
Oil exploration shrank for a 14th straight week in the US fields amid weak crude prices and skepticism about a recovery in energy demand. Drillers idled 10 oil rigs in onshore US fields this week, bringing the total to 189, according to data released by Baker Hughes Co. Despite this week’s rise in crude prices…
Oil India Limited on Sunday said most of its wells in Assam’s Baghjan, which were shut due to protests by locals over a fire at a gas well after a days-long blowout, have resumed operations following a meeting with a representative body of residents mediated by the Tinsukia district administration. The operations started between 7…
The Centre has proposed amendment in the Motor Vehicle Draft rules for facilitating MoUs with neighbouring countries which would allow movement of passenger or goods vehicles. Accordingly, the Ministry of Road Transport and Highways has invited “suggestions and comments” from all stakeholders on the proposed amendment. Besides, it has been decided to establish standard guidelines…
Some states have started planning to cancel contracts with Chinese companies and instructed personnel to remove China-made apps from mobile phones amid growing clamour to boycott goods produced by the neighbouring country after clashes in Ladakh left 20 soldiers dead. On Saturday, Haryana annulled two tenders for installation of flue gas de-sulphurization (FGD) system at…
India is expected to lead Asia’s oil and gas new-build trunk/pipeline length additions, contributing around 59% of Asia’s planned and announced pipeline length additions between 2020 and 2024, says GlobalData, a leading data and analytics company. GlobalData’s latest report,‘Global Length and Capital Expenditure Outlook for Oil and Gas Pipelines, 2020−2024: Asia Leads Global Pipeline Growth’,…
New Delhi: India’s crude oil imports in May fell 22.6% from a year earlier, it’s biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus. Crude oil imports fell to 14.61 million tonnes, it’s lowest since 2015, Petroleum Planning and Analysis…
New Delhi: India’s crude oil imports in May fell 22.6% from a year earlier, it’s biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus. Crude oil imports fell to 14.61 million tonnes, it’s lowest since 2015, Petroleum Planning and Analysis…
LONDON: Brent oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after Opec producers and allies promised to meet supply cuts and on signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an Opec+ panel on Thursday, pledged to comply better…
Oil prices rose on Friday but pulled back sharply from early highs on concerns that continued spread of the novel coronavirus could stall the United States’ economic rebound. Crude benchmarks followed other assets lower, pulling back from session highs after Boston Federal Reserve President Eric Rosengren said more fiscal and monetary support for the U.S.…
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