NEW DELHI, June 18: Prime Minister Narendra Modi today said business activity in India is fast returning to normal levels with consumption and demand approaching pre-COVID levels as visible in macro data on power, fuel and other consumption. India faced a recession-like scenario after a national lockdown was imposed on March 25 to curb spread…
Crude oil futures eased to Rs 2,893 per barrel on June 17 as participants increased their short positions.The American Petroleum Institute (API) reported that US crude inventories rose 3.85 million barrels for the week ended June 12 against expectations of a decline of 0.15 million barrels. The market is likely to take further cue from…
NEW YORK: Oil prices fell on Wednesday as investors worried about fuel demand due to fresh outbreaks of COVID-19, though prices drew some support after US stocks of diesel fuel fell for the first time in weeks and US oil production dropped sharply. Brent crude was down 31 cents, or 0.8 per cent, at $40.65…
Venezuela’s oil exports have collapsed since the U.S. placed sanctions on its state producer, but some crude from the OPEC member is still making its way to buyers in Asia. Officially, China hasn’t imported any Venezuelan crude since September after Washington sanctioned state entities including Petróleos de Venezuela, S.A. Information from data intelligence firm Kpler,…
The natural gas market is reeling from the triple whammy of a stubborn supply overhang, particularly in the Asia-Pacific region–which accounts for nearly two-thirds of global demand–a mild winter, and a hobbled global economy. China has emerged as a rare bright spot as energy demand in the country remains relatively high. However, Beijing is taking…
OPEC+ technical experts made no recommendation on further extending a record oil supply cut in talks on Wednesday and decided to focus on compliance of laggards in the deal ahead of ministerial talks on Thursday, OPEC+ sources said. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to a record supply…
Several studies are underway by different agencies to assess the impact on the fragile ecosystem due to blowout and subsequent fire at the natural gas well of Oil India Limited (OIL) in Upper Assam’s Tinsukia district. The gas well in Baghjan, located close to the Dibru-Saikhowa National Park (DSNP) and Maguri Motapung wetland, had a…
The Supreme Court on Wednesday asked Vedanta to explain why it should be allowed to recover $499 million, instead of $198 million capped by the government, for development of the Ravva oil and gas fields off the Andhra Pradesh coast between 2000 and 2007. A bench led by Justice SA Nazeer sought response from Vedanta…
Saudi national oil company Aramco has donated $500,000 (about Rs 3.8 crore) to the Indian Red Cross Society to support its efforts to contain the spread of Covid-19.The humanitarian support is part of Aramco’s global response to Covid-19, the company said in a statement. “The donation will be used to buy protective equipment and medical…
In a push to gain rapid political and economic ascendency across the globe, China is dispensing billions of dollars in the form of concessional loans to developing countries China has been using the financial tool of debt to gain influence across the world and grab considerable power in India’s neighbouring countries, thereby increasing the amount…
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