OPEC+ Cuts Effective In Reducing Oil Market Volatility

The study, OPEC’s Pursuit of Market Stability, was conducted by the King Abdullah Petroleum Studies and Research Center (KAPSARC) and published by the International Association of Energy Economics. The cartel’s performance between 2001 and 2014—three years before the advent of OPEC+ as opposed to just OPEC, was still robust, reduced oil volatility by as much…

Nigeria extends deadline for marginal oilfield bids

The Department of Petroleum Resources (DPR) announced earlier today that it had extended, by one week, the deadline for the registration of interest to bid for the marginal oilfields in Nigeria. As Nairametrics reported last week, the initial deadline for interested applicants to indicate interest for the bid was supposed to be June 14.However, the…

Gabon’s DG of Hydrocarbons, PGS offering 3D seismic data across 35 blocks

Gabon’s Directorate General of Hydrocarbons and PGS have just expanded the Gabon MegaSurvey coverage, significantly increasing access to 3D seismic over the 35 blocks on offer under the ongoing 12th Offshore Licensing Round. In a very competitive market environment, Gabon is showing once again its willingness to remain attractive and engage with regional and global…

DGH panel to probe fire at OIL field in Assam

NEW DELHI: Oil minister Dharmendra Pradhan on Thursday constituted a three-member expert panel to probe the ‘blowout’ and subsequent fire at one of state-run Oil India Ltd’s production wells at Baghjan field in Tinsukia district of Assam. The committee will be headed by S.C.L. Das, who heads the Directorate General of Hydrocarbons, the ministry’s regulatory…

Bio-fuel boost: Govt to allow ethanol production from surplus rice, says Nitin Gadkari

Gadkari said he had a meeting with PK Sinha, advisor to Prime Minister Narendra Modi, and secretaries from the departments of petroleum, food, agriculture and MSME, and chairman of the food corporation of India (FCI) this week in this regard. Transport and MSME minister Nitin Gadkari on Thursday said the government is considering allowing ethanol…

LNG recovery in Asia depends on China, India policies

LAUNCESTON: The latest International Energy Agency (IEA) report on the global natural gas market makes sombre reading, especially for current and would-be producers of the super-chilled version of the fuel. No doubt much of the commentary on the report, issued on Wednesday, will be around the headline forecast that global natural gas demand will drop…

GST Council set to meet today, likely to debate cess shortfall

NEW DELHI : The shortfall in goods and services tax (GST) cess collection, used for compensating states for their revenue losses, and the proposed compliance relief to businesses for late filing of tax returns, will dominate the GST Council’s meeting on Friday, said two people familiar with the matter, requesting anonymity. Members of the GST…

Oil Prices Slide on Concerns about Patchy Demand Recovery, Record US Stocks

Oil prices fell in early trade on Thursday on worries about slow demand growth with coronavirus cases rising, US crude stockpiles hitting an all-time high and the US Federal Reserve projecting recovery from the pandemic would take years. US West Texas Intermediate (WTI) crude futures erased gains from Wednesday, falling as low as $38.42 a…