WASHINGTON – The Trump administration believes ahead of an expected OPEC+ meeting this week that major oil producers such as Saudi Arabia and Russia will honor their pledges to cut crude production and will not damage the global economy by changing course, a senior official said on Tuesday. We trust that other major oil producers…
MOSCOW – U.S. President Donald Trump told President Vladimir Putin in a phone call on Monday about his idea of holding an expanded Group of Seven summit later this year with a possible invitation for Russia, the Kremlin and the White House said. Trump said on Saturday he would postpone a G7 summit he had…
HOUSTON/NEW YORK – U.S. shale oil producers are beginning to reverse production cuts as prices recover from historic lows, underscoring shale’s ability to quickly adjust to pricing and posing a challenge to OPEC as it considers extending production curbs. U.S. producers slashed output in April and May as oil prices collapsed due to a supply…
Oil India Limited (OIL) will fly in experts from Singapore by Wednesday night to cap a well blowout at Baghjan in Assam’s Tinsukia district. Experts of the Singapore-based firm, Alert Disaster Control, will launch a joint operation with OIL and ONGC personnel to cap the uncontrolled release of natural gas, a senior official told The…
NEW DELHI: The rupee is likely to be stable if crude oil prices stay at moderate level and fiscal deficit is under check, State Bank of India (SBI) chairman Rajnish Kumar said on Tuesday.So far, the rupee has been stable against the dollar, he said at the CII Annual session. “If the crude oil (prices)…
Mumbai, As Cyclone ‘Nisarga’ whirls towards Maharashtra at a steady pace, concerns have been expressed about the nuclear and chemical plants and other sensitive installations that would come in its direct path.The cyclone is expected to make landfall late Tuesday night or early Wednesday, with all authorities in the state braced for the fallout. “Care…
A day after Moody’s downgraded India’s credit rating to a notch above junk status on growth concerns, Prime Minister Narendra Modi on Tuesday asserted that the country will definitely get back its economic growth and said reforms undertaken during the lockdown will help the economy in the long-run. Pledging to undertake more structural reforms that…
MUMBAI: As states begin a phased exit from an over two-month lockdown, to contain the spread of covid-19, and economic activity resumes, refiners are beginning to ramp up production anticipating a pick up in fuel demand. Demand for fuel had nearly disappeared as the lockdown had led to a fall in vehicular traffic, with movement…
LONDON: Oil prices were steady on Monday helped by reports that OPEC and Russia were closer to a deal on extending oil cuts but held back by renewed tension between the United States and China.Benchmark Brent crude was up 10 cents, or 0.3 per cent, at $37.94 a barrel at 0854 GMT. US crude had…
Oil prices fell nearly 1 per cent on Monday as traders hedged bets with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June. Brent crude fell 34 cents to $37.50 a barrel, in the first day of trading in…
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