January 20, 2021 - Page 10 of 16

09 JAN – Irdai wants fuel pumps and cooking gas agencies to sell insurance

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

The insurance regulator is in talks with the petroleum ministry to see if fuel pumps and cooking gas agencies can be used for selling simple insurance products. This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India (Irdai). “The motive is to…

08 JAN – Oil touches fresh 11-month highs after U.S. inventory fall

CRUDE OIL NEWSBy admin January 20, 2021 Leave a comment

LONDON: Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent crude was flat at $54.30 a barrel at 1452 GMT after touching $54.90, a fresh high not seen since…

08 JAN – No, Saudi Arabia Is Not The ‘Swing’ Oil Producer Again

INTERNATIONAL NEWSBy admin January 20, 2021 Leave a comment

The current price of $50/bbl will prove indefensible if U.S. shale oil production resumes soaring and the world economy remains sluggish for any length of time.The announcement by Saudi Minister Salman that his country would make a voluntary production cut of 1 mb/d has some people speculating (or joking) that Saudi Arabia will take…

08 JAN – UAE Oil Takes Center Stage In U.S. Pushback Against China

INTERNATIONAL NEWSBy admin January 20, 2021 Leave a comment

Abu Dhabi – the oil powerhouse at the centre of the U.S.’s pushback against increasing Chinese influence across the Middle East – last week further cemented this alliance with a dramatic re-organisation of its government to further empower its oil sector, and the awarding of further oil concessions to U.S.-friendly firms. Both of these…

08 JAN – Brazil’s CNPE approves 92 offshore blocks for 17th bid round: ANP

EXPLORATION NEWSBy admin January 20, 2021 Leave a comment

“There will be 92 blocks offered in the offshore sedimentary basins of Potiguar, Campos, Santos and Pelotas,” the ANP said in a statement. The blocks cover 53,900 square kilometers of area, according to the ANP. The ANP will hold a public audience to discuss the auction rules and concession contract Feb. 3, with the…

09 JAN – Egypt Witnesses 13 Percent Surge in Oil, Gas Discoveries

EXPLORATION NEWSBy admin January 20, 2021 Leave a comment

According to the country’s Ministry of Petroleum and Mineral Resources, 62 oil and gas reserves were found in 2020, a year in which the global economy struggled due to the coronavirus pandemic. Egypt has witnessed a 13 percent surge in the discovery of oil and gas reserves in 2020 compared with the previous year.…

08 JAN – Middle East Crude-Benchmarks rise; IOC seeks crude

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

Middle East crude benchmarks Oman and Dubai strengthened slightly on Thursday as more Asia-buying interests emerged, while demand concerns lingered.India’s IOC IOC.NS closed two spot tenders to buy sweet and sour crude with bids valid till later on Thursday. The results of Pertamina’s crude purchase tenders, closed earlier this week, were not yet…

08 JAN – To secure India’s energy future, create a sovereign wealth fund and invest

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

Indians pay among the highest prices for petrol globally, because of taxes, even as oil is close to multi-year lows. How can these two extremes be aligned? The ongoing turmoil in the oil markets due to the pandemic and under-utilised supply presents a long-term opportunity for India to secure its energy future. Simply,…

08 JAN – PM’s energy roadmap: Double natural gas share, diversify energy sources

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

Prime Minister Narendra Modi on Tuesday set out his government’s energy roadmap, envisaging more than double the share of cleaner natural gas in the consumption basket, diversifying sources of energy, connecting the nation with one gas pipeline grid and bringing affordable fuel to people and industry. Inaugurating a 450-km natural gas pipeline between…

07 JAN – U.S. crude oil inventories down last week: API

CRUDE OIL NEWSBy admin January 20, 2021 Leave a comment

The American Petroleum Institute (API) on Tuesday reported a decrease of 1.663 million barrels of crude oil in the U.S. crude oil inventories for the week ending Jan. 1. API reported a decrease of 4.785 million barrels of crude oil inventories for the previous week ending Dec. 25, while the U.S. Energy…

Daily Archives: January 20, 2021