US base oil prices are set to hold firm at least during the first few months of 2021 in response to strong supply-demand fundamentals.The continuing price strength follows a year when US base oil prices were mixed. Prices firmed in the first quarter of the year. Supplies remained limited because of a heavy round…
The OPEC+ talks stalled on Monday after the group failed to reach a consensus on the best path forward for oil production, the body reported on Monday afternoon. OPEC and non-OPEC’s Ministerial Meeting held on Monday will now resume on Tuesday, January 5, giving the group more time to discuss amongst themselves and…
The South Korean government on Tuesday called for the early release of an oil tanker which was seized by Iran’s Islamic Revolution Guards Corps (IRGC) in the Gulf over what Tehran claimed to be “repeated violations” of environmental protocols. Following the seizure on Monday, the IRGC said: “The tanker (Hankuk Chemi), departing from…
MOSCOW/LONDON: OPEC+ resumes debate on Tuesday after talks stumbled over February policy, as Russia led calls for higher output while others suggested holding or even cutting production due to new lockdowns. Debate resumes at 1430 GMT after the group, which combines OPEC and other producers including Russia, failed to find a compromise on…
Employees engaged in the drilling site at Innao in Arunachal Pradesh’s Changlang district of Quippo Oil and Gas Infrastructure Limited left the site following rise in fear and apprehensions after two of their colleagues by rebels on December 21. “Gripped by fear and uncertainty following the abduction of two of their colleagues from…
Kolkata, The West Bengal cabinet on Tuesday approved giving 13.49 acres at Ashoknagar to ONGC for further oil exploration, Chief Minister Mamata Banerjee said. Highlighting the advantages that the state will enjoy due to the oil exploration by the Maharatna company – from enhanced employment oppurtunities to improvement of its economy, Banerjee said the…
MUMBAI: Foreign brokerage firm Credit Suisse believes that global oil producer and refining giant Saudi Arabian Co, better known as Saudi Aramco, may revive its interest in buying the 20% stake in Reliance Industries Ltd’s energy business if global crude oil prices continue their upward trend. “The deal is not yet closed and…
Panaji: Indian Oil Corporation’s jet fuel business has recovered by 60 per cent, while the domestic sector sales are likely to touch full capacity by March, this year, a senior official has said. There was a drop in the jet fuel business following coronavirus-induced restrictions but from May 25, 2020 onwards, the aviation sector…
NEW DELHI: Ethanol blending in petrol will cross 8 per cent in 2020-21 after reaching 5 per cent in the previous year despite the pandemic, Petroleum Secretary Tarun Kapoor told ET. State oil marketing companies received 173 crore litres of ethanol for blending with petrol during ethanol supply year that ran between December…
India is running out of time to sell off a controlling stake in state-controlled refiner Bharat Petroleum (BPCL) by its 31 March deadline, complicating efforts to reduce its deficit and raise spending to combat the Covid-19 pandemic. The government had planned to find buyers for majority stakes in BPCL and national carrier Air…
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