January 20, 2021 - Page 15 of 16

04 JAN – New year OPEC+ meeting to decide oil production levels

INTERNATIONAL NEWSBy admin January 20, 2021 Leave a comment

LONDON: Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price…

04 JAN – Oil drilling in US at pre-shale levels

EXPLORATION NEWSBy admin January 20, 2021 Leave a comment

The crisis that enveloped the oil industry last year can be measured in various ways, but in the US there might be no better single gauge than the tally of drilling rigs operating across the world’s largest producer. The weekly data shows at a glance the level of confidence from hundreds of…

04 JAN – Egypt signs 9 oil and gas exploration agreements for Mediterranean and Red seas

EXPLORATION NEWSBy admin January 20, 2021 Leave a comment

Egypt’s Minister of Petroleum and Mineral Resources, Tarek el-Molla, signed on Friday nine new agreements to search for oil and natural gas in the eastern and western regions of the Mediterranean Sea and the regional waters of the Red Sea. The agreements were signed with six major international and Egyptian companies, including…

04 JAN – Russian annual oil output falls for the first time since 2008 on OPEC+ deal, pandemic

EXPLORATION NEWSBy admin January 20, 2021 Leave a comment

MOSCOW: Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus, statistics showed on Saturday. Russian oil and gas condensate output declined to 10.27 million barrels per day (bpd) last…

04 JAN – Cheaper LPG may help the fight against pandemic, says PGI study

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

Chandigarh: Linking the supply of ‘costlier’ LPG during the lockdown and the spread of coronavirus infection, a study by PGI scientists has recommended reducing the price of the clean fuel to prevent insufficient access to clean energy, especially in the rural areas, which may aggravate the Covid-19 situation. In the study, published in…

04 JAN – India has ‘no immediate plans’ to resume oil purchases from Iran after Trump’s White House exit

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

New Delhi: India has “no immediate plans” to resume oil purchases from Iran as American sanctions remain in place, and it will take time for the incoming Joe Biden administration to return to the Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), ThePrint has learnt. Sources said India believes…

04 JAN – Reliance, BP commit to pay for any shortfall in KG-D6 production to buyers

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

New Delhi: Reliance Industries Ltd and its partner BP Plc of UK have committed to pay in cash for any natural gas volumes they are unable to deliver to customers from the next wave of discoveries in the eastern offshore KG-D6 block. According to draft gas sales and purchase agreement (GSPA) Reliance and…

04 JAN – PM to commission gas pipeline on Tuesday

INTERNATIONAL NEWSBy admin January 20, 2021 Leave a comment

Kochi: Giving an impetus to the use of green and cost-effective natural gas in Kerala and Karnataka, Prime Minister Narendra Modi will dedicate Kochi-Mangaluru natural gas pipeline of GAIL (India) Ltd to the nation on Tuesday. The project worth Rs 3,000 crore will ensure convenient and uninterrupted supply of affordable fuel in…

02 JAN – Virus-ravaged oil market collapses by a fifth in 2020

CRUDE OIL NEWSBy admin January 20, 2021 Leave a comment

Virus-ravaged oil market collapses by a fifth in 2020London: World oil prices slumped by more than a fifth this year as deadly coronavirus savaged the world’s appetite for crude, despite a vaccine-driven upturn at the end of 2020. Europe’s benchmark contract North Sea crude stood at $51.13 per barrel in mid-afternoon deals on Thursday.…

02 JAN – Oil edges higher, but posts 20% annual drop in tumultuous 2020

CRUDE OIL NEWSBy admin January 20, 2021 Leave a comment

NEW YORK, Global crude prices edged higher on Thursday but lost more than a fifth of their value in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and sent oil markets reeling. Still, Brent and U.S. crude benchmarks have more than doubled from April’s nadir as producers cut output to…

Daily Archives: January 20, 2021