Russia and Kazakhstan have won a concession from OPEC to increase production in the coming months at the expense of the Kingdom of Saudi Arabia, which remains concerned that the second wave of the coronavirus (COVID-19) pandemic will depress demand in 2021. OPEC+ has agreed to modestly increase output in January, revising its…
NEW DELHI: State-run oil and gas explorer ONGC may miss its production targets for the current financial year as the pandemic impacted overall operations and resulted in force majeure declarations by suppliers. The oil major’s crude oil production for FY21 is likely undershoot the company’s targets by 4 per cent at 22.35 million…
NEW DELHI: India’s HPCL-Mittal Energy Ltd (HMEL), part-owned by steel tycoon L N Mittal, will shut its 226,000 barrels per day (bpd) Bathinda refinery in northern Punjab state for about 40 days from end-January for maintenance, two sources said. During the shutdown HMEL will also carry out work to be able to hook…
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…
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…
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…
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…
“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…
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.…
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…
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