Trump administration putting trust in global oil producers ahead of OPEC+ meet

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…

U.S. shale producers begin restoring output as oil prices turn higher

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…

‘Nisarga’ heads towards Maharashtra, concerns at vital installations

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…

India will definitely get back its economic growth, says PM Modi

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…

Unlock 1.0: Refiners plan 100% capacity as demand picks up

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…