Women can make waste to fuel success: Dharmendra Pradhan

BHUBANESWAR: Participation of women in organised discard and aggregation of used cooking oil from kitchens across the country will give a major boost to government’s initiative of converting waste to fuel and promote healthy eating in Indian homes, said Union Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan on Saturday. Attending a webinar on…

Crude oil prices little changed as US crude, diesel stocks swell

NEW YORK: Oil futures dipped and then bounced to trade around even on Thursday after US crude and distillate inventories rose much more than expected, with traders also worried that China’s new Hong Kong security law could result in trade sanctions. The US Energy Information Administration (EIA) said crude inventories rose 7.9 million barrels in…

Covid-19 seen to hasten the demise of many oil refineries

When consumption of transport fuels collapsed this year because of the coronavirus, much of the industry moved into survival mode, cutting processing rates and even temporarily stopping refining in some cases. While that helped prop up the industry’s margins for a while, a combination of rising crude costs and still weak end-user demand are starting…

OPEC, Russia bargain over oil cuts ahead of June meeting

LONDON/MOSCOW/DUBAI: Saudi Arabia and some other OPEC oil producers are considering extending record high output cuts until the end of 2020 but have yet to win support from Russia, according to OPEC+ and Russian industry sources. The Organization of the Petroleum Exporting Countries and other producers led by Russia, a group known as OPEC+, agreed…

The oil reserves in the USA increased during the period from may 15 to may 22

Commercial oil inventories in the U.S. last week rose 7928 thousand barrels – up to 534,422 million barrels, according to the weekly report of the U.S. Department of energy. Inventories of gasoline decreased by 724 thousand barrels and amounted to 255 million barrels, according to Bloomberg. Commercial distillate stocks rose 5495 thousand barrels to 164,327…

Iraq’s oil-rig count tumbles after IOCs ordered to cut spending on oil plunge

Iraq’s oil-rig count has tumbled by almost two-thirds this year after international oil companies were ordered to cut spending because of the oil crash and OPEC’s second-largest producer agreed to stringent new OPEC+ cuts. The total now averages 32 rigs operated by IOCs this month, down from 88 rigs in December 2019, Iraqi sources told…

Fuel prices may rise by ₹5 per litre after daily revision restarts

Be ready to face up to ₹4-5 per litre increase in the pump price of petrol and diesel next month with public sector oil marketing companies bracing up to restart daily price revision of the two petroleum products after the lockdown is lifted in June. Official sources in public sector oil marketing companies said that…