Oil prices firmed on Wednesday on hopes OPEC and its allies will delay a planned increase in oil output and after Pfizer said its COVID-19 vaccine was more effective than previously reported.Brent crude rose 64 cents, or 1.5%, to $44.39 a barrel by 1444 GMT, while U.S. West Texas Intermediate crude gained 43 cents,…
SINGAPORE/BEIJING- China’s commercial oil stockpiling sector, which emerged as a key swing buyer of crude as prices plunged earlier this year, is setting plans to grow again in 2021, supporting a further boost in imports. Private tank farm operators, refiners and traders pumped an extra 310-600 million barrels of oil into storage in China…
Moscow- The BRICS nations have maintained “intensive contacts” for the development of an Energy Research Cooperation Platform, said Russian President Vladimir Putin, adding that reports have already been prepared for the development of the fuel and energy sectors in the BRICS countries until 2040. Speaking during BRICS virtual summit on Tuesday, Putin said- “Intensive…
OPEC has suffered immensely under the pandemic and subsequent oil demand loss, and its job could now become significantly more challenging as members mull the pros of staying with the group against the con of performing the dutiful and painful task of curbing production. And the UAE is said to be doing just that.…
The State Oil Marketing Organization sent a note to customers on Nov. 17 with “test reports” of Basrah Light, Basrah Medium and Basrah Heavy. A senior official representative at SOMO confirmed the new crude specifications with Platts. The new grade, Basrah Medium, will have a specific gravity of around 27.9 API with a sulfur…
Venezuela sits atop the largest proven oil reserves in the world, clocking in at a whopping 300 billion barrels. But years of domestic economic mismanagement, corrupt international banking, and strict international sanctions have brought the Venezuelan economy–and oil industry–to its knees. Earlier this summer, the country’s once-mighty oil sector became the ultimate metaphor for…
The refinery, to be built in Fao in the Basra Governorate, will be offered under the Build Operate Transfer or Build Own Operate Transfer investment model, Ihsan Ismaael said in a statement. A petrochemical facility could be integrated into the refinery at a later stage, he added. Iraq wants to reach a throughput of…
No public consultations were held before granting environmental clearance for the proposed drilling operations inside Assam’s Dibru-Saikhowa National Park, Oil India Limited (OIL) said in an affidavit filed in the Gauhati high court on Tuesday. OIL maintained that existing rules do not require it to conduct public consultations and added that oil and gas exploration and…
Oil Minister Dharmendra Pradhan asked exploration companies to consider farming out their acreages to global players with advanced technology to expedite development and raise oil and gas output. India, the world’s third-biggest oil importer and consumer, depends on foreign purchases for more than 80% of its oil needs. The nation’s oil and gas output…
In a letter to Tarun Kapoor, secretary, Ministry of Petroleum and Natural Gas, DN Pathak, executive director of SOPA, said the association has been informed by many of its members that they are not getting adequate supply of hexane. Soya processing is in its peak season with prior commitments of processors to meet the…
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