U.S. oil prices jumped more than 2% on Wednesday after industry data showed crude inventories in the United States dropped sharply and as investors awaited results from the tumultuous presidential election. West Texas Intermediate CLc1 was up $1.01, or 2.7%, at $38.67 a barrel by 1138 GMT Tuesday, after gaining more than 2% in…
Oil managed to stage quite a recovery yesterday, with the market closing higher on the day after it was down more than 5% in early trading in Asia. Strength has continued in early morning trading today. The catalyst for the move was the Russian energy minister, who yesterday met with domestic oil companies to…
LONDON- A sufficient number of creditors of indebted Premier Oil have approved a proposed merger with private equity backed Chrysaor to create the British North Sea’s biggest oil and gas producer, Premier said on Tuesday. The reverse takeover, which will see Premier’s creditors paid $1.23 billion in cash, will fold one of the world’s…
Dinesh Kumar Sarraf, chairperson of the Petroleum and Natural Gas Regulatory Board, said the agency was working on examining the feedback from stakeholders on introducing a unified gas pipeline tariff structure, one of the most closely watched gas reform initiatives pursued by New Delhi. “We have got a lot of feedback on various issues…
Ahmedabad- After facing opposition for its proposed transportation tariff for the city gas distribution (CGD) network, the Petroleum and Natural Gas Regulatory Board (PNGRB) is facing further push back from top CGD companies of the country who allege that the proposed regulation for open access in the sector sidesteps those who have already invested heavily…
New Delhi- At least two out of the five petroleum products, including aviation turbine fuel or ATF and natural gas, are likely to be among the first set of petro products to be included in the Goods and Services Tax (GST) fold ahead of an earlier agreed schedule. Sources said that the prospect of…
MRPL has shown a strong performance in Q2FY21 and the question is whether the company is expected to repeat the performance going forward. In an exclusive chat with Zee Business Managing Editor Anil Singhvi, the Mangalore Refinery and Petrochemicals Limited (MRPL) Managing Director (MD) M. Venkatesh said that the robust results are on the…
SINGAPORE: Middle East crude benchmarks Oman and Dubai rebounded on Monday after China, the world’s top crude oil importer, said it would raise its non-state crude oil import quota for 2021 by 20% on-year to 243 million tonnes. The first batch of China’s crude imports quota will be issued to qualified companies before…
The country’s second largest oil marketing firm Bharat Petroleum has upgraded its bunkering facility with five jetties that can now pump the oil into ships from the pipelines at the Marine Oil Terminal on the Butcher Island, off the east coast of the city. BPCL is the largest supplier of bunkering oil with…
International oil prices fell on Friday and posted a second consecutive monthly drop, as rising COVID-19 cases in Europe and the United States heightened concerns over the outlook for fuel consumption. Brent crude dropped 19 cents to settle at $37.46 a barrel, after touching a five-month low of $36.64 in the previous session.…
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