Oil producers could be set for another showdown before the end of the year, with heavyweights Saudi Arabia and Russia holding different views on how to approach the halting recovery in oil demand. Renewed restrictions on travel and social gatherings across Europe, along with the tapering of state support packages for companies, are having a…
NEW YORK: U.S. shale producer Devon Energy Corp is in talks to acquire rival WPX Energy Inc in an all-stock transaction that would create a combined company worth around $6 billion, people familiar with the matter said on Saturday. The deal, which would value Tulsa, Oklahoma-based WPX at a small premium to its current share…
WINNIPEG, Manitoba: Canada will spend C$320 million ($238.56 million) to support its offshore oil industry, which has struggled as coronavirus pandemic travel restrictions reduced demand, Natural Resources Minister Seamus O’Regan said on Friday. O’Regan said in St. John’s, Newfoundland and Labrador, that the funds are intended to support jobs, and could be used for maintenance,…
AURANGABAD : A top sugar federation in Maharashtra is encouraging factories to cut down on production of the sweetener in view of its surplus stock and instead focus on ethanol production.This will also help sugar factories in overcoming their losses, Maharashtra State Co-operative Sugar Factories Federation Chairman Jayprakash Dandegaonkar told PTI. The country produces about…
Union cabinet minister Dharmendra Pradhan on Sunday recommended a proposal under which identified tourist sites or iconic spots will be turned into green zones where vehicles using only eco-friendly fuel will be allowed to ply. He said the proposed project will be the joint effort of the ministry of tourism and the ministry of petroleum…
NEW DELHI: State-owned Bharat Petroleum Corp Ltd (BPCL NSE -0.40 %) has been forced to pay for its defaulting partner Videocon NSE -4.35 % Industries Ltd after it had relied on a rarely used model to acquire stake in five oil blocks in Brazil, sources said. In September 2008, BPCL and Videocon Industries had formed…
The Road Transport and Highways Ministry has notified regulations for various alternative fuels to further promote sustainable transportation, Union Minister Nitin Gadkari said on Sunday.It is a step toward an alternative clean fuel for transportation, said Gadkari. The Road Transport and Highways Ministry has notified regulations for various alternative fuels to further promote sustainable transportation,…
Oil prices continue to decline and end the week in the red amid fears of lower demand due to the return of restrictive measures in a number of countries, including France and the UK, as well as signals of a possible increase in supply. The cost of November futures for Brent oil on the London…
NEW YORK: Oil edged lower on Friday, falling more than 2% on the week as COVID-19 cases surged globally and oil supply is set to rise in coming weeks.Brent crude futures settled at $41.92 a barrel, down 2 cents, while U.S. West Texas Intermediate (WTI) crude futures lost 6 cents to $40.25 a barrel. Brent…
Russia was the biggest exporter of crude oil to China last month, for the second month in a row, Reuters reported, citing Chinese customs data. Saudi Arabia came second, but its exports to the world’s top importer fell by 300 percent in August. Russia shipped 1.37 million bpd to China last month, down both on…
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