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Author Archives: admin

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Brent crude to rise to $50/bbl in 2021 on inflation, weaker dollar – Morgan Stanley

CRUDE OIL NEWSBy adminSeptember 14, 2020Leave a comment

Morgan Stanley expects Brent crude prices to climb to $50 per barrel by the second half of 2021 supported by a weaker dollar and higher inflation, it said in a note on Wednesday. “Unprecedented expansion of monetary aggregates has weakened the U.S. dollar and put upward pressure on inflation expectations,” the bank said.Morgan Stanley also…

Surprise Crude Build Forces Oil Prices Lower

INTERNATIONAL NEWSBy adminSeptember 14, 2020Leave a comment

The slide in crude oil prices accelerated after the Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to September 4. A day earlier, the American Petroleum Institute added gloom to an already pessimistic market by reporting an inventory build of 2.97 million barrels for the same period.…

Retreating Oil Prices Force OPEC+ To Reconsider Easing Cuts

INTERNATIONAL NEWSBy adminSeptember 14, 2020Leave a comment

The record oil production cuts that OPEC+ initiated in response to the demand and oil price collapse have helped the oil market to stabilize in recent months. Yet, oil prices have been stuck in the low $40s since the end of the second quarter. While this is a huge improvement—double that of the lows seen…

China Set to Boost Crude Reserves

INTERNATIONAL NEWSBy adminSeptember 14, 2020Leave a comment

China’s next five-year plan beginning in 2021 will call for increases to its mammoth state reserves of crude, strategic metals and farm goods, said officials familiar with the discussions. Beijing is keen to heed the lessons of the coronavirus crisis and deteriorating relations with the U.S. and its allies, according to the officials, who participated…

With a battered economy, Iraq debates its contribution to OPEC+ oil cuts

INTERNATIONAL NEWSBy adminSeptember 14, 2020Leave a comment

DUBAI/BAGHDAD/LONDON: A debate within Iraq over whether it should ask to be exempt from OPEC+ oil supply cuts has resurfaced as low prices squeeze its finances, challenging a government struggling to tackle the destruction of years of war and rampant corruption. OPEC’s second-biggest producer, Iraq has failed in the past to fully comply with OPEC+…

India to launch 11th city gas licensing round soon

INTERNATIONAL NEWSBy adminSeptember 14, 2020Leave a comment

New Delhi: India will soon launch a bid round to give out licences for retailing gas in cities to help extend the coverage of environment-friendly fuel to about 500 cities, Oil Minister Dharmendra Pradhan said on Thursday. During 2018 and 2019, sector regulator PNGRB gave out licences to retail CNG to automobiles and piped cooking…

Officials suspect OIL engineer working at Baghjan well could have died due to electrocution

EXPLORATION NEWSBy adminSeptember 14, 2020Leave a comment

An Oil India Limited engineer, working at the Baghjan natural gas well site which has been on fire since June 9, died on Wednesday. Officials suspect that he died due to electrocution. The deceased engineer was identified as Arnab Kishore Bordoloi, 25. “Bordoloi, who was working with some equipment at the well site, suddenly fell…

India to launch 11th city gas licensing round soon

EXPLORATION NEWSBy adminSeptember 14, 2020Leave a comment

New Delhi: India will soon launch a bid round to give out licences for retailing gas in cities to help extend the coverage of environment-friendly fuel to about 500 cities, Oil Minister Dharmendra Pradhan said on Thursday. During 2018 and 2019, sector regulator PNGRB gave out licences to retail CNG to automobiles and piped cooking…

BPCL clarifies, ‘strike related absence was more in Kochi and Mumbai refineries’

UncategorizedBy adminSeptember 14, 2020Leave a comment

State-run Bharat Petroleum Corporation Limited (BPCL) clarified about a buzz which claimed that workers held 48 hours strike at Kochi refinery. On Thursday, BPCL stock was among the lead gainer on stock exchanges. BPCL stock has surged by over 4% with an intraday high of Rs422.85 per piece in early trade. Clarification was sought from…

Dharmendra Pradhan dedicates 56 CNG stations to nation

NATIONAL NEWSBy adminSeptember 14, 2020Leave a comment

Union Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan on Thursday dedicated 56 CNG stations to the nation. These CNG stations are in 13 states and one UT-Chandigarh, Bihar, Gujarat, Haryana, Jharkhand, Kerala, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand, West Bengal, and Andhra Pradesh, Ministry of Petroleum & Natural Gas in…

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