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Author Archives: admin

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  3. (Page 63)

Argentina Scrambles To Salvage Its Shale Boom

INTERNATIONAL NEWSBy adminAugust 7, 2020Leave a comment

Only two years ago analysts were hailing Argentina’s emerging shale oil boom, which many believed would be the next major petroleum frontier in Latin America. The vast Vaca Muerta, or Dead Cow in English, shale formation, which skirts Argentina’s semi-arid Patagonian steppe, is compared to the smaller prolific Permian shale. The EIA estimates that the…

US sends first shipment of crude to Saudi Arabia in over a decade

INTERNATIONAL NEWSBy adminAugust 7, 2020Leave a comment

The United States sent a shipment of crude to Saudi Arabia in June, data from the US Census Bureau showed on Wednesday, in what appears to be the first such delivery since the US ban on crude exports ended in 2015. The United States shipped about 550,000 barrels, or 18,300 barrels per day (bpd), of…

Opec output up as deal’s first phase ends

INTERNATIONAL NEWSBy adminAugust 7, 2020Leave a comment

Opec members produced 23.25mn b/d in July — up by 970,000 b/d from a 28-year-low in June, when Saudi Arabia, Kuwait and the UAE all delivered cuts in excess of their commitments under the Opec+ output restraint deal. The end of those voluntary reductions drove last month’s increase. July marked the first month-on-month rise in…

Iraq says will make additional oil cuts in August

INTERNATIONAL NEWSBy adminAugust 7, 2020Leave a comment

DUBAI: Iraq said on Thursday it would make an additional cut in its oil production of about 400,000 barrels per day in August to compensate for its overproduction over the past period under the OPEC+ supply reduction pact. Iraq says the oil output cut in August will be over and above the agreed cut for…

US oil, gas rig count slides 3 to 285 as Permian operators shed rigs- Enverus

CRUDE OIL NEWSBy adminAugust 7, 2020Leave a comment

New York — The US oil and gas rig count edged down 3 to 285 in the week ended Aug. 5, rig data provider Enverus said, as Permian counts fell back to early July lows. The number of oil-focused rigs fell four to 198, falling below 200 for the first time since early July, but…

After nearly 20 years, India’s oil demand seen slipping into the red

NATIONAL NEWSBy adminAugust 7, 2020Leave a comment

Singapore — Hopes that India’s oil demand will recover in the second half of the year is fading fast as some provinces implement partial lockdowns to battle the COVID-19 pandemic, prompting refiners to start planning for lower crude runs in order to prevent a problem of plenty at home. India, one of the fastest growing…

After Beirut blast, Chennai jittery over 690 tonnes of ammonium nitrate seized by Customs

NATIONAL NEWSBy adminAugust 7, 2020Leave a comment

CHENNAI: After unsafely stored ammonium nitrate killed at least 135 people and injured thousands in Beirut, concerns have been raised over 690 metric tonnes of the chemical that have remained in storage for years under the custody of the Customs Department here. According to Customs Department sources, 740 tonnes of ammonium nitrate (prill type) in…

HPCL net zooms 157 pc in Q1 on better performance

NATIONAL NEWSBy adminAugust 7, 2020Leave a comment

Hindustan Petroleum Corp Ltd (HPCL) on Thursday reported a 157 per cent jump in its June quarter net profit on the back of inventory gains and better than industry performance. Consolidated profit of Rs 2,252.65 crore, or Rs 14.78 per share, was 156.7 per cent higher than Rs 877.48 crore, or Rs 5.76 a share,…

Indian gas sector looks up; healthy growth expected amid infra investment

NATIONAL NEWSBy adminAugust 7, 2020Leave a comment

The post lockdown times have seen the Indian gas sector looking up with a sharp increase in the domestic gas supply from no growth between FY17 and FY20 to over 12 per cent compound annual growth rate (CAGR) over FY21 to FY24, even amid the uneven impact of COVID-19 on gas consumers. The growth was…

Brent oil tops $45 on sliding US stockpiles, technical breaks

CRUDE OIL NEWSBy adminAugust 7, 2020Leave a comment

The international benchmark moved above its low from March 6 in European trading hours, closing a so-called price gap that was formed on that day, a move that traditionally leads to additional buying.Oil climbed to a five-month high in London, topping $45 a barrel after U.S. industry data showed a decline in the nation’s stockpiles.…

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