Oil steady as virus infections rise but hopes for vaccine lends support

NEW YORK – Oil prices were little changed on Monday as coronavirus cases increased in many countries, though cautious investor optimism about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses. Brent crude was down 6 cents, or 0.1%, at $43.08 per barrel…

China’s record crude oil storage flies under the radar

LAUNCESTON: China’s refineries imported and processed record amounts of crude oil in June, and while these are undoubtedly bullish economic signals, it’s worth noting that flows into storage tanks were also likely at an all-time high. The massive amount of crude being stored in China may end up weighing on oil imports from August onwards,…

Israel approves pipeline deal to sell gas to Europe

JERUSALEM: The Israeli government on Sunday approved an agreement with European countries for the construction of a subsea pipeline that would supply Europe with natural gas from the eastern Mediterranean. The Eastmed pipeline, which has been in planning for several years, is meant to transport gas from offshore Israel and Cyprus to Greece and on…

Threat of tsunami lurks in offshore KG basin as geological faultline found: Study

Researchers from the University of Hyderabad (UoH), the National Institute of Oceanography (NIO) and the Oil and Natural Gas Corporation (ONGC) have discovered a geological faultline that could trigger a major coastal hazardous event in and around Visakhapatnam. The research team, comprising Prof K.S. Krishna and Dr M. Ismaiel from UoH, Dr K. Srinivas from…

China’s ‘Malacca dilemma’: How India can control the Dragon on the high seas

The Malacca Strait one of the most congested waterways in the world. Reports say around 75,000 ships pass through the Strait.The India-US drills on the high seas is a move to deter China. In fact, naval power could be India’s answer to Chinese aggression. The exercises help New Delhi to only project its power but,…

India to store crude oil in United States – How this will benefit us

India and the United States have signed a Memorandum of Understanding to develop a strategic petroleum reserve, as talks between the two countries towards allowing India to create a stockpile of oil and house it in US facilities reached an advanced stage, according to Union Minister of Petroleum and Natural Gas Dharmendra Pradhan. The minister…

Refining output dips again after nearing pre-Covid levels amid low local demand

NEW DELHI: Refinery run rates are falling again after nearing pre-Covid levels, which may reduce crude oil imports as local lockdowns, monsoon and record prices hit demand. Average capacity utilisation at Indian Oil Corp NSE 1.61 %, India’s largest refiner, has declined from 94% to 85% in a week, as domestic demand recovery stalled in…

Privatisation policy – Explicit immunity to only handful of PSUs

Nuclear Power Corporation of India, Antrix Corporation and PowerGrid will be among a small handful of state-owned companies to continue to enjoy immunity from privatisation under the government’s new, explicit privatisation policy. Others, including the PSU biggies in the energy, engineering and capital equipment sectors, not to mention those in non-strategic sectors like hotel and…