The upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels, a Rystad Energy analysis reveals. The analysis is based on the assumption that oil demand will not rebound as quickly as previously thought due to the persistent expansion of the…
ATHENS Spanish Foreign Minister Arancha Gonzalez Laya said on Tuesday she hopes the will shown by Turkey to open a dialogue on oil drilling in the Eastern Mediterranean will be followed by action. Turkey is at loggerheads with Greece and Cyprus over overlapping claims for offshore reserves. EU members Greece and Cyprus, along with France,…
Vedanta Ltd’s oil and gas arm Cairn on Tuesday said it has deployed Honeywell Forge’s enterprise performance management software to improve productivity and enable remotely operating facilities. “Honeywell’s enterprise performance management solution helped Cairn Oil & Gas improve shift handover times by 50 per cent and will enhanced plant uptime,” the company said in a…
India – Saudi Arabia bilateral relations which earlier revolved around crude oil, have evolved into strategic partnership and greater investments. Crown Prince Mohammed bin Salman forges relationship with PM Modi crucially on Defence & Security as well. Saudi Arabia’s ambassador to India, Saud bin Mohammed Al Sati gives shapes to such dialogue with India. Ambassador…
New Delhi: At least in the oil sector, the global health emergency caused by Coronavirus is coming to India’s advantage. While the severe demand squeeze due to the pandemic helped India save on oil imports, low global crude prices could help it further in reducing sharply the import bill. Declining consistently since April, India’s oil…
PNGRB’s draft amendment proposes that unified tariff would be applicable only on the integrated trunk pipeline network of state-run GAIL and Gujarat State Petronet Ltd (GSPL), leaving out 30% of the current gas pipeline capacities. Industrial consumers of natural gas have objected to the government’s plan to rationalise gas pipeline tariffs, claiming that the new…
NEW DELHI: Indian refiners are cutting crude processing and shutting units for maintenance as local fuel demand falls and global refining margins are weak, officials at the companies said. Fuel demand in Asia’s third largest economy had been rising since May from historic lows in April, when a nation-wide lockdown to stem the spread of…
NEW DELHI – India’s oil imports fell in June, hitting their lowest since October 2011, as refiners curbed purchases due to maintenance turnarounds and weaker fuel demand, data from industry sources showed. India, the world’s third biggest oil consumer and importer, received 3.2 million barrels per day (bpd) oil in June, a decline of 0.4%…
New Delhi: Reliance Industries has overtaken ExxonMobil to become the world’s second most valuable energy company after its market capitalisation scaled to a record high of over Rs 14 lakh crore.The oil-to-telecom conglomerate is now ranked 46th globally on market cap, according to stock market data. On Thursday, Reliance was ranked 48th and was behind…
New Delhi: India’s biggest asset sale program is drawing interest from global investors despite the volatility in the oil markets and devastating fallout of the coronavirus pandemic. As many as 81 queries were sent by prospective bidders vying for state-owned oil refiner-cum-fuel retailer Bharat Petroleum Corp., according to officials with knowledge of the matter. While…
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