NEW YORK – Oil futures gained more than 2% on Thursday, supported by a drop in U.S. unemployment and a drawdown in crude inventories, but a resurgence in U.S. coronavirus infections fanned concerns that economic activity will weaken in coming weeks. New COVID-19 cases in the United States rose by nearly 50,000 on Wednesday, the…
U.S. shale is hurting. While the entire global energy industry has been hit hard by the novel coronavirus pandemic and its disastrous effect on oil prices and oil demand, West Texas shale takes the cake for the biggest economic collapse. While the international Brent crude benchmark did take a beating, the West Texas Intermediate crude…
LONDON – With more cars taking to the roads as coronavirus lockdowns ease, demand for lighter, sweeter oil more suitable for refining into gasoline is ticking up.European refiners especially are moving away from sour varieties like Russian Urals, which have risen in price since a supply cut pact by producer countries made the grades scarcer,…
US federal prosecutors are seeking to seize four tankers sailing toward Venezuela with gasoline supplied by Iran, the latest attempt to disrupt ever-closer trade ties between the two heavily sanctioned anti-American allies. The civil-forfeiture complaint filed late Wednesday in the District of Columbia federal court alleges that the sale was arranged by a businessman, Mahmoud…
HOUSTON: BP Plc said it completed the sale of its Prudhoe Bay oil and gas producing properties to closely-held Hilcorp Energy, ending 60 years as a top Alaskan oil producer. BP and other oil majors have reduced their production roles in the northernmost US state as output slid and lower-cost fields emerged elsewhere. Hilcorp, known…
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a ninth week in a row although the reductions have slowed as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell by…
MUMBAI : For Indraprastha Gas Ltd (IGL), India’s largest compressed natural gas distribution company, being under lockdown not only meant a nearly 80% impact on its trading volumes, but also a change in consumer pattern. In an interview for Mint’s Pivot or Perish series, A.K. Jana, managing director, IGL, said that in sync with consumer…
Mukesh Ambani takes deadlines seriously—not just the ones he gives his employees, but also those he sets for himself. In the annual general meeting of Reliance Industries Ltd on August 12, 2019, Ambani, the company’s chairman and managing director, said he had “a clear roadmap to becoming a zero net debt company within 18 months”.…
DUBAI, IOC Middle East FZE, Dubai, a wholly-owned subsidiary of IndianOil Corporation, India’s largest refiner and marketer of petroleum products, and RR Holdings Ltd, Ras Al Khaimah, UAE, the holding company of Beximco LPG of Bangladesh, have signed an agreement for the formation of a 50:50 Joint Venture Company (JVC) for LPG business in Bangladesh.…
NEW DELHI: Consumption of petroleum products was estimated at 11.8 million tonnes in June, which is 88% of the level seen a year ago, indicating that economic activity was limping back towards normalcy. In June, petrol consumption is estimated to have reached 85% of last year’s level, while diesel was at 82%. “The sales of…
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