Category Archives: CRUDE OIL NEWS

India to dominate Asia’s new-build trunk pipeline length additions by 2023, says GlobalData

India is expected to lead Asia’s oil and gas new-build trunk/pipeline length additions, contributing around 59% of Asia’s planned and announced pipeline length additions between 2020 and 2024, says GlobalData, a leading data and analytics company. GlobalData’s latest report,‘Global Length and Capital Expenditure Outlook for Oil and Gas Pipelines, 2020−2024: Asia Leads Global Pipeline Growth’,…

India’s May crude oil imports post biggest decline since at least 2005

New Delhi: India’s crude oil imports in May fell 22.6% from a year earlier, it’s biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus. Crude oil imports fell to 14.61 million tonnes, it’s lowest since 2015, Petroleum Planning and Analysis…

India’s May crude oil imports post biggest decline since at least 2005

New Delhi: India’s crude oil imports in May fell 22.6% from a year earlier, it’s biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus. Crude oil imports fell to 14.61 million tonnes, it’s lowest since 2015, Petroleum Planning and Analysis…

Crude oil prices top $42 as Opec+ laggards pledge better compliance

LONDON: Brent oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after Opec producers and allies promised to meet supply cuts and on signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an Opec+ panel on Thursday, pledged to comply better…

Oil jumps 2%, posts seventh positive week in eight on supply cut optimism

Oil prices rose on Friday but pulled back sharply from early highs on concerns that continued spread of the novel coronavirus could stall the United States’ economic rebound. Crude benchmarks followed other assets lower, pulling back from session highs after Boston Federal Reserve President Eric Rosengren said more fiscal and monetary support for the U.S.…

Middle East crude benchmarks provide lessons on valuing oil in volatile markets

The crude oil market has witnessed some of the highest volatility in living memory in recent months, casting a spotlight on the evolving role of global crude benchmarks. In the Middle East and key consuming regions such as Asia, it follows that the market is keen to understand what the tradable value of Middle Eastern…

China’s new marine fuel contract to attract strong industry, investor interest

SHANGHAI/SINGAPORE: China’s marine fuel futures contract that debuts on Monday on the Shanghai International Energy Exchange (INE) is likely to attract strong interest, despite weakened ship fuel demand amid the coronavirus pandemic, industry participants said. The new low-sulphur fuel oil (LSFO) contract features marine fuel meeting stricter international emissions rules and is the latest commodity…

Russian negotiator says no need to extend oil cuts beyond July -report

MOSCOW: The head of Russia’s sovereign wealth fund Kirill Dmitriev sees no point in extending strict global oil output cuts as world economies and oil demand recovers from the depths of the coronavirus crisis, he told the RBC Daily newspaper. The comments from Dmitriev, who is one of Moscow’s top negotiators in oil talks, indicate…

U.S. and Canadian oil & gas rig count falls to record lows -Baker Hughes

U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low even 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 to a record low for a seventh week in a…

Baghjan oil well inferno: Indian Army visits ground zero

GUWAHATI: Lt General Rana Pratap Kalita, General Officer Commanding (GOC) of the 3 Corps with other senior officials from 3 Corps, Indian Army visited the Baghjan Blowout Area on Friday to monitor the progress of work at ground zero. The gas producing oil well blew on May 27 and on June 9 turned into a…