OPEC+ panel makes no recommendation on supply cuts -sources

OPEC+ technical experts made no recommendation on further extending a record oil supply cut in talks on Wednesday and decided to focus on compliance of laggards in the deal ahead of ministerial talks on Thursday, OPEC+ sources said. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to a record supply…

As fire at Assam gas well continues, studies under way to assess impact on environment

Several studies are underway by different agencies to assess the impact on the fragile ecosystem due to blowout and subsequent fire at the natural gas well of Oil India Limited (OIL) in Upper Assam’s Tinsukia district. The gas well in Baghjan, located close to the Dibru-Saikhowa National Park (DSNP) and Maguri Motapung wetland, had a…

Aramco donates $500,000 to Indian Red Cross Society for Covid-19 relief

Saudi national oil company Aramco has donated $500,000 (about Rs 3.8 crore) to the Indian Red Cross Society to support its efforts to contain the spread of Covid-19.The humanitarian support is part of Aramco’s global response to Covid-19, the company said in a statement. “The donation will be used to buy protective equipment and medical…

China’s growing threat via debt trap diplomacy

In a push to gain rapid political and economic ascendency across the globe, China is dispensing billions of dollars in the form of concessional loans to developing countries China has been using the financial tool of debt to gain influence across the world and grab considerable power in India’s neighbouring countries, thereby increasing the amount…

Transporters asks govt to roll back fuel price hikes, check corruption

“Unbridled” hike in fuel prices coupled with extortion at border check-posts in states has hit truckers hard and if the government fails to intervene, disruption of transport services cannot be ruled out, transporters’ body AIMTC said on Wednesday. The All India Motor Transport Congress (AIMTC) is the apex umbrella body of transporters, representing about 95…

SC notice to Vedanta , Ravva Oil, Videocon on govt plea against recovery of $499 mn

NEW DELHI : The Supreme Court on Wednesday issued notice to Vedanta Limited, Ravva Oil Limited and Videocon Industries Limited on the plea seeking stay on Delhi High Court’s order allowing the enforcement of the arbitrations award allowing Vedanta Ltd and Videocon Industries Ltd to recover $499 million instead of $198 million capped by the…

Saudi Arabia loses 34% oil revenue and billions dollars of Haj due to COVID-19

This was supposed to be Saudi Arabia’s year to shine as host of the prestigious G20 gathering of world leaders. The event would have seen Crown Prince Mohammed bin Salman share handshakes and wide smiles with presidents and prime ministers. Instead, the gathering this November will likely be a virtual meet-up, stripping its host of…