Crude oil prices fall from $40 as doubts emerge over next step on Opec cuts

NEW YORK: Oil fell on Wednesday after jumping for awhile above $40 a barrel, the highest since March, then retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.Oil prices were also were pressured as US refined product inventories surged…

Oil pips $40 for first time since March on OPEC cuts, demand recovery seen

Oil rose on Wednesday, topping $40 a barrel for the first time since March, supported by lower U.S. inventories, expectations that Organization of the Petroleum Exporting Countries and other producers including Russia (OPEC+) will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis. Suggesting a supply glut is on…

OPEC+ coalition shaken as Iraq pushed to atone for oil cheating

The grand alliance that’s helped revive global oil markets is being rattled by a long-running feud over members breaking their promises.Just a day before a proposed gathering on Thursday, the OPEC+ coalition hurriedly backtracked from the meeting intended to green-light an extension of its deepest production cutbacks and prop up crude prices. Saudi Arabia and…

Saudi, Russia reach deal on oil cuts, raising pressure for compliance

OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters. OPEC+ agreed to cut output by a record 9.7 million barrels per day, or about 10% of…

Current prices shouldn’t decide oil companies’ economics: Dharmendra Pradhan

New Delhi: The government does not regard the recent plunge in oil and gas prices as a normal market-driven fluctuation that should determine the economics of domestic producers, petroleum minister Dharmendra Pradhan said, responding to mounting concerns about viability of Indian fields as their prices are linked to global benchmarks. “Normally prices respond to demand-supply…

Companies don’t need city gas license to start LNG station, says regulator

NEW DELHI: Anybody can start liquefied natural gas (LNG) dispensing station in the country and wouldn’t require a city gas distribution license for it, the regulator has said in a big step towards aiding India’s ambition of shifting some of its long-haul transport to natural gas. This helps resolve long standing regulatory confusion over LNG…

EESL, GAIL sign MoU for trigeneration projects

New Delhi: State-owned GAIL and Energy Efficiency Services Ltd (EESL) signed a memorandum of understanding on Wednesday for cooperation in development of trigeneration projects in India. Trigeneration or Combined Cooling, Heat and Power (CCHP) typically involves natural gas-fired generators to produce electricity. The waste heat from flue gas is recovered to produce hot water or…