NEW DELHI: Oil minister Dharmendra Pradhan on Thursday constituted a three-member expert panel to probe the ‘blowout’ and subsequent fire at one of state-run Oil India Ltd’s production wells at Baghjan field in Tinsukia district of Assam. The committee will be headed by S.C.L. Das, who heads the Directorate General of Hydrocarbons, the ministry’s regulatory…
Gadkari said he had a meeting with PK Sinha, advisor to Prime Minister Narendra Modi, and secretaries from the departments of petroleum, food, agriculture and MSME, and chairman of the food corporation of India (FCI) this week in this regard. Transport and MSME minister Nitin Gadkari on Thursday said the government is considering allowing ethanol…
LAUNCESTON: The latest International Energy Agency (IEA) report on the global natural gas market makes sombre reading, especially for current and would-be producers of the super-chilled version of the fuel. No doubt much of the commentary on the report, issued on Wednesday, will be around the headline forecast that global natural gas demand will drop…
NEW DELHI : The shortfall in goods and services tax (GST) cess collection, used for compensating states for their revenue losses, and the proposed compliance relief to businesses for late filing of tax returns, will dominate the GST Council’s meeting on Friday, said two people familiar with the matter, requesting anonymity. Members of the GST…
Oil prices fell in early trade on Thursday on worries about slow demand growth with coronavirus cases rising, US crude stockpiles hitting an all-time high and the US Federal Reserve projecting recovery from the pandemic would take years. US West Texas Intermediate (WTI) crude futures erased gains from Wednesday, falling as low as $38.42 a…
NEW YORK: Oil fell more than 2 per cent to below $41 a barrel on Wednesday after US data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand during the lingering coronavirus crisis. Crude stocks rose by 5.7 million barrels in the week to June 5…
A ship carrying liquefied natural gas from Nigeria is expected to drop its cargo in Georgia as energy firms look for a place to store the super-cooled fuel with prices higher in the United States and stockpiles nearing full capacity in Europe. The ship, Madrid Spirit, does not have a destination listed, according to data…
U.S. crude oil stockpiles rose unexpectedly last week to an all-time high as refiners boosted imports, particularly from Saudi Arabia, while exports dropped to lows not seen since November. The Energy Information Administration also said on Wednesday that refined product demand ticked up, but still remained far below normal levels.Crude inventories rose 5.7 million barrels…
Unless oil prices move back up to the levels before the COVID-19 pandemic, the U.S. shale industry could collapse, the Institute for Economics & Peace, an Australian think-tank, warned in a new report on Wednesday. Moreover, the oil price plunge will likely affect the political regimes of some of OPEC’s largest producers, including top producer…
The meeting recalled the rights of peoples and nations to permanent sovereignty over their natural wealth and resources. The meeting reaffirmed the continued commitment of the participating producing countries in the ‘Declaration of Co-operation’ (DoC) to a stable market, the mutual interest of producing nations, the efficient, economic and secure supply to consumers, and a…
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