OPEC is in negotiations with its members to find the best way forward, but talks appear to have stalled over one laggard, Iraq, which has failed to live up to its agreement under the cartel’s production cut deal. Does this give OPEC cover for meeting delays and overall noncompliance, or is it a sincere effort…
LONDON: Brimming diesel inventories and stronger oil prices are driving down refining profits, stifling incentives to hike production even as fuel demand recovers from the coronavirus hammering.European cracks, the profit margin for producing diesel from crude, has hit an all-time low, while cracks in the US and Asia have also plummeted. With diesel accounting for…
DUBAI/MOSCOW/LONDON – OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday. The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as…
COPENHAGEN – Denmark should end all future oil and gas exploration in the North Sea, an independent adviser to the government said on Thursday, saying it would hurt Denmark’s ambition as a front-runner in the fight against climate change. Denmark has set one of the most ambitious climate change targets in the world and the…
A special chartered fight that took off from Singapore on Thursday afternoon had an unusual destination in India — Dibrugarh Airport in Assam. The flight had a team of experts from Alert Disaster Control, one of the largest disaster management companies in the oil and gas sector. Amid Covid-19 restrictions it needed special permission from…
India saved Rs 5,000 crore in foreign exchange while strengthening its energy security by filling the strategic reserves to full capacity with cheap crude oil. strategic reserve, strategic oil reserve, crude oil, cheap crude oil. Out of the proposed strategic reserve of 6.5 MMT, India has commissioned 6.33 MMT of strategic oil reserves so far…
The Board of directors of Chennai Petroleum Corporation Limited (CPCL) has proposed the implementation of the 9 MMTPA Refinery Project at Cauvery Basin Refinery, Nagapattinam district, to the Board of Indian Oil Corporation Limited (IOCL). CPCL plans to do this through a joint venture, at an anticipated cost of Rs 28,983 crore. This project encompasses…
India has been in touch with the United States (US), the Russian Federation, Saudi Arabia and the UAE as part of efforts in monitoring market oil market developments and responses said Minister for Petroleum and Natural Gas, Dharmendra Pradhan. Pradhan said this during a bilateral meeting Mohammad Sanusi Barkindo, OPEC Secretary General via videoconference to…
New Delhi: Union Petroleum Minister Dharmendra Pradhan on Thursday called for responsible steps to achieve global energy stability.Pradhan who held a discussion with Dr Mohammed Barkindo, Secretary General, Organization of the Petroleum Exporting Countries (OPEC) through Video Conference, highlighted the need for producing and consuming countries to take appropriate steps in the coming days to…
LONDON – Oil prices rose on Friday after an unexpected fall in the monthly U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts. Brent crude futures were up $2.40, or 6.0%, at $42.39 a barrel as of 1243 GMT. U.S. West Texas Intermediate (WTI) crude…
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