Nigerian crude grades yet to rally because of U.S Shale

Crude oil prices for lighter Nigerian grades have not experienced the rally its category is presently having, despite significant draws on stockpiles in Europe, as cheaper substitutes like U.S Shale continue to be more attractive to importers, according to a report released by Reuters. Bonny light, according to oilprice.com, sold for $43.33, far below the…

Saudi Arabia and Kuwait restart production at huge shared oil field

Saudi Arabia and Kuwait have restarted production at the Al-Khafji oil field in the neutral zone between the two countries, Turkey’s Anadolu Agency reported, citing a statement by the acting CEO of the Kuwait Gulf Oil Company. An earlier report by Argus News from late June said Saudi Arabia and Kuwait had plans to restart…

HOEC temporarily suspends operations at PY-1 field

The field will resume operations once the Covid-19 situation situation in Tamil Nadu is improved.Hindustan Oil Exploration Company (HOEC) has temporarily suspended operations at PY-1 field from 3 July 2020 considering the Covid-19 situation in Tamil Nadu. The precautionary measure is for ensuring the safety of employees. PY-1 field is in the offshore part of…

India’s oil demand from cars to factories limps toward normalcy

The world’s fastest-growing oil market is showing an uneven recovery two months after easing demand-destroying virus-control measures. Provisional fuel sales in June had climbed within 88% of 2019 levels from less than half in April in the midst of the world’s biggest lockdown, the oil ministry said citing sales of the three major state-owned retailers.…

Reliance plans to up aviation fuel stations by 50 per centCompanies

New Delhi: Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) plans to increase its network of aviation fuel stations by 50 per cent as it looks to capture greater market share in the business currently controlled by public sector oil retailing firms. In its latest annual report, RIL said the double-digit growth observed over 52 consecutive…

Oil rises on positive US economic data; Covid-19 concerns limit gains

Oil futures were up on Thursday, supported by a drop in US unemployment and a drawdown in crude inventories, but the spike in US coronavirus infections fanned concerns that economic activity will weaken in coming weeks. New Covid-19 cases in the United States rose by nearly 50,000 on Wednesday, according to a Reuters tally, the…

Oil up more than 2% on U.S. jobs data but virus fears cap gains

NEW YORK – Oil futures gained more than 2% on Thursday, supported by a drop in U.S. unemployment and a drawdown in crude inventories, but a resurgence in U.S. coronavirus infections fanned concerns that economic activity will weaken in coming weeks. New COVID-19 cases in the United States rose by nearly 50,000 on Wednesday, the…