New Delhi: International Energy Agency (IEA) and Ministry of Petroleum and Natural Gas of India, today organized a joint webinar on “Building a Natural Gas‑Based Economy in India Amidst a Changing Global Gas Market Landscape”. The Workshop, inaugurated in the presence of Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan, and Executive Director…
MUMBAI : An Oil India Ltd and Engineers India Ltd-led consortium will buy 48% stake in the Bharat Petroleum Corporation Ltd’s subsidiary, Numaligarh Refinery Ltd (NRL).State-run refiner Bharat Petroleum Corporation Ltd (BPCL) holds 61.65% stake in NRL, while Oil India holds 26% and the government of Assam owns 12.35%. The consortium may have to shell…
NEW YORK Oil prices slipped on Tuesday as investors worried that rising COVID-19 cases would hurt demand while supply could rise with a potential resurgence of Libyan oil production, which has slowed to a trickle since the start of the year. The more-active September contract for Brent LCOc2 was down 5 cents at $41.80 a…
LONDON: Oil prices slipped on Tuesday amid rising COVID-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year. The more-active September contract for Brent fell 22 cents, or 0.5 per cent, to $41.63 a barrel by 0832 GMT, paring Monday’s 92 cent…
The oil markets are not “out of the woods” just yet, OPEC’s Secretary General Mohammad Barkindo told a virtual panel organized by the Canada-UAE Business Council, cited by The National. The UAE’s Energy Minister Suhail Al Mazrouei, also on the panel, echoed the sentiment, saying that the oil industry was “still in the woods.”The sober…
The company predicted the write-down for the quarter and said it continues “to adapt to ensure the business remains resilient” in challenging times. Shell writes down oil and gas assets by $22 billion Energy producer Royal Dutch Shell warned Tuesday it will slash the value of its assets by $22 billion to account for lower…
Saudi Arabia seems to have made good on its promise to cut oil production by a record amount in June. Observed Saudi crude exports for this month fell to 5.7 million barrels a day through June 29, the lowest since Bloomberg began tracking the flows at the start of 2017. That compares with 6.2 million…
LONDON: Opec oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters survey found, pushing group compliance in a supply reduction pact above 100% despite incomplete adherence by Iraq and Nigeria. The 13-member Organisation of the Petroleum Exporting Countries pumped 22.62 million…
NEW YORK, U.S. crude oil production dropped 669,000 barrels per day to 12.06 million bpd in April, the government said in a monthly report on Tuesday. The decline came as production fell 234,000 bpd in Texas, the largest oil-producing state, and 195,000 bpd in North Dakota. Output fell 16,000 bpd in federal waters in the…
In a first, India’s biggest LNG importer Petronet on Tuesday said it is close to signing a long-term LNG deal benchmarked to daily or spot prices, which generally are lower than standard rates of such contracts. India bought liquefied natural gas (LNG) under long-term contracts from Qatar and Australia at an average of USD 3.5-4.5…
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