Swift action by the petroleum ministry has resulted int filling India’s 5.33 million metric tonnes (MMTs), or 39 million barrels, of strategic oil reserves to the brim at an average price of $25 per barrel before international oil prices started heading north, saving about Rs 5,000 crore of public money, two government officials said. Even…
Indian state-controlled refiners have written to Saudi Arabia and other Middle East crude suppliers expressing their concerns over a steep hike in formula prices for July. State-controlled Saudi Aramco set its July official prices (OSPs) for buyers in Asia-Pacific at a four-month high, as part of across-the-board increases that sharply exceeded the expectations of Asian…
After a temporary slowdown in 2020, India is set to emerge as one of the primary drivers of growth in gas demand in Asia, said a report by the International Energy Agency (IEA) report on the gas sector for the year 2020. Based on the IEA forecast, India is set to see an estimated 28…
Oil rose in a late rally ahead of inventory data due later Tuesday and after Libya once again closed its top oil field shortly after reopening. Crude traded for a loss for most of the session as the market grapples with a surplus of fuels, most notably diesel. But demand optimism got a boost when…
NEW YORK – Oil prices rose on Tuesday, as optimism about recent commitments from major oil producers to curb production offset concerns that a resurgence in coronavirus cases could hurt fuel demand.Brent crude rose 38 cents, or 0.9%, to settle at $41.18 a barrel. West Texas Intermediate crude (WTI) rose 75 cents, or 2%, to…
China’s province of Shandong – home to most of the country’s independent refiners – plans to shut down as much as 500,000 bpd refining capacity at the so-called teapots as it pushes forward with a huge US$20-billion refinery and petrochemical complex in the province, industry officials told Reuters. The province of Shandong has had plans…
SEOUL/BANGKOK/SINGAPORE : Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said. The average operating rate for refineries in Asia is expected to rise to 75.5% and 82.2% in the third and fourth quarters,…
Newly appointed oil minister Ihsan Abdul Jabbar affirmed in a phone call with his Saudi counterpart, Prince Abdul Aziz bin Salman, that Iraq was also committed to the production cut deal agreed after June and July. The Saudi minister stressed on Monday that the Kingdom’s determination to rebalance global oil markets in the wake of…
LAUNCESTON, Australia, Saudi Arabia’s decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world. State-controlled producer Saudi Aramco hoisted its official selling prices (OSPs) to all regions…
The natural gas industry is rapidly losing ground in the U.S. Northeast, beaten back by renewable energy, environmentalists, and stricter climate policy. Massachusetts Governor Charlie Baker, a Republican, signed an executive order at the start of 2020 that aimed for net zero emissions by 2050. The net zero by 2050 goal, although often non-binding, has…
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