LONDON: Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price…
Kochi: Giving an impetus to the use of green and cost-effective natural gas in Kerala and Karnataka, Prime Minister Narendra Modi will dedicate Kochi-Mangaluru natural gas pipeline of GAIL (India) Ltd to the nation on Tuesday. The project worth Rs 3,000 crore will ensure convenient and uninterrupted supply of affordable fuel in…
China’s crude throughput fell slightly in December due to some maintenance works toward the year-end, the latest industry data and information collected by S&P Global Platts showed. The average run rate of the four state-owned oil majors, Sinopec, PetroChina, CNOOC and Sinochem, stood at around 78% to date in December, from an 80%…
SINGAPORE: China has issued 5 million tonnes of clean marine fuel export quotas in the first release for 2021, to five companies including a private refiner, according to two trading sources with knowledge of the matter. The quotas for the very low sulfur fuel oil (VLSFO) were granted to state-run Sinopec, CNPC,…
The global economy, international geopolitics, and intra-national security have hinged upon oil production capacity and petrol markets so thoroughly that it’s easy to forget that it wasn’t always this way. As the Brookings Institution once wrote of oil, “In the modern era, no other commodity has played such a pivotal role in driving political…
MOSCOW, OPEC+ countries are beginning to gradually increase oil production after nine months of tough restrictions. The rate of production increase will not exceed 0.5 mln barrels per day (bpd). By setting such a small rate, the oil exporters, which account for 40% of the global oil market, will be able to better control…
After a year of depressed prices and dramatic price swings oil industry, officials expect to ring out the old when clocks around the world strike midnight on New Year’s Eve. Though economies across the globe are still struggling with the devastating impact of the COVID-19 pandemic, analysts foresee oil prices will move modestly higher…
China’s LNG imports could hit record high in Dec as demand bounces backSINGAPORE/BEIJING: China’s liquefied natural gas (LNG) imports could hit a record in December on strong industrial demand and a continued gasification push, trade sources said. The world’s second largest LNG importer after Japan is on track to import its highest monthly volumes since…
World faces long-term oil supply gap despite COVID demand destructionLONDON – Inadequate investment in exploration and new drilling may leave the world without enough oil in 20 to 30 years despite a shift towards renewable power sources, top energy analysts say. The long-term outlook contrasts with today’s situation where plunging oil demand due to…
The OPEC+ group of producers must continue to calibrate the easing of its collective oil production cuts to the still fragile global oil demand in the pandemic, Abdelmajid Attar, the Energy Minister of Algeria, which holds OPEC’s rotating presidency for 2020, told Bloomberg in an interview. “Despite the positive signs and a significant improvement…
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