Mumbai: There are eight states, with high concentration of red zones, which account for 60% of the country’s GDP and 58% of the workforce at the end of the third phase of the lockdown. This could prove to be a major challenge for reviving economic activity. Three states — Maharashtra, Tamil Nadu and Gujarat —…
LONDON: Oil prices slumped again on Monday on concerns over scarce storage capacity, especially in the United States, and global economic doldrums from the coronavirus pandemic. US oil futures led losses, falling by more than $4 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon. US West Texas Intermediate June…
Cairn Oil & Gas said on Monday it continues to produce oil and gas for the country’s energy security needs despite the twin challenges of global oil prices tanking along with COVID-19 pandemic and ensuing lockdown. India’s largest private oil and gas exploration and production company has maintained production at 160 thousand barrels of oil…
Japan could see roughly 13 million barrels of surplus crude supply over domestic demand in June amid plummeting petroleum consumption in the midst of the coronavirus pandemic, pressuring refiners to delay some of their term supply after June, according to S&P Global Platts calculations based on industry information. At least one Japanese refiner confirmed it…
The U.S. has again granted Iraq only a month-long sanctions waiver enabling the government to continue importing gas and electricity from Iran, two Iraqi officials said, a sign of Washington’s growing impatience as a deadline looms for Iraq’s latest prime minister-designate to form a government . The issuance of another 30-day waiver was communicated the…
GUWAHATI: Assam based Numaligarh Refinery Limited (NRL) has resumed work on project worth Rs. 2043 crore. These projects include bio refinery project, Indo-Bangladesh pipeline project and work of an office in Guwahati. Managing Director of NRL S K Barua tweeted, “NRL has resumed works of its capital projects in Assam worth over Rs.2000 Crs observing…
Low oil prices are an opportunity for India to stock up on the commodity, and the pumps at Indian Strategic Petroleum Reserves Ltd’s (ISPRL) underground storage caverns are busy. The public sector company’s MD and CEO HPS Ahuja told BusinessLine on Saturday that the country’s storage caverns, in Visakhapatnam, Mangaluru and Padur (Karnataka), which together…
New Delhi: India’s shift to improved vehicle emission standards in BS-VI compliant petrol and diesel would have a positive impact on air quality but the improvement will be almost immediate if the shift was to highly clean gaseous fuels such as auto-LPG, the Indian Auto LPG Coalition said Monday. Auto-LPG stakeholders in the country insist…
Though price of the Indian basket of crude has fallen 42% since March 16 to $17.66 per barrel, retail prices of petrol (Rs 69.59/litre in Delhi) and diesel (Rs 62.29/litre) have not moved, allowing OMCs to earn more from selling every litre of these fuels.ICICI Securities estimated that gross profit (on retail fuel sales) of…
Oil prices rose on Friday, but both the Brent and US benchmarks were on track for their third straight week of losses as global production shutdowns failed to keep pace with the collapse in demand caused by the coronavirus pandemic. The oil market has experienced unprecedented turbulence since US prices fell into negative territory on…
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