WASHINGTON — New York Mercantile Exchange oil futures and Brent crude on the Intercontinental Exchange settled lower Tuesday as investors turned their focus to U.S. crude inventories, with expectations for another build in already swelling supplies. At settlement, NYMEX September West Texas Intermediate futures fell 56 cents to $41.04 barrel (bbl) and the international benchmark…
NEW YORK – Oil prices fell on Tuesday as U.S. lawmakers prepared to wrangle over an economic stimulus package and investors worried about a rise in coronavirus cases worldwide. Brent crude futures fell 19 cents, or 0.4%, to settle at $43.22 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 56 cents, or…
In a worldwide first that could jumpstart a long-forecast clean energy economy built around the most abundant element in the universe, hydrogen fuel cells have powered a row of datacenter servers for 48 consecutive hours, Microsoft announced Monday. The feat is the latest milestone in the company’s commitment to be carbon negative by 2030. To…
The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting…
The upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels, a Rystad Energy analysis reveals. The analysis is based on the assumption that oil demand will not rebound as quickly as previously thought due to the persistent expansion of the…
ATHENS Spanish Foreign Minister Arancha Gonzalez Laya said on Tuesday she hopes the will shown by Turkey to open a dialogue on oil drilling in the Eastern Mediterranean will be followed by action. Turkey is at loggerheads with Greece and Cyprus over overlapping claims for offshore reserves. EU members Greece and Cyprus, along with France,…
Vedanta Ltd’s oil and gas arm Cairn on Tuesday said it has deployed Honeywell Forge’s enterprise performance management software to improve productivity and enable remotely operating facilities. “Honeywell’s enterprise performance management solution helped Cairn Oil & Gas improve shift handover times by 50 per cent and will enhanced plant uptime,” the company said in a…
India – Saudi Arabia bilateral relations which earlier revolved around crude oil, have evolved into strategic partnership and greater investments. Crown Prince Mohammed bin Salman forges relationship with PM Modi crucially on Defence & Security as well. Saudi Arabia’s ambassador to India, Saud bin Mohammed Al Sati gives shapes to such dialogue with India. Ambassador…
New Delhi: At least in the oil sector, the global health emergency caused by Coronavirus is coming to India’s advantage. While the severe demand squeeze due to the pandemic helped India save on oil imports, low global crude prices could help it further in reducing sharply the import bill. Declining consistently since April, India’s oil…
PNGRB’s draft amendment proposes that unified tariff would be applicable only on the integrated trunk pipeline network of state-run GAIL and Gujarat State Petronet Ltd (GSPL), leaving out 30% of the current gas pipeline capacities. Industrial consumers of natural gas have objected to the government’s plan to rationalise gas pipeline tariffs, claiming that the new…
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