JODIDUBAI: Saudi Arabia’s crude oil exports in March rose by 113,000 barrels per day (bpd)to 7.391 million barrels per day from 7.278 million bpd in February, official data showed on Monday. Saudi Arabia built up its crude stocks in March by more than 3.5 million barrels to 2,964 million barrels from minus 0.683 million barrels…
LONDON, Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have successfully engineered a prospective deficit in the oil market, boosting spot prices and calendar spreads over the last four weeks. Front-month Brent futures prices have risen by more than $15 per barrel (80%) since the second trimester of April, while…
Google says it will no longer build custom artificial intelligence tools for speeding up oil and gas extraction, separating itself from cloud computing rivals Microsoft and Amazon. The announcement followed a Greenpeace report Tuesday that documents how the three tech giants are using AI and computing power to help oil companies find and access oil…
LONDON – Exxon Mobil has relaunched the sale of its stake in Azerbaijan’s largest oilfield, the company said on Tuesday, as banking and industry sources said the move was drawing interest from large Asian oil and gas companies seeking to capitalize on the recent collapse in oil prices. The top U.S. oil and gas company…
Singapore — State-run Indian Oil Corp. is working on a long-term energy transition strategy, which would involve producing hydrogen in a cost-effective way as well as developing technology to combine compressed natural gas with hydrogen, its chairman Sanjiv Singh told S&P Global Platts in an interview. In addition to refining and fertilizers, hydrogen provides a…
While announcing economic reforms in the light of Covid-19 imapct on businesses and Governance, India’s Finance Minister has made a big announcement: Every PSU in India will be now privatized, except 4 in strategic sectors. Is this India’s biggest privatization drive? In a big decision, Govt has now announced that all PSUs in non-strategic sectors…
Petroleum minister Dharmendra Pradhan said oil prices will “bounce back” sometime in the near future. “People will be not be affected,” Pradhan said, adding that the government will have to save some money. Speaking to News18, Pradhan said the government has not hiked retail prices during the COVID-19 outbreak. On May 5, excise duty on…
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…
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