The meeting recalled the rights of peoples and nations to permanent sovereignty over their natural wealth and resources. The meeting reaffirmed the continued commitment of the participating producing countries in the ‘Declaration of Co-operation’ (DoC) to a stable market, the mutual interest of producing nations, the efficient, economic and secure supply to consumers, and a…
LONDON, Nigeria did not fully comply with a pact by oil producers to rein in output to balance markets but will make additional cuts to make up for the lapse by mid-July, the head of the Nigerian National Petroleum Corporation Mele Kyari said on Wednesday. Nigeria had exceeded its quota for production cuts under an…
SOFIA, Bulgaria has granted Spain’s Repsol permission to transfer 30% of the rights to explore a block off its Black Sea coastline for gas and oil to the other two rights holders. After the transfer, a unit of French oil company Total would hold 57.14% of the rights, while a unit of Austria’s OMV would…
KOCHI: Now, filling your vehicle’s fuel tank will be just as easy as placing an online food order. In a novel initiative, an Indian Oil outlet at Thoppumpady here has started delivering fuel to customers in various residential flats and commercial establishments as part of the effort to reduce the risk of virus transmission. At…
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…
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