Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts—as usual, with Saudi Arabia on one side and Russia on the other. But discussions seem premature, given the latest survey that suggests that the…
As opinions continue to differ on whether OPEC will extend its current oil output cut beyond June, available information has shown that not all members of the oil cartel complied fully with their agreed quotas for the month of May. This is despite the fact that the oil output by OPEC member countries reached its…
GUWAHATI: Three days after an explosion occurred at an oil well in Assam’s Tinsukia district on Wednesday, the emission of natural gas from the well still continued on Saturday. Sources in OIL said all possible measures had been already taken to save people living in adjoining villages by evacuating them to a safer location. They…
New Delhi: IGL is considering raising the price of CNG as a sharp decline in sales due to the lockdown has proven inadequate to cover operational costs and additional expenditure incurred to make stations corona-ready. Sources told TOI the company was not looking at raising the price of PNG (piped natural gas). But continued under-recovery…
Petrol and diesel consumption in Telangana is on revival course, presumably faster than anticipated, as COVID-19-triggered-lockdown and restrictions that severely impacted the offtake are being relaxed. ‘It is pretty good now’ is how R. Sravan S. Rao, executive director and State head of the Indian Oil Corporation (IOC) for Telangana and Andhra Pradesh, sought to…
The oil industry expects fuel demand to start limping back to the pre-Covid period from this month with the relaxation in lockdown and increased movement of vehicles across the country. Analysts said a change in lifestyle would lead to people preferring personal vehicles to public transport, which would spur fuel demand and boost vehicle sales.…
BHUBANESWAR: Participation of women in organised discard and aggregation of used cooking oil from kitchens across the country will give a major boost to government’s initiative of converting waste to fuel and promote healthy eating in Indian homes, said Union Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan on Saturday. Attending a webinar on…
Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 36 cents, or 1%, to $34.93 a barrel by 0106 GMT and U.S. West Texas Intermediate crude was at $33.20 a barrel, down…
NEW YORK: Oil futures dipped and then bounced to trade around even on Thursday after US crude and distillate inventories rose much more than expected, with traders also worried that China’s new Hong Kong security law could result in trade sanctions. The US Energy Information Administration (EIA) said crude inventories rose 7.9 million barrels in…
When consumption of transport fuels collapsed this year because of the coronavirus, much of the industry moved into survival mode, cutting processing rates and even temporarily stopping refining in some cases. While that helped prop up the industry’s margins for a while, a combination of rising crude costs and still weak end-user demand are starting…
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