NEW DELHI: The government is stitching together a package of measures to help domestic oil producers pull through the price crash and the uncertainty in the global oil market as heavy losses on each barrel they pump threaten the commercial viability of projects. “The pandemic and lockdowns (around the world) have created very challenging…
NEW DELHI: India is looking at storing some low priced US oil in facilities there as its local storage is full, oil minister Dharmendra Pradhan said.India’s plan could be similar to a move by Australia, which last month said it would build up an emergency oil stockpile initially by buying crude to store in the…
In the course of trading on Friday oil prices significantly reduced on the negative signals from China, the investor sentiment is also affected by the increasing tensions between Washington and Beijing. The cost of July futures for Brent crude on the London ICE Futures exchange to 18:15 MSK was $34,55 per barrel, or $1,51 (4.19…
NEW YORK: Oil prices tumbled about 4 per cent on Friday on rising US-China tensions and doubts about how quickly fuel demand would recover from the coronavirus crisis. Fuel demand plummeted as the coronavirus pandemic caused governments to impose restrictions on movement and businesses closed their doors. Oil has rallied in recent days on as…
MOSCOW, Spain’s Repsol has pulled out of a planned joint venture to develop two Arctic oil blocks with Russia’s Gazprom Neft and Royal Dutch Shell, a spokesman at Repsol said on Friday. Gazprom Neft, the oil arm of Russian gas giant Gazprom , Repsol and Shell signed a memorandum of understanding last June on establishing…
Texas: Royalties from oil pumped on Paul Ruckman’s land allowed the South Texas retiree to build a six-bedroom, seven-bathroom vacation home. He had plenty left over, and donated some of it to Helena, Texas, an 1800s ghost town that draws hundreds to historic buildings and gunfight re-enactments. The worst oil bust in decades has slashed…
MOSCOW, Russia’s state holding company Rosneftegaz has relinquished its controlling stake in the country’s largest oil producer, Rosneft, Rosneft said on Friday, after Rosneft’s exit from Venezuela. Rosneft disposed of its assets in Venezuela two months ago as the United States stepped up sanctions against the firm. Analysts have said that the renunciation of state…
The U.S. and Canadian oil and natural gas rig count fell to all-time lows as North American energy firms slashed spending after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in the week to May…
LONDON, Commodities trader Trafigura has seized the moment and taken a rare dominant position in the North Sea crude market over the past two weeks as oil demand jumped, trading sources said. A combination of OPEC-led global production cuts, cheap freight rates and oil stuck in floating storage sent crude markets into overdrive starting at…
The Modi government’s decision to raise the price of subsidised cylinder over the past several months, including the recent fall in non-subsidised LPG price, has led to zero subsidy for the first time in years. According to an estimation by a Nomura report, oil firms are likely to end up making an over-recovery of Rs…
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