LONDON/DUBAI/MOSCOW -OPEC+ will resume talks on Tuesday after reaching a deadlock over February oil output levels as Saudi Arabia argued against pumping more due to new lockdowns while Russia led calls for higher production citing recovering demand. The unusual decision to push negotiations into a second day was taken after a three-hour debate…
The Trump administration on Monday finalized plans to open more than 80 percent of Alaska’s National Petroleum Reserve (NPRA) to oil drilling, pushing ahead over objections from environmentalists who have already challenged the plans in court. The decision from the Bureau of Land Management (BLM) opens more than 18 million acres…
Mozambique’s jihadist violence has forced the French energy firm Total to suspend work at its multibillion-dollar liquefied natural gas project in the country’s northern Cabo Delgado province. After the rebels’ Jan. 1 attack on Quitunda village, just outside the fence of the gas project, the company removed most of its workforce, estimated at…
Dubai — Kuwait has made three oil and gas discoveries, including one next to the giant Burgan field, the country’s biggest, potentially helping to boost the reserves of OPEC’s fourth largest producer, state-owned KUNA news agency reported Jan. 4, citing the oil minister. State-owned Kuwait Oil Co. discovered the Homah oil field, located…
The government has set up a high-level group headed by former Union power secretary Ram Vinay Shahi and tasked it with helping build a South Asia-focused energy security architecture, said two people aware of the development. Cross-border energy trade is a key part of Prime Minister Narendra Modi’s neighbourhood-first policy, with plans to…
The Bengal government will provide 40 acres of land free of cost to Oil and Natural Gas Corporation to develop the Ashoknagar block where the central PSU has discovered hydrocarbon reserves, hoping that the find will catalyse industrial resurgence in the state. Chief minister Mamata Banerjee has written a letter to Union petroleum…
Ahmedabad, Union Petroleum Minister Dharmendra Pradhan on Monday flagged off from L&T”s Hazira plant in Surat district critical components bound for Indian Oil”s MEG (mono-ethylene glycol) plant coming up at the refinery-cum-petrochemical complex at Paradip in Odisha. During his visit to Surat in Gujarat, the minister flagged off the equipment from the…
The Union government, which is planning a major policy push to raise the share of natural gas in India’s energy mix from the current level of 6.2% to 15% by 2030, is considering a proposal to bring natural gas within the ambit of the Goods and Services Tax (GST) — a move that will…
MOSCOW/LONDON – OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said on Sunday, a day before meeting allies led by Russia to discuss output levels for February. “Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and…
Crude oil futures settled flat at Rs 3,527 per barrel on January 1 as participants trimmed their positions as seen by the open interest. Crude oil prices held steady range post inventory data as investors and traders refrained from taking large positions ahead of New Year weekend. It ended the week with a…
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