Kochi: Giving an impetus to the use of green and cost-effective natural gas in Kerala and Karnataka, Prime Minister Narendra Modi will dedicate Kochi-Mangaluru natural gas pipeline of GAIL (India) Ltd to the nation on Tuesday. The project worth Rs 3,000 crore will ensure convenient and uninterrupted supply of affordable fuel in…
Virus-ravaged oil market collapses by a fifth in 2020London: World oil prices slumped by more than a fifth this year as deadly coronavirus savaged the world’s appetite for crude, despite a vaccine-driven upturn at the end of 2020. Europe’s benchmark contract North Sea crude stood at $51.13 per barrel in mid-afternoon deals on Thursday.…
NEW YORK, Global crude prices edged higher on Thursday but lost more than a fifth of their value in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and sent oil markets reeling. Still, Brent and U.S. crude benchmarks have more than doubled from April’s nadir as producers cut output to…
China’s crude throughput fell slightly in December due to some maintenance works toward the year-end, the latest industry data and information collected by S&P Global Platts showed. The average run rate of the four state-owned oil majors, Sinopec, PetroChina, CNOOC and Sinochem, stood at around 78% to date in December, from an 80%…
SINGAPORE: China has issued 5 million tonnes of clean marine fuel export quotas in the first release for 2021, to five companies including a private refiner, according to two trading sources with knowledge of the matter. The quotas for the very low sulfur fuel oil (VLSFO) were granted to state-run Sinopec, CNPC,…
The global economy, international geopolitics, and intra-national security have hinged upon oil production capacity and petrol markets so thoroughly that it’s easy to forget that it wasn’t always this way. As the Brookings Institution once wrote of oil, “In the modern era, no other commodity has played such a pivotal role in driving political…
MOSCOW, OPEC+ countries are beginning to gradually increase oil production after nine months of tough restrictions. The rate of production increase will not exceed 0.5 mln barrels per day (bpd). By setting such a small rate, the oil exporters, which account for 40% of the global oil market, will be able to better control…
ALGIERS: Algerian state oil and gas firm Sonatrach plans to invest $40 billion, 51% of it in the local dinar currency, over the next five years to develop existing fields, CEO Toufik Hakkar said on Thursday. Sonatrach also expects higher output and sales in 2021 as it aims to start production from…
Guwahati: The Oil India Limited (OIL) is planning to initiate a drilling and production project of Rs. 35 billion in Assam in the next months. The news was released by a senior official of the state-owned company on Thursday. According to reports, the Assam-based project is part of Oil India’s larger plan of developing…
New Delhi: The Union Cabinet on Wednesday approved a scheme to provide bank loans at lower rates to distilleries producing ethanol for doping in petrol, with a view to raising India’s ethanol production capacity to suck out surplus sugar as well as cut oil imports. Oil Minister Dharmendra Pradhan said the government is…
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