MOSCOW/LONDON: Robust demand from China and India has bolstered physical crude oil prices from around the world, traders said, in contrast to the futures market that is wrestling with over-supply and demand uncertainty wrought by COVID-19. Global benchmark Brent futures are trading around $40 a barrel, having recovered from more than two-decade lows…
SINGAPPOR: China’s Unipec, the trading arm of state-owned Sinopec, has loaded a very large crude carrier (VLCC) with diesel and is set to ship it to the West next month, two industry sources said on Thursday. The VLCC is the Chinese refiner’s second to be shipped to the West this year, they said,…
While the oil market speculates on whether or not OPEC+ will ease its production cuts in January amid sluggish demand, rumors emerged on Thursday that the three biggest OPEC producers behind Saudi Arabia may not be on board with extending the current cuts into next year. Iraq, the United Arab Emirates (UAE),…
LONDON, Libyan oil production has reached 680,000 barrels per day (bpd), a Libyan oil source told Reuters on Thursday, more than a third higher than earlier this month, as the OPEC member seeks to revive its oil industry. Libya’s National Oil Corp (NOC) on Monday ended force majeure on the last facilities closed…
OUSTON: Energy firms shut two-thirds of offshore U.S. Gulf of Mexico oil production, turned off undersea pipelines and evacuated workers as Hurricane Zeta raced toward a strike on the U.S. Gulf Coast. Zeta intensified to a Category 2 hurricane on the Saffir-Simpson scale at midday on Wednesday. It was churning toward the coast at…
Tech giant IBM on Thursday said it has collaborated with Indian Oil Corporation Ltd (IOCL) to transform the latter’s customer experience using digital tools. Around 12,400 IOCL distributors covering about 130 million consumers can now use the IndianOil One mobile app and portal, developed by IBM Services, a statement said. The IndianOil One…
Ahmedabad: The recently proposed mechanism for tariff determination of city gas distribution (CGD) networks by the Petroleum and Natural Gas Regulatory Board (PNGRB) has met with a stiff opposition from market experts and CGD companies like Gujarat Gas Ltd (GGL), Adani Gas Ltd (AGL), Indraprasth Gas Ltd (IGL), Mahanagar Gas Ltd (MGL) and GAIL…
Union Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan has invited the global industry and experts to become partners in India’s shared prosperity by enhancing India’s production of all forms of energy. Speaking at the concluding Session of CERA Week India Energy Forum last evening he said that inauguration…
The price of OPEC basket of thirteen crudes stood at US$39.53 a barrel on Tuesday, compared with US$39.22 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran),…
The slide is attributed to unexpectedly large U.S. crude oil inventories for last week reported by the government, which reinforced concerns about depleting demand for fuel amidst the worsening global outbreak of Covid-19. At the time of writing, Brent crude traded at $39.44/Barrel down more than 5%. Why crude oil prices are falling heavily…
English
Arabic
Chinese (Simplified)
Gujarati
Hindi
Marathi
Persian