MOSCOW: Russia plans to launch a programme to part build oil wells this year so it can quickly ramp up production when the global deal on output curbs expires in 2022, RIA news agency quoted senior officials as saying on Thursday. To ensure Russia does not lose market share when the production cut agreement ends,…
On September 23, 2020, the Petroleum & Natural Gas Regulatory Board (PNGRB) has released a draft regulation for determination of transportation rate for City Gas Distribution (CGD) companies, which came into being before the regulator PNGRB was set up. Earlier, in Jun 2019, the PNGRB had floated a concept paper mentioning two options for determining…
SINGAPORE: Indian Oil Corp is seeking gasoline, a tender document showed, making it the second refiner from the country looking to plug a gap caused by low crude runs to curb inflating supplies of diesel and jet fuel, industry sources said. IOC, which does not typically comment on its spot deals, is looking to import…
NEW DELHI: India’s efforts to privatise refiner Bharat Petroleum Corp. Ltd. could spill over into the next fiscal year, according to a government document and sources, hurting New Delhi’s efforts to rein in a ballooning fiscal deficit. The privatisation of key companies, including BPCL, is a key part of government plans to pare the fiscal…
India is considering a floor price for natural gas produced from local fields to shield explorers like state-run Oil & Natural Gas Corp. as tariff slumps, people with knowledge of the matter said. Shares of explorers gained. The proposal being considered by the oil ministry pegs the price to the popular benchmark Japan-Korea Marker that…
Brent futures settled US17 cents, or 0.4%, higher at $41.94 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 38 cents, or 1.0%, to end at $40.31. (File pic: A Chevron refinery in the US – Reuters) NEW YORK: Oil prices were steady on Thursday as a new wave of coronavirus cases in Europe…
Crude oil prices dropped at Thursday’s trading session. This slide is attributed to recent poor E.U. economic data, and a lower-than-expected U.S. gasoline demand. Fears of a second wave of COVID-19 in emerged economies also weakened investors’ enthusiasm. What we know: Brent oil futures fell 0.57% to $41.53 by (6:40 AM GMT) and WTI futures…
Iraq’s Oil Ministry is attempting to displace some of the financial burden associated with its OPEC-related production cuts onto international oil companies (IOCs).The ministry’s move to scale down its payment obligations, which was confirmed by multiple industry officials, is likely to meet resistance from IOCs and could send a chilling message to prospective energy sector…
The semi-autonomous Kurdistan Region of Iraq has been complying with an OPEC+ oil production cut agreement and is meeting its reduction targets, the Kurdistan Regional Government’s natural resources ministry said on Thursday. “The KRG has already reduced its production after the OPEC plus agreement, and its recent gross production figures have been well below the…
Iraq expects OPEC+ will allow it to increase its oil exports beginning next year, Reuters reported today, citing the Iraqi state new agency INA, which was quoting the country’s oil minister without any further details. Earlier this month, there was another report from INA that said Iraq was seeking an exemption from the OPEC production…
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