23 Sept. 2020-Venezuela’s state-run oil company PDVSA has begun loading an Iran flagged large tanker with Venezuelan heavy crude for export, a source with knowledge of the situation said on Tuesday, as ties have deepened between the two OPEC nations. Venezuela and Iran are under sanctions imposed by the United States, hurting their oil industries…
23 Sept. 2020-Saudi Arabia’s energy minister is keeping his options open while the recovery in oil prices splutters, setting up a potentially volatile period ahead.Crude prices tumbled at the start of September after traders grew nervous that further potential lockdowns to slow the spread of coronavirus could fracture a fragile recovery in consumption. But Prince…
23 Sept. 2020-MUMBAI: India’s natural gas production fell 13.2% during April-August compared to a 1% fall registered in the corresponding period last fiscal, said Care Ratings in a note.The cumulative fall in production was primarily a result of restricted or negligible offtake by consumers due to the pandemic and ensuing lockdowns. While domestic production from…
23 Sept. 2020-The Ministry of Petroleum and Natural Gas (MoPNG) is coming up with a fresh strategy to increase hydrocarbon production in the country. It is likely to open bidding for production enhancement contracts (PECs) of old oil blocks of Oil India (OIL) and Oil and Natural Gas Corporation (ONGC). It is also planning to…
23 Sept. 2020-In November 2018, the three oil marketing companies (OMCs) – Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) – had come out with an advertisement floating tenders for 78,493 petrol pumps across the country. This move, which came just before the polls, was pitched as a step to…
23 Sept. 2020-NEW DELHI: LNG imports have shot past domestic supplies for the first time in India, creating ground for decontrolling the market even as local producers feel hamstrung by below-cost prices dictated by government formula. Domestic gas met 47 per cent of demand in 2019-20, while a spurt in import of cheap cargos pushed…
23 Sept. 2020-Hyderabad: On Tuesday, the High Court bench headed by Chief Justice Raghavendra Singh Chauhan and Justice Bollam Vijaysen Reddy heard a public interest litigation seeking to direct the State Government to withdraw the proposal to install an electrical substation, which is part of the transmission system. The allegation of the petitioner is that…
23 Sept. 2020-NEW DELHI: The government plans to set targets for hydrogen energy development, which is currently not included in its plan to develop 175 Gigawatts of renewable power by 2022. A committee of officials has been formed to set specific targets to develop this source of energy, Indu Shekhar Chaturvedi, secretary, ministry of new…
Oil futures fell Monday, sending U.S. prices down by more than 4%, on expectations Libyan crude will soon return to the market, while worries over a rise in European COVID-19 cases and a global equity market selloff added to the negative tone.“Oil prices are lower on turmoil, whether it be from mother nature or politics,”…
Oil prices plunged about 5 per cent on Monday, weakening as rising coronavirus cases stoked worries about global demand, and a potential return of Libyan production bolstered oversupply fears. Crude oil followed other equities and commodities markets in turning risk-averse on Monday as rising Covid-19 infection rates in Europe and other countries prompted renewed lockdown…
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