Oil prices perked up this week, buoyed by both OPEC developments and Hurricane Sally. That is despite BP’s pessimistic 2020 edition of its annual outlook that suggests we have already seen peak oil demand. This is startling given BP’s 2019 outlook that suggested oil demand would continue to rise for more than a decade. Undeterred…
NEW YORK – Oil prices were unchanged on Friday, weighed after a Libyan commander said a blockade on the country’s oil exports would be lifted for a month, while supportive signals from an OPEC+ meeting lifted futures. Both the U.S. and Brent crude benchmarks posted weekly gains after Saudi Arabia pressed allies to stick to…
Pakistan and Turkmenistan on Friday held a detailed discussion and reviewed progress achieved so far on the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project. Special Assistant to Prime Minister (SAPM) on Petroleum Nadeem Babar led the discussion with the Turkmenistan delegation, which was headed by Chief Executive Officer and Chairman of the Board of Directors of TPCL…
The oil industry’s search for carbon-free alternatives to fossil fuels has led to many interesting investment decisions over the years. Somewhere high on that list is nuclear fusion, the energy that powers the sun, which has drawn investment from at least three major oil companies. Chevron became the most recent player to show an interest…
Vienna: UN Secretary-General Antonio Guterres called Thursday on governments not to “throw away” economic stimulus funds by supporting fossil fuel industries that contribute to global warming. Speaking at a virtual conference on climate change, Guterres noted that countries have “a choice of two paths” as they mobilise trillions of dollars of taxpayers’ money for economic…
U.S. drillers this week added oil and natural gas rigs for the second time in three weeks as a recent increase in energy prices from coronavirus-linked lows prompted some to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose by one to 255 in the week to…
HOUSTON (ICIS)–A tropical depression in the Gulf of Mexico could strengthen into a hurricane by Sunday, threatening offshore oil wells as well as the ports, chemical plants and refineries along the Texas coast, meteorologists said. The forecast still has quite a bit of uncertainty as shown in the following map. The shaded area shows the…
India’s sales of diesel in the first half of September rose from the same period a month earlier, as monsoon rains eased and the government relaxed restrictions in the latest phase of its six-month Covid-19 lockdown ending this month. Gasoline sales also rose during the same period. Diesel use in the first two weeks of…
New Delhi: Petrol and prices in the country have fallen sharply again even though global oil prices rebounded and rose over $43 a barrel marking its fifth consecutive day of rise. On Friday, the pump prices of petrol and diesel fell by 26 and 35 paisa per litre, respectively in the national capital making it…
Amaravati: The state government is planning a comprehensive survey to provide required infrastructure to industries in the state.Industries minister Mekapati Gautham Reddy said the survey will identify the shortcomings in the management of the industries and suggest the remedies. Speaking to reporters at APIIC office on Thursday, Mekapati said that Union commerce minister Piyush Goyal…
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