Mumbai, Sep 16 (PTI) The proposed amendment in the Electricity Act 2003 providing subsidy on power to farmers through direct benefit of transfer may not be practically possible, say experts. In the draft amendment, the power ministry has proposed to initiate direct benefit transfers (DBT) in the power sector by making payment of the subsidy…
NEW DELHI : India’s Oil and Natural Gas Corp (ONGC) has exited from Sudan oilfields after the African nation refused to pay for oil it lifted from the fields.ONGC Videsh Ltd (OVL), the overseas investment arm of the state-owned firm, as also its Chinese partner CNPC and Malaysia’s Petronas have withdrawn from the block, a…
New Delhi: Petrol sales have fully recovered to pre-Covid level and diesel is down just about 6 per cent in the first half of September from a year earlier, signalling people and industry were eager to get on with their lives despite a record jump in infection rates. In the first fortnight of September, petrol…
16 Sept 2020-TOKYO: Oil prices inched lower on Tuesday as a bleaker outlook for global fuel demand prompted fresh selling, but short-covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+, limited losses. Brent crude was down 3 cents, or 0.1 per cent, at $39.58 a barrel by 0102…
16 Sept 2020-of OPEC and its allies, known as OPEC+, limited losses. Brent crude was down 3 cents, or 0.1%, at $39.58 a barrel by 0102 GMT, reversing earlier gains. U.S. West Texas Intermediate (WTI) crude futures were down 2 cents, or 0.1%, at $37.24 a barrel. Both contracts ended slightly lower the previous day.…
16 Sept 2020-NEW YORK: US oil output from seven major shale formations is expected to decline by about 68,000 barrels per day (bpd) in October to 7.64 million bpd, the US Energy Information Administration (EIA) said in its monthly productivity report on Monday.That would be the first decline in production since May, according to revised…
16 Sept 2020-Crude oil prices are falling again, on word of OPEC member Libya’s plan to reopen its oil ports as soon as this coming weekend. As of this writing late on Monday afternoon, Texas Intermediate (WTI) and Brent crude futures are lower, with WTI October deliveries down to $37.26 per barrel, while Brent November…
16 Sept 2020-China has supported oil markets with its purchases of record volumes of crude oil in recent months, but it has also imported doubled volumes of fuel blending products, suggesting that the fuel demand recovery in the world’s top oil importer may be more impressive than expected, its top refiner Sinopec said on Tuesday.…
16 Sept 2020-JERUSALEM: Israel’s Petroleum Council gave its approval on Monday for Chevron Corp to take over Noble Energy’s stakes in Israeli natural gas fields, which are a key component in Chevron’s $5 billion acquisition. Chevron agreed in July to buy the Texas-based oil and gas producer, which operates two large offshore gas fields in…
16 Sept 2020-Country’s most prolific Barmer oilfield operated by billionaire Anil Agarwal-led Cairn Oil and Gas has been reduced to operate on temporary permission from the government which has denied full 10-year extension to the company’s production sharing contract claiming higher share of profit petroleum. After prolonged delays, the government had in October 2018 agreed…
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