The United Arab Emirates (UAE), currently OPEC’s third-largest producer, is estimated to have exported a lot more crude oil in August as it produced more than its quota under the OPEC+ deal, undermining the oil market’s faith in the group’s unity in the cuts. According to tanker tracking data Bloomberg has compiled from several oil…
Istanbul: Turkey is discussing oil and natural gas exploration projects with the UN-recognised government in Libya, a top official said, as it squares off with Greece over Mediterranean drilling rights. The talks with the Tripoli government come against the backdrop of rising tension over hydrocarbon resources and naval influence in the eastern Mediterranean that has…
Kolkata, Major exploration and production (E&P) companies in the oil and gas sector of the country are increasing their exposure in digital technology to sustain operations in COVID-19 time, experts said on Friday. Adoption of the digital route has now become important for the sustainability of operations, maintenance and also in keeping liquidity, said director…
Union minister of petroleum and natural gas Dharmendra Pradhan said on Thursday that the government aims to have 10,000 retail outlets of compressed natural gas (CNG) in the next five years as the country plans to increase the share of gas in its energy basket. Pradhan was speaking at an online event where he inaugurated…
New Delhi: The Auto LPG industry has sought alignment of India’s type-approval norms for retro-fitment of LPG/CNG kits in automobiles with European standards, saying the prevalent norms were a major impediment to clean air goal. India Auto LPG Coalition, the apex body of autogas sellers in India, has written to Dinesh Tyagi, Director International Centre…
Prime Minister Narendra Modi will dedicate to the nation three key petroleum projects sector in Bihar on September 13, via video conferencing. The projects include the Durgapur-Banka section of the Paradip-Haldia-Durgapur Pipeline augmentation project and two LPG bottling plants. They have been commissioned by IndianOil and HPCL, PSUs under the aegis of the Ministry of…
In a yet another push to attract investments and to give an advantage to domestic manufacturing, department of chemicals and petrochemicals (DCPC), under the aegis of ministry of chemicals and fertilizers on Friday has circulated a draft cabinet note to incentivise investments made in petroleum, chemical and petrochemical investment region (PCPIR). Sources privy to the…
Morgan Stanley expects Brent crude prices to climb to $50 per barrel by the second half of 2021 supported by a weaker dollar and higher inflation, it said in a note on Wednesday. “Unprecedented expansion of monetary aggregates has weakened the U.S. dollar and put upward pressure on inflation expectations,” the bank said.Morgan Stanley also…
The slide in crude oil prices accelerated after the Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to September 4. A day earlier, the American Petroleum Institute added gloom to an already pessimistic market by reporting an inventory build of 2.97 million barrels for the same period.…
The record oil production cuts that OPEC+ initiated in response to the demand and oil price collapse have helped the oil market to stabilize in recent months. Yet, oil prices have been stuck in the low $40s since the end of the second quarter. While this is a huge improvement—double that of the lows seen…
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