Indian state-run refiner Hindustan Petroleum (HPCL) will delay commissioning of expansion programmes at its 150,000 b/d Mumbai refinery on the west coast and the 166,000 b/d Visakhapatnam facility on the east coast by several months because of the Covid-19 pandemic. The 40,000 b/d expansion of the Mumbai refinery to 190,000 b/d will be completed in…
Indian Energy Exchange (IEX) on Friday has clarified on a news item claiming that the exchange is in talks for the gas venture stake sale. IEX has intimated exchanges about its participation in Gail’s tender for expression of interest (EOI) in gas exchange. The stock exchanges had sought clarification on an article appeared in “Newspaper-Business…
DELHI : As state governments of Delhi and Telengana unveiled their respective policies to promote manufacturing and sales of electric vehicles, manufacturers and startups in the electric mobility ecosystem appreciated the efforts of both state governments. The new policies of both state governments follow the centre’ announcement to earmark ₹10000 crore for subsidies on electric…
New Delhi, In a major relief to corporate and retail borrowers, the Reserve Bank of India (RBI) today allowed banks to go for one-time restructuring of loans that are facing Covid-19 stress, while keeping interest rates unchanged because of prospects of high inflation rates and perilous state of the economy. The restructuring of loans will…
Crude oil futures declined to Rs 3,150 per barrel on August 6 as participants increased their short positions. Prices retreated marginally after rising for the fourth straight day on demand concerns despite a weaker dollar and bigger drawdown in US crude inventories. The US Energy Information Agency (EIA) reported that US crude inventories declined by…
London: Oil prices slipped off five-month highs on Thursday as bearish sentiment about fuel demand undermined support from a weak dollar and falling U.S. crude inventories. Brent crude fell 23 cents to $44.94 a barrel by 1100 GMT, while U.S. crude was down 48 cents at USD 41.71, breaking a four-day streak of gains. The…
Only two years ago analysts were hailing Argentina’s emerging shale oil boom, which many believed would be the next major petroleum frontier in Latin America. The vast Vaca Muerta, or Dead Cow in English, shale formation, which skirts Argentina’s semi-arid Patagonian steppe, is compared to the smaller prolific Permian shale. The EIA estimates that the…
The United States sent a shipment of crude to Saudi Arabia in June, data from the US Census Bureau showed on Wednesday, in what appears to be the first such delivery since the US ban on crude exports ended in 2015. The United States shipped about 550,000 barrels, or 18,300 barrels per day (bpd), of…
Opec members produced 23.25mn b/d in July — up by 970,000 b/d from a 28-year-low in June, when Saudi Arabia, Kuwait and the UAE all delivered cuts in excess of their commitments under the Opec+ output restraint deal. The end of those voluntary reductions drove last month’s increase. July marked the first month-on-month rise in…
DUBAI: Iraq said on Thursday it would make an additional cut in its oil production of about 400,000 barrels per day in August to compensate for its overproduction over the past period under the OPEC+ supply reduction pact. Iraq says the oil output cut in August will be over and above the agreed cut for…
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