LONDON: OPEC oil output has risen by more than 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance. The 13-member Organization of the Petroleum Exporting Countries pumped 23.32 million…
Mallam Mele Kyari, the Group Managing Director, the Nigerian National Petroleum Corporation (NNPC), has said the corporation is working on lowering crude oil cost of production from $17 per barrel to about $10 per barrel. Kyari disclosed this at Seplat Energy Summit 2020, titled “The Impact of Global Energy Transition on African Economies” held on…
Guwahati: An attempt to cap OIL’s damaged gas well at Baghjan in Assam which has been spewing gas for 66 days failed on Friday. The wagon which was used to put a lid on its mouth gave in and toppled over, the company said. The reasons for the failure of the capping operation are being…
The Committee on public undertakings has selected the Airports Authority of India (AAI), Hindustan Aeronautics Limited (HAL), Oil India Ltd, among others, for examination during the year 2020-21, according to a release by the Lok Sabha secretariat. The Committee on Public Undertakings met on July 29 and selected 11 subjects for a comprehensive examination. This…
Demand for diesel in July dropped 12.5% over June, halting a swift recovery witnessed in May and June. Petrol sales in July also fell 1% compared to June. Diesel and petrol sales are down 21% and 11%, respectively, in July from a year earlier, according to industry executives. The figures are for sales by state-run…
Major players in the natural gas sector have raised objections to the government’s proposal to implement a unified gas transport tariff for integrated gas transportation networks, including a network of seven GAIL pipelines and a network of two Gujarat State Petronet Ltd pipelines. The proposal by the Petroleum and Natural Gas Regulatory Board (PNGRB) is…
Finance Minister Nirmala Sitharaman on Saturday said that the government will soon come out with a policy on new public sector enterprises (PSEs) to define strategic sectors which will not have more than four PSUs. As part of the ‘Aatmanirbhar Bharat Abhiyan’, the finance minister had earlier talked about a policy where a maximum of…
Rising OPEC and US oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand would recover quicker after a…
NEW YORK – Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election. Investors sold riskier assets following Trump’s tweet that raised the prospect of delaying the vote. The date of the U.S. election is…
Sluggish oil demand recovery with resurging coronavirus cases in many parts of the U.S. and the world and the return of previously withheld production from OPEC+ and North America have combined to flip the oil futures curve again to a sign of a new glut looming this year. According to Reuters estimates, the Brent Crude…
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