NEW YORK: Oil prices rose on Tuesday as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020, but gains were capped by worries about a second wave of coronavirus cases. Brent crude futures were up 59 cents, or 1.5 per cent, to $40.31 a barrel by 11:13 a.m.…
This was supposed to be Saudi Arabia’s year to shine as host of the prestigious G20 gathering of world leaders. The event would have seen Crown Prince Mohammed bin Salman share handshakes and wide smiles with presidents and prime ministers. Instead, the gathering this November will likely be a virtual meet-up, stripping its host of…
Venezuela’s oil exports have fallen nearly 28% in the first half of June, on course for its lowest level in over 70 years as tanker owners and operators suspend contracts for transporting crude from once South America’s largest oil supplier, according to documents and data on Tuesday. Shipping firms are avoiding Venezuela after the United…
Massive build-ups in stocks in recent months are set to keep profit margins for refining crude into petroleum products like road and aviation fuels subdued, the International Energy Agency said on Tuesday. “Large implied product stock builds set the stage for a subdued margin environment for the near future,” the IEA warned.The new coronavirus outbreak…
Driller charged over contamination in ‘Gasland’ townNew Delhi: An energy company faces felony charges for polluting residential water wells in a Pennsylvania community that has long been a battleground in the national debate over natural gas drilling and fracking. Houston-based Cabot Oil & Gas Corp. was charged Monday following a grand jury investigation that found…
Guwahati: As gas continued to flow uncontrollably and a fire raged on at a natural gas well of OIL in Assam’s Baghjan, the Army on Monday joined efforts to douse the blaze after the civil administration sought its help in constructing a bridge over an adjoining water body. The state-run Oil India Limited (OIL), in…
India’s fuel demand has reached 80-85 per cent of pre-Covid levels in the first half of June but return to 5 per cent growth trajectory may take up to two years, Oil Minister Dharmendra Pradhan and industry leaders said on Tuesday. Fuel sales in the world’s third biggest oil consuming nation had fallen to their…
Jet fuel or ATF price on Tuesday was hiked by 16.3 per cent while petrol price was increased by 47 paise per litre and that of diesel by a record 93 paise on the back of firming international oil rates. Aviation turbine fuel (ATF) price was hiked by Rs 5,494.5 per kilolitre (kl), or 16.3…
MUMBAI : State-run Hindustan Petroleum Corporation Ltd (HPCL) will invest ₹12000 crore in capital expansion during the current fiscal. The refiner said it has not revised its capex downward despite the covid-19 impact on the company. “We are would be spending ₹12000 crore towards capital expenditure. For new projects, we will be prioritizing or phasing…
India aims to double its refining capacity to 450-500 million tonnes (mt) in the next 10 years, said Union petroleum and steel minister Dharmendra Pradhan on Tuesday. The country has already planned the world’s largest refinery in the western coast, on which work will start soon, said Pradhan. The $44-billion west coast refinery project, with…
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