India, the third-biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC. “If you look at the trend of the past few weeks, I’m confident that by the end of second quarter, demand will be as usual,” India’s Oil Minister Dharmendra Pradhan said at the Read more

Opec slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Saudi Arabia faithfully delivered the extra curbs promised in June, and the laggards, though still trailing in implementing the cuts, stepped up Read more

New Delhi: India’s latest oil and gas block bid round attracted only 12 bids for the 11 areas on offer, with 10 of them getting single bids from state-owned ONGC and Oil India Ltd, upstream regulator DGH said. The government had offered 11 blocks for exploration and production of oil and gas in the fifth Read more

For the smallest oil field offered in this OALP round, the director general of hydrocarbons (DGH) has received bids from Invenire Petrodyne and ONGC.This block in Gujarat is spread over only 18.4 sq km while the cumulative area of the oil fields offered in the auction is 19,789 sq km. The Union government received bids Read more

CHENNAI: Shrikant Madhav Vaidya took over as the chairman of Indian Oil Corporation Ltd on Wednesday. He will also be the chairman of Chennai Petroleum Corporation Ltd, a stand-alone refining subsidiary of IndianOil and Indian Oiltanking Limited, another joint venture providing terminalling services. He will also be on the board of Hindustan Urvarak & Rasayan Read more

India’s petroleum product consumption has sharply recovered from the lowest slump recorded since 2007, after the world’ longest lockdown ended and reached 88% last month, the petroleum ministry said on Wednesday. Also, the demand for bitumen used in road construction has gone up by 32% in June as compared to last year, due to the Read more

New Delhi: International Energy Agency (IEA) and Ministry of Petroleum and Natural Gas of India, today organized a joint webinar on “Building a Natural Gas‑Based Economy in India Amidst a Changing Global Gas Market Landscape”. The Workshop, inaugurated in the presence of Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan, and Executive Director Read more

MUMBAI : An Oil India Ltd and Engineers India Ltd-led consortium will buy 48% stake in the Bharat Petroleum Corporation Ltd’s subsidiary, Numaligarh Refinery Ltd (NRL).State-run refiner Bharat Petroleum Corporation Ltd (BPCL) holds 61.65% stake in NRL, while Oil India holds 26% and the government of Assam owns 12.35%. The consortium may have to shell Read more

NEW YORK Oil prices slipped on Tuesday as investors worried that rising COVID-19 cases would hurt demand while supply could rise with a potential resurgence of Libyan oil production, which has slowed to a trickle since the start of the year. The more-active September contract for Brent LCOc2 was down 5 cents at $41.80 a Read more

LONDON: Oil prices slipped on Tuesday amid rising COVID-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year. The more-active September contract for Brent fell 22 cents, or 0.5 per cent, to $41.63 a barrel by 0832 GMT, paring Monday’s 92 cent Read more

The oil markets are not “out of the woods” just yet, OPEC’s Secretary General Mohammad Barkindo told a virtual panel organized by the Canada-UAE Business Council, cited by The National. The UAE’s Energy Minister Suhail Al Mazrouei, also on the panel, echoed the sentiment, saying that the oil industry was “still in the woods.”The sober Read more

The company predicted the write-down for the quarter and said it continues “to adapt to ensure the business remains resilient” in challenging times. Shell writes down oil and gas assets by $22 billion Energy producer Royal Dutch Shell warned Tuesday it will slash the value of its assets by $22 billion to account for lower Read more

Saudi Arabia seems to have made good on its promise to cut oil production by a record amount in June. Observed Saudi crude exports for this month fell to 5.7 million barrels a day through June 29, the lowest since Bloomberg began tracking the flows at the start of 2017. That compares with 6.2 million Read more

LONDON: Opec oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters survey found, pushing group compliance in a supply reduction pact above 100% despite incomplete adherence by Iraq and Nigeria. The 13-member Organisation of the Petroleum Exporting Countries pumped 22.62 million Read more

NEW YORK, U.S. crude oil production dropped 669,000 barrels per day to 12.06 million bpd in April, the government said in a monthly report on Tuesday. The decline came as production fell 234,000 bpd in Texas, the largest oil-producing state, and 195,000 bpd in North Dakota. Output fell 16,000 bpd in federal waters in the Read more