Oil fell on a negative outlook for demand as global coronavirus fatalities topped half a million and the U.S. recorded a record daily pace of infections. Futures in New York slid as much as 1.9%, after declining 3.2% last week. U.S. and U.K. public health experts warned against lifting lockdowns too quickly amid a worrying Read more

Crude oil price closed over 2% in the red despite posting the 3-week high above the $40 mark. Investors are worried that the surge in the number of new coronavirus cases will slow down the economic recovery. Crude oil price closed this week at $38.17, down 2.28%. This is despite prices trading above the $40 Read more

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh says the recent gasoline cargoes sent to Venezuela were sold at the market price to the country and were not for free, IRNA reported. They paid a fair price and provided the necessary guarantees for the future payment, he said, adding that a part of the money Read more

U.S. shale was one of the big losers of the Saudi-Russian price war that many saw as a war on U.S. shale. Producers scrambled to stay afloat as prices sank back to lows not seen since 2016, and they are still scrambling. Banks are giving them the cold shoulder, worried that many will not be Read more

Oil India Limited (OIL) on Saturday called off its operations to contain the fire and blowout at the Baghjan 5 well in Assam after the area was ravaged by days of heavy rain and floods. “Working condition at the site has been considered unsafe for the day and all operations at site have been called Read more

GUWAHATI: ONGC’s Executive Director Tarun Malik said that companies in the Northeast region are giving renewed thrust on enhanced Oil Recovery (EOR) schemes after Government of India announced renewed policy framework by the for incentivising production through improved recovery schemes in domestic fields. Malik, while speaking at a virtual platform on “Consultation on Hydrocarbon and Read more

India is on its way to make its biggest savings in the oil import bill this year with Covid-19 related disruptions and sluggish demand conditions squeezing down the country’s crude payments to a fourth of previous years’ level in the first two months of current fiscal. In the period of April-May 2020-21, India’s oil import Read more

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 Read more

New Delhi: Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited (RIL), has said that instead of treating carbon dioxide (CO2) as a liability, one can use it as a raw material.Ambani made these remarks at the FII Investment Institute Conference on “Don’t Forget Our Planet” on Thursday. The other participants in the conference Read more

Guwahati/Agartala, The northeast region holds 18 per cent of the country’s hydrocarbon resources with a large area not yet surveyed. The government could use it to meet demand of neighbouring countries. Speaking at a “Consultation on Hydrocarbon and Industries in NorthEast”, Tripura Deputy Chief Minister Jishnu Dev Varma said on Saturday the annual demand for Read more

Oil prices reference marks are moved to lower after rising earlier in the trading and may suffer weekly losses. Record growth in the number of new infections coronavirus infection COVID-19 in the United States and the increase of cases in other countries indicate a long-term obstacle to the recovery in oil demand, says MarketWatch. “The Read more

MELBOURNE: Oil prices rose in early trade on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite surges in coronavirus infections in some US states and indications of a revival in US crude production. US West Texas Intermediate (WTI) crude futures gained 15 cents, or 0.4 per cent, to Read more

A group of 19 companies including oil majors, trading houses and state-run firms were approved by Guyana’s government for the next phase of a competitive process aimed at selecting an agent for marketing its share of crude produced in the country. PetroChina Co, Sinochem International , China Offshore Oil, ExxonMobil Corp, BP Plc , Total Read more

LONDON, Petroleum consumption is rising around the world as the major economies exit from lockdowns imposed to control the coronavirus epidemic, but the uneven recovery presents challenges for fuel refiners. Refiners must cope with a much stronger rebound in demand for gasoline compared with diesel and jet fuel, reconfiguring their equipment to shift the yield Read more

SINGAPORE: Singapore light distillates inventories were at a four-week low of 14.95 million barrels in the week to June 24, official data showed on Thursday.However, European barrels arriving in the island reflected weak gasoline demand in the West, according to industry sources. The data from Enterprise Singapore showed that about 41,000 tonnes of gasoline had Read more