Crude oil futures rose to Rs 3,106 per barrel on June 23 due to build-up of long positions. The black gold continued its uptrend with prices hitting its highest levels in three months.The commodity is likely to take further cues from the American Petroleum Institute’s (API) weekly inventory report scheduled to be released later in Read more

In his relatively brief stint in power, Saudi Crown Prince Mohammed bin Salman (MbS) has managed to destroy the Saudi economy in record time while also sullying his own reputation and endangering Saudi Arabia’s geopolitical relations with the murder of journalist Jamal Khashoggi. Now, it appears that there is another calamity in the making for Read more

The Abu Dhabi National Oil Company said it attracted significant capital from Global Infrastructure Partners, Brookfield Asset Management, GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Snam. Abu Dhabi National Oil Company (ADNOC) said on Tuesday it went into a $20.7 billion partnership with a group of six global investors in order Read more

Kazakh Energy Minister Nurlan Nogayev participated in the 19th Organization of Petroleum Exporting Countries’ (OPEC) Joint Ministerial Monitoring Committee (JMMC) meeting which was held via videoconference, during which the world’s oil producers agreed to extend production cuts through July, based on their original agreement in April. On June 23, the Kazakh government adopted a decree Read more

Even though 10 percent of global oil comes from the U.S. shale market, U.S. shale makes up 40 percent of global oil extraction activity and 100 percent of the growth in U.S. midstream and petrochemical sectors over the past 10 years, the report said. The U.S. shale industry, hammered by low demand, international competition and Read more

India’s biggest upstream producer state-controlled ONGC has stopped operating two offshore drilling rigs at its major Mumbai High and Bassein areas after several employees tested positive for Covid-19. The company is operating the remaining 34 rigs in the areas and the temporary closure has not affected production. The fields off India’s west coast are ONGC’s Read more

New Delhi: Indian oil refineries improved operating run rate to an average of 77 per cent of capacity in May as easing of lockdown restrictions helped bring back some of the lost fuel demand, according to oil ministry data. Refineries, which had in April cut down operating rate to as low as 30-40 per cent Read more

Fuel prices continued to pinch pockets of the common man for the 17th consecutive day on Tuesday, with the price difference between petrol and diesel narrowing down to a mere 36 paise. Though oil marketing companies (OMC) raised prices, they are seeing a demand recovery for petrol and diesel in June at 85 per cent Read more

Former US national security advisor John Bolton has criticise the State Department for defending India’s position on import of oil from Iran, while claiming at the same time that President Donald Trump had “not been sympathetic” to New Delhi’s case. In his tell-all book “The Room Where It Happened: A White House Memoir” that hit Read more

MUMBAI : India’s three state-owned refiners have changed their refining configurations, replacing aviation turbine fuel with diesel in a reflection of the troubles faced by the airlines industry. With airlines flying at a third of their capacity, Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) have cut aviation Read more

Oil prices are falling today on mixed signals after a strong growth at the end of last week.Oil prices were supported by optimism about the execution of the transaction OPEC+. Iraq and Kazakhstan on Thursday presented the monitoring Committee of the OPEC+ compensation plans outstanding commitments to reduce oil production, other countries were given until Read more

LONDON: Oil prices were steady on Monday, supported by tighter supplies from major producers but held in check by concerns over a rise in coronavirus infections worldwide that could stall a recovery in fuel demand. Brent crude was up 5 cents, or 0.1 per cent, at $42.24 a barrel by 1349 GMT. The West Texas Read more

LONDON/SINGAPORE, Buyers of liquefied natural gas (LNG) are expected to cancel 40 to 45 cargoes for August loading from the United States due to a slow recovery in Asian gas demand and record high European gas stocks, market sources said on Monday. The exact number of cancellations is yet to be confirmed as the deadline Read more

London — The head of the Gas Exporting Countries Forum, Yuriy Sentyurin, said June 22 that he considered OPEC a “model” for the gas exporter group’s activities, hailing the first technical dialog with OPEC as a “new chapter in our collaboration.” The GECF — whose members include gas heavyweights Russia, Qatar and Iran — came Read more

Saudi Arabia and other OPEC members have long-standing reputations as reliable suppliers to Asia, but the price war followed quickly by massive output cuts have unsettled buyers in the region.As the OPEC alliance sticks to its guns in trying to curb oil output to shore up prices, Asian buyers are increasingly looking to the US Read more