NEW YORK: Oil prices rose slightly Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China. Brent crude futures were up 54 cents at $41.25 a barrel by 11:23 a.m. Read more

DUBAI: State oil giant Saudi Aramco started laying off hundreds of employees this month, two sources familiar with the matter said, as global energy companies reduce their workforces in response to the coronavirus crisis. Like other top oil firms, Aramco has cut capital spending for 2020 after the pandemic brought an unprecedented drop in oil Read more

NEW YORK (Reuters) – U.S. refiners and other buyers of crude oil are reworking some of their supply contracts to guarantee volumes after many were cut off unexpectedly when a price collapse this spring led drillers to curtail production, sources said. FILE PHOTO: A pump jack is seen at sunset near Midland, Texas, U.S., on Read more

LONDON/DUBAI/MOSCOW: An Opec+ panel pressed countries such as Iraq and Kazakhstan on Thursday to comply better with oil cuts and left the door open for extending or easing record production curbs from August. The panel, known as the Joint Ministerial Monitoring Committee (JMMC), advises Opec+ and will meet again on July 15, when it would Read more

CAIRO – Ministry of Petroleum announced achieving a petroleum discovery in the offshore Geisum concession in the south of the Gulf of Suez with shallow waters.The Ministry clarified that the new discovery comes with an initial production rate of 2,000 barrels per day of crude oil, and it is estimated that there are about 70 Read more

MOSCOW – the Operator of the Sakhalin-2 project has extended for 5 years license to develop two oil and gas fields in the Okhotsk sea, the company said Sakhalin energy on Thursday. License to the Piltun-Astokhskoye and Lunskoye fields will be in effect until may 2026. The operator can prolong the validity of licenses five-year Read more

With gas continuing to flow out uncontrollably and the blaze still raging at a natural gas well of Oil India Limited (OIL) at Baghjan in Assam, an environment impact assessment study is in progress along with monitoring of air quality and noise level, the PSU said. Well number 5 has been spewing gas uncontrollably since Read more

Prime Minister Narendra Modi will on Saturday launch a Rs 50,000 crore employment scheme to provide income support to migrant workers who returned to their home states during the coronavirus lockdown.The ‘Garib Kalyan Rojgar Abhiyan’ will primarily focus on six states where maximum migrant workers have returned. This massive rural public works scheme will empower Read more

New Delhi: UK oil major British Petroleum said it will set up a major new centre for its global business services (GBS) operations in Pune, India. The BP-owned centre, will provide business processing and advanced analytics capabilities in support of bp businesses worldwide, is expected to begin operations by January 2021, the company said in Read more

New Delhi: Prime Minister, Shri Narendra Modi today reviewed the situation arising out of OIL India Limited Oil Well Blow Out and fire in the oil well No. Baghjan-5 in Tinsukia District, Assam. The Review Meeting was attended, amongst others by Home Minister Shri Amit Shah, Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan, Read more

NEW DELHI, June 18: Prime Minister Narendra Modi today said business activity in India is fast returning to normal levels with consumption and demand approaching pre-COVID levels as visible in macro data on power, fuel and other consumption. India faced a recession-like scenario after a national lockdown was imposed on March 25 to curb spread Read more

Crude oil futures eased to Rs 2,893 per barrel on June 17 as participants increased their short positions.The American Petroleum Institute (API) reported that US crude inventories rose 3.85 million barrels for the week ended June 12 against expectations of a decline of 0.15 million barrels. The market is likely to take further cue from Read more

NEW YORK: Oil prices fell on Wednesday as investors worried about fuel demand due to fresh outbreaks of COVID-19, though prices drew some support after US stocks of diesel fuel fell for the first time in weeks and US oil production dropped sharply. Brent crude was down 31 cents, or 0.8 per cent, at $40.65 Read more

Venezuela’s oil exports have collapsed since the U.S. placed sanctions on its state producer, but some crude from the OPEC member is still making its way to buyers in Asia. Officially, China hasn’t imported any Venezuelan crude since September after Washington sanctioned state entities including Petróleos de Venezuela, S.A. Information from data intelligence firm Kpler, Read more

The natural gas market is reeling from the triple whammy of a stubborn supply overhang, particularly in the Asia-Pacific region–which accounts for nearly two-thirds of global demand–a mild winter, and a hobbled global economy. China has emerged as a rare bright spot as energy demand in the country remains relatively high. However, Beijing is taking Read more