OPEC+ technical experts made no recommendation on further extending a record oil supply cut in talks on Wednesday and decided to focus on compliance of laggards in the deal ahead of ministerial talks on Thursday, OPEC+ sources said. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to a record supply Read more

Several studies are underway by different agencies to assess the impact on the fragile ecosystem due to blowout and subsequent fire at the natural gas well of Oil India Limited (OIL) in Upper Assam’s Tinsukia district. The gas well in Baghjan, located close to the Dibru-Saikhowa National Park (DSNP) and Maguri Motapung wetland, had a Read more

The Supreme Court on Wednesday asked Vedanta to explain why it should be allowed to recover $499 million, instead of $198 million capped by the government, for development of the Ravva oil and gas fields off the Andhra Pradesh coast between 2000 and 2007. A bench led by Justice SA Nazeer sought response from Vedanta Read more

Saudi national oil company Aramco has donated $500,000 (about Rs 3.8 crore) to the Indian Red Cross Society to support its efforts to contain the spread of Covid-19.The humanitarian support is part of Aramco’s global response to Covid-19, the company said in a statement. “The donation will be used to buy protective equipment and medical Read more

In a push to gain rapid political and economic ascendency across the globe, China is dispensing billions of dollars in the form of concessional loans to developing countries China has been using the financial tool of debt to gain influence across the world and grab considerable power in India’s neighbouring countries, thereby increasing the amount Read more

“Unbridled” hike in fuel prices coupled with extortion at border check-posts in states has hit truckers hard and if the government fails to intervene, disruption of transport services cannot be ruled out, transporters’ body AIMTC said on Wednesday. The All India Motor Transport Congress (AIMTC) is the apex umbrella body of transporters, representing about 95 Read more

NEW DELHI : The Supreme Court on Wednesday issued notice to Vedanta Limited, Ravva Oil Limited and Videocon Industries Limited on the plea seeking stay on Delhi High Court’s order allowing the enforcement of the arbitrations award allowing Vedanta Ltd and Videocon Industries Ltd to recover $499 million instead of $198 million capped by the Read more

NEW YORK- Oil prices rose 3% in volatile trade 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 LCOc1 ended the session up $1.24, or 3.1%, at $40.96 a Read more

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. Read more

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 Read more

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 Read more

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 Read more

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 Read more

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 Read more

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 Read more