LAUNCESTON: The latest International Energy Agency (IEA) report on the global natural gas market makes sombre reading, especially for current and would-be producers of the super-chilled version of the fuel. No doubt much of the commentary on the report, issued on Wednesday, will be around the headline forecast that global natural gas demand will drop Read more

NEW DELHI : The shortfall in goods and services tax (GST) cess collection, used for compensating states for their revenue losses, and the proposed compliance relief to businesses for late filing of tax returns, will dominate the GST Council’s meeting on Friday, said two people familiar with the matter, requesting anonymity. Members of the GST Read more

Oil prices fell in early trade on Thursday on worries about slow demand growth with coronavirus cases rising, US crude stockpiles hitting an all-time high and the US Federal Reserve projecting recovery from the pandemic would take years. US West Texas Intermediate (WTI) crude futures erased gains from Wednesday, falling as low as $38.42 a Read more

NEW YORK: Oil fell more than 2 per cent to below $41 a barrel on Wednesday after US data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand during the lingering coronavirus crisis. Crude stocks rose by 5.7 million barrels in the week to June 5 Read more

A ship carrying liquefied natural gas from Nigeria is expected to drop its cargo in Georgia as energy firms look for a place to store the super-cooled fuel with prices higher in the United States and stockpiles nearing full capacity in Europe. The ship, Madrid Spirit, does not have a destination listed, according to data Read more

U.S. crude oil stockpiles rose unexpectedly last week to an all-time high as refiners boosted imports, particularly from Saudi Arabia, while exports dropped to lows not seen since November. The Energy Information Administration also said on Wednesday that refined product demand ticked up, but still remained far below normal levels.Crude inventories rose 5.7 million barrels Read more

Unless oil prices move back up to the levels before the COVID-19 pandemic, the U.S. shale industry could collapse, the Institute for Economics & Peace, an Australian think-tank, warned in a new report on Wednesday. Moreover, the oil price plunge will likely affect the political regimes of some of OPEC’s largest producers, including top producer Read more

The meeting recalled the rights of peoples and nations to permanent sovereignty over their natural wealth and resources. The meeting reaffirmed the continued commitment of the participating producing countries in the ‘Declaration of Co-operation’ (DoC) to a stable market, the mutual interest of producing nations, the efficient, economic and secure supply to consumers, and a Read more

LONDON, Nigeria did not fully comply with a pact by oil producers to rein in output to balance markets but will make additional cuts to make up for the lapse by mid-July, the head of the Nigerian National Petroleum Corporation Mele Kyari said on Wednesday. Nigeria had exceeded its quota for production cuts under an Read more

SOFIA, Bulgaria has granted Spain’s Repsol permission to transfer 30% of the rights to explore a block off its Black Sea coastline for gas and oil to the other two rights holders. After the transfer, a unit of French oil company Total would hold 57.14% of the rights, while a unit of Austria’s OMV would Read more

KOCHI: Now, filling your vehicle’s fuel tank will be just as easy as placing an online food order. In a novel initiative, an Indian Oil outlet at Thoppumpady here has started delivering fuel to customers in various residential flats and commercial establishments as part of the effort to reduce the risk of virus transmission. At Read more

Swift action by the petroleum ministry has resulted int filling India’s 5.33 million metric tonnes (MMTs), or 39 million barrels, of strategic oil reserves to the brim at an average price of $25 per barrel before international oil prices started heading north, saving about Rs 5,000 crore of public money, two government officials said. Even Read more

Indian state-controlled refiners have written to Saudi Arabia and other Middle East crude suppliers expressing their concerns over a steep hike in formula prices for July. State-controlled Saudi Aramco set its July official prices (OSPs) for buyers in Asia-Pacific at a four-month high, as part of across-the-board increases that sharply exceeded the expectations of Asian Read more

After a temporary slowdown in 2020, India is set to emerge as one of the primary drivers of growth in gas demand in Asia, said a report by the International Energy Agency (IEA) report on the gas sector for the year 2020. Based on the IEA forecast, India is set to see an estimated 28 Read more

Oil rose in a late rally ahead of inventory data due later Tuesday and after Libya once again closed its top oil field shortly after reopening. Crude traded for a loss for most of the session as the market grapples with a surplus of fuels, most notably diesel. But demand optimism got a boost when Read more