DUBAI/MOSCOW/LONDON – OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday. The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as Read more

COPENHAGEN – Denmark should end all future oil and gas exploration in the North Sea, an independent adviser to the government said on Thursday, saying it would hurt Denmark’s ambition as a front-runner in the fight against climate change. Denmark has set one of the most ambitious climate change targets in the world and the Read more

A special chartered fight that took off from Singapore on Thursday afternoon had an unusual destination in India — Dibrugarh Airport in Assam. The flight had a team of experts from Alert Disaster Control, one of the largest disaster management companies in the oil and gas sector. Amid Covid-19 restrictions it needed special permission from Read more

India saved Rs 5,000 crore in foreign exchange while strengthening its energy security by filling the strategic reserves to full capacity with cheap crude oil. strategic reserve, strategic oil reserve, crude oil, cheap crude oil. Out of the proposed strategic reserve of 6.5 MMT, India has commissioned 6.33 MMT of strategic oil reserves so far Read more

The Board of directors of Chennai Petroleum Corporation Limited (CPCL) has proposed the implementation of the 9 MMTPA Refinery Project at Cauvery Basin Refinery, Nagapattinam district, to the Board of Indian Oil Corporation Limited (IOCL). CPCL plans to do this through a joint venture, at an anticipated cost of Rs 28,983 crore. This project encompasses Read more

India has been in touch with the United States (US), the Russian Federation, Saudi Arabia and the UAE as part of efforts in monitoring market oil market developments and responses said Minister for Petroleum and Natural Gas, Dharmendra Pradhan. Pradhan said this during a bilateral meeting Mohammad Sanusi Barkindo, OPEC Secretary General via videoconference to Read more

New Delhi: Union Petroleum Minister Dharmendra Pradhan on Thursday called for responsible steps to achieve global energy stability.Pradhan who held a discussion with Dr Mohammed Barkindo, Secretary General, Organization of the Petroleum Exporting Countries (OPEC) through Video Conference, highlighted the need for producing and consuming countries to take appropriate steps in the coming days to Read more

LONDON – Oil prices rose on Friday after an unexpected fall in the monthly U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts. Brent crude futures were up $2.40, or 6.0%, at $42.39 a barrel as of 1243 GMT. U.S. West Texas Intermediate (WTI) crude Read more

Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts. Brent crude futures were up $2.07, or 5.2%, at $42.07 a barrel, while West Texas Intermediate crude futures gained $2.14, or 5.7%, to settle Read more

A ship carrying liquefied natural gas from Nigeria is in the middle of the Atlantic Ocean and heading northwest and may drop its cargo in the United States. The ship, Madrid Spirit, does not have a destination listed on vessel tracking data from Refinitiv. Its travel has slowed in the past week or so, suggesting Read more

Electric cars were once something for hippies and techies. Now, they have become a part of the mainstream auto industry. In fact, many traditional carmakers have even unveiled plans for all-electric vehicles in the coming years. With support from governments around the globe, electric cars are gaining traction with consumers. A new ruling in Germany Read more

LONDON – Angola has cut the number of oil cargoes that it will ship to Chinese state firms to pay down debt to Beijing as it seeks to renegotiate repayment terms to deal with the crippling impact of the coronavirus, three sources familiar with the matter said. Angola said this week it had asked for Read more

U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a fifth week in a row even as some producers begin to reverse cuts as prices recover from historic lows caused by a slump in fuel demand amid coronavirus lockdowns. The U.S. oil and gas rig count, Read more

Oil India Limited on Thursday said gas is still leaking “uncontrollably” out of its Baghjan well in Assam’s Tinsukia district, more than a week after a major blowout at the spot. The company added that is adopting measures to avert a fire. A major blowout took place on May 27 at the company’s gas-producing well Read more

Chennai, Indian Oil Group company Chennai Petroleum Corporation Ltd has recorded an inventory write down of Rs 1,456 crore due to the impact of COVID-19 on its operations, the city-based company said on Friday. In a filing to BSE, CPCL said the international prices of crude crashed on account of poor demand in the wake Read more