Both US and UK crude rallied on Friday following a flabbergasting US employment data that revealed the US economy had added 2.5 million jobs in May, leading to a decline of unemployment rate to 13.3 per cent from a record 14.7 per cent a month earlier and insanely beating an analysts’ estimate of a drop Read more

The tanker market has gone through some major shifts in demand and fundamentals in the past few months, as a result of the pandemic and its effect on crude oil demand. However, as the contango plays which emanated from this, start to fade, a return to the market’s fundamentals is bound to shift tanker demand Read more

Under pressure in Libya–where it’s gone head-to-head with General Haftar in an ongoing battle to decide who gets to ultimately control the country’s oil revenues–and floundering in Syria, Turkey is once again upping the ante in the Mediterranean, this time preparing to issue new oil and gas exploration licenses in direct confrontation with the European Read more

OPEC, Russia and their allies hold talks on Saturday on extending record oil production cuts that have doubled oil prices since April and will push countries such as Iraq and Nigeria to deliver better compliance with the curbs. Nigeria’s oil minister said he expected an extension deal, which already has the backing of Russia and Read more

BENGHAZI, Libya, Production at Libya’s giant Sharara oilfield was gradually restarting on Saturday after a blockade closed the 300,000 barrels-per-day field for more than four months, two engineers from the field said. The restart at the field in southwest Libya followed a rapid military retreat by forces loyal to eastern-based commander Khalifa Haftar, whose allies Read more

The Liberian Government is seeking interest from companies on participating in the offshore license round, which was open since April 10, 2020. But, due to the COVID-19 pandemic, the Government has decided to move the bidding rounds online in order to restrict coronavirus transmission. Early this year, President Dr. George M. Weah announced the opening Read more

NEW DELHI : With fuel demand recovering due to the easing of lockdown restrictions and Brent crude oil trading above $40, state-run fuel retailers today increased the price of petrol and diesel by 60 paise a litre each. This is the first time in around 80 days that oil marketing companies have changed the base Read more

New Delhi, Weeks after the coronavirus lockdown led to fuel sales nosediving to record lows, Indian Oil Corp (IOC), the nation”s largest oil firm, sees demand returning with the resumption of economic activities. The company said though it is on track to spend the approved capital expenditure for 2020-21, it has “critically examined all capex Read more

The road transport and highways ministry has mandated a special identification for Bharat Stage (BS) VI four wheeler vehicles from October 1. The government has called for providing a green strip on the sticker of registration details on the BS VI four wheelers, such that these vehicles can be identified easily. This will be applicable Read more

MOSCOW/DUBAI/LONDON: OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market. The group, known as OPEC+, also demanded countries such as Nigeria and Read more

NEW YORK: Oil fell on Wednesday after jumping for awhile above $40 a barrel, the highest since March, then retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.Oil prices were also were pressured as US refined product inventories surged Read more

Oil rose on Wednesday, topping $40 a barrel for the first time since March, supported by lower U.S. inventories, expectations that Organization of the Petroleum Exporting Countries and other producers including Russia (OPEC+) will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis. Suggesting a supply glut is on Read more

The grand alliance that’s helped revive global oil markets is being rattled by a long-running feud over members breaking their promises.Just a day before a proposed gathering on Thursday, the OPEC+ coalition hurriedly backtracked from the meeting intended to green-light an extension of its deepest production cutbacks and prop up crude prices. Saudi Arabia and Read more

OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters. OPEC+ agreed to cut output by a record 9.7 million barrels per day, or about 10% of Read more

LONDON: When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in US output. Now that crude has rallied on the back of those cuts from below $20 a barrel to $40 or Read more