A day after Moody’s downgraded India’s credit rating to a notch above junk status on growth concerns, Prime Minister Narendra Modi on Tuesday asserted that the country will definitely get back its economic growth and said reforms undertaken during the lockdown will help the economy in the long-run. Pledging to undertake more structural reforms that Read more

MUMBAI: As states begin a phased exit from an over two-month lockdown, to contain the spread of covid-19, and economic activity resumes, refiners are beginning to ramp up production anticipating a pick up in fuel demand. Demand for fuel had nearly disappeared as the lockdown had led to a fall in vehicular traffic, with movement Read more

LONDON: Oil prices were steady on Monday helped by reports that OPEC and Russia were closer to a deal on extending oil cuts but held back by renewed tension between the United States and China.Benchmark Brent crude was up 10 cents, or 0.3 per cent, at $37.94 a barrel at 0854 GMT. US crude had Read more

Oil prices fell nearly 1 per cent on Monday as traders hedged bets with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June. Brent crude fell 34 cents to $37.50 a barrel, in the first day of trading in Read more

The Russian and US presidents today discussed the oil markets and the ongoing Opec+ agreement, ahead of a series of meetings that may happen this week.The Kremlin said that Vladimir Putin and Donald Trump “noted that this multilateral agreement, reached with the active support of the presidents of Russia and the US, leads to a Read more

DUBAI/MOSCOW: Opec and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three Opec+ sources told Reuters on Monday. Opec+ decided in April to cut output by a record 9.7 million barrels per day, or about Read more

LONDON – While OPEC has helped global oil markets recover from the coronavirus crisis, the cartel will soon face a new challenge: the mountain of unwanted crude that piled up during the pandemic. When the Organization of Petroleum Exporting Countries and its partners meet in just over a week, the unprecedented accumulation of oil inventories Read more

The Trump administration has backed off its regular oil and gas lease sale schedule, postponing at least two auctions that had been set for later this month after delaying a major sale in New Mexico in May, according to an official web site. The moves mark a shift for the U.S. Department of Interior, which Read more

Bitcoin educator Andreas Antonopoulos sees the recent downturn in oil prices as a net positive for crypto miners worldwide, particularly those at the Bitmain mining facility in Texas, Cointelegraph reported. In a video he posted to his YouTube channel titled Down the Rabbit Hole, Antonopoulos said falling oil prices will benefit crypto miners by providing Read more

Gross tax revenues of the government in April were ₹67,557 crore against the backdrop of the covid-19 outbreak, 44.3% lower than in April 2019. There’s not much that the government can do about falling revenues this time, but it can prepare for the next time. Mint explains. What is the genesis of this idea? This Read more

India is losing the advantage of substantially low international oil prices as its cost of crude imports in rupee terms has surged 69% in just two months, forcing state-run companies to raise the cooking gas price for the first time since February by Rs 11.50 a cylinder. State-run Indian Oil Corporation (IOC), the country’s largest Read more

Aviation turbine fuel (ATF) price in the national Capital was on Monday hiked by a steep 56.5 per cent, or Rs 12,126.75 per kilolitre (kl), to Rs 33,575.37 a kl (from Rs 21,448.62 a kl in May) and that of non-subsidised liquefied petroleum gas (cooking gas or LPG) by Rs 11.5 to Rs 593 per Read more

After doorstep conveyance of diesel, the administration is seeing beginning home conveyance of petroleum and CNG for the more prominent comfort of clients, Oil Minister Dharmendra Pradhan said on Friday.Also, the legislature is taking a gander at disclosing another fuel retailing model where a wide range of energizes — petroleum, diesel, CNG, LNG and LPG Read more

Global oil prices soared again on Friday, with US futures ending May with fantastical record monthly gains on hopes global output would fall fast enough to meet a rise in global consumption. Those hopes were supported by a fall in the number of US and Canadian oil and gas rigs to record lows which signal Read more

Abu Dhabi: Oil prices extended their rally for a fifth consecutive weekly high, as oil markets ended the month May on a positive note driven by production cuts and global economies easing their lockdown measures. Brent was trading at $37.84 on Friday’s closing, with West Texas Intermediate (WTI) on $35.49, as the American benchmark recorded Read more