LONDON, Commodities trader Trafigura has seized the moment and taken a rare dominant position in the North Sea crude market over the past two weeks as oil demand jumped, trading sources said. A combination of OPEC-led global production cuts, cheap freight rates and oil stuck in floating storage sent crude markets into overdrive starting at Read more

The Modi government’s decision to raise the price of subsidised cylinder over the past several months, including the recent fall in non-subsidised LPG price, has led to zero subsidy for the first time in years. According to an estimation by a Nomura report, oil firms are likely to end up making an over-recovery of Rs Read more

New Delhi: Spot prices of liquefied natural gas (LNG) have fallen sharply to $1.3 per unit, which has serious implications for India because it will be difficult to sell the fuel to factories as supplies under long-term contracts have a much higher rate of $5-7. Industry fears a flood of disputes and litigation as factories Read more

In an effort to boost Make in India initiatives and further the goal of Aatmanirbhar Bharat, state-run GAIL India is processing line pipe tenders of more than Rs 1,000 crore for around 100,000 tonne steel procurement by September 2020. This would translate to progressive supply of 800 kilometre of line pipe from domestic bidders. This Read more

New Delhi: India’s petroleum product demand is expected to fall by eight per cent to 4,597 thousand barrels per day in 2020, International Energy Agency (IEA) said as part of its May oil market report. “We expect oil demand to fall by 180 kb/d y-o-y in 1Q20 and 1.3 mb/d in 2Q20. Consumption should return Read more

NEW YORK, Global benchmark Brent rose more than 1% on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease coronavirus restrictions on people’s movements. Oil has slumped in 2020, with Brent hitting a 21-year low below $16 a barrel in April as demand Read more

NEW YORK: Global benchmark Brent rose on Thursday to its highest since March, supported by lower US crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people’s movements imposed due to the coronavirus crisis. Crude prices have slumped in 2020, with Brent hitting a 21-year low below $16 a barrel in Read more

Administrator of National Energy Administration, People’s Republic of China, HE Zhang Jianhua and delegation, along with HE Wang Qun, Permanent Representative and Ambassador Plenipotentiary and Extraordinary of the Permanent Mission of the People’s Republic of China to the United Nations and other International Organisations in Vienna, met with OPEC Secretary General HE Mohammad Sanusi Barkindo Read more

The COVID-19 pandemic has dramatically changed the short-term outlook for global vehicle manufacturing industry and sales, including sales of electric vehicles (EVs).But policy actions to support decarbonization and lower-emission transportation in the post-virus world could accelerate the energy transition and displace larger volumes of oil demand for road transport to the point of bringing peak Read more

China hopes soon to restore the previous structure of energy consumption prior to the situation with the spread of the coronavirus COVID-19, wants to cooperate with OPEC to stabilize world oil industry, OPEC announced following the talks, its General Secretary Mohammed Barkindo with the head of the National energy office (National Energy Administration) China Jang Read more

Guwahati: PSU major Oil India Ltd (OIL) on Wednesday claimed it will drill seven wells inside the Dibru-Saikhowa National Park from about 1.5 km distance outside the boundary of the forest with the help of advanced technology. After the company published an advertisement in a leading newspaper on Tuesday about the development, netizens protested on Read more

The Trump administration has lowered royalties for several drilling companies producing oil and gas on federal lands, according to a government database, as the industry seeks help weathering low energy prices. The move shows drillers are taking the government up on its offer to consider royalty cuts on a case-by-case basis after rejecting industry calls Read more

It’s going to take months for oil demand in the world’s third biggest market to get back to pre-virus levels as India faces its deepest recession ever in the wake of its near two-month lockdown. Once the engine of global oil demand growth, India’s fuel consumption collapsed by as much as 70% at one stage Read more

The government has distributed 68 million free cooking gas cylinders under Prime Minister Garib Kalyan Yojana (PMGKY) since April 1, the oil ministry said. Distribution of free cooking gas cylinder is part of the Rs 1.7 lakh crore package announced on March 26 to provide immediate relief to the poor from the nationwide lockdown to Read more

Minister of Petroleum and Natural Gas and Steel Shri Dharmendra Pradhan today reviewed pipeline projects worth approx. Rs. 8000 Cr under various stages of implementation by oil and gas companies. Pitching for Atmanirbhar Bharat in pipeline projects, Minister Pradhan called for complete indigenisation in these projects. Through a series of tweets, he provided details of Read more