JODIDUBAI: Saudi Arabia’s crude oil exports in March rose by 113,000 barrels per day (bpd)to 7.391 million barrels per day from 7.278 million bpd in February, official data showed on Monday. Saudi Arabia built up its crude stocks in March by more than 3.5 million barrels to 2,964 million barrels from minus 0.683 million barrels Read more

LONDON, Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have successfully engineered a prospective deficit in the oil market, boosting spot prices and calendar spreads over the last four weeks. Front-month Brent futures prices have risen by more than $15 per barrel (80%) since the second trimester of April, while Read more

Google says it will no longer build custom artificial intelligence tools for speeding up oil and gas extraction, separating itself from cloud computing rivals Microsoft and Amazon. The announcement followed a Greenpeace report Tuesday that documents how the three tech giants are using AI and computing power to help oil companies find and access oil Read more

LONDON – Exxon Mobil has relaunched the sale of its stake in Azerbaijan’s largest oilfield, the company said on Tuesday, as banking and industry sources said the move was drawing interest from large Asian oil and gas companies seeking to capitalize on the recent collapse in oil prices. The top U.S. oil and gas company Read more

Singapore — State-run Indian Oil Corp. is working on a long-term energy transition strategy, which would involve producing hydrogen in a cost-effective way as well as developing technology to combine compressed natural gas with hydrogen, its chairman Sanjiv Singh told S&P Global Platts in an interview. In addition to refining and fertilizers, hydrogen provides a Read more

While announcing economic reforms in the light of Covid-19 imapct on businesses and Governance, India’s Finance Minister has made a big announcement: Every PSU in India will be now privatized, except 4 in strategic sectors. Is this India’s biggest privatization drive? In a big decision, Govt has now announced that all PSUs in non-strategic sectors Read more

Petroleum minister Dharmendra Pradhan said oil prices will “bounce back” sometime in the near future. “People will be not be affected,” Pradhan said, adding that the government will have to save some money. Speaking to News18, Pradhan said the government has not hiked retail prices during the COVID-19 outbreak. On May 5, excise duty on Read more

Mumbai: There are eight states, with high concentration of red zones, which account for 60% of the country’s GDP and 58% of the workforce at the end of the third phase of the lockdown. This could prove to be a major challenge for reviving economic activity. Three states — Maharashtra, Tamil Nadu and Gujarat — Read more

LONDON: Oil prices slumped again on Monday on concerns over scarce storage capacity, especially in the United States, and global economic doldrums from the coronavirus pandemic. US oil futures led losses, falling by more than $4 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon. US West Texas Intermediate June Read more

Cairn Oil & Gas said on Monday it continues to produce oil and gas for the country’s energy security needs despite the twin challenges of global oil prices tanking along with COVID-19 pandemic and ensuing lockdown. India’s largest private oil and gas exploration and production company has maintained production at 160 thousand barrels of oil Read more

Japan could see roughly 13 million barrels of surplus crude supply over domestic demand in June amid plummeting petroleum consumption in the midst of the coronavirus pandemic, pressuring refiners to delay some of their term supply after June, according to S&P Global Platts calculations based on industry information. At least one Japanese refiner confirmed it Read more

The U.S. has again granted Iraq only a month-long sanctions waiver enabling the government to continue importing gas and electricity from Iran, two Iraqi officials said, a sign of Washington’s growing impatience as a deadline looms for Iraq’s latest prime minister-designate to form a government . The issuance of another 30-day waiver was communicated the Read more

GUWAHATI: Assam based Numaligarh Refinery Limited (NRL) has resumed work on project worth Rs. 2043 crore. These projects include bio refinery project, Indo-Bangladesh pipeline project and work of an office in Guwahati. Managing Director of NRL S K Barua tweeted, “NRL has resumed works of its capital projects in Assam worth over Rs.2000 Crs observing Read more

Low oil prices are an opportunity for India to stock up on the commodity, and the pumps at Indian Strategic Petroleum Reserves Ltd’s (ISPRL) underground storage caverns are busy. The public sector company’s MD and CEO HPS Ahuja told BusinessLine on Saturday that the country’s storage caverns, in Visakhapatnam, Mangaluru and Padur (Karnataka), which together Read more

New Delhi: India’s shift to improved vehicle emission standards in BS-VI compliant petrol and diesel would have a positive impact on air quality but the improvement will be almost immediate if the shift was to highly clean gaseous fuels such as auto-LPG, the Indian Auto LPG Coalition said Monday. Auto-LPG stakeholders in the country insist Read more