NEW YORK – Oil prices rose to their highest since early March on Wednesday after U.S. crude inventories fell sharply and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook. Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April Read more

Oil extended its rally and hit a two-week high after an explosion at Lebanon’s main port rocked the capital Beirut, pointing to geopolitical instability in the region. U.S. benchmark crude futures climbed as much as 2.5% on Aug. 3 after the blast. Footage showed a huge plume of smoke billowing into the sky over the Read more

NEW YORK – Brent oil futures on Tuesday closed at their highest since early March on hopes the United States is making progress on a new economic stimulus package, as well as curbing the coronavirus spread. Brent rose 28 cents, or 0.6%, to settle at $44.43 a barrel, its highest close since March 6. U.S. Read more

Oil posted a gain last month, boosted by a steadily weakening US dollar and OPEC’s restraint on production.Deep crude output curbs by the OPEC and its allies have helped futures rebound from their plunge below zero in April, yet the unprecedented cuts are set to ease in a matter of days. On Friday, crude oil Read more

LONDON: OPEC oil output has risen by more than 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance. The 13-member Organization of the Petroleum Exporting Countries pumped 23.32 million Read more

NEW YORK – Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election. Investors sold riskier assets following Trump’s tweet that raised the prospect of delaying the vote. The date of the U.S. election is Read more

Sluggish oil demand recovery with resurging coronavirus cases in many parts of the U.S. and the world and the return of previously withheld production from OPEC+ and North America have combined to flip the oil futures curve again to a sign of a new glut looming this year. According to Reuters estimates, the Brent Crude Read more

U.S. crude oil inventories shed an impressive 10.6 million barrels in the week to July 24, the Energy Information Administration reported today. This compares with a build of 4.9 million barrels for the previous week. However, inventories remain 17 percent above the five-year seasonal average. A day earlier, the American Petroleum Institute reported an estimated Read more

Oil prices edged up on Wednesday after a steep drop in US crude inventories, but another record day for COVID-19 cases worldwide kept gains in check.Brent crude futures gained 35 cents to $43.57 a barrel by 10:57 a.m. EDT (1457 GMT). US West Texas Intermediate crude futures were up 18 cents to $41.22. US crude Read more

BILLINGS, Mont. — U.S. energy consumption plummeted to its lowest level in more than 30 years this spring as the nation’s economy largely shut down because of the coronavirus, federal officials reported Wednesday. The drop was driven by less demand for coal that is burned for electricity and oil that’s refined into gasoline and jet Read more

Even as a gas well operated by Oil India Limited (OIL) in Baghjan, Assam, continues to blaze out of control, the same company wants to drill for oil just a kilometre away from the site – at the edge of a national park. The company’s 200-page environmental impact assessment (EIA) report reveals the company took Read more

Oil India Limited (OIL) is planning dummy run of the final capping operation and subsequent killing operation at its Baghjan oilfield in Assam where a well is spewing gas for over two months. Considering the critical nature of the operations, a dummy run is being planned to be carried out with heavy machinery before the Read more

India’s much heralded Krishna Godavari basin deepwater gas projects will drive domestic gas production growth over the next few years. Combined, the projects will add over 1 bcfd of new supply by 2023. But only a small proportion of this supply has been contracted to date. With India’s gas market shaken by Covid-19, and low Read more

Petronet LNG Ltd (PLL) is betting big on the completion of gas pipelines to Mangaluru from its Kochi terminal to enhance its business volumes. The connectivity to Mangaluru is to be completed by the Gas Authority of India Ltd (GAIL) any time soon. This is expected to double PLL’s capacity utilisation to 40-45 per cent Read more

Supermajors BP Plc and Total of France may not bid for the acquisition of Bharat Petroleum Corp Ltd (BPCL) as foreign investors weigh inflexible locations of company’s oil refineries as well as tough labour laws against access to world’s fastest-growing fuel market. Among the probables who could bid to buy government’s entire 52.98 per cent Read more