SINGAPORE: Oil prices lost more ground on Thursday, with the market weighed down by a surprise increase in U.S. crude oil reserves as the coronavirus pandemic hits fuel consumption. U.S. crude and distillate inventories rose unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as a sharp Read more

NEW YORK: Oil were mostly steady on Thursday as rising US fuel inventories and concerns about the impact of surging coronavirus cases on energy demand offset a weaker dollar, which is usually supportive. Brent futures fell 8 cents, or 0.2%, to $44.21 a barrel by 11:57 a.m. EDT (1557 GMT), while US West Texas Intermediate Read more

Spending on oil and gas, and coal is still higher among members of G20 than spending on renewable energy, a data update from the Energy Policy Tracker has revealed. Across the group, since the start of the pandemic, governments had pledged at least $160.95 billion in fossil fuel investments, versus $123.75 billion in renewable energy Read more

Venezuelan opposition leader Juan Guaido’s U.S. envoy pledged on Thursday to investigate the possibility that Cuba is reselling oil and fuel the South American country ships to its political ally under favorable terms. Carlos Vecchio, whom Guaido named his ambassador to Washington after being recognized as Venezuela’s rightful president by dozens of countries, said President Read more

Somalia’s government has announced that it would hold its first-ever offshore licensing round this August, marking the starting point of Africa’s perhaps most adventurous oil frontiers. Still recovering from the disastrous consequences of the Civil War, Somalia currently produces no oil whatsoever and has no exploratory activity taking place. This does not hold back the Read more

Greece has warned it will do “whatever is necessary” to defend its sovereign rights in response to plans by neighbor Turkey to proceed with an oil-and-gas research mission south of Greek islands in the Eastern Mediterranean. The dispute over seabed mineral rights has led to increased navy deployments by both NATO members in the region, Read more

Work on plugging the natural gas well in Assam’s Baghjan where a fire has been raging since June 9, resumed on Thursday, a day after three foreign experts suffered burn injuries at the site following an explosion. The experts from a Singapore-based firm suffered minor burn injuries on Wednesday while removing the tubing head spool Read more

NEW DELHI/SINGAPORE: India’s top gas importer Petronet LNG is set to cancel its offer to buy an annual 1 million tonnes of liquefied natural gas (LNG) for 10 years, two sources said, as signing long-term contracts are not attractive in the current scenario. India is scouting for cheap gas for price-sensitive consumers as Prime Minister Read more

The government is likely to extend the deadline for bidding for the privatisation of Bharat Petroleum Corporation (BPCL) for the third time in a row, from the current date of July 31. According to sources, the extension of the timelines for expression of interest (EoI) may well be until international airline services are back in Read more

India’s crude oil processing gathered pace in June, rising 10.9 percent from May to 4.29 million barrels per day, as further easing of coronavirus-led curbs lifted fuel demand. Indian refiners’ crude processing posted its biggest drop in at least nearly two decades in April but rebounded to 3.87 million barrels per day (bpd) in May, Read more

New Delhi: In another step towards promoting green fuel, the government on Thursday said it has invited suggestions from stakeholders for inclusion of hydrogen-enriched CNG as an automative fuel. The Ministry of Road Transport and Highways has issued a draft notification seeking comments and suggestions from the public and all stakeholders for amendment to the Read more

The day oil prices changed in different directions, WTI crude oil, recouping part of the losses, tried to correct by raising, while Brent rose in price. The cost of the September futures for Brent crude on the London ICE Futures exchange to 14:26 totaled $accounting period by 43.46 per barrel, or $0,17 (0,39%) above the Read more

NEW YORK: Oil prices fell about 3% on Thursday as investors worried that renewed lockdowns to contain the spread of coronavirus in the United States would again sink fuel consumption. Brent crude futures fell $1.11, or 2.6%, to $42.18 a barrel by 10:43 a.m. EDT (1443 GMT), after gaining 0.5% on Wednesday. U.S. West Texas Read more

China has issued a third batch of non-state crude import quotas for 2020, sending the amount awarded so far this year more than 10pc above the total for 2019.The commerce ministry (MoC) issued another 26.84mn t (196mn bl) of import quotas to non-state firms, taking the total amount for 2020 to around 1.35bn bl (3.68mn Read more

Overall group output fell by 1.82mn b/d from May to 22.28mn b/d in June, the most depleted level since Argus began keeping records in January 1998.The decline came as Saudi Arabia, the UAE and Kuwait pledged combined extra cuts that took their respective ceilings under the Opec+ deal down to 7.49mn b/d, 2.35mn b/d and Read more