NEW YORK Oil prices slipped on Tuesday as investors worried that rising COVID-19 cases would hurt demand while supply could rise with a potential resurgence of Libyan oil production, which has slowed to a trickle since the start of the year. The more-active September contract for Brent LCOc2 was down 5 cents at $41.80 a Read more

LONDON: Oil prices slipped on Tuesday amid rising COVID-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year. The more-active September contract for Brent fell 22 cents, or 0.5 per cent, to $41.63 a barrel by 0832 GMT, paring Monday’s 92 cent Read more

The oil markets are not “out of the woods” just yet, OPEC’s Secretary General Mohammad Barkindo told a virtual panel organized by the Canada-UAE Business Council, cited by The National. The UAE’s Energy Minister Suhail Al Mazrouei, also on the panel, echoed the sentiment, saying that the oil industry was “still in the woods.”The sober Read more

The company predicted the write-down for the quarter and said it continues “to adapt to ensure the business remains resilient” in challenging times. Shell writes down oil and gas assets by $22 billion Energy producer Royal Dutch Shell warned Tuesday it will slash the value of its assets by $22 billion to account for lower Read more

Saudi Arabia seems to have made good on its promise to cut oil production by a record amount in June. Observed Saudi crude exports for this month fell to 5.7 million barrels a day through June 29, the lowest since Bloomberg began tracking the flows at the start of 2017. That compares with 6.2 million Read more

LONDON: Opec oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters survey found, pushing group compliance in a supply reduction pact above 100% despite incomplete adherence by Iraq and Nigeria. The 13-member Organisation of the Petroleum Exporting Countries pumped 22.62 million Read more

NEW YORK, U.S. crude oil production dropped 669,000 barrels per day to 12.06 million bpd in April, the government said in a monthly report on Tuesday. The decline came as production fell 234,000 bpd in Texas, the largest oil-producing state, and 195,000 bpd in North Dakota. Output fell 16,000 bpd in federal waters in the Read more

In a first, India’s biggest LNG importer Petronet on Tuesday said it is close to signing a long-term LNG deal benchmarked to daily or spot prices, which generally are lower than standard rates of such contracts. India bought liquefied natural gas (LNG) under long-term contracts from Qatar and Australia at an average of USD 3.5-4.5 Read more

Gujarat State Petronet announced that Petroleum and Natural Gas Regulatory Board (PNGRB) has vide its Letters dated 29 June, 2020, accepted the proposal made by the Company to transfer the Authorizations for developing City Gas Distribution (CGD) Network in the Geographical Areas of Amritsar District and Bhatinda District to Gujarat Gas (GGL). GGL is required Read more

The Indian Oil Corporation, National Thermal Power Corporation, and South Delhi Municipal Corporation (SDMC) on Tuesday signed an MoU to develop a waste-to-energy facility at Okhla landfill site using gasification technology. This plant will process 17,500 tons per annum of Refuse Derived Fuel (RDF) produced from combustible components of municipal waste to generate syngas which Read more

State-owned Indian Oil Corp (IOC) on Tuesday said it has set up a joint venture with Bangladesh’s RR Holdings Ltd for LPG business in the neighbouring country. “IOC Middle East FZE, Dubai, a wholly-owned subsidiary of IOC, and RR Holdings Ltd, Ras Al Khaimah, UAE, the holding company of Beximco LPG of Bangladesh, signed an Read more

NEW YORK: Oil prices edged higher on Monday, after bullish data from Asia and Europe, but sharp spikes in new coronavirus infections around the world tempered gains.Brent crude rose 30 cents, or 0.7 per cent, to $41.32 a barrel by 11:12 a.m. EDT (1512 GMT). US crude rose 44 cents, or 1.1 per cent, to Read more

Oil prices that had been declining in the morning, the day erased losses and began to rise.Investors shifted attention to the prospects for economic recovery and hopes for new monetary stimulus after the people’s Bank of China (PBOC) promised to use new monetary policy tools to maintain adequate liquidity, Trading Economics writes. The cost of Read more

In Dubai on Friday, the temperature reached 40 Celsius, nothing surprising for this time of year. Yet Verkhoyansk in Siberia, north of the Arctic Circle, hit 38 degrees, an Arctic record. This shocking occurrence, in one of the coldest places in the world during winter at -50 degrees, warns the petroleum industry that rapid, transformational Read more

China’s state-owned oil companies—Sinopec, CNOOC, PetroChina, and Sinochem—are discussing an arrangement to buy crude oil together instead of individually, to avoid bidding wars and gain more bargaining power, unnamed sources in the know told Bloomberg. The group has already secured the support of the central government and its first step as a collective buyer would Read more