NEW YORK: Oil prices rose on Tuesday as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020, but gains were capped by worries about a second wave of coronavirus cases. Brent crude futures were up 59 cents, or 1.5 per cent, to $40.31 a barrel by 11:13 a.m. Read more

This was supposed to be Saudi Arabia’s year to shine as host of the prestigious G20 gathering of world leaders. The event would have seen Crown Prince Mohammed bin Salman share handshakes and wide smiles with presidents and prime ministers. Instead, the gathering this November will likely be a virtual meet-up, stripping its host of Read more

Venezuela’s oil exports have fallen nearly 28% in the first half of June, on course for its lowest level in over 70 years as tanker owners and operators suspend contracts for transporting crude from once South America’s largest oil supplier, according to documents and data on Tuesday. Shipping firms are avoiding Venezuela after the United Read more

Massive build-ups in stocks in recent months are set to keep profit margins for refining crude into petroleum products like road and aviation fuels subdued, the International Energy Agency said on Tuesday. “Large implied product stock builds set the stage for a subdued margin environment for the near future,” the IEA warned.The new coronavirus outbreak Read more

Driller charged over contamination in ‘Gasland’ townNew Delhi: An energy company faces felony charges for polluting residential water wells in a Pennsylvania community that has long been a battleground in the national debate over natural gas drilling and fracking. Houston-based Cabot Oil & Gas Corp. was charged Monday following a grand jury investigation that found Read more

Guwahati: As gas continued to flow uncontrollably and a fire raged on at a natural gas well of OIL in Assam’s Baghjan, the Army on Monday joined efforts to douse the blaze after the civil administration sought its help in constructing a bridge over an adjoining water body. The state-run Oil India Limited (OIL), in Read more

India’s fuel demand has reached 80-85 per cent of pre-Covid levels in the first half of June but return to 5 per cent growth trajectory may take up to two years, Oil Minister Dharmendra Pradhan and industry leaders said on Tuesday. Fuel sales in the world’s third biggest oil consuming nation had fallen to their Read more

Jet fuel or ATF price on Tuesday was hiked by 16.3 per cent while petrol price was increased by 47 paise per litre and that of diesel by a record 93 paise on the back of firming international oil rates. Aviation turbine fuel (ATF) price was hiked by Rs 5,494.5 per kilolitre (kl), or 16.3 Read more

MUMBAI : State-run Hindustan Petroleum Corporation Ltd (HPCL) will invest ₹12000 crore in capital expansion during the current fiscal. The refiner said it has not revised its capex downward despite the covid-19 impact on the company. “We are would be spending ₹12000 crore towards capital expenditure. For new projects, we will be prioritizing or phasing Read more

India aims to double its refining capacity to 450-500 million tonnes (mt) in the next 10 years, said Union petroleum and steel minister Dharmendra Pradhan on Tuesday. The country has already planned the world’s largest refinery in the western coast, on which work will start soon, said Pradhan. The $44-billion west coast refinery project, with Read more

LONDON, Hedge fund managers show little directional conviction on petroleum prices after crude futures doubled between late April and early June, suggesting most now see upside and downside risks as finely balanced. For the second week running, fund managers made no significant changes in their positioning in any of the six most import futures and Read more

New Delhi: Crude oil futures on Monday dropped 3.58 per cent to Rs 2,640 per barrel as participants trimmed their positions on weak global cues. On the Multi Commodity Exchange, crude oil for June delivery fell by Rs 98, or 3.58 per cent, to Rs 2,640 per barrel with a business volume of 4,493 lots. Read more

Refiners in the Asia-Pacific region (APR) are showing increased interest in Russian oil Urals in the face of declining offers moderate alternative raw materials from the Middle East due to the OPEC agreement, according to the Agency Argus.Given the limited oil requirements of European companies that are major buyers in the Urals, the APR becomes Read more

Mexican President Andres Manuel Lopez Obrador said on Monday he would sell gasoline to Venezuela for “humanitarian” reasons if asked to, despite U.S. sanctions on the South American country and its state-run oil firm, PDVSA. Lopez Obrador said he had not received such a request from the Venezuelan government. President Donald Trump’s administration wants to Read more

SINGAPORE: World’s largest oil exporter Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday.The cuts were mainly for medium and heavy grades and were seen at refineries in countries such as China, the sources with knowledge of the matter Read more