LONDON, Nigeria did not fully comply with a pact by oil producers to rein in output to balance markets but will make additional cuts to make up for the lapse by mid-July, the head of the Nigerian National Petroleum Corporation Mele Kyari said on Wednesday. Nigeria had exceeded its quota for production cuts under an Read more

SOFIA, Bulgaria has granted Spain’s Repsol permission to transfer 30% of the rights to explore a block off its Black Sea coastline for gas and oil to the other two rights holders. After the transfer, a unit of French oil company Total would hold 57.14% of the rights, while a unit of Austria’s OMV would Read more

KOCHI: Now, filling your vehicle’s fuel tank will be just as easy as placing an online food order. In a novel initiative, an Indian Oil outlet at Thoppumpady here has started delivering fuel to customers in various residential flats and commercial establishments as part of the effort to reduce the risk of virus transmission. At Read more

Swift action by the petroleum ministry has resulted int filling India’s 5.33 million metric tonnes (MMTs), or 39 million barrels, of strategic oil reserves to the brim at an average price of $25 per barrel before international oil prices started heading north, saving about Rs 5,000 crore of public money, two government officials said. Even Read more

Indian state-controlled refiners have written to Saudi Arabia and other Middle East crude suppliers expressing their concerns over a steep hike in formula prices for July. State-controlled Saudi Aramco set its July official prices (OSPs) for buyers in Asia-Pacific at a four-month high, as part of across-the-board increases that sharply exceeded the expectations of Asian Read more

After a temporary slowdown in 2020, India is set to emerge as one of the primary drivers of growth in gas demand in Asia, said a report by the International Energy Agency (IEA) report on the gas sector for the year 2020. Based on the IEA forecast, India is set to see an estimated 28 Read more

Oil rose in a late rally ahead of inventory data due later Tuesday and after Libya once again closed its top oil field shortly after reopening. Crude traded for a loss for most of the session as the market grapples with a surplus of fuels, most notably diesel. But demand optimism got a boost when Read more

NEW YORK – Oil prices rose on Tuesday, as optimism about recent commitments from major oil producers to curb production offset concerns that a resurgence in coronavirus cases could hurt fuel demand.Brent crude rose 38 cents, or 0.9%, to settle at $41.18 a barrel. West Texas Intermediate crude (WTI) rose 75 cents, or 2%, to Read more

China’s province of Shandong – home to most of the country’s independent refiners – plans to shut down as much as 500,000 bpd refining capacity at the so-called teapots as it pushes forward with a huge US$20-billion refinery and petrochemical complex in the province, industry officials told Reuters. The province of Shandong has had plans Read more

SEOUL/BANGKOK/SINGAPORE : Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said. The average operating rate for refineries in Asia is expected to rise to 75.5% and 82.2% in the third and fourth quarters, Read more

Newly appointed oil minister Ihsan Abdul Jabbar affirmed in a phone call with his Saudi counterpart, Prince Abdul Aziz bin Salman, that Iraq was also committed to the production cut deal agreed after June and July. The Saudi minister stressed on Monday that the Kingdom’s determination to rebalance global oil markets in the wake of Read more

LAUNCESTON, Australia, Saudi Arabia’s decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world. State-controlled producer Saudi Aramco hoisted its official selling prices (OSPs) to all regions Read more

The natural gas industry is rapidly losing ground in the U.S. Northeast, beaten back by renewable energy, environmentalists, and stricter climate policy. Massachusetts Governor Charlie Baker, a Republican, signed an executive order at the start of 2020 that aimed for net zero emissions by 2050. The net zero by 2050 goal, although often non-binding, has Read more

Amassive fire broke out at the Baghjan oil well after an explosion on Tuesday afternoon and spread to nearby areas, burning houses and trees and prompting a second round of exodus after the recent blowout-driven evacuation. Television images showed flames leaping 30-40ft into the sky and ending in a plume of black smoke that people Read more

The dispute arises out of the production sharing contract between Cairn India and the government over exploration of the Ravva oil fields in the shallow offshore area of the Krishna-Godavari basin on the eastern coast of India between 2000 and 2007.The company had claimed that it had to incur more cost of exploration than what Read more