NEW DELHI: India is looking at storing some low priced US oil in facilities there as its local storage is full, oil minister Dharmendra Pradhan said.India’s plan could be similar to a move by Australia, which last month said it would build up an emergency oil stockpile initially by buying crude to store in the Read more

In the course of trading on Friday oil prices significantly reduced on the negative signals from China, the investor sentiment is also affected by the increasing tensions between Washington and Beijing. The cost of July futures for Brent crude on the London ICE Futures exchange to 18:15 MSK was $34,55 per barrel, or $1,51 (4.19 Read more

NEW YORK: Oil prices tumbled about 4 per cent on Friday on rising US-China tensions and doubts about how quickly fuel demand would recover from the coronavirus crisis. Fuel demand plummeted as the coronavirus pandemic caused governments to impose restrictions on movement and businesses closed their doors. Oil has rallied in recent days on as Read more

MOSCOW, Spain’s Repsol has pulled out of a planned joint venture to develop two Arctic oil blocks with Russia’s Gazprom Neft and Royal Dutch Shell, a spokesman at Repsol said on Friday. Gazprom Neft, the oil arm of Russian gas giant Gazprom , Repsol and Shell signed a memorandum of understanding last June on establishing Read more

Texas: Royalties from oil pumped on Paul Ruckman’s land allowed the South Texas retiree to build a six-bedroom, seven-bathroom vacation home. He had plenty left over, and donated some of it to Helena, Texas, an 1800s ghost town that draws hundreds to historic buildings and gunfight re-enactments. The worst oil bust in decades has slashed Read more

MOSCOW, Russia’s state holding company Rosneftegaz has relinquished its controlling stake in the country’s largest oil producer, Rosneft, Rosneft said on Friday, after Rosneft’s exit from Venezuela. Rosneft disposed of its assets in Venezuela two months ago as the United States stepped up sanctions against the firm. Analysts have said that the renunciation of state Read more

The U.S. and Canadian oil and natural gas rig count fell to all-time lows as North American energy firms slashed spending after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in the week to May Read more

LONDON, Commodities trader Trafigura has seized the moment and taken a rare dominant position in the North Sea crude market over the past two weeks as oil demand jumped, trading sources said. A combination of OPEC-led global production cuts, cheap freight rates and oil stuck in floating storage sent crude markets into overdrive starting at Read more

The Modi government’s decision to raise the price of subsidised cylinder over the past several months, including the recent fall in non-subsidised LPG price, has led to zero subsidy for the first time in years. According to an estimation by a Nomura report, oil firms are likely to end up making an over-recovery of Rs Read more

New Delhi: Spot prices of liquefied natural gas (LNG) have fallen sharply to $1.3 per unit, which has serious implications for India because it will be difficult to sell the fuel to factories as supplies under long-term contracts have a much higher rate of $5-7. Industry fears a flood of disputes and litigation as factories Read more

In an effort to boost Make in India initiatives and further the goal of Aatmanirbhar Bharat, state-run GAIL India is processing line pipe tenders of more than Rs 1,000 crore for around 100,000 tonne steel procurement by September 2020. This would translate to progressive supply of 800 kilometre of line pipe from domestic bidders. This Read more

New Delhi: India’s petroleum product demand is expected to fall by eight per cent to 4,597 thousand barrels per day in 2020, International Energy Agency (IEA) said as part of its May oil market report. “We expect oil demand to fall by 180 kb/d y-o-y in 1Q20 and 1.3 mb/d in 2Q20. Consumption should return Read more

NEW YORK, Global benchmark Brent rose more than 1% on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease coronavirus restrictions on people’s movements. Oil has slumped in 2020, with Brent hitting a 21-year low below $16 a barrel in April as demand Read more

NEW YORK: Global benchmark Brent rose on Thursday to its highest since March, supported by lower US crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people’s movements imposed due to the coronavirus crisis. Crude prices have slumped in 2020, with Brent hitting a 21-year low below $16 a barrel in Read more

Administrator of National Energy Administration, People’s Republic of China, HE Zhang Jianhua and delegation, along with HE Wang Qun, Permanent Representative and Ambassador Plenipotentiary and Extraordinary of the Permanent Mission of the People’s Republic of China to the United Nations and other International Organisations in Vienna, met with OPEC Secretary General HE Mohammad Sanusi Barkindo Read more