Kolkata, Major exploration and production (E&P) companies in the oil and gas sector of the country are increasing their exposure in digital technology to sustain operations in COVID-19 time, experts said on Friday. Adoption of the digital route has now become important for the sustainability of operations, maintenance and also in keeping liquidity, said director Read more

The slide in crude oil prices accelerated after the Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to September 4. A day earlier, the American Petroleum Institute added gloom to an already pessimistic market by reporting an inventory build of 2.97 million barrels for the same period. Read more

The record oil production cuts that OPEC+ initiated in response to the demand and oil price collapse have helped the oil market to stabilize in recent months. Yet, oil prices have been stuck in the low $40s since the end of the second quarter. While this is a huge improvement—double that of the lows seen Read more

China’s next five-year plan beginning in 2021 will call for increases to its mammoth state reserves of crude, strategic metals and farm goods, said officials familiar with the discussions. Beijing is keen to heed the lessons of the coronavirus crisis and deteriorating relations with the U.S. and its allies, according to the officials, who participated Read more

DUBAI/BAGHDAD/LONDON: A debate within Iraq over whether it should ask to be exempt from OPEC+ oil supply cuts has resurfaced as low prices squeeze its finances, challenging a government struggling to tackle the destruction of years of war and rampant corruption. OPEC’s second-biggest producer, Iraq has failed in the past to fully comply with OPEC+ Read more

New Delhi: India will soon launch a bid round to give out licences for retailing gas in cities to help extend the coverage of environment-friendly fuel to about 500 cities, Oil Minister Dharmendra Pradhan said on Thursday. During 2018 and 2019, sector regulator PNGRB gave out licences to retail CNG to automobiles and piped cooking Read more

01 Sept. 2020-CAIRO – 31 August 2020: Egypt’s gas exports have more than doubled to reach 4.5 billion cubic meters in 2019, compared to 2 billion cubic meters in 2018, data from the British oil production company BP revealed. The company stated in its annual statistical review of world energy that 1.7 billion cubic meters Read more

01 Sept. 2020-MOSCOW: Russian oil pipeline monopoly Transneft said on Monday crude oil exports via its network of pipelines are seen steady next month, according to a report by the Interfax news agency. It said the export plan had been set at 15.7 million tonnes in September compared with 16.2 million in August, which is Read more

01 Sept. 2020-MOSCOW: Kazakhstan sharply cut shipments of oil to China in July and August as it reduced output under the global producers’ pact and because of their low profitability compared with westward shipments through Russia, four industry sources told Reuters. Exports of Kazakh crude to China fell to 12,100 tonnes in July, their lowest Read more

18 August 2020:The International Energy Agency this week revised down its gasoline and jet fuel demand forecast for the rest of the year. In seemingly unrelated news, Philips 66 said that it is turning a San Francisco refinery into a biofuels plant. In separate news, Shell said it would permanently shutter a refinery in the Read more

18 August 2020:MELBOURNE: Japan’s Mitsui & Co won an exemption from the Western Australian government on Monday to export gas from a new onshore field, in a push to jump start the project and help the state’s recovery from the coronavirus pandemic. Western Australia said it would ban all exports of onshore gas in a Read more

18 August 2020:Refiners are shutting down permanently or converging oil refineries as the demand crash from the pandemic continues to crush refining margins.Several refiners and oil majors have recently announced permanent closures in the United States and Asia, while analysts believe that some high-cost refineries in Europe could also be shut down over the next Read more

18 August 2020-LONDON/MOSCOW/DUBAI: Compliance with OPEC+ oil output cuts is seen at around 97% in July, two OPEC+ sources told Reuters on Monday, two days ahead of a meeting of key OPEC+ producers to review adherence with their production pact as demand slowly recovers. The Organization of the Petroleum Exporting Countries and allies including Russia, Read more

European Union foreign ministers prepared Friday for urgent talks on military tensions between Greece and Turkey as the neighboring countries’ navies continued a game of brinkmanship over eastern Mediterranean drilling rights. Turkish President Recep Tayyip Erdogan said Turkey would press ahead with its search for oil and gas in the disputed waters until Aug. 23 Read more

WASHINGTON- The United States said on Friday it had confiscated four Iranian fuel shipments that had been bound for Venezuela, disrupting a key supply line for both Tehran and Caracas as they defied U.S. sanctions. U.S. President Donald Trump said Iran should not be sending cargoes to Venezuela and added that the seized shipments were Read more