The day oil prices changed in different directions, WTI crude oil, recouping part of the losses, tried to correct by raising, while Brent rose in price. The cost of the September futures for Brent crude on the London ICE Futures exchange to 14:26 totaled $accounting period by 43.46 per barrel, or $0,17 (0,39%) above the Read more

NEW YORK: Oil prices fell about 3% on Thursday as investors worried that renewed lockdowns to contain the spread of coronavirus in the United States would again sink fuel consumption. Brent crude futures fell $1.11, or 2.6%, to $42.18 a barrel by 10:43 a.m. EDT (1443 GMT), after gaining 0.5% on Wednesday. U.S. West Texas Read more

China has issued a third batch of non-state crude import quotas for 2020, sending the amount awarded so far this year more than 10pc above the total for 2019.The commerce ministry (MoC) issued another 26.84mn t (196mn bl) of import quotas to non-state firms, taking the total amount for 2020 to around 1.35bn bl (3.68mn Read more

Overall group output fell by 1.82mn b/d from May to 22.28mn b/d in June, the most depleted level since Argus began keeping records in January 1998.The decline came as Saudi Arabia, the UAE and Kuwait pledged combined extra cuts that took their respective ceilings under the Opec+ deal down to 7.49mn b/d, 2.35mn b/d and Read more

LONDON: OPEC Secretary Mohammad Barkindo said there was no aim to drive US shale oil producers out of business, after the price of US barrels briefly turned negative in April. He was speaking in a CERAWeek interview ahead of next week’s OPEC+ market monitoring panel meeting. The Organization of the Petroleum Exporting Countries (OPEC) and Read more

Guwahati: The National Green Tribunal (NGT, eastern zone) accepted a new case against Oil India Limited (OIL) and other respondents on July 7 vis-à-vis the Baghjan oil-well blowout. This time, the grounds are that the wells contained gas-condensates and that OIL hadn’t taken the requisite precautions – a point the petitioners have said previous cases Read more

Oil India Limited(OIL) has failed to douse the Baghjan 5 oil fire which has entered 44th day on Thursday.Six experts from Singpore-based Alert Disaster Control were called to control the fire at Baghjan 5 oil well but they have also failed to douse the fire till date. A blowout occurred at Baghjan 5 oil well Read more

The distribution of free cooking gas cylinders from April-June was highlighted as a feather in the cap by the government, in the midst of the pandemic. However, data available with the government shows that only 49.6 per cent of the targeted free cylinders were distributed during the period. Given that the target was to reach Read more

New Delhi: State-run Energy Efficiency Services Ltd (EESL) is in talks with oil major Royal Dutch Shell for a joint venture to invest over Rs 40,000 crore in setting up 5,000 MW decentralised solar plants with storage for low-cost electricity in rural India. EESL is also in talks with at least two other companies for Read more

In a bid to extend further relief, LPG rules may change in time to come. There could be a case that instead of the regular 14 kg LPG cylinder you can purchase the amount of LPG you require. This will indeed be cost-effective. Here is what rules for LPG policy are under consideration? As per Read more

Mumbai: British oil major bp and Reliance Industries (RIL), on Thursday, announced their new fuels and mobility joint venture Reliance BP Mobility Limited (RBML). BP paid RIL $1 billion for a 49% stake in the JV, with RIL holding 51% in the venture, which aims to set up petrol pump stations across the country. It Read more

NEW YORK: Oil prices inched lower on Wednesday, as rising US crude inventories and an increase in US coronavirus infections put the brakes on a price recovery sparked by easing lockdowns. Brent crude futures fell 19 cents to $42.89 a barrel by 11:23 AM EDT (1523 GMT). US West Texas Intermediate (WTI) crude futures fell Read more

LONDON – Oil prices were steady on Wednesday, as rising U.S. crude inventories and an increase in U.S. coronavirus infections put the brakes on a recent recovery sparked by easing lockdowns.Brent crude futures rose 9 cents to $43.17 a barrel by 1340 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 8 cents at Read more

Big Oil majors have been scrambling to make the most ambitious climate commitments in the industry, planning a pivot to clean energy, talking about net-zero emission bills, solar, and wind. However, there is another clean energy source that has remained out of the spotlight–one that may eventually rise to prominence: geothermal. Geothermal energy is, simply Read more

Gasoline demand appears to be weakening in some parts of the United States, as the coronavirus continues to spread. The states hardest hit by the surging number of infections are also some of the largest, with tens of millions of drivers. Much of the country continues to see a slight uptick in gasoline consumption. But Read more