The oil price crash that Russia helped create, along with the coronavirus-driven global recession, will result in Russia’s economy shrinking this year by the most in 11 years, the World Bank said in its latest economic report on Russia. Russia’s economy will suffer from the global recession and local efforts to contain the pandemic and Read more

WINNIPEG, Manitoba, Canada’s drilling rig count, a bellwether of the oil and gas industry’s growth, has plummeted far below previous records, raising risks that much of the country’s equipment will permanently fall out of service. Just 18 rigs were active last week in the world’s fourth-largest oil-producing country, a fraction of even the depressed levels Read more

Total and its project partners will resume drilling at block 11B/12B offshore South Africa in September after the Covid-19 pandemic delayed the exploration programme by several months. The Deepsea Stavanger semi-submersible rig has departed Bergen, Norway, for South Africa to start a multi-well drilling program, said Total’s partner, Canadian oil and gas firm Africa Energy Read more

The new gas tariff proposal based on the cumulative transmission capacity is expected to prune GAIL (India)’s earnings by over 25%. This together with lower domestic gas demand due to economic slowdown may affect its stock in the near term. It has underperformed the Nifty Energy index by 6% in the past three months. In Read more

State-run Solar Energy Corporation of India (SECI) has already invited bids from wind and solar plants to supply 5,000 MW power under the round-the-clock scheme. Gas-based power plants seek to be included in an ongoing scheme which proposes to sell renewable energy and thermal power together in a bundle. In the existing format, the scheme Read more

Mumbai: Petronet LNG Ltd, the country’s biggest liquefied natural gas infrastructure company, will adopt a three-pronged strategy to expand its business in the country after the government last month allowed marketing and distribution of LNG by any entity. As part of this strategy, the company will set up 1,350 LNG dispensing stations across major national Read more

Oil PSUs such as IOC and ONGC are implementing about Rs 3.57 trillion worth of projects across the entire hydrocarbon value chain that will further enhance energy accessibility, create jobs and boost the economy, the Petroleum Ministry said on Monday. In Twitter posts, the Ministry of Petroleum and Natural Gas said out of Rs 3.57 Read more

On the new York Mercantile exchange, WTI crude for delivery in August traded at a price of $ 40,39. per barrel at the time of writing this review up by 0.64%.The session high was made by the mark dollars. per barrel. At the time of writing, WTI crude oil found support at the level of Read more

SINGAPORE – Oil prices offered up a mixed market snapshot on Monday, with Brent crude edging higher, supported by tighter supplies, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States. Brent crude LCOc1 rose 11 cents, or 0.3%, to $42.91 a barrel Read more

Lebanese Prime Minister Hassan Diab and Iraqi Oil Minister Ihsan Abdul Jabbar discussed on Friday exchanging Iraq’s oil with Lebanon’s food and other industries, news agencies reported.According to Anadolu Agency, the discussions took place during Jabbar’s visit to Beirut and his meeting with Diab and other Lebanese ministers. In a press conference held after the Read more

Crude oil prices for lighter Nigerian grades have not experienced the rally its category is presently having, despite significant draws on stockpiles in Europe, as cheaper substitutes like U.S Shale continue to be more attractive to importers, according to a report released by Reuters. Bonny light, according to oilprice.com, sold for $43.33, far below the Read more

First, they said it nicely: play along and cut to your quotas, or we’ll all suffer low oil prices for longer. Then they put their foot down: start cutting deeper or else. And now it has emerged what the “or else” part was—a new price war. The Wall Street Journal’s Benoit Faucon and Summer Said Read more

Saudi Arabia and Kuwait have restarted production at the Al-Khafji oil field in the neutral zone between the two countries, Turkey’s Anadolu Agency reported, citing a statement by the acting CEO of the Kuwait Gulf Oil Company. An earlier report by Argus News from late June said Saudi Arabia and Kuwait had plans to restart Read more

The field will resume operations once the Covid-19 situation situation in Tamil Nadu is improved.Hindustan Oil Exploration Company (HOEC) has temporarily suspended operations at PY-1 field from 3 July 2020 considering the Covid-19 situation in Tamil Nadu. The precautionary measure is for ensuring the safety of employees. PY-1 field is in the offshore part of Read more

The world’s fastest-growing oil market is showing an uneven recovery two months after easing demand-destroying virus-control measures. Provisional fuel sales in June had climbed within 88% of 2019 levels from less than half in April in the midst of the world’s biggest lockdown, the oil ministry said citing sales of the three major state-owned retailers. Read more