LONDON: Oil prices were steady on Monday, supported by tighter supplies from major producers but held in check by concerns over a rise in coronavirus infections worldwide that could stall a recovery in fuel demand. Brent crude was up 5 cents, or 0.1 per cent, at $42.24 a barrel by 1349 GMT. The West Texas Read more

LONDON/SINGAPORE, Buyers of liquefied natural gas (LNG) are expected to cancel 40 to 45 cargoes for August loading from the United States due to a slow recovery in Asian gas demand and record high European gas stocks, market sources said on Monday. The exact number of cancellations is yet to be confirmed as the deadline Read more

London — The head of the Gas Exporting Countries Forum, Yuriy Sentyurin, said June 22 that he considered OPEC a “model” for the gas exporter group’s activities, hailing the first technical dialog with OPEC as a “new chapter in our collaboration.” The GECF — whose members include gas heavyweights Russia, Qatar and Iran — came Read more

Saudi Arabia and other OPEC members have long-standing reputations as reliable suppliers to Asia, but the price war followed quickly by massive output cuts have unsettled buyers in the region.As the OPEC alliance sticks to its guns in trying to curb oil output to shore up prices, Asian buyers are increasingly looking to the US Read more

Nigeria, one of Africa’s biggest crude exporter has forced down production quota by 13.67 million barrels for Shell, Chevron, and other oil producers in one month, according to a news report by New Telegraph. Six major firms including Shell, ExxonMobil, Chevron, Total, Agip, and Addax participate actively in the production of about 90 percent of Read more

State-owned ONGC has temporarily suspended operations at two drilling rigs in the Arabian Sea after 54 employees tested positive for coronavirus and one died but the oil and gas production has not been impacted. Operations at two rigs operating in the firm’s prime Mumbai High and Bassein fields off the west coast were temporarily suspended Read more

India’s state-run oil firms are scrambling to comply with a recent government order to go local while hiring ships to haul crude and petroleum products of value less than ₹200 crore as part of the revised Make in India policy on procuring services. The government move would be a big bonanza for local fleet owners Read more

In the midst of the vulnerabilities realized by the pandemic, Pune had been in the news for the quantity of cutbacks that occurred in the IT organizations it is home to. Notwithstanding, bringing some expectation, worldwide oil and gas organization, British Petroleum (BP), has affirmed that it will set up its new focus in Pune, Read more

India is raising fuel supplies to the northern region of Ladakh as the military reinforces its presence in the area following deadly clashes with China last week. State-controlled refiners led by IOC have increased supplies of diesel, gasoline, jet fuel, kerosine and LPG by 15-20pc over usual volumes since the incident on 15 June. The Read more

Mumbai, The country cannot become fully digital if it continues to offer all transactions free of cost, said G Padmanabhan, former executive director of the Reserve Bank of India. Speaking at a webinar organised by Electronic Payment and Services (EPS), a retail banking technology service provider, he said that for digital transactions to really zoom Read more

Oil prices nudged higher on Monday on tighter supplies from major producers, but concerns that a record rise in global coronavirus cases could curb a recovery in fuel demand checked gains.Brent crude rose 9 cents, or 0.2%, to $42.28 a barrel by 0009 GMT, while U.S. crude was at $39.76 a barrel, up 1 cent. Read more

Crude oil prices finished with a weekly gain of about 10% on Friday, as the sudden drop in U.S. production output of crude oil, along with OPEC output cuts, offers hope that the oil glut in the market will reduce significantly. International benchmark, Brent crude closed at $42.20 for a 9.5% weekly gain, after it Read more

Iranian Oil Minister Bijan Namdar Zangeneh and his Iraqi counterpart Ihsan Abdul Jabbar discussed ways to promote cooperation between the two neighbors in the oil industry.In a telephone conversation, Zangeneh and Abdul Jabbar called for the expansion of oil cooperation between the two Muslim neighbors. The Iranian minister congratulated Abdul Jabbar on taking office as Read more

Iraq is finally moving ahead with plans to develop its associated and non-associated gas resources in the next two to three years, according to a statement last week from its Deputy Oil Minister, Hamed Younis. In total, he said, the Oil Ministry is looking at projects to develop 1.2 billion standard cubic feet per day Read more

With global economies and oil demand recovering, there is no point in extending oil output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, Kirill Dmitriev, head of Russia’s sovereign wealth fund RDIF, told RBC. Producers are currently cutting output by a record 9.7 million barrels per day (bpd) – Read more