Crude oil futures eased to Rs 2,893 per barrel on June 17 as participants increased their short positions.The American Petroleum Institute (API) reported that US crude inventories rose 3.85 million barrels for the week ended June 12 against expectations of a decline of 0.15 million barrels. The market is likely to take further cue from Read more

NEW YORK: Oil prices fell on Wednesday as investors worried about fuel demand due to fresh outbreaks of COVID-19, though prices drew some support after US stocks of diesel fuel fell for the first time in weeks and US oil production dropped sharply. Brent crude was down 31 cents, or 0.8 per cent, at $40.65 Read more

Venezuela’s oil exports have collapsed since the U.S. placed sanctions on its state producer, but some crude from the OPEC member is still making its way to buyers in Asia. Officially, China hasn’t imported any Venezuelan crude since September after Washington sanctioned state entities including Petróleos de Venezuela, S.A. Information from data intelligence firm Kpler, Read more

The natural gas market is reeling from the triple whammy of a stubborn supply overhang, particularly in the Asia-Pacific region–which accounts for nearly two-thirds of global demand–a mild winter, and a hobbled global economy. China has emerged as a rare bright spot as energy demand in the country remains relatively high. However, Beijing is taking Read more

OPEC+ technical experts made no recommendation on further extending a record oil supply cut in talks on Wednesday and decided to focus on compliance of laggards in the deal ahead of ministerial talks on Thursday, OPEC+ sources said. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to a record supply Read more

Several studies are underway by different agencies to assess the impact on the fragile ecosystem due to blowout and subsequent fire at the natural gas well of Oil India Limited (OIL) in Upper Assam’s Tinsukia district. The gas well in Baghjan, located close to the Dibru-Saikhowa National Park (DSNP) and Maguri Motapung wetland, had a Read more

The Supreme Court on Wednesday asked Vedanta to explain why it should be allowed to recover $499 million, instead of $198 million capped by the government, for development of the Ravva oil and gas fields off the Andhra Pradesh coast between 2000 and 2007. A bench led by Justice SA Nazeer sought response from Vedanta Read more

Saudi national oil company Aramco has donated $500,000 (about Rs 3.8 crore) to the Indian Red Cross Society to support its efforts to contain the spread of Covid-19.The humanitarian support is part of Aramco’s global response to Covid-19, the company said in a statement. “The donation will be used to buy protective equipment and medical Read more

In a push to gain rapid political and economic ascendency across the globe, China is dispensing billions of dollars in the form of concessional loans to developing countries China has been using the financial tool of debt to gain influence across the world and grab considerable power in India’s neighbouring countries, thereby increasing the amount Read more

“Unbridled” hike in fuel prices coupled with extortion at border check-posts in states has hit truckers hard and if the government fails to intervene, disruption of transport services cannot be ruled out, transporters’ body AIMTC said on Wednesday. The All India Motor Transport Congress (AIMTC) is the apex umbrella body of transporters, representing about 95 Read more

NEW DELHI : The Supreme Court on Wednesday issued notice to Vedanta Limited, Ravva Oil Limited and Videocon Industries Limited on the plea seeking stay on Delhi High Court’s order allowing the enforcement of the arbitrations award allowing Vedanta Ltd and Videocon Industries Ltd to recover $499 million instead of $198 million capped by the Read more

NEW YORK- Oil prices rose 3% in volatile trade on Tuesday as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020, but gains were capped by worries about a second wave of coronavirus cases. Brent crude futures LCOc1 ended the session up $1.24, or 3.1%, at $40.96 a Read more

NEW YORK: Oil prices rose on Tuesday as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020, but gains were capped by worries about a second wave of coronavirus cases. Brent crude futures were up 59 cents, or 1.5 per cent, to $40.31 a barrel by 11:13 a.m. Read more

This was supposed to be Saudi Arabia’s year to shine as host of the prestigious G20 gathering of world leaders. The event would have seen Crown Prince Mohammed bin Salman share handshakes and wide smiles with presidents and prime ministers. Instead, the gathering this November will likely be a virtual meet-up, stripping its host of Read more

Venezuela’s oil exports have fallen nearly 28% in the first half of June, on course for its lowest level in over 70 years as tanker owners and operators suspend contracts for transporting crude from once South America’s largest oil supplier, according to documents and data on Tuesday. Shipping firms are avoiding Venezuela after the United Read more