A top executive at a PSU Refiner (under Public Offering) said that the thriving negative outlook on China could mean India getting good investments from Oil Majors preparing to head out of China. Bharat Petroleum Corporation Limited’s Finance Director N. Vijayagopal said, “The choices of investing in the oil sector will be limited when the Read more

The Supreme Court on Monday agreed to hear the petition seeking stay on Delhi High court 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 government for development of Ravva oil and gas fields in the state of Read more

MUMBAI: Oman Oil Company will not increase its stake in the Bharat Oman Refineries Ltd (BORL), a joint venture between state-run Bharat Petroleum Corporation Ltd (BPCL) and the Oman company, according to two officials from BORL. “Oman has not shown interest and thus we converted our warrants into shares. This has increased our stake in Read more

Brent crude hit a three-month high, as it gained about 5% which pushed it above $40 per barrel. This was mostly based on the impressive Job data results coming from the U.S. Brent crude gained to settle at $41.91. Earlier, it had hit a session peak of $42.45, its highest point since early March 2020.  Read more

Both US and UK crude rallied on Friday following a flabbergasting US employment data that revealed the US economy had added 2.5 million jobs in May, leading to a decline of unemployment rate to 13.3 per cent from a record 14.7 per cent a month earlier and insanely beating an analysts’ estimate of a drop Read more

The tanker market has gone through some major shifts in demand and fundamentals in the past few months, as a result of the pandemic and its effect on crude oil demand. However, as the contango plays which emanated from this, start to fade, a return to the market’s fundamentals is bound to shift tanker demand Read more

Under pressure in Libya–where it’s gone head-to-head with General Haftar in an ongoing battle to decide who gets to ultimately control the country’s oil revenues–and floundering in Syria, Turkey is once again upping the ante in the Mediterranean, this time preparing to issue new oil and gas exploration licenses in direct confrontation with the European Read more

OPEC, Russia and their allies hold talks on Saturday on extending record oil production cuts that have doubled oil prices since April and will push countries such as Iraq and Nigeria to deliver better compliance with the curbs. Nigeria’s oil minister said he expected an extension deal, which already has the backing of Russia and Read more

BENGHAZI, Libya, Production at Libya’s giant Sharara oilfield was gradually restarting on Saturday after a blockade closed the 300,000 barrels-per-day field for more than four months, two engineers from the field said. The restart at the field in southwest Libya followed a rapid military retreat by forces loyal to eastern-based commander Khalifa Haftar, whose allies Read more

The Liberian Government is seeking interest from companies on participating in the offshore license round, which was open since April 10, 2020. But, due to the COVID-19 pandemic, the Government has decided to move the bidding rounds online in order to restrict coronavirus transmission. Early this year, President Dr. George M. Weah announced the opening Read more

NEW DELHI : With fuel demand recovering due to the easing of lockdown restrictions and Brent crude oil trading above $40, state-run fuel retailers today increased the price of petrol and diesel by 60 paise a litre each. This is the first time in around 80 days that oil marketing companies have changed the base Read more

New Delhi, Weeks after the coronavirus lockdown led to fuel sales nosediving to record lows, Indian Oil Corp (IOC), the nation”s largest oil firm, sees demand returning with the resumption of economic activities. The company said though it is on track to spend the approved capital expenditure for 2020-21, it has “critically examined all capex Read more

The road transport and highways ministry has mandated a special identification for Bharat Stage (BS) VI four wheeler vehicles from October 1. The government has called for providing a green strip on the sticker of registration details on the BS VI four wheelers, such that these vehicles can be identified easily. This will be applicable Read more

MOSCOW/DUBAI/LONDON: OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market. The group, known as OPEC+, also demanded countries such as Nigeria and Read more

NEW YORK: Oil fell on Wednesday after jumping for awhile above $40 a barrel, the highest since March, then retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.Oil prices were also were pressured as US refined product inventories surged Read more