It’s more than a month since the oil markets sunk to a nadir in the mother-of-all market routs. Since then, oil prices have staged an impressive recovery, especially from WTI’s negative trade zone visited on April 20. There’s real optimism in the air with the formidable headwinds of a massive supply glut and limited storage Read more

LONDON/MOSCOW/DUBAI: Saudi Arabia and some other OPEC oil producers are considering extending record high output cuts until the end of 2020 but have yet to win support from Russia, according to OPEC+ and Russian industry sources. The Organization of the Petroleum Exporting Countries and other producers led by Russia, a group known as OPEC+, agreed Read more

Commercial oil inventories in the U.S. last week rose 7928 thousand barrels – up to 534,422 million barrels, according to the weekly report of the U.S. Department of energy. Inventories of gasoline decreased by 724 thousand barrels and amounted to 255 million barrels, according to Bloomberg. Commercial distillate stocks rose 5495 thousand barrels to 164,327 Read more

Iraq’s oil-rig count has tumbled by almost two-thirds this year after international oil companies were ordered to cut spending because of the oil crash and OPEC’s second-largest producer agreed to stringent new OPEC+ cuts. The total now averages 32 rigs operated by IOCs this month, down from 88 rigs in December 2019, Iraqi sources told Read more

Be ready to face up to ₹4-5 per litre increase in the pump price of petrol and diesel next month with public sector oil marketing companies bracing up to restart daily price revision of the two petroleum products after the lockdown is lifted in June. Official sources in public sector oil marketing companies said that Read more

SINGAPORE, The volume of crude stored on ships in Asia has come off the peaks seen earlier this month on a recovery in demand in China and India, trade sources and analysts said. A total of 3.4 million tonnes (24.8 million barrels) of crude oil was discharged from floating storage into Asian markets in the Read more

Operational flexibility to shift from the domestic to export market and higher petrochemical production helped Reliance Industries (RIL) to operate at 90-100 per cent capacity even amid the lockdown in April and May. In comparison, large public sector refiners operated at a combined average capacity of 59 per cent in April. RIL produced more chemicals Read more

The government has slapped a USD 520 million (around Rs 3,941 crore) demand notice on billionaire Anil Agarwal’s oil and gas unit Cairn after an audit found alleged discrepancies in cost recovery in the Rajasthan oil and gas fields operated by the company, sources said adding the firm has disputed the demand and initiated arbitration Read more

New Delhi: Crude oil futures on Wednesday shed 0.82 per cent to Rs 2,553 per barrel as participants trimmed their positions on weak global cues.On the Multi Commodity Exchange, crude oil for June delivery fell by Rs 21, or 0.82 per cent, to Rs 2,553 per barrel with a business volume of 5,140 lots. Crude Read more

NEW YORK: Oil futures tumbled on Wednesday after US President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong and as some traders doubted Russia’s commitment to deep production cuts. Many worried that Russia may not agree to extending production cuts ahead of the meeting in Read more

As per a recent development happened last month when Saudi Arabia’s Oil Export to China fell by 41 percent than the previous month, Russia is said to have become the largest exporter of crude oil to China. And it has overtaken Saudi Arabia who was previously the largest exporter of oil to China. In last Read more

MOSCOW: The Russian government has tentatively approved a plan on drilling idle oil wells in order to prepare for restoration of oil production once the global deal on output curbs expires in 2022, according to a government statement published on Tuesday. Russia has agreed to cut its oil production by around 2.5 million barrels per Read more

LONDON – Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have only just started to implement output cuts, so it might seem premature to start talking about the need for an exit strategy. But an important part of being a successful market manager is about knowing when to increase production Read more

Jaisalmer: While many sectors were affected due to the countywide lockdow, the oil and gas production continued in Barmer and Jaisalmer.The employees worked taking full precautions against coronavirus for two months and now many of them will be sent back home. Cairn India in Barmer and Oil India Limited in Jaisalmer worked efficiently despite the Read more

Amassive explosion took place at the production well of Baghjan 5 under Baghjan oil field of Oil India Ltd (OIL) in Tinsukia on Wednesday at 10.30am when operational work was on. A tree on the top of the well was blown out in the impact of the blast. It is suspected that negligence of the Read more