It is set to adopt a balanced approach towards capital spending, and expects the government to take favourable policy measures to boost the company performance. ONGC per-barrel production cost is in the range of $35-40 and global crude prices have been trading at below this rate for a long time. ONGC as per-barrel production cost Read more

MELBOURNE – Oil prices rose on Tuesday on clear signs that producers are sticking to commitments to cut crude supply as more cars get back on the road with coronavirus lockdowns easing around the world.   U.S. West Texas Intermediate (WTI) crude CLc1 futures gained 2.3%, or 75 cents, to $34.00 as of 0057 GMT. Read more

LONDON- Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.   Brent was flat at $35.13 a barrel by 1315 GMT, while U.S. oil gained 10 cents, or 0.3% Read more

BRUSSELS – Eight European countries have urged the European Union to include natural gas in future funding, as the bloc’s executive prepares to unveil its plan for a green economic recovery from the coronavirus pandemic.   The European Commission will present on Wednesday its trillion-euro proposal for the bloc’s next budget, alongside a coronavirus Recovery Read more

DUBAI – The first of five Iranian tankers carrying fuel to Venezuela has moored at Venezuela’s El Palito refinery, Iran’s English-language Press TV reported on Monday.   Iran is providing Venezuela with 1.53 million barrels of gasoline and components in a move criticised by U.S. authorities as both nations are under U.S. sanctions, according to Read more

Qatar, the largest producer of liquefied natural gas (LNG) in the world, has no plans to reduce its production, and maintains plans to increase LNG capacity from the current 77 million tons per year to 110 million t/y by 2025 and 126 million tons per year by 2027, press service, Qatar Petroleum are the words Read more

BAGHDAD, Iraq’s Finance Minister Ali Allawi, who is acting oil minister, said the country had agreed to allow Saudi companies to invest in its western Akkas gas field, Saudi news channel Al Arabiya reported on Saturday.   The news channel provided no further details. The Akkas field in western Anbar province and bordering Syria is Read more

A VIRTUAL roadshow will soon be hosted by Bahrain in a bid to attract international companies for the development of new oil reserves.Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa said the companies would be invited to work with national firms to explore the 2,000sqkm tight oil and deep gas resources in the Khalij Al Read more

A month after settling the crude oil contracts in the negative, India’s largest commodity derivative segment, MCX, has released a new application programming interface (API) which will facilitate a negative price on its software. When the WTI crude oil futures fell to a negative $37.63 per barrel in the month of April, MCX settled the Read more

As oil prices start firming up from decades low, experts are suggesting the Indian government hedge part of its oil import to lock in the low price for the future.Admittedly, hedging of oil by importing countries is not common, but gaining traction. Egypt, Ghana, Jamaica, etc, have started hedging. Neighbouring Pakistan is also contemplating hedging Read more

NEW DELHI: The government is stitching together a package of measures to help domestic oil producers pull through the price crash and the uncertainty in the global oil market as heavy losses on each barrel they pump threaten the commercial viability of projects.   “The pandemic and lockdowns (around the world) have created very challenging Read more

NEW DELHI: India is looking at storing some low priced US oil in facilities there as its local storage is full, oil minister Dharmendra Pradhan said.India’s plan could be similar to a move by Australia, which last month said it would build up an emergency oil stockpile initially by buying crude to store in the Read more

In the course of trading on Friday oil prices significantly reduced on the negative signals from China, the investor sentiment is also affected by the increasing tensions between Washington and Beijing. The cost of July futures for Brent crude on the London ICE Futures exchange to 18:15 MSK was $34,55 per barrel, or $1,51 (4.19 Read more

NEW YORK: Oil prices tumbled about 4 per cent on Friday on rising US-China tensions and doubts about how quickly fuel demand would recover from the coronavirus crisis. Fuel demand plummeted as the coronavirus pandemic caused governments to impose restrictions on movement and businesses closed their doors. Oil has rallied in recent days on as Read more

MOSCOW, Spain’s Repsol has pulled out of a planned joint venture to develop two Arctic oil blocks with Russia’s Gazprom Neft and Royal Dutch Shell, a spokesman at Repsol said on Friday. Gazprom Neft, the oil arm of Russian gas giant Gazprom , Repsol and Shell signed a memorandum of understanding last June on establishing Read more