Crude oil price closed over 2% in the red despite posting the 3-week high above the $40 mark. Investors are worried that the surge in the number of new coronavirus cases will slow down the economic recovery. Crude oil price closed this week at $38.17, down 2.28%. This is despite prices trading above the $40…

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh says the recent gasoline cargoes sent to Venezuela were sold at the market price to the country and were not for free, IRNA reported. They paid a fair price and provided the necessary guarantees for the future payment, he said, adding that a part of the money…

U.S. shale was one of the big losers of the Saudi-Russian price war that many saw as a war on U.S. shale. Producers scrambled to stay afloat as prices sank back to lows not seen since 2016, and they are still scrambling. Banks are giving them the cold shoulder, worried that many will not be…

Oil India Limited (OIL) on Saturday called off its operations to contain the fire and blowout at the Baghjan 5 well in Assam after the area was ravaged by days of heavy rain and floods. “Working condition at the site has been considered unsafe for the day and all operations at site have been called…

GUWAHATI: ONGC’s Executive Director Tarun Malik said that companies in the Northeast region are giving renewed thrust on enhanced Oil Recovery (EOR) schemes after Government of India announced renewed policy framework by the for incentivising production through improved recovery schemes in domestic fields. Malik, while speaking at a virtual platform on “Consultation on Hydrocarbon and…

India is on its way to make its biggest savings in the oil import bill this year with Covid-19 related disruptions and sluggish demand conditions squeezing down the country’s crude payments to a fourth of previous years’ level in the first two months of current fiscal. In the period of April-May 2020-21, India’s oil import…

India, the third biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC. “If you look at the trend of the past few weeks, I’m confident that by the end of second quarter, demand will be as usual,” India’s Oil Minister Dharmendra Pradhan said at…

New Delhi: Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited (RIL), has said that instead of treating carbon dioxide (CO2) as a liability, one can use it as a raw material.Ambani made these remarks at the FII Investment Institute Conference on “Don’t Forget Our Planet” on Thursday. The other participants in the conference…

Guwahati/Agartala, The northeast region holds 18 per cent of the country’s hydrocarbon resources with a large area not yet surveyed. The government could use it to meet demand of neighbouring countries. Speaking at a “Consultation on Hydrocarbon and Industries in NorthEast”, Tripura Deputy Chief Minister Jishnu Dev Varma said on Saturday the annual demand for…

Oil prices reference marks are moved to lower after rising earlier in the trading and may suffer weekly losses. Record growth in the number of new infections coronavirus infection COVID-19 in the United States and the increase of cases in other countries indicate a long-term obstacle to the recovery in oil demand, says MarketWatch. “The…