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NATIONAL NEWS
India monitoring oil market developments and responses: Pradhan
India has been in touch with the United States (US), the Russian Federation, Saudi Arabia and the UAE as part of efforts in monitoring market oil market developments and responses said Minister for Petroleum and Natural Gas, Dharmendra Pradhan. Pradhan said this during a bilateral meeting Mohammad Sanusi Barkindo, OPEC Secretary General via videoconference to…
Dharmendra Pradhan urges OPEC to achieve energy stability
New Delhi: Union Petroleum Minister Dharmendra Pradhan on Thursday called for responsible steps to achieve global energy stability.Pradhan who held a discussion with Dr Mohammed Barkindo, Secretary General, Organization of the Petroleum Exporting Countries (OPEC) through Video Conference, highlighted the need for producing and consuming countries to take appropriate steps in the coming days to…
Oil rises on U.S. jobless drop, OPEC+ meeting hopes
LONDON – Oil prices rose on Friday after an unexpected fall in the monthly U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts. Brent crude futures were up $2.40, or 6.0%, at $42.39 a barrel as of 1243 GMT. U.S. West Texas Intermediate (WTI) crude…
Oil climbs more than 5% to 3-month high ahead of OPEC+ meeting
Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts. Brent crude futures were up $2.07, or 5.2%, at $42.07 a barrel, while West Texas Intermediate crude futures gained $2.14, or 5.7%, to settle…
LNG tanker may deliver gas to U.S. with European stockpiles near full
A ship carrying liquefied natural gas from Nigeria is in the middle of the Atlantic Ocean and heading northwest and may drop its cargo in the United States. The ship, Madrid Spirit, does not have a destination listed on vessel tracking data from Refinitiv. Its travel has slowed in the past week or so, suggesting…
Germany requires all gas stations to add electric car chargers
Electric cars were once something for hippies and techies. Now, they have become a part of the mainstream auto industry. In fact, many traditional carmakers have even unveiled plans for all-electric vehicles in the coming years. With support from governments around the globe, electric cars are gaining traction with consumers. A new ruling in Germany…
Angola cuts oil shipments to China as it seeks debt relief
LONDON – Angola has cut the number of oil cargoes that it will ship to Chinese state firms to pay down debt to Beijing as it seeks to renegotiate repayment terms to deal with the crippling impact of the coronavirus, three sources familiar with the matter said. Angola said this week it had asked for…
U.S. oil & gas rig count falls to record low for 5th week -Baker Hughes
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a fifth week in a row even as some producers begin to reverse cuts as prices recover from historic lows caused by a slump in fuel demand amid coronavirus lockdowns. The U.S. oil and gas rig count,…
Oil India says well still leaking gas ‘uncontrollably’, over a week after major blowout
Oil India Limited on Thursday said gas is still leaking “uncontrollably” out of its Baghjan well in Assam’s Tinsukia district, more than a week after a major blowout at the spot. The company added that is adopting measures to avert a fire. A major blowout took place on May 27 at the company’s gas-producing well…
Chennai Petro writes down inventory of Rs 1,456 cr
Chennai, Indian Oil Group company Chennai Petroleum Corporation Ltd has recorded an inventory write down of Rs 1,456 crore due to the impact of COVID-19 on its operations, the city-based company said on Friday. In a filing to BSE, CPCL said the international prices of crude crashed on account of poor demand in the wake…