DUBAI/MOSCOW: Opec and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three Opec+ sources told Reuters on Monday. Opec+ decided in April to cut output by a record 9.7 million barrels per day, or about…

LONDON – While OPEC has helped global oil markets recover from the coronavirus crisis, the cartel will soon face a new challenge: the mountain of unwanted crude that piled up during the pandemic. When the Organization of Petroleum Exporting Countries and its partners meet in just over a week, the unprecedented accumulation of oil inventories…

The Trump administration has backed off its regular oil and gas lease sale schedule, postponing at least two auctions that had been set for later this month after delaying a major sale in New Mexico in May, according to an official web site. The moves mark a shift for the U.S. Department of Interior, which…

Bitcoin educator Andreas Antonopoulos sees the recent downturn in oil prices as a net positive for crypto miners worldwide, particularly those at the Bitmain mining facility in Texas, Cointelegraph reported. In a video he posted to his YouTube channel titled Down the Rabbit Hole, Antonopoulos said falling oil prices will benefit crypto miners by providing…

Gross tax revenues of the government in April were ₹67,557 crore against the backdrop of the covid-19 outbreak, 44.3% lower than in April 2019. There’s not much that the government can do about falling revenues this time, but it can prepare for the next time. Mint explains. What is the genesis of this idea? This…

India is losing the advantage of substantially low international oil prices as its cost of crude imports in rupee terms has surged 69% in just two months, forcing state-run companies to raise the cooking gas price for the first time since February by Rs 11.50 a cylinder. State-run Indian Oil Corporation (IOC), the country’s largest…

Aviation turbine fuel (ATF) price in the national Capital was on Monday hiked by a steep 56.5 per cent, or Rs 12,126.75 per kilolitre (kl), to Rs 33,575.37 a kl (from Rs 21,448.62 a kl in May) and that of non-subsidised liquefied petroleum gas (cooking gas or LPG) by Rs 11.5 to Rs 593 per…

After doorstep conveyance of diesel, the administration is seeing beginning home conveyance of petroleum and CNG for the more prominent comfort of clients, Oil Minister Dharmendra Pradhan said on Friday.Also, the legislature is taking a gander at disclosing another fuel retailing model where a wide range of energizes — petroleum, diesel, CNG, LNG and LPG…

Global oil prices soared again on Friday, with US futures ending May with fantastical record monthly gains on hopes global output would fall fast enough to meet a rise in global consumption. Those hopes were supported by a fall in the number of US and Canadian oil and gas rigs to record lows which signal…

Abu Dhabi: Oil prices extended their rally for a fifth consecutive weekly high, as oil markets ended the month May on a positive note driven by production cuts and global economies easing their lockdown measures. Brent was trading at $37.84 on Friday’s closing, with West Texas Intermediate (WTI) on $35.49, as the American benchmark recorded…