NEW YORK: Oil futures dipped and then bounced to trade around even on Thursday after US crude and distillate inventories rose much more than expected, with traders also worried that China’s new Hong Kong security law could result in trade sanctions. The US Energy Information Administration (EIA) said crude inventories rose 7.9 million barrels in…

When consumption of transport fuels collapsed this year because of the coronavirus, much of the industry moved into survival mode, cutting processing rates and even temporarily stopping refining in some cases. While that helped prop up the industry’s margins for a while, a combination of rising crude costs and still weak end-user demand are starting…

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…

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…

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…

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…

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…

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…

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…

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…