Japan could see roughly 13 million barrels of surplus crude supply over domestic demand in June amid plummeting petroleum consumption in the midst of the coronavirus pandemic, pressuring refiners to delay some of their term supply after June, according to S&P Global Platts calculations based on industry information. At least one Japanese refiner confirmed it…

The U.S. has again granted Iraq only a month-long sanctions waiver enabling the government to continue importing gas and electricity from Iran, two Iraqi officials said, a sign of Washington’s growing impatience as a deadline looms for Iraq’s latest prime minister-designate to form a government . The issuance of another 30-day waiver was communicated the…

GUWAHATI: Assam based Numaligarh Refinery Limited (NRL) has resumed work on project worth Rs. 2043 crore. These projects include bio refinery project, Indo-Bangladesh pipeline project and work of an office in Guwahati. Managing Director of NRL S K Barua tweeted, “NRL has resumed works of its capital projects in Assam worth over Rs.2000 Crs observing…

Low oil prices are an opportunity for India to stock up on the commodity, and the pumps at Indian Strategic Petroleum Reserves Ltd’s (ISPRL) underground storage caverns are busy. The public sector company’s MD and CEO HPS Ahuja told BusinessLine on Saturday that the country’s storage caverns, in Visakhapatnam, Mangaluru and Padur (Karnataka), which together…

New Delhi: India’s shift to improved vehicle emission standards in BS-VI compliant petrol and diesel would have a positive impact on air quality but the improvement will be almost immediate if the shift was to highly clean gaseous fuels such as auto-LPG, the Indian Auto LPG Coalition said Monday. Auto-LPG stakeholders in the country insist…

Though price of the Indian basket of crude has fallen 42% since March 16 to $17.66 per barrel, retail prices of petrol (Rs 69.59/litre in Delhi) and diesel (Rs 62.29/litre) have not moved, allowing OMCs to earn more from selling every litre of these fuels.ICICI Securities estimated that gross profit (on retail fuel sales) of…

Oil prices rose on Friday, but both the Brent and US benchmarks were on track for their third straight week of losses as global production shutdowns failed to keep pace with the collapse in demand caused by the coronavirus pandemic. The oil market has experienced unprecedented turbulence since US prices fell into negative territory on…

Russia plans to halve oil exports from its Baltic and Black Sea ports in May according to the first loading schedule for crude shipments since it agreed this month along with other major oil producers to cut output. According to the schedule seen by Reuters, Russian exports next month from its two Baltic ports and…

ISLAMABAD: The federal government has lifted a ban on import of crude oil and allowed oil refineries to import crude oil in a bid to meet growing demand of petroleum products due to harvesting season. In a letter sent to the Oil Companies Advisory Council (OCAC), the Petroleum Division noted that high demand of petrol…

New Delhi: In perhaps the most far-reaching easing of rules, the government has simplified procedures for oilNSE -2.56 % and gas exploration and production by providing for self certification for a host of compliance, such as a discovery notification and deemed consent for investment in fields in a stipulated time. With a view to make…