Oil prices dropped sharply on Thursday as fears resurfaced that a second wave of coronavirus could hit the US and stunt economic activity, while data showing that US oil inventories surged last week also subdued prices. On Wednesday, data showed US commercial crude oil inventories rose by 5.7 million barrels compared to the previous week, Read more

NEW YORK – Oil prices tumbled about 8% a barrel on Thursday, fuelled by renewed concerns about demand destruction as new cases of coronavirus tick up globally, while crude inventories hit a record in the United States. U.S. coronavirus cases surpassed 2 million on Wednesday, according to a Reuters tally, and new infections are rising Read more

The race for crude oil domination will become even more interesting as China is set to go head-to-head with African giant, Dangote in the refinery business. With its reputation as the world’s biggest single-refinery train at 650,000 barrels per day capacity (bpd) after its completion in 2020, the Dangote Petroleum Refinery has the potential to Read more

Although revisions to EIA’s forecasts in the June STEO are generally smaller than they have been in recent months, this forecast remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to the 2019 novel coronavirus disease COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 pandemic has caused changes Read more

The study, OPEC’s Pursuit of Market Stability, was conducted by the King Abdullah Petroleum Studies and Research Center (KAPSARC) and published by the International Association of Energy Economics. The cartel’s performance between 2001 and 2014—three years before the advent of OPEC+ as opposed to just OPEC, was still robust, reduced oil volatility by as much Read more

The Department of Petroleum Resources (DPR) announced earlier today that it had extended, by one week, the deadline for the registration of interest to bid for the marginal oilfields in Nigeria. As Nairametrics reported last week, the initial deadline for interested applicants to indicate interest for the bid was supposed to be June 14.However, the Read more

GUWAHATI: After 48 hours of the explosion leading to an inferno, Oil India Limited reported on Thursday that the extent of the fire has been contained to the well and spread of fire to nearby village has been cutoff. “No flash fire is reported from the nearby areas. In order to arrest any untoward incidents Read more

Gabon’s Directorate General of Hydrocarbons and PGS have just expanded the Gabon MegaSurvey coverage, significantly increasing access to 3D seismic over the 35 blocks on offer under the ongoing 12th Offshore Licensing Round. In a very competitive market environment, Gabon is showing once again its willingness to remain attractive and engage with regional and global Read more

NEW DELHI: Oil minister Dharmendra Pradhan on Thursday constituted a three-member expert panel to probe the ‘blowout’ and subsequent fire at one of state-run Oil India Ltd’s production wells at Baghjan field in Tinsukia district of Assam. The committee will be headed by S.C.L. Das, who heads the Directorate General of Hydrocarbons, the ministry’s regulatory Read more

Gadkari said he had a meeting with PK Sinha, advisor to Prime Minister Narendra Modi, and secretaries from the departments of petroleum, food, agriculture and MSME, and chairman of the food corporation of India (FCI) this week in this regard. Transport and MSME minister Nitin Gadkari on Thursday said the government is considering allowing ethanol Read more

LAUNCESTON: The latest International Energy Agency (IEA) report on the global natural gas market makes sombre reading, especially for current and would-be producers of the super-chilled version of the fuel. No doubt much of the commentary on the report, issued on Wednesday, will be around the headline forecast that global natural gas demand will drop Read more

NEW DELHI : The shortfall in goods and services tax (GST) cess collection, used for compensating states for their revenue losses, and the proposed compliance relief to businesses for late filing of tax returns, will dominate the GST Council’s meeting on Friday, said two people familiar with the matter, requesting anonymity. Members of the GST Read more

Oil prices fell in early trade on Thursday on worries about slow demand growth with coronavirus cases rising, US crude stockpiles hitting an all-time high and the US Federal Reserve projecting recovery from the pandemic would take years. US West Texas Intermediate (WTI) crude futures erased gains from Wednesday, falling as low as $38.42 a Read more

NEW YORK: Oil fell more than 2 per cent to below $41 a barrel on Wednesday after US data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand during the lingering coronavirus crisis. Crude stocks rose by 5.7 million barrels in the week to June 5 Read more

A ship carrying liquefied natural gas from Nigeria is expected to drop its cargo in Georgia as energy firms look for a place to store the super-cooled fuel with prices higher in the United States and stockpiles nearing full capacity in Europe. The ship, Madrid Spirit, does not have a destination listed, according to data Read more