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 Read more

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 Read more

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 Read more

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 Read more

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 Read more

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 Read more

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 Read more

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, Read more

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 Read more

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 Read more

India remains a top destination for global investors, said David Lynne, Head of Corporate Bank and Fixed Income & Currencies, Deutsche Bank APAC. While we may be seeing risk-off sentiment in the current environment, you can expect to see interest in the Indian financial markets revive in the coming months. India would be one of Read more

India’s gasoline and diesel demand is expected to return to pre-lockdown levels in July, an executive at the country’s second largest fuel retailer Bharat Petroleum Corp said on Thursday.”The current demand for petrol and diesel is at 70% of levels seen before the lockdown,” Vijayagopal N, director of finance at BPCL, said in a call Read more

Petroleum Natural Gas Regulatory Board (PNGRB) in its public notice on 2nd June 2020 announced that any entity can set up an LNG station in any Geographical Area (GA) or anywhere else, even if it is not the authorised entity for that GA. This clarification by the PNGRB has been wholeheartedly welcomed by PLL management. Read more

NEW YORK- Oil fell more than 3% on Monday after OPEC+ nations agreed to extend output cuts, but Saudi Arabia and two other Gulf producers said they would not maintain supplemental reductions that amount to more than a million barrels of daily supply. Brent crude fell, breaking a seven-day streak of gains. Brent futures fell Read more

LONDON: Oil slipped on Monday after Saudi Arabia said that an extension of output cuts by Opec+ nations would not include additional voluntary cuts by a trio of Gulf producers.Brent crude was down 65 cents, or 1.5 per cent, at $41.65 a barrel by 1400 GMT, while US West Texas Intermediate (WTI) crude fell 72 Read more