OSLO, Norway’s parliament has agreed to give additional tax breaks to the oil industry on top of those proposed by the minority government in a bid to spur investment and protect jobs, news agency NTB reported on Monday. Equinor and other oil firms, hit by low crude prices as demand faltered amid the COVID-19 pandemic, Read more

After extension in the framework of OPEC+ last Saturday of the current restrictions of oil production until July, Saudi Arabia, and state company Saudi Aramco (SE:2222), in particular, have achieved the greatest growth of export prices for its crude oil for at least two decades, according to Bloomberg. Limiting production will have an impact primarily Read more

Saudi Arabia will boost output in July to match its output OPEC quota while ending deeper, voluntary cuts amid signs of global demand recovering, the Saudi energy minister said on Monday. OPEC, Russia and other producers agreed on Saturday to extend record output cuts of 9.7 million barrels per day (bpd) into July, curbing global Read more

NEW DELHi: Output at ONGC Videsh, the overseas arm of the state-run explorer, will likely fall in the current financial year after rising for seven straight years due to a natural decline in fields and production cut commitments by key producers such as Russia and the UAE. ONGC Videsh produced about 15 million metric tonnes Read more

NEW DELHI: The government on Monday extended the last date of bidding for the 11 oil and gas blocks on offer in the fifth exploration bid round to June 30 in view of the COVID-19 lockdown in the country. The fifth bid round under Open Acreage Licensing Policy (OALP) opened in January and was to Read more

NEW DELHI/SINGAPORE: Indian Oil Corp (IOC), the country’s top refiner, is seeking to buy up to 24 million barrels of US oil for delivery between October 2020 and March 2021, tender documents showed, as part of its efforts to diversify supply. The move will help IOC to hedge against unpredictable pricing moves by Middle East Read more

A top executive at a PSU Refiner (under Public Offering) said that the thriving negative outlook on China could mean India getting good investments from Oil Majors preparing to head out of China. Bharat Petroleum Corporation Limited’s Finance Director N. Vijayagopal said, “The choices of investing in the oil sector will be limited when the Read more

The Supreme Court on Monday agreed to hear the petition seeking stay on Delhi High court order allowing the enforcement of the arbitrations award allowing Vedanta Ltd. and Videocon Industries Ltd. to recover $499 million instead of $198 million capped by the government for development of Ravva oil and gas fields in the state of Read more

MUMBAI: Oman Oil Company will not increase its stake in the Bharat Oman Refineries Ltd (BORL), a joint venture between state-run Bharat Petroleum Corporation Ltd (BPCL) and the Oman company, according to two officials from BORL. “Oman has not shown interest and thus we converted our warrants into shares. This has increased our stake in Read more

Brent crude hit a three-month high, as it gained about 5% which pushed it above $40 per barrel. This was mostly based on the impressive Job data results coming from the U.S. Brent crude gained to settle at $41.91. Earlier, it had hit a session peak of $42.45, its highest point since early March 2020.  Read more

Both US and UK crude rallied on Friday following a flabbergasting US employment data that revealed the US economy had added 2.5 million jobs in May, leading to a decline of unemployment rate to 13.3 per cent from a record 14.7 per cent a month earlier and insanely beating an analysts’ estimate of a drop Read more

The tanker market has gone through some major shifts in demand and fundamentals in the past few months, as a result of the pandemic and its effect on crude oil demand. However, as the contango plays which emanated from this, start to fade, a return to the market’s fundamentals is bound to shift tanker demand Read more

Under pressure in Libya–where it’s gone head-to-head with General Haftar in an ongoing battle to decide who gets to ultimately control the country’s oil revenues–and floundering in Syria, Turkey is once again upping the ante in the Mediterranean, this time preparing to issue new oil and gas exploration licenses in direct confrontation with the European Read more

OPEC, Russia and their allies hold talks on Saturday on extending record oil production cuts that have doubled oil prices since April and will push countries such as Iraq and Nigeria to deliver better compliance with the curbs. Nigeria’s oil minister said he expected an extension deal, which already has the backing of Russia and Read more

BENGHAZI, Libya, Production at Libya’s giant Sharara oilfield was gradually restarting on Saturday after a blockade closed the 300,000 barrels-per-day field for more than four months, two engineers from the field said. The restart at the field in southwest Libya followed a rapid military retreat by forces loyal to eastern-based commander Khalifa Haftar, whose allies Read more