NATIONAL NEWS
Liberia auctions oil blocks online due to Coronavirus outbreak
The Liberian Government is seeking interest from companies on participating in the offshore license round, which was open since April 10, 2020. But, due to the COVID-19 pandemic, the Government has decided to move the bidding rounds online in order to restrict coronavirus transmission. Early this year, President Dr. George M. Weah announced the opening Read more
Petrol, diesel price increased all over India for first time in 80 days
NEW DELHI : With fuel demand recovering due to the easing of lockdown restrictions and Brent crude oil trading above $40, state-run fuel retailers today increased the price of petrol and diesel by 60 paise a litre each. This is the first time in around 80 days that oil marketing companies have changed the base Read more
IOC says Unlock 1.0 to revive fuel sales soon
New Delhi, Weeks after the coronavirus lockdown led to fuel sales nosediving to record lows, Indian Oil Corp (IOC), the nation”s largest oil firm, sees demand returning with the resumption of economic activities. The company said though it is on track to spend the approved capital expenditure for 2020-21, it has “critically examined all capex Read more
Govt mandates special identity for BS VI vehicles
The road transport and highways ministry has mandated a special identification for Bharat Stage (BS) VI four wheeler vehicles from October 1. The government has called for providing a green strip on the sticker of registration details on the BS VI four wheelers, such that these vehicles can be identified easily. This will be applicable Read more
India’s biggest asset sale to attract China-wary oil majors
MOSCOW/DUBAI/LONDON: OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market. The group, known as OPEC+, also demanded countries such as Nigeria and Read more
Crude oil prices fall from $40 as doubts emerge over next step on Opec cuts
NEW YORK: Oil fell on Wednesday after jumping for awhile above $40 a barrel, the highest since March, then retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.Oil prices were also were pressured as US refined product inventories surged Read more
Oil pips $40 for first time since March on OPEC cuts, demand recovery seen
Oil rose on Wednesday, topping $40 a barrel for the first time since March, supported by lower U.S. inventories, expectations that Organization of the Petroleum Exporting Countries and other producers including Russia (OPEC+) will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis. Suggesting a supply glut is on Read more
OPEC+ coalition shaken as Iraq pushed to atone for oil cheating
The grand alliance that’s helped revive global oil markets is being rattled by a long-running feud over members breaking their promises.Just a day before a proposed gathering on Thursday, the OPEC+ coalition hurriedly backtracked from the meeting intended to green-light an extension of its deepest production cutbacks and prop up crude prices. Saudi Arabia and Read more
Saudi, Russia reach deal on oil cuts, raising pressure for compliance
OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters. OPEC+ agreed to cut output by a record 9.7 million barrels per day, or about 10% of Read more
OPEC+ keen to keep US shale in check as oil prices rally
LONDON: When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in US output. Now that crude has rallied on the back of those cuts from below $20 a barrel to $40 or Read more
Trump administration delays most June oil and gas lease sales
The Trump administration has shelved all but one of the oil and gas lease sales it had scheduled for this month as the coronavirus pandemic has caused energy prices to crash and left U.S. drillers in crisis. According to a government website on Wednesday, sales in Utah and Colorado have been officially postponed, adding to Read more
Gas flow from OIL well on, more people evacuated in Assam
GUWAHATI: PSU major OilNSE 2.81 % India on Wednesday said gas is uncontrollably flowing even after seven days of a well blowout at Baghjan in Tinsukia district and it has spread to a larger area, forcing the company and authorities to evacuate more people to camps. The opposition Congress urged the Petroleum and Natural Gas Read more
Current prices shouldn’t decide oil companies’ economics: Dharmendra Pradhan
New Delhi: The government does not regard the recent plunge in oil and gas prices as a normal market-driven fluctuation that should determine the economics of domestic producers, petroleum minister Dharmendra Pradhan said, responding to mounting concerns about viability of Indian fields as their prices are linked to global benchmarks. “Normally prices respond to demand-supply Read more
Companies don’t need city gas license to start LNG station, says regulator
NEW DELHI: Anybody can start liquefied natural gas (LNG) dispensing station in the country and wouldn’t require a city gas distribution license for it, the regulator has said in a big step towards aiding India’s ambition of shifting some of its long-haul transport to natural gas. This helps resolve long standing regulatory confusion over LNG Read more
EESL, GAIL sign MoU for trigeneration projects
New Delhi: State-owned GAIL and Energy Efficiency Services Ltd (EESL) signed a memorandum of understanding on Wednesday for cooperation in development of trigeneration projects in India. Trigeneration or Combined Cooling, Heat and Power (CCHP) typically involves natural gas-fired generators to produce electricity. The waste heat from flue gas is recovered to produce hot water or Read more