IEA sees modest oil market deficit in Q2

The oil market will flip into a modest deficit from the second quarter of this year, with OPEC possessing a hefty supply cushion to prevent any price rally in case of possible supply disruptions, the International Energy Agency said on Friday. The IEA, which coordinates the energy policies of industrialised nations, kept its forecast of […]

ONGC’s Mumbai High, Vasai East, 7 other fields came close to being sold last year

State-owned ONGC’s nine biggest oil and gas fields, including Mumbai High and Vasai East, came tantalisingly close to being sold to private and foreign companies, but the plan was nixed after strong opposition from within the government, sources said. A high-level committee headed by NITI-Aayog Vice-Chariman Rajiv Kumar late last year had considered “transferring” western […]