Russia’s government is looking at the possibility of introducing some easing of rigorous fuel environmental standards in order to allow the usage of low-quality gasoline in the face of possible fuel shortages, three industry sources told Reuters. According to sources’ calculations, it could bring in additional 10%, or between 300,000 metric tons and 350,000 tons […]
Category: Oil & Gas
Crude oil holds near five-month high amidst tensions in West Asia
Oil prices stabilised on Tuesday, with the previous session’s drop arrested by dwindling prospects of negotiations between Israel and Hamas producing a ceasefire in Gaza. Brent crude futures edged up 5 cents, or 0.1%, to $90.43 per barrel by 1309 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 10 cents or 0.1% at […]
As talks with Kurds fail, Iraq repairs pipeline to supply oil to Turkey
Baghdad is repairing a pipeline that could allow it to send 350,000 barrels per day (bpd) to Turkey by the end of the month, an Iraqi deputy oil minister said on Monday, a step likely to rile oil foreign companies and the Kurdistan Regional Government (KRG). The reopening of the Kirkuk-Ceyhan pipeline, which has been […]
India’s fuel demand up by 5% y-o-y in FY24, a new financial year record
India’s fuel consumption declined by 0.6 per cent year-on-year (y-o-y) in March. However, demand for the 2024 financial year increased by about five per cent, primarily due to higher sales of automotive fuel and naphtha. Preliminary data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed that the total consumption, a […]
Fuel consumption increased 4.6% to record high in FY24; fell 0.6% in March
Fuel consumption in India, a proxy for oil demand, increased 4.6 per cent, to hit a record high of 233.32 million tonne (mt) in FY24.This was lower than the 10.57 per cent rise seen in FY23. The demand fell by 0.6 per cent on an annual basis in March as a result of lesser petroleum […]
Oil prices edge lower on Israel-Gaza ceasefire talks after 6 months of war
Oil drifted lower on Monday after Israel withdrew more soldiers from Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict in the Middle East. Brent crude futures dropped 90 cents or 1%, to $90.27 a barrel by 1000 GMT. U.S. West Texas Intermediate crude was down 86 cents, or about […]
Oil and Gas shares gain
Oil and Gas stocks were trading in the positive zone, with the S&P BSE Oil&Gas index rising 416.87 points or 1.5% at 28250.01 at 09:46 IST. Among the components of the S&P BSE Oil&Gas index, Indraprastha Gas Ltd (up 3.91%), Linde India Ltd (up 2.51%),GAIL (India) Ltd (up 1.84%),Bharat Petroleum Corporation Ltd (up 1.67%),Indian Oil […]
Oil and Gas stocks slide
Oil and Gas stocks were trading with losses, with the S&P BSE Oil&Gas index decreasing 80.58 points or 0.29% at 27794.75 at 13:41 IST. Among the components of the S&P BSE Oil&Gas index, Bharat Petroleum Corporation Ltd (down 1.76%), Indian Oil Corporation Ltd (down 1.41%),Hindustan Petroleum Corporation Ltd (down 0.62%),Adani Total Gas Ltd (down 0.61%),Linde […]
Emissions model for aviation fuel will be ready in very near future: EPA
Revisions to a key emissions model for sustainable aviation fuel feedstocks will be ready “in the very near future,” said U.S. Environmental Protection Agency Administrator Michael Regan in Philadelphia on Friday. The Biden administration pledged last year to update how the Department of Energy’s Greenhouse Gases, Regulated Emissions and Energy Use in Technologies (GREET) model […]
No proposal to resume subsidised rice sale for ethanol production: Official
The government has no proposal to resume sale of subsidised rice to grain-based distilleries for the production of ethanol, Food Secretary Sanjeev Chopra said. “Since July last year, rice has not been diverted for ethanol production. There is no proposal as of now to revisit that policy,” Chopra told reporters on Thursday. He was responding […]
High crude oil prices a cause for concern, India’s oil secretary says
Rising crude oil prices are a cause for concern for the world’s third-largest importer of the commodity, India’s oil secretary Pankaj Jain said on Wednesday. As a consuming nation any increase in prices will cause concern and anxiety, Jain said at an industry event, referring to the “geopolitical premium” in crude prices.
Brent crude price reaches highest level this year on fresh supply threats
Global oil benchmark Brent on Tuesday rose above $89 a barrel for the first time since October, albeit briefly, as oil supplies faced fresh threats from Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East. Brent futures for June delivery were up $1.15, or 1.3%, at $88.57 a barrel by 13:33 […]