In order to ensure a steady inflow of crude oil given that supply from Iran has been capped, the country’s oil marketing companies are looking at long-term contracts with US suppliers, but non-availability of official selling price (OSP) is proving to be a hurdle. Till now Indian refiners have been buying US crude oil in…
U.S. oil prices inched down on Thursday, with traders worried about the strength of demand in the United States after gasoline stockpiles there grew last week by far more than analysts had expected.
Petrol price today: After a marginal drop in fuel prices on Wednesday, prices of petrol were again raised while diesel prices continued to witness the upward trend for the eighth consecutive day on Thursday. In Mumbai, petrol and diesel are retailing at Rs 76.11 per litre and Rs 67.82 per litre, respectively.
Oil halted its retreat near $51 a barrel on forecasts for a drop in U.S. inventories and as a rebound in equities signaled investor interest in risk assets was improving. Futures in New York climbed as much as 1.6 percent after dropping 4 percent over the past two sessions.
Oil prices are expected to oscillate close to current levels well into the next decade, averaging around $65-70 per barrel through 2023, according to an annual survey of energy professionals conducted by Reuters.
Oil prices rose around 2% on Tuesday amid production cuts by Opec and Russia as well as signs of lower US oil stocks, but grim Chinese economic data raised fears for global growth.
U.S. oil prices inched lower on Wednesday after gains of more 3 percent in the previous session, pressured by concerns over the outlook for the global economy.
We expect weak GRMs to be a common feature amongst all refiners in this quarter; this is partly due to volatile crude oil price, weak refining margins coupled with substitution of cheaper heavier Iranian crude with expensive crude from other sources. However, Indian state refiners have made nominations for Iranian oil for January loading, post…
Praj Industries is on track to execute three bio-refinery projects based on their proprietary second-generation bio refinery (2G) technology for oil marketing companies (OMCs). It has also started work on an integrated demo plant and added compressed bio-gas (CBG) to its technology basket.
Shell Gas, a subsidiary of Royal Dutch Shell, on Wednesday announced completion of its acquisition of 26% equity interest in the Hazira LNG and Port Venture in India from Total Gaz Electricite France, a unit of Total. With this, Shell now holds 100% in the venture.