Category: Oil & Gas

Kolkata: Cabbies operating CNG-run cars blocked a fuel station in Beliaghata on Monday morning complaining over unavailability of the green fuel on most days. Over 30 app cabbies, along with drivers of other commercial vehicles, blocked the road in front of the fuel station, initially stopping motorists from entering there and then even tried to […]

NEW DELHI: Union minister Hardeep Singh Puri discussed the recent trends and volatility in the global oil markets and their implications for international energy stability with OPEC secretary general, Haitham Al-Ghaishad over a telephonic conversation on Friday. Puri during the discussion expressed commitment to supporting efforts to achieve balance in global energy markets, as per […]

SINGAPORE/LONDON: New liquefied natural gas (LNG) projects coming online this year and high stocks in Europe and North Asia in early 2024 capping demand are seen curbing spot price growth for the next six months as analysts forecast a “finely balanced” market. Asian spot prices averaged around $18 per million British thermal units (mmBtu) this […]

CHENNAI: The Chennai Petroleum Corporation Ltd on Tuesday said the clean-up operations at the Ennore Creek was going on in full swing leading to further reduction in oil in the water. About 240 trained manpower along with 125 boats, oil skimmers, pressure jet cleaning machines, containment and absorbent booms are currently engaged in clearing of […]

NEW DELHI: In a turn of events for India’s economic landscape, China’s sustained stimulus efforts and the industrial recovery in developed nations are set to catalyse a surge in global mining demand throughout 2024. As projected by Fitch Ratings, the neutral sector outlook is buoyed by significant government spending programs in India, Europe, and the […]

NEW DELHI: India’s diesel consumptionin the first half of December recovered from the steep fall seen last month on transporters taking a Diwali break, but sales were still lower than last year, preliminary data of state-owned firms showed. Diesel consumption at 3.15 million tonne during December 1 to 15 was 0.7 per cent higher than […]

Oil prices rose in early Asian trade on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency (IEA) on oil demand for next year and a weaker dollar. Brent futures rose 9 cents to USD 76.70 a barrel at 0006 GMT. […]

PATNA: The Adani Group on Thursday pledged to increase ten-fold the conglomerate’s investment in Bihar, besides foraying into new sectors in which they did not have a footprint in the eastern state. Addressing Bihar Business Connect 2023, Pranav Adani, Managing Director (Agro, Oil and Gas) of Adani Enterprises, said the group intends to raise its […]

SINGAPORE/NEW YORK/LONDON: Oil investors will usher in 2024 with gnawing concerns about oversupply, slowing economic growth and simmering Middle East tension that could spark price volatility. Benchmark Brent averaged around $80 a barrel this year, after a volatile 2022 in which prices surged above $100 after Russian supplies were disrupted following the Ukraine war.

The OPEC+ coalition’s grip on global oil markets is looking less secure by the day. Crude traders have shrugged off the Nov. 30 pledge from Saudi Arabia and its allies to slash supplies by a further 900,000 barrels a day, remaining skeptical of its implementation. Despite the group’s multiple attempts to shore up sentiment in […]

PARIS: French Energy Minister Agnes Pannier-Runacher said Saturday she was “stunned” after the oil cartel OPEC urged its members to thwart any deal targeting fossil fuels at the COP28 conference. “I am stunned by these statements from OPEC. And I am angry,” she said from the climate conference in Dubai, adding that “OPEC’s position endangers […]

NEW DELHI: Fitch Ratings has revised its near-term oil and European gas priceassumptions, citing OPEC+’s sustained control over supply and ongoing dynamics in the energy market. The adjustments include an increase in 2024 oil price assumptions, driven by OPEC+’s commitment to support oil prices through extended quotas and additional production cuts. According to Fitch Ratings, […]