NEW DELHI: India consumed 7.5% less diesel in November as truckers took a Diwali break but petrol demand shot up by equal percentage points on second consecutive month of bumper car sales, provisional fuel retail market data showed. The growth in electricity demand continued apace, with consumption rising 8.5% year-on-year to 119.6 billion units during […]
Category: Oil & Gas
Diesel sales slip, demand for petrol, power surges
NEW DELHI: India consumed 7.5% less diesel in November as truckers took a Diwali break but petrol demand shot up by equal percentage points on second consecutive month of bumper car sales, provisional fuel retail market data showed. The growth in electricity demand continued apace, with consumption rising 8.5% year-on-year to 119.6 billion units during […]
Deeper OPEC+ output cut could hit fuel retailers, stoke inflation fears
NEW DELHI: The OPEC+ grouping’s decision on Thursday to cut production further could end up resuming pressure on the profitability of state-run fuel retailers, delay possible cuts in interest rates and test the government’s inflation management in the run-up to the general elections next year. At a virtual meeting, the grouping’s members, including Russia, decided […]
Saudi Arabia extends cut in oil it sends to the world in bid to boost prices
LONDON: Saudi Arabia will extend a cut in the amount of oil it sends to the world after a series of previous reductions by members of the OPEC+ alliance of major producing countries failed to prop up prices. That’s been a good thing for US drivers, who have been able to fill their gas tanks […]
Gandhar Oil Refinery shares make remarkable market debut; jump over 76%
NEW DELHI: Shares of Gandhar Oil Refinery (India) Ltd listed with a bang on Thursday, rallying over 76 per cent, against the issue price of Rs 169. The stock made its debut at Rs 295.40, a jump of 74.79 per cent from the issue price on the BSE. It further climbed 103.90 per cent to […]
Adani Total Gas launches green hydrogen blending project in Ahmedabad
AHEMDABAD: In a bid to assess the viability of green hydrogen as an alternative energy source for the city gas distribution (CGD) consumers, Adani Total Gas Limited (ATGL) on Tuesday announced the launch of its green hydrogen blending project in Ahmedabad. The pilot project will involve blending green hydrogen with natural gas for at least […]
Deregulation helps ONGC command premium
NEW DELHI: Deregulation of domestic crude appears to have tipped the balance in favour of producers as green shoots of a free market emerge. In term deals signed after getting marketing freedom, state-run producer ONGC is commanding a premium over Brent for Mumbai offshore oil in spite of attempts by buyers, also from the public […]
Deregulation helps ONGC command premium over Brent on Mumbai crude
NEW DELHI: Deregulation of domestic crude appears to have tipped the balance in favour of producers as green shoots of a free market emerge. In term deals signed after getting marketing freedom, state-run producer ONGC is commanding a premium over global benchmark Brent for Mumbai offshore oil in spite of attempts by buyers, also from […]
India wants OPEC to watch out for turbulence at Nov 30 meet
VARANASI: Oil minister Hardeep Singh Puri on Sunday cautioned the OPEC+ grouping of oil exporting countries to watch out for market turbulence at their forthcoming meeting to discuss production plan, saying high prices due to the uncertainties will lead to a drop in demand. “It is their legitimate right… whatever they want to produce, not […]
Brent retreats ahead of OPEC+ oil production decision
BEIJING: Brent crude futures edged down on Friday, extending losses from the previous session, as traders speculated on whether OPEC+ would come to an agreement on further production cuts. Brent crude futures inched down by 6 cents, or 0.07%, to USD 81.36 at 0400 GMT, after settling down 0.7% in the previous session. US West […]
Gas prices drop in US, might stay low till Christmas
NEW DELHI: Gasoline prices in the US are declining just in time for Thanksgiving, and there is a possibility they might continue to reduce till Christmas, as OPEC Plus oil cartel is struggling with the apparent disarray, reports The New York Times.. The recent decline in gas prices has contributed to tackle the inflation rate […]
Oil slips 2% on growing angst over delayed OPEC+ meeting
Oil prices dipped about 2% on Thursday, extending losses after the postponement of an OPEC+ meeting stoked expectations that the group might not deepen output cuts next year. Brent crude futures were down $1.40, or about 1.7%, at $80.56 a barrel by 1434 GMT after falling as much as 4% on Wednesday. US West Texas […]