Oil prices fell 4 percent on Tuesday, dropping for a third consecutive session as reports of swelling inventories and forecasts of record U.S. and Russian output combined with a sharp sell-off in global stock markets. U.S. crude oil fell $2.04, or 4.1 percent, to a low of $47.84, its weakest since September 2017, before recovering […]
Category: Oil & Gas
Oil & Gas
ONGC’s $1.7 billion deep sea award perks up oilfield services market
ONGC’s $1.7-billion work package, one of the biggest deep sea contracts offered in recent years, for its largest offshore block has perked up a listless global oilfield services industry and is likely to see fabrication of crucial underwater kits in the country for the first time. The state-run explorer has awarded the contract, its single-largest […]
Russia signals oil output decline in 2019 after 10 years of growth
Russia’s oil output may decline next year due to a global reduction pact, Energy Minister Alexander Novak said on Tuesday, possibly halting an uninterrupted decade-long run of growth. The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed this month to resume cutting output as oil prices have plunged […]
Saudi Arabia, Reliance in talks for refinery, petrochemical project: Saudi Oil Minister
World’s largest oil exporter Saudi Arabia and richest Indian Mukesh Ambani-run Reliance Industries are discussing joint investment in petrochemicals and refinery projects, the Saudi Oil Minister Khalid al-Falihsaid. Al-Falih, who has known Ambani for over a decade now, travelled to Udaipur earlier this month to attend the pre-wedding festivities of Ambani’s daughter Isha’s marriage with […]
Global investment in oil & gas production may reach around $425 bn: Report
The number of new oil and gas projects will rise five-fold next year from a 2015 trough but overall spending is still unlikely to be enough to meet future demand, consultancy Wood Mackenzie said in a report. Shaken by a sharp drop in oil prices in recent months, boards are generally expected to stick to […]
Lower oil prices help grease economic activity: IEA
The threat of an all-out trade war has dampened the outlook for the global economy, but the recent drop in oil prices should support demand, the International Energy Agency said Thursday. There has been intense concern about a slowdown in China, which has been the motor for growth in the global economy in recent times, […]
Oil prices steady as China-U.S. trade tensions ease
Oil prices steadied on Thursday, under pressure from high inventories but buoyed by a drawdown in U.S. crude stockpiles and indications that the trade war between the United States and China may be easing. Global oil supply has outstripped demand over the last six months, inflating inventories and pushing crude oil to its lowest in […]
Iraq lifts oil production at Halfaya oilfield to 370,000 bpd
Iraq has increased production at its southern Halfaya oilfield by 100,000 barrels per day (bpd) to a total of 370,000 bpd, an oil official told Reuters on Wednesday. Halfaya, operated by PetroChina, is Maysan province’s largest field. Production rose after the completion of a new oil processing facility, Adnan Noshi, head of Maysan Oil Co […]
Oil prices climb on OPEC-led supply cuts, Asian stock rally
Oil prices rose by around 1 percent on Wednesday amid a stock market rebound and on expectations that an OPEC-led output cut for 2019 would stabilise the supply-demand balance. Disruptions to Libyan crude exports after local militia seized the country’s biggest oilfield, El Sharara, were also buoying prices, traders said. International Brent crude oil futures […]
Iranian oil exports have improved since early November – Iran president
Exports of Iranian oil have improved since early November, Iran’s president Hassan Rouhani said in a statement broadcast live on state TV on Tuesday. The United States imposed sanctions on Iran’s oil industry in early November and U.S. officials have said they want to reduce Iran’s oil exports to zero. Tensions have spiked between Iran […]
India’s falling oil, gas production a concern: Minister
India’s falling oil and gas production is a matter of concern, Oil Minister Dharmendra Pradhan said, adding the government will soon set up a gas trading hub. India’s crude oil production in October dropped 5 percent from a year earlier to about 2.89 million tonnes, while natural gas output was down 0.4 percent at 2.80 […]
Oil prices under pressure amid global market unease, but Libyan disruption supports
Oil prices were under pressure on Tuesday amid worries over global stock markets and doubts that planned output cuts led by producer club OPEC will be enough to rein in oversupply. But traders said crude prices received some support after Libya’s National Oil Company (NOC) declared force majeure on exports from the El Sharara oilfield, […]