Category: Oil & Gas

The US commodities regulator on Wednesday issued a rare warning to brokers, exchanges and clearing houses, cautioning them that oil prices could again reach sub-zero levels. It may be recalled that the May crude oil futures on the New York Mercantile Exchange (Nymex) had settled at an unprecedented negative rate of minus $37.63 a barrel. […]

Reliance Industries Ltd’s (RIL) ₹53,125-crore rights issue, which is the country’s biggest, will open for subscription on May 20, and close on June 3. The date of this was approved by the issue committee of the board in its meeting held on Friday, RIL said in a regulatory filing. This is the first rights issue […]

LONDON, May 14 Oil prices climbed on Thursday following an unexpected drop in US crude stocks, but the Brent benchmark still hovered below $30 a barrel as any bullish momentum continued to be curbed by a bleak fuel demand picture due to the coronavirus pandemic. Brent crude futures were up 51 cents, or 1.8 per […]

Oil and Natural Gas Corporation Limited (ONGC) has awarded 49 marginal oil and gas fields to seven successful bidders. These fields span across 13 contract areas in Gujarat, Tamil Nadu, Andhra Pradesh and Assam, a company statement said. “The bid process for seeking partners for enhancement of production from 64 marginal nomination fields was held […]

Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed US crude inventories are still rising. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced […]

Oil prices fell on Wednesday on worries about a possible second wave of coronavirus cases in countries starting to ease lockdowns, while industry data showed a rise in US crude inventories. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after OPEC’s […]

Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand. Brent crude futures advanced 0.7 per cent, or 22 cents, to $29.85 at […]

Saudi Arabian state oil giant Aramco on Tuesday reported a 25 per cent fall in first-quarter net profit, missing analyst estimates, but its quarterly dividend was in line with a plan for a $75 billion base payout to shareholders for the year. Brent crude prices fell 65.6 per cent in the first quarter, before OPEC+ […]

India has cancelled orders for multiple cargoes of liquefied petroleum gas (LPG) only weeks after going on a buying spree as the nation went into lockdown, highlighting the difficulty of assessing fuel demand in a pandemic. The nation’s three biggest state-owned refiners have negotiated the cancellation of at least five cargoes of the fuel due […]

Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain the glut in the global market that has grown as the coronavirus pandemic crushed fuel demand. Brent crude futures climbed to a high of $30.11 a barrel and were up 0.8 per cent, […]

Saudi Arabia will triple value-added tax and suspend a cost of living allowance for state workers, it said on Monday, seeking to shore up finances hit by low oil prices as the coronavirus pandemic pummels global demand for its lifeline export. Historic oil output cuts agreed by Riyadh and other major producers have given only […]

Indian Oil Corporation (IndianOil) has restarted several process units at its refineries that were down due to the lockdown. The restarting of units is with the demand for petroleum products gradually picking up, a company statement said. “With throughputs gradually picking up pace, the refineries are currently operating at about 60 per cent of their […]