Category: Oil & Gas

The price dips have halted a rally that pushed crude to 2019 highs this week amid supply cuts led by OPEC Oil prices fell on Friday after the US reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by the West Asia dominated producer club, OPEC, to withhold supply […]

US sanctions against Iran and Venezuela have also propped up prices Oil prices hovered close to 2019 highs on Thursday, bolstered by OPEC-led supply cuts and US sanctions on Venezuela and Iran, but were prevented from rising further by slowing growth in the global economy. US West Texas Intermediate (WTI) crude oil futures were at […]

Saudi Arabia’s National Oil Company, Saudi Aramco, is in discussions with India’s private sector refiner Reliance Industries Ltd and others for expanding its business here. Saudi Aramco CEO, Amin Al Nasser, said, “India is an investment priority for Saudi Aramco. There is a lot of growth potential. We are looking at additional investments in India. […]

Public sector Gujarat Gas Limited (GGL), India’s largest gas distribution player, is facing a clear challenge from rising competition in city gas distribution (CGD). In the last twelve weeks, the CGD arm of the State-run Gujarat State Petroleum Corporation (GSPC) has witnessed at least a dozen top-level exits in favour of new CGD players. With […]

Oil prices slipped from 2019 highs on Wednesday as soaring US production and expectations of an economic slowdown undermined efforts led by producer club OPEC to cut supply to tighten global markets. US West Texas Intermediate (WTI) crude oil futures were at $55.84 per barrel at 0126 GMT, down 25 cents, or 0.5 per cent, […]

The Indian rupee strengthened in the initial part of last week, breaking above the resistance level of 70.85. But the currency failed to sustain higher as the momentum was short-lived. The rupee reversed sharply lower after making a high of 70.40 on Tuesday, giving back all the gains. The currency declined below 71 again and […]

International Brent crude futures traded at $66.66 per barrel, up 41 cents, or 0.6 per cent, from their last close. Oil prices on Monday hit their highest levels since November last year, lifted by OPEC-led supply cuts, US sanctions on Iran and Venezuela, and hopes that the Sino-US trade dispute may soon end. International Brent […]

Traders said the slight downward correction was driven by concerns about the health of the global economy this year Brent crude oil prices eased away from 2019 highs on Tuesday on caution that economic growth may dent fuel demand this year, although supply cuts led by producer cartel Organization of the Petroleum Exporting Countries (OPEC) […]

The three troop into a conference room at the Maker Village, an electronics hardware incubator, full of confidence and eager to talk about their venture. All three have qualifications in aeronautics and aerospace. They had known each other either from their previous jobs or from their college days. And, when Rajeev decided to start a […]

Indian Oil buys about 75 per cent of its oil needs through long-term deals, mostly with OPEC nations Indian Oil Corporation (IOC) has signed its first annual deal to buy United States (US) oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 to diversify its crude sources, its […]

Indian Oil Corporation will import up to 3 million tonnes of crude oil from the US in the next financial year. “IndianOil has finalised a term contract for import of up to 3 million tonnes of crude oil of US origin grades as a part of its strategy to diversify term crude sources. The contract […]

Crude oil imports from US during April-December 2018 tripled to 4.58 million tonne Indian Oil Corporation Limited will import up to 3 million tonnes of crude oil from the United States of America in the next financial year. “IndianOil has finalised a term contract for import of up to 3 million tonnes of crude oil […]