International Brent crude futures hit a high of $66.78 per barrel before easing to $66.65 per barrel, up 0.6 per cent from their last close Oil prices rose to their highest levels since November last year on Monday, lifted by Organization of the Petroleum Exporting Countries (OPEC)-led supply cuts and United States (US) sanctions on […]
Category: Oil & Gas
Shipping industry jittery over fuel cost as deadline for new emission norms nears
The emerging situation warrants developing a new blend of oil for ships Fuel costs are set to go up for the shipping industry over the next year, as new IMO (International Maritime Organisation) regulations kick in from January 2020. The increase could be between 25 per cent and 40 per cent over current levels, experts […]
In yet another attempt, Govt tries to make hydrocarbon hunting more attractive
How to increase domestic oil and gas production seems to have been a challenge for the Narendra Modi-led government as was the case with the previous regimes. In what could be seen as yet another attempt at making the exploration business attractive, the government is in the process of implementing the recommendations of a high-level […]
ONGC shares gain over 2% after Q3 results
Shares of Oil and Natural Gas Corporation (ONGC) rose by over 2 per cent on Friday after the company reported a 65 per cent jump in its third quarter net profit. The company’s shares gained 2.27 per cent to close at Rs 135.10 on BSE. It jumped 6.58 per cent to Rs 140.80. On NSE, […]
Oil prices edge higher as Wall St recoups losses
Oil prices also drew support from a surprise increase in China’s exports in January Oil prices edged higher on Thursday and Brent hit the highest level this year, but gains were capped after the steepest decline in United States (US) retail spending since 2009 heightened investor fears of a global economic slowdown. US stocks recovered […]
ONGC hits near 3-yr low; chart suggests more downside
Shares of oil explorer Oil and Natural Gas Corporation fell as much as 1.8 per cent to ₹ 131, their lowest since March 3, 2016 The stock has broken below the support level at ₹134.65, the 138.2 per cent Fibonacci projection level of the downtrend from January 31, 2017 high to June 27, 2017 low […]
Used cooking oil may be made mandatory feedstock for biofuel
Petroleum Minister Dharmendra Pradhan Wednesday said the Government is considering mandating biofuel from used cooking oil as advanced biofuel which can be blended with biodiesel. The Government has set a target of 20 percent blending of ethanol with gasoline and 5 percent blending of biodiesel with diesel by 2030 under the biofuel policy. “We have […]
Oil rises on hopes for US-China trade spat breakthrough
Oil prices rose on Thursday, buoyed by hopes that potential progress in the latest Sino-US tariff talks would improve the global economic outlook. US West Texas Intermediate (WTI) crude futures were at $54.15 per barrel at 0204 GMT, up 25 cents, or 0.5 per cent, from their last settlement. They closed up 1.5 percent on […]
Alok Industries case: NCLT grants ‘operational creditor’ status to GAIL
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Wednesday accepted the plea of state-run gas supplier GAIL India to be treated as an operational creditor (OC) in the resolution process of textiles player Alok Industries. Reading out the operational part of the order passed on Wednesday, adjudicating authority Justice Harihar Prakash Chaturvedi […]
Bombay High Court sets aside arbitration award of $113 mn to HPCL
Bombay High Court has set aside an arbitration award of more than Rs 800 crore ($113.19 million) owed to Hindustan Petroleum Corp Ltd by Malaysia’s M3nergy, according to a court document reviewed by Reuters. In 2017, HPCL was awarded the amount after an arbitration board found that M3nergy had delayed the finalising of a consortium […]
Oil gains 1 per cent after Saudi Arabia pledges more output cuts
OPEC, earlier, said it had reduced oil production almost 800,000 barrels per day (bpd) in January to 30.81 million bpd Oil prices rose more than 1 per cent on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) figures showed it cut production sharply in January, and as lead member Saudi Arabia said it […]
Venezuela to seek oil payments in currencies other than the dollar
Venezuela is in talks with oil consuming countries like India to find ways beyond the dollar to foot the bill for crude oil purchases. “We are talking about commercial trade and commercial exchange, we are not talking about barter. How payment is made is for the buyer and seller to decide. It can be in […]