India, along with the US, People’s Republic of China, Japan and the Republic of Korea, has decided to release five million barrels of crude oil from its strategic petroleum reserves in a concerted effort to bring down global crude oil prices. This is the first of a kind coordinated move globally to tame the flaring […]
Category: Oil & Gas
Air pollution: Only CNG, e-vehicles allowed to enter Delhi from Nov 27
To keep Delhi’s air quality under check, only CNG-run and electric vehicles will be allowed entry into the city from November 27, while all the petrol and diesel transports will remain banned till December 3. “As pollution level in Delhi is reducing leading to an improved Air Quality Index (AQI) similar to pre-Diwali days, the […]
Slew of products, starting with CNG and LNG planned; Ashok Leyland
Hinduja Group flagship Ashok Leyland has put in place a team to focus on alternate fuel technology that uses low carbon like CNG and LNG as part of its move towards building a green mobility future, the company said on Wednesday. The city-headquartered commercial vehicle maker also dedicated its existing testing facility in Hosur to […]
Oil mixed, investors sceptical about effectiveness of joint reserve release
TOKYO (Reuters) -Oil prices largely held gains Wednesday, with investors sceptical about the effectiveness of a U.S.-led coordinated release of stocks from strategic reserves and turning their focus to the next step by oil producers. Brent crude futures slid 7 cents, or 0.1%, to $82.24 a barrel by 0432 GMT, having risen 3.3% on Tuesday. […]
Oil rises as investors sceptical about effectiveness of reserve release
Oil prices edged higher on Wednesday, extending gains from the previous day, as investors remained sceptical about the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to the next step by oil producers. Brent crude futures rose 13 cents, or 0.2%, to $82.44 a barrel by 0742 GMT, having […]
Oil prices drop as coordinated reserve release eases some supply fears
Oil prices fell on Wednesday as the U.S.-led coordinated release of stocks from strategic reserves eased concerns over tightness in global supply, while investors took profits from the previous day’s rally ahead of the U.S. Thanksgiving holiday. U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.2%, to $78.38 a barrel at 0122 […]
Fighting gas prices, US decides to release 50 million barrels of oil
President Joe Biden on Tuesday ordered a record 50 million barrels of oil released from America’s strategic reserve, aiming to bring down gasoline and other costs, in coordination with other major energy consuming nations including India, the United Kingdom and China. The U.S. action is focused on helping Americans coping with higher fuel and other […]
Biden White House wades into oil market management with stockpile release
U.S. President Joe Biden’s decision to tap the nation’s emergency oil stockpiles marks the first time in two decades that a president has used the reserve to tame energy prices instead of tackle a supply disruption. The release also marks the first coordinated release with consuming nations outside the auspices of the West’s energy watchdog, […]
China so far non-committal to Washington’s oil release, OPEC+ unmoved
BEIJING/LONDON/MOSCOW/WASHINGTON (Reuters) -China, the world’s largest crude importer, was non-committal about its intentions to release oil from its reserves as requested by the United States, while OPEC producers were not considering changing tactics in light of the U.S. action, according to three sources in the group. On Tuesday, U.S. President Joe Biden’s administration announced plans […]
Beijing ‘has upper hand’ as US asks to release oil reserves: China Daily
The United States is “turning to China for help” to cool inflation by releasing some of its oil reserves, the state-backed Global Times said in an editorial on Wednesday, adding that the move will benefit everyone but China “has the upper hand.” Washington has asked some of the world’s largest oil consuming nations including Japan, […]
China so far non-committal to Washington’s oil release, OPEC+ unmoved
China, the world’s largest crude importer, was non-committal about its intentions to release oil from its reserves as requested by the United States, while OPEC producers were not considering changing tactics in light of the U.S. action, according to three sources in the group. On Tuesday, U.S. President Joe Biden’s administration announced plans to release […]
Brazil’s Petrobras ups investment plan to $68 bn, lowers output forecast
Brazil’s Petrobras said on Wednesday it expects to invest $68 billion from 2022 to 2026, a sharp increase from its previous five-year plan, as the state-run oil company seeks to grow oil production from the subsea pre-salt area. The oil production forecast for next year fell slightly, however, with Petroleo Brasileiro SA, as the company […]