NEW DELHI (Reuters) – High prices threaten India’s goal to boost the use of gas in its energy mix as some industries are looking at switching back to coal and petcoke, a top bureaucrat in the federal oil ministry said on Wednesday. Prime Minister Narendra Modi has set a target to raise the share of […]
Category: Oil & Gas
Why Ajit Pawar is opposed to bringing petrol, diesel under GST: Patil
Fuel prices would be lower if they are brought under the Goods and Services Tax (GST) regime but Maharashtra Deputy Chief Minister Ajit Pawar was opposed to it, state BJP chief Chandrakant Patil claimed here on Tuesday. He was replying to a question about an editorial in the Shiv Sena’s mouthpiece ‘Saamana’ over rising fuel […]
Crop fires take India’s global contribution to GHG emissions to 12.2%
A latest data analysis has shown that compared to the previous three years, there has been an increase in emissions due to crop fires in 2019-2020 by 12.8 per cent, taking India’s global contribution to 12.2 per cent. The new insights into recent trends in biomass fires, including emissions from forest and crop residue fires […]
World shares dip as China growth disappoints, oil extends rally
World shares dipped on Monday after data showed slower-than-expected growth in China’s economy last quarter and surging oil prices fed inflation concerns. Calls by China’s President Xi Jinping on Friday to make progress on a long-awaited property tax to help reduce wealth gaps also soured the mood. An MSCI gauge of global stocks was down […]
As fuel prices spike, India plans refiners’ joint deals to cut import bill
India is forming a group that brings together state-run and private refiners to seek better crude import deals, oil secretary Tarun Kapoor said on Tuesday, as the country grapples with soaring oil prices. The world’s third largest oil importer and consumer, India depends on imports for about 85% of its crude and buys most of […]
PM Modi to interact with CEOs, experts of global oil and gas sector
Prime Minister Narendra Modi will interact with CEOs and experts of the global oil and gas sector on Wednesday via video conferencing, his office said. This is the sixth such annual interaction which began in 2016 and marks the participation of global leaders in the oil and gas sector, who deliberate upon key issues of […]
India to push for lower price at CERAWeek as crude oil hits $85 a barrel
India will bat for a lower price of crude oil at the coming edition to CERAWeek, a premier energy conference that is to be held in Delhi later this week. “Crude oil prices have already crossed the tipping point of around $70 a barrel,” said a senior oil ministry official aware of the stand India […]
Fire erupts at Kuwait’s major oil refinery; no casualties reported
A fire erupted on Monday at a major oil refinery in Kuwait, the state-owned oil company said, reporting no immediate casualties. The blaze at the key Mina al-Ahmadi oil refinery along Kuwait’s Persian Gulf coastline north of its border with Saudi Arabia did not impact electrical supply or oil exports, according to Kuwait’s National Petroleum […]
Oil gains from highest close since 2014 as US dollar falls
Oil continued its advance from the highest close in seven years as the US dollar fell and investors assessed the energy crunch roiling global markets. The Brent crude benchmark rose 34 cents to $84.67 a barrel by 11:11 am EDT (8:41 IST). US West Texas Intermediate (WTI) futures rose 46 cents to $82.90 a barrel. […]
Difficult for middle class to travel even by road: Priyanka on fuel prices
Congress leader Priyanka Gandhi Vadra on Monday took a dig at the government, saying it promised to make those wearing ‘hawai chappals’ travel by air but it has hiked the prices of petrol and diesel so much that it has become difficult for the middle class to travel even by road. The Congress general secretary’s […]
High oil prices to hurt world economic recovery: India to OPEC
India, the world’s third-largest energy consumer, has told Saudi Arabia and other OPEC nations that high oil prices will hurt the nascent economic recovery the world is witnessing after the devastating pandemic and that they have to price oil at reasonable levels, a top official said on Monday. Petrol and diesel prices have shot up […]
Oil prices pull back as US factory data intensifies demand concerns
Oil prices pulled back after touching multi-year highs on Monday, trading mixed as US industrial output for September fell, tempering early enthusiasm about demand. Production at US factories fell by the most in seven months in September as an ongoing global shortage of semiconductors depressed motor vehicle output, further evidence that supply constraints were hampering […]