Sri Lanka has sought a USD 500 million credit line from India to pay for its crude oil purchases amid a severe foreign exchange crisis in the island nation. The move came few days after energy minister Udaya Gammanpila warned that the current availability of fuel in the island nation can be guaranteed only till […]
Category: Oil & Gas
OVL has right to 30% stake in Iranian gas field, say officials
An Indian consortium led by ONGC Videsh Ltd contractually has a right to take a 30 per cent interest in the Farzad-B gas field development in the Persian Gulf even after Iranian decision to award rights of the giant field to a local firm, top officials said. In February, 2020, National Iranian Oil Company (NIOC) […]
Fuel prices hiked for third consecutive day; petrol crosses Rs 105 mark
Petrol and diesel prices continued to rise across the country for the third consecutive day on Saturday. In Delhi, petrol and diesel prices were raised by Rs 0.35 to Rs 105.49 per litre and Rs 94.22 per litre respectively. For the third consecutive day, the rates of petrol and diesel were increased by Rs 0.35 […]
Oil prices rise on tight supply, set for weekly gain of more than 2%
MELBOURNE (Reuters) – Oil prices climbed on Friday, heading for gains of more than 2% for the week, on increasing signs of tight supply over the next few months as rocketing gas and coal prices stoke a switch to oil products. U.S. West Texas Intermediate (WTI) crude futures rose 30 cents, or 0.4%, to $81.61 […]
Fuel rates hiked again, petrol, diesel prices at highest ever levels
Petrol and diesel prices on Friday rallied to their highest ever levels across the country, as fuel rates were hiked again by 35 paise a litre. The price of petrol in Delhi rose to its highest-ever level of Rs 105.14 a litre and Rs 111.09 per litre in Mumbai, according to a price notification of […]
Oil prices climb more than 3% amid robust demand and tighter supplies
MELBOURNE (Reuters) -Oil prices climbed on Friday, heading for gains of more than 3% for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products. Brent crude futures touched their highest since October 2018, rising 84 cents, […]
Brent oil surges to $85 per barrel as energy crisis stokes demand
Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products. Brent crude futures were up 80 cents, or 0.95%, to $84.80 a barrel at 0930 GMT. Front-month prices, […]
Oil rallies with IEA seeing gas shortages deepening deficit
Oil in New York surged past $81 a barrel after the International Energy Agency became the latest to say natural gas shortages are boosting demand for crude. WTI crude futures rose 1.5 per cent to near the highest level since 2014. Record gas prices could add about 500,000 barrels a day of oil use over […]
Brent rises to $85 as energy crisis stokes demand before winter
Brent crude climbed above $85 a barrel in London for the first time since 2018, the latest milestone in a global energy crisis that has seen prices soar. The global benchmark crude passed the key level in intraday trading on Friday, while US crude futures also advanced. The shortage of gas and coal is triggering […]
Oil prices rise to three-year high on back of supply deficit forecasts
Oil prices settled at a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus-related travel restrictions spurs demand. Brent crude futures settled up 86 cents, or 1%, at $84.86 a barrel. Front-month prices, which touched their highest level since […]
Rising global oil and coal prices pose macro risks to India: Morgan Stanley
The rising commodity prices expose India to macro risks including on the already elevated inflation and growth fronts, a foreign brokerage said on Thursday. There has been 14 per cent jump in oil prices to USD 83 per barrel and 15 per cent rise in coal rate to USD 200 per metric tonne, analysts at […]
Petrol, diesel prices rise after two-day pause
Petrol and diesel prices were hiked again across the country on Thursday after a pause of two days. Petrol prices increased by Rs 0.35 paise to Rs 104.79 per litre in the national capital while the price of diesel was raised by the same amount to Rs 93.52 per litre. In Mumbai, popularly known as […]