Category: Oil & Gas

Israel on Monday blocked fuel shipments for the Gaza power station, said Raed Fattouh, Head of the Coordination Committee for entry of goods in the Gaza Strip. This move by Israel comes when the airstrikes have extensively damaged the region’s infrastructure. On Monday, local media reported that the Israeli authorities had given the green light […]

LONDON (Reuters) -Oil prices edged lower Monday as underwhelming Chinese manufacturing data and fresh restrictions in Asia sparked by surging COVID-19 cases weighed on sentiment, although European economic reopenings lent some support. Brent crude fell 30 cents, or 0.4%, to $68.41 a barrel at 1302 GMT, and West Texas Intermediate (WTI) U.S. crude was down […]

Oil marketing companies seem to be moving towards a revised fuel price revision mechanism, shifting to the practice of changing petrol and fuel rates every alternate day rather than undertaking changes on a daily basis. In the last few days, pump prices of petrol and diesel have been revised every alternate day but the practice […]

TOKYO (Reuters) – Oil prices edged lower on Monday as the recovery of a major U.S. pipeline network eased concerns over supply and a new wave of COVID-19 restrictions in Asia fuelled fears of lower demand. Gasoline shortages that have plagued the U.S. East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies […]

NEW YORK (Reuters) – The top U.S. fuel pipeline operator said its lines were fully operational on Monday, but it will take some time for supplies to recover fully from a cyberattack that left thousands of gas stations without fuel. Last week’s closure of Colonial Pipeline’s 5,500-mile (8,900-km) system was the most disruptive cyberattack on […]

India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company. “The National Iranian Oil Company (NIOC) has signed a contract worth USD 1.78 billion with Petropars Group for the development of Farzad B Gas Field […]

State-run Oil and Natural Gas Corporation (ONGC) on Monday said a barge with 261 of its personnel deployed for offshore drilling in Bombay High in the Arabian Sea got de-anchored and started drifting because of the cyclonic storm Tauktae. However, all the 261 people on board barge P305 are accounted for at 1300 hrs and […]

India’s oil demand worsened in the first half of May as large parts of the nation remained under local lockdowns to battle the world’s worst outbreak of Covid-19. Sales of road transport fuels during May 1-15 dropped by a fifth from the previous month and about 28 per cent from the same period in 2019, […]

UK’s Cairn Energy has identified USD 70 billion of Indian assets overseas for potential seizure to collect USD 1.72 billion due from the government — a move if successful will put India in league with Pakistan and Venezuela which faced similar enforcement action over failure to pay arbitration awards. The assets identified range from Air […]

S&P Global Platts has cut India’s demand for oil & gas amid the second wave of Covid cases that have triggered lockdowns across key states since the past few weeks. For 2021, it now pegs the oil demand growth at 350,000 barrels per day (b/d), down from a forecast of 485,000 b/d made in February […]

The price of petrol continued to soar above Rs 100 in parts of Madhya Pradesh and Rajasthan on Friday. Petrol in Bhopal stood at Rs 100.38 per litre and diesel at Rs 91.31 per litre. In Rajasthan’s Sri Ganganagar, petrol price stood at Rs 103.27 per litre while diesel stood at Rs 95.70 per litre. […]

NEW YORK (Reuters) -Oil prices fell about 3% on Thursday as India’s coronavirus crisis deepened and a key U.S. fuel pipeline resumed operations, halting a rally that had lifted crude to an eight-week high after forecasts for a rebound in global demand later in the year. Brent crude ended the session down $2.27, or 3.3%, […]