Category: Oil & Gas

Saudi Arabia is bearing a greater burden for production cuts, while Russia is nowhere near the reductions it promised. That arrangement can’t last. I know a little bit about standing on one leg; my daughter has encouraged me to learn to water ski. It’s not easy at my age, in England, in winter. OK, I’m […]

India has asked one buyer of Venezuelan oil to consider paying the South American nation’s national oil company PDVSA in a way that avoids the US financial system, an Indian government source said, after Washington imposed fresh sanctions on Venezuela last month. The United States is seeking to cut off Venezuela’s oil revenue and pressurise […]

Oil rose for a third day on Thursday to reach its highest so far this year as financial markets drew support from investor optimism that the United States and China could resolve their trade dispute. The price of crude has gained about 20 per cent this year, driven primarily by the prospect of a decline […]

Oil prices rallied on Friday, with Brent crude futures hitting fresh 2019 highs amid U.S. sanctions against Venezuela and Iran and supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC). Brent pushed above $65 per barrel for the first time in 2019, before edging back to $64.91 a barrel by 0143 GMT. […]

State-owned Oil and Natural Gas Corporation (ONGC) Thursday reported a 65 per cent jump in its third quarter net profit as higher prices made up for a fall in oil output. Net profit in October-December 2018 at Rs 8,262.70 crore, or Rs 6.44 per share, was higher than Rs 5,014.67 crore, or Rs 3.91 a […]

The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group’s production cuts and US sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday. The IEA left its demand growth forecast for 2019 unchanged from its last report in January […]

Goldman Sachs Group Inc is doubling down on its bullish outlook for oil. The bank still forecasts that global benchmark Brent crude will hit $67.50 a barrel next quarter, driven by healthy demand and supply curbs by OPEC and its allies such as Russia, analysts including Damien Courvalin said in a Feb. 12 report. Goldman’s […]

The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Wednesday accepted Gail India Ltd’s plea to be treated as operational creditor in the textile player Alok Industries’ insolvency matter. However, while passing the order on Wednesday, the two-member bench consisting of adjudicating authorities Harihar Prakash Chaturvedi and Manorama Kumari said that while Gail […]

The Vedanta group, that won the maximum number of blocks in the first round of oil and gas auctions under Open Acreage Licensing Policy (OALP), said production at the blocks will start by 2022. “We should be able to bring the first oil before 2022,” said Sudhir Mathur, chief executive officer at Cairn Oil & […]

India’s largest private fuel retail company Nayara Energy Ltd (NEL) is in talks with city gas distributions majors like Adani Gas, Indraprastha Gas and Mahanagar Gas to offer sales of compressed natural gas at their outlets. The company, controlled by Russian state-owned Rosneft-controlled, will also be shedding the Essar brand name by December this year, […]

OPEC cut its forecast for 2019 world oil demand on Tuesday due to slowing economies and expectations of faster supply growth from rivals, underlining its challenge to prevent a surplus even as it starts new production cuts. In a monthly report, the Organization of the Petroleum Exporting Countries lowered its forecast for 2019 economic growth […]

At a time when Bangladesh is seeing an economic boom with a growth rate of over 7 per cent, Bir Bikram Tawfiq-e-Elahi Chowdhury, adviser (minister) to Prime Minister Sheikh Hasina for power, energy and mineral resources affairs speaks to Shine Jacob about the country’s energy future. He opens up about the status of investments by […]