Category: Oil & Gas

SINGAPORE: Oil prices fell on Wednesday as industry data showed a bigger- than-expected inventory build in the United States where coronavirus cases continue to climb, potentially further denting demand in the world’s biggest oil consumer. In his first briefing in months focused on the pandemic, U.S. President Donald Trump said that the outbreak would probably […]

TOKYO: Oil prices dipped on Monday, weighed down by the prospect that a rise in the pace of coronavirus infections could derail a recovery in fuel demand. Brent crude was down 10 cents, or 0.2%, at $43.04 a barrel by 0047 GMT, after dropping slightly last week. U.S. oil was off by 6 cents, or […]

BHUBANESWAR: Indian Oil Corp Ltd’s 300,000 barrels per day refinery on the country’s east coast to be shut for three weeks for maintenance, the top district administrative official told Reuters on Sunday. “The Indian Oil refinery in Paradip will remain shut from July 25 to August 15 for maintenance,” said Sangram Keshari Mohapatra, the top […]

TOKYO: Oil prices slide on Thursday after OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a bigger-than-expected drawdown from the country’s crude stocks. Brent crude LCOc1 fell 13 cents, or 0.3%, at $43.66 a barrel […]

Mumbai: Asia’s richest man Mukesh Ambani on Wednesday said his group’s planned stake sale in oil-to-chemical business to Saudi Aramco for an asking of USD 15 billion has not progressed as per original timelines due to COVID-19. “We value our two-decade relationship with Aramco and are committed to a long-term partnership,” Ambani said at Reliance […]

SINGAPORE: Saudi Arabia’s state-owned oil company Saudi Aramco will reduce its August-loading shipments of medium and heavy crude grades to at least six Asian buyers, several sources familiar with the matter said on Monday. Buyers in China, Japan, South Korea, Taiwan and India were notified by Aramco over the weekend about the supply cuts, the […]

MELBOURNE: Oil prices fell more than 2% on Tuesday on worries that new clampdowns on businesses to stem surging U.S. coronavirus cases could threaten fuel demand recovery and expectations that OPEC+ might ease output cuts from August in an upcoming meeting. U.S. West Texas Intermediate (WTI) crude futures slid 96 cents, or 2.39%, to $39.14 […]

New Delhi: Diesel price in the national capital on Sunday inched towards the Rs 81 per litre-mark following a rate hike after a four-day hiatus. Diesel price on Sunday was increased by 16 paise per litre, according to a price notification of state-owned oil marketing companies.

DUBAI: Iran is determined to develop its oil industry in spite of U.S. sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday. “We will not surrender under any circumstances. We have to increase our capacity so that when necessary with full strength we can enter the market […]

MELBOURNE: Oil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude CLc1 futures climbed 13 cents, or 0.3%, to $40.76 a barrel at 0103 GMT, recouping a […]

SINGAPORE: Oil prices offered up a mixed market snapshot on Monday, with Brent crude edging higher, supported by tighter supplies, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States. Brent crude rose 11 cents, or 0.3%, to $42.91 a barrel by 0109 […]

New Delhi: Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) plans to increase its network of aviation fuel stations by 50 per cent as it looks to capture greater market share in the business currently controlled by public sector oil retailing firms. In its latest annual report, RIL said the double-digit growth observed over 52 consecutive […]