Category: Oil & Gas

Shots were fired at a tanker in sensitive Gulf waters on Wednesday but the vessel and crew are safe, a British maritime security body said, the latest incident in a series of seizures or attacks on commercial ships in the Gulf since 2019. The vessel was located off the coast of the Omani capital Muscat […]

OPEC Secretary General Haitham Al Ghais told the Emirati news agency on Wednesday that there are discussions with 4 new countries, Azerbaijan, Malaysia, Brunei and Mexico, to join the organization. “Consultations with new countries from outside the organisation contribute to strengthening the cohesion of OPEC”, Al Ghais added.

Azerbaijan is not currently considering joining the Organization of the Petroleum Exporting Countries (OPEC) as a new member, Russian news agency Interfax quoted the country’s energy minister Parviz Shahbazov as saying on Wednesday. “Such issues are sometimes raised, but we are not considering it at the moment,” Shahbazov said. OPEC Secretary General Haitham Al Ghais […]

Indian Oil Corporation (IOC), the nation’s top oil firm, plans to raise capital through rights issue of equity shares as part of a government’s plan to infuse capital into three state-owned fuel retailers to fund their net zero carbon emission projects. In a stock exchange filing, IOC said its board will meet on July 7 […]

Saudi Arabia and Kuwait exclusively own natural wealth, including Durra gas field, in the Gulf’s maritime “Divided Area”, Saudi state news agency SPA said on Tuesday citing the foreign ministry. The Kingdom also renewed its call to Iran to start negotiations with Riyadh and Kuwait on the demarcation of the eastern border of the area, […]

Saudi Arabia said Monday that it would extend a cut in oil production of 1 million barrels a day that it announced in June through at least August, trying to push up what officials view as stubbornly weak oil prices. The Saudis were joined by Russia, whose deputy prime minister, Alexander Novak, said that Moscow […]

The US on Monday became the only country to halt the adoption of a draft MEPC resolution on biofuel put forward by India on Monday at the MEPC session here, demanding further discussions on the matter prior to recommending it to a working group on air pollution and energy efficiency to finalise the resolution/circular. Sources […]

Indian refiners have begun paying for some oil imports from Russia in Chinese yuan, sources with direct knowledge of the matter said, as Western sanctions force Moscow and its customers to find alternatives to the dollar for settling payments. Western punishments over Russia’s invasion of Ukraine have shifted global trade flows for its top export, […]

Diesel sales dropped in June as the arrival of monsoon cut demand in the agri sector and reduced vehicular movement, preliminary industry data showed. Demand for diesel, the most consumed fuel in the country — accounting for about two-fifths of the total demand, fell 3.7 per cent to 7.1 million tonnes in June compared to […]

Oil prices edged higher on Friday with Brent poised for its first monthly gain this year, as a big drawdown in US oil stocks outweighed concerns that fuel demand will be dented further by more interest rate hikes. Brent crude futures for September delivery rose 16 cents or 0.2 per cent to stand at $74.67 […]

The growth of eight key infrastructure sectors slowed down to 4.3 per cent in May 2023 due to a decline in the production of crude oil, natural gas, and electricity. The core sector growth was 19.3 per cent in May 2022 while in April 2023 the key infra sectors recorded a growth rate of 4.3 […]

Reliance Industries Ltd, and its partner bp Plc on Friday announced the start of regular production from MJ oil and gas field in the KG-D6 block, helping scale up India’s output of clean fuel to over 100 million cubic meters a day. MJ is the third and the last set of discoveries in the KG-DWN-98/3 […]