Oil Minister Dharmendra Pradhan on Sunday spoke to US Energy Secretary Dan Brouillette on the volatility in international oil markets and the slump in demand following Covid-19 pandemic. Since the outbreak of coronavirus, countries across the globe have placed restrictions and announced lockdowns, which have shut businesses and stopped both air as well as road […]
Category: Oil & Gas
Oil extends gains after record rally but stocks struggle
Crude prices bounced back from earlier losses Friday, to extend the previous day’s record surge following reports that OPEC had called an emergency meeting for next week. The news reinforced optimism in the embattled oil market after Donald Trump claimed Russia and Saudi Arabia were set to slash output. However, equities struggled into the weekend […]
Oil slips amid doubts price war will end soon
Oil prices slipped Friday as doubts grew over US President Donald Trump’s claim that Russia and Saudi Arabia planned to end their price war, a day after posting their biggest ever percent increase. US benchmark West Texas Intermediate was down 5.7 percent at $23.88 a barrel while Brent crude, the international benchmark, was off 2.7 […]
Crude oil price barrels ahead as OPEC flags meeting with non-members
The price of crude oil surged again Friday after OPEC said it would talk to non-members, notably Russia, giving investors hope that they will stop a price war which has created market chaos along with crushed demand because of the coronavirus. Global stock markets fell following another set of devastating American employment numbers, gloomy eurozone […]
Amid panic buying during coronavirus lockdown, LPG delivery boys left in the lurch
Even as people are panic-buying LPG cylinders during the lockdown, the services of the delivery personnel, who are risking their lives to ensure undisturbed supply, go unacknowledged. About 500 cooking gas distributors from three oil companies cater to the LPG demand of Bengalureans. Each of them employs about 10 to 25 delivery boys. With the […]
Reliance Industries to raise Rs 25,000 cr via non-convertible debentures
Reliance Industries on Thursday said it will raise Rs 25,000 crore through non-convertible debentures to fund its operations. The company in a regulatory filing said the company board of directors approved “the proposal for raising of funds through the issuance of non-convertible debentures (NCDs) up to Rs 25,000 crore in tranches from time to time, […]
Oil firms Apache, Total make second major oil discovery offshore Suriname
Oil producer Apache Corp and its joint venture partner Total SA said on Thursday that they made their second significant oil discovery of the year in a closely watched area off the coast of South America’s Suriname. Shares of Apache were trading more than 12% higher after surging nearly 21% at market open, on a […]
China’s top refiners to hike output by 10% in April as fuel demand on the mend: Sources
China’s top fuel producers are set to raise April crude throughput by a combined 755,000 barrels per day (bpd), or 10% from March, as domestic fuel demand is recovering from the coronavirus outbreak, Reuters’ calculations based on interviews with six industry sources showed. Sinopec, Asia’s top refiner, is expected to raise throughput by at least […]
Oil jumps as US President Donald Trump talks up truce hopes for Saudi Arabia-Russia price war
Crude oil futures surged on Thursday after US President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to “challenging” oil markets. Brent crude futures rose 5.9%, or $1.46, to $26.20 as of 0418 GMT, […]
Trump says oil-cut deal with Saudi, Russia to halt price rout
US President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how the cut would work were unclear. Trump said the two nations could cut output by 10 to […]
ONGC to lose Rs 4,000 cr on new gas price; seeks freeing of gas prices
State-owned Oil and Natural Gas Corp (ONGC) will lose about Rs 4,000 crore in revenue and start making cash losses after the government slashed the natural gas prices by a steep 26 per cent by benchmarking it against rates prevalent in gas-surplus nations. Prices of natural gas, which is used to produce fertilizer, generate electricity […]
LPG prices reduced by over Rs 60 per cylinder, no major change in petrol, diesel rates
Oil marketing companies on Wednesday reduced domestic cooking gas (14.2 kg) LPG prices by over Rs 60 per cylinder. The move comes after a significant reduction in global crude oil prices. According to the state-owned Indian Oil Corporation Limited (IOC), the price of a 14.2 kg non-subsidised LPG cylinder in Delhi will be slashed by […]