Category: Oil & Gas

Goldman Sachs expects oil demand to fall by 10.5 million barrels per day (bpd) in March and possibly by as much as 18.7 million bpd in April, the Wall Street bank said in a note dated March 25. “A demand shock of this magnitude will overwhelm any supply response including any potential core-Organization of the […]

Global oil demand could drop as much as 20 million barrels per day or 20% of total demand as 3 billion people are currently in a lockdown because of the coronavirus outbreak, the head of the International Energy Agency said. Fatih Birol told a conference call that the IEA, which coordinates energy policies of industrialised […]

Brent oil futures may be trading at $27 per barrel but oil producers are selling their crude in the physical market at lower prices not seen since the aftermath of the Asian financial crisis of the late 1990s. Most are offloading their oil for below $20 a barrel as the coronavirus pandemic savages demand and […]

India’s oil production fell 6.4 per cent in February as a decline in output from fields operated by private firms negated a rise in production from ONGC fields. Crude oil production at 2.39 million tonnes in February was 6.41 per cent lower than 2.56 million tonnes output in the same month a year back, according […]

With the unprecedented nationwide lockdown shutting down factories, ONGC has been forced to cut natural gas production by up to one-tenth as customers refused to take supplies because of business disruption. Oil and Natural Gas Corp (ONGC), which produced 64.5 million standard cubic meters of gas per day till earlier this week, has reduced the […]

Oil prices extended gains for a third session on Wednesday, rising alongside broader financial markets on hopes Washington will soon approve a massive aid package to stem the economic impact of the coronavirus pandemic. U.S. crude touched a high of $25.24 a barrel early in the session and was at $24.82 a barrel, up 81 […]

To deter people from venturing out, the administration on Tuesday took the stringent step of stopping petrol and diesel saleat the pumps in the Pune city. District Collector Naval Kishore Ram issued a notification to this effect, addressed to the District Petrol/Diesel Pump Association, exercising powers under the Epidemic Diseases Act. The order did not […]

Moody’s Investors Service on Tuesday downgraded state-owned Oil and Natural Gas Corporation’s (ONGC) rating in view of the uncertain oil price environment, depleting cash reserves of the government and government guidelines constraining its ability to lower dividends. The rating agency downgraded ONGC’s local and foreign currency issuer ratings to Baa2 from Baa1. It also downgraded […]

Already battered by the Russia-Saudi Arabia oil price war, Brent crude oil sank to a 16-year low of $26 per barrel on Wednesday as the coronavirus-led demand destruction exacerbated global economic recession fears. This is the lowest of the international benchmark for crude since September 2003, compared to the high of $147 per barrel in […]

Oil prices fell on Friday for a third day, with Brent crude set for its biggest weekly drop since 1991 and U.S. crude heading for the worst week since 2008 as panic about plunging demand from the coronavirus outbreak grips the market. Brent crude was down 67 cents, or 2%, at $32.55 a barrel by […]

In Maharashtra, petrol and diesel would be dearer by Rs 1 per litre. But, there is an innovation behind it. The Uddhav Thackeray-led Maha Vikas Aghadi government has decided to increase VAT by Rs 1 on petrol and diesel to great a Green Fund. Deputy Chief Minister Ajit Pawar, who holds the finance and planning […]

Crude oil prices on Tuesday gained 1.87 per cent to Rs 3,495 per barrel as participants widened their holdings tracking a positive trend overseas. Analysts said raising of bets by participants kept crude prices higher in futures trade here. On the Multi Commodity Exchange, crude oil for delivery in March traded higher by Rs 64, […]