The suspension of flights to China by global airlines due to the coronavirus epidemic resulted in Asian refining margins for jet fuel in January showing their biggest monthly decline in a more than a decade. Refining margins or cracks for jet fuel dropped 34% in January, their biggest monthly drop according to data going back […]
Category: Oil & Gas
OPEC+ considering further 500,000 barrels per day crude oil output cut -sources
OPEC and its allies are considering cutting their oil output by a further 500,000 barrels per day (bpd) due to the impact on oil demand from the coronavirus, two OPEC sources and a third industry source familiar with discussions said. The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, are […]
Petronet LNG to sign $2.5 bln US gas deal during Trump’s India visit
India’s top gas importer Petronet LNG and US liquefied natural gas (LNG) developer Tellurian Inc are preparing to sign a $2.5 billion deal during President Donald Trump’s maiden visit to New Delhi later this month, two sources familiar with the matter said. India and the United States have built close political and security ties and […]
OPEC aims to extend oil output cuts through June, alarmed by China virus
OPEC wants to extend current oil output cuts until at least June, with the possibility of deeper reductions on the table if oil demand in China is significantly impacted by the spread of a new coronavirus, OPEC sources said. The quick slide in oil prices over the past few days has alarmed OPEC officials, the […]
Oil advances to 1-week high as unrest hits Iraq and Libya
Oil rose to the highest in more than a week in London as supply disruptions in Iraq and Libya reignited concerns over the market’s vulnerability to geopolitical risk in key production regions. Brent futures increased to more than $65 a barrel after Libya’s oil production almost ground to a halt as armed forces closed a […]
India’s oil imports from Middle East falls to 4-yr-low in 2019: Trade
India’s imports of Middle Eastern oil plunged to a four-year low in 2019, tanker data obtained from sources shows, as the energy-hungry nation diversifies its supplies to cut costs and help shield itself from geopolitical tensions. India, the world’s third-biggest oil consumer, imports about 84% of its oil needs and traditionally relies on the Middle […]
Reliance outpaces industry in petrol, diesel sales from its outlets
Reliance Industries Ltd (RIL) has outpaced industry in clocking double digit sales growth in petrol and diesel from its nearly 1,400-odd petrol pumps in the third quarter ended December 31, 2019. In an investor presentation post announcing earnings for October-December 2019, Reliance, operator of the world’s largest oil refining complex, said it registered an 11 […]
Oil prices tumble as worries over US-Iran clash ebb
Global oil prices plunged Wednesday, totally reversing an earlier brief spike that followed Iranian missile attacks on US targets in Iraq amid hopes the conflict will not escalate further. Comments by Iranian officials and US President Donald Trump eased tensions substantially and pushed crude prices lower and lower in late European trading. The strikes, launched […]
ONGC: An acquisition thrust by govt way too costly
On January 31, 2018, oil and natural gas exploration major Oil and Natural Gas Corporation of India (ONGC) acquired oil marketing company Hindustan Petroleum Corporation Limited (HPCL). The move led to ONGC expanding its presence across oil exploration, production and distribution. The company’s Chairman and Managing Director Shashi Shanker at the time of mega-acquisition had […]
GAIL gets 21,000 more registrations with fresh strategy
To speed up the slow pace of expansion of the Piped Natural Gas (PNG) network in the city, GAIL Gas Limited tried out a new payment strategy and a registration fee waiver. The company now says it paid off, attracting over 21,000 new customer registrations since October 2019. A GAIL spokesperson told DH that the […]
Oil dips as markets await Iran response
Oil prices edged lower on Tuesday, coming off their highest levels in months as the market calmed while the world braces for Iran’s response to the killing of its top military commander by the United States. Brent crude fell 44 cents to $68.47 a barrel by 0200 GMT while U.S. West Texas Intermediate (WTI) crude […]
Aramco sinks as Gulf bourses rocked by Iran-US tensions
Saudi Aramco shares hit the lowest level since their market debut on Sunday, as Gulf bourses were hit by a panicky sell-off amid Iranian vows of retaliation over the US killing of a top general. All seven bourses in the Gulf Cooperation Council (GCC) states closed in the red, on the first trading day since […]