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 […]

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 […]