Category: Oil & Gas

Oil prices dropped 5 per cent on Tuesday as analysts said they were expecting Saudi production to recover sooner than expected. At around 1400 GMT, North Sea Brent crude oil for delivery in November was trading at USD 65.35 in London, a drop of $5.35 compared to the closing price on Monday.

Saudi Aramco has told some clients that vessel loading has resumed following disruptions caused by the weekend’s attacks on Saudi oil facilities, two sources who received the notice told Reuters on Monday. The state company’s Oil Supply Planning and Scheduling (OSPAS) department said loading operations were in progress, they said, citing the notice. Three sources […]

The crude oil prices witnessed their sharpest rally in the past three decades before moderating, as a pre-dawn attack on Aramco’s oil installations by Houthi rebels of Yemen forced Kingdom of Saudi Arabia to curb 60% of its daily oil production. The worst disruption in the global oil supply, led to a 19.2% spike in […]

Logging its first fall in eight sessions, the Indian rupee on September 16 plunged by 68 paise to 71.60 against the US dollar amid concerns over soaring crude prices following drone attacks on Saudi Arabia’s oil facilities. Surging crude oil prices have emerged as major fears for India, the world’s third-largest oil importer, in form […]

Hindustan Petroleum Corp Ltd has said that the price of petrol and diesel at retail outlets might go up if the price of crude stays at current levels. “Price of products at fuel outlets might be impacted if the crude price continues to go up by 10%,” M K Surana, chairman of HPCL told Reuters […]

India’s strategic petroleum reserves stand at 55% of available underground storage capacity of 5.33 million tonnes, a top government official told Reuters on September 16. He did not wish to be identified as he was not officially authorised to speak on the subject. India has three strategic reserves in the southern cities of Vizag, Mangalore […]

Growth of eight core industries dropped to 2.1 per cent in July, mainly due to contraction in coal, crude oil and natural gas production, according to a government data released on Monday. The eight-core sector industries — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity — had expanded by 7.3 per […]

Saudi Arabia’s energy minister says the head of the kingdom’s sovereign wealth fund is replacing him as chairman of the board of Saudi Aramco as the state-run oil giant plans an initial public offering. The move puts some distance between Khalid al-Falih’s energy ministry portfolio and Aramco, which Saudi officials say could be listed in […]

At least four persons were killed after a massive fire broke out in one of the facilities of state-run oil explorer, ONGC, at Uran near Mumbai on Tuesday. Uran is located in the Navi Mumbai and Raigad police has confirmed four deaths. Uran town is located in Raigad district. The fire and thick smoke could […]

Indian Oil Corp, the country’s top refiner, plans to invest 2 trillion rupees ($27.98 billion) in five-seven years to meet energy needs of diverse user groups, Chairman Sanjiv Singh told a shareholders meeting on Wednesday. IOC through its 11 refineries controls about a third of India’s 5 million-barrel-per-day (bpd) refining capacity. Singh said the investment […]

India is looking to raise import of liquefied natural gas (LNG) from Australia but wants the fuel at an affordable price to meet the energy needs of the world’s fastest-growing economy. Oil Minister Dharmendra Pradhan on Wednesday met with Australian Minister for Resources Matthew Canavan to discuss bilateral energy cooperation, an official press statement said […]

The ban on jet fuel supply to Air India at six airports by the oil marketing firms was on account of fund crunch and not due to carrier’s operational performance, airline chief Ashwani Lohani has said. Lohani in a Facebook post on Sunday also wrote that regardless of the situation the Maharaja must keep afloat. […]