Category: Oil & Gas

Russian air defence units repelled a Ukrainian drone attack overnight on a pumping station on the Druzhba oil pipeline in the Bryansk region adjoining Ukraine, the region’s governor said on Saturday. Three Ukrainian military drones were destroyed in the attack in the Novozybkov district, Alexander Bogomaz wrote on Telegram. Drone attacks inside Russia have been […]

Indian Oil Corp will set up an 80,000 tonnes sustainable aviation fuel plant with LanzaJet in Haryana, the refiner’s chairman said on Wednesday. The company is looking at an investment of about 23 billion rupees ($280.1 million), S M Vaidya said on the sidelines of an industry event in New Delhi. The refiner is also […]

India will soon overtake China as the largest driver of global oil demand, International Energy Agency chief Fatih Birol said on Wednesday. “One of the reasons why we say this is that electrification of cars and buses in China is growing rapidly,” Birol told reporters on the sidelines of a G20 event in New Delhi. […]

Oil prices fell in early Asia trade on Friday as demand concerns outweighed the prospect of tighter supply from global producers while investors remained sceptical that the United States and Iran could strike a nuclear deal. Brent crude futures dropped 36 cents, or 0.5 per cent, to $75.60 a barrel by 0058 GMT, while the […]

Oil prices were little changed in early Asia trade on Thursday as investors weighed demand concerns over a global economic slowdown against an expected fall in supply from Saudi output cuts. Brent crude futures dipped 1 cent at $76.94 a barrel at 0110 GMT, while the US West Texas Intermediate crude futures rose 5 cents […]

Oil prices were up $1 a barrel on Monday after top global exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting the macroeconomic headwinds that have depressed markets. Brent crude futures were at $77.21 a barrel, up $1.08, or 1.4 per cent, at 0515 GMT after earlier […]

Oil prices edged lower on Tuesday, giving up most of the prior session’s gains that followed an announcement by the world’s top exporter, Saudi Arabia, that it would further cut output. Brent crude futures were down 23 cents, or 0.3 per cent, at $76.48 a barrel at 0020 GMT. The US West Texas Intermediate crude […]

Oil prices jumped more than $2 a barrel in early Asian trade on Monday, hours after the world’s top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July. Brent crude futures was at $78.42 a barrel, up $2.29, or 3 per cent, at 2219 GMT after earlier hitting […]

Russian is fulfilling its oil output cut obligations, Russian Deputy Prime Minister Alexander Novak told Rossiya-24 TV channel on Sunday following a meeting of the OPEC+ group of leading oil producers. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, on Sunday after seven hours of talks decided to […]

Saudi Arabia has pledged a new voluntary oil output cut of 1 million barrels per day for July, which could be extended further, its energy ministry said on Sunday.

Saudi Arabia will pledge new voluntary production cuts as part of a broader OPEC+ deal to curb output, sources told Reuters, as the group faces flagging oil prices and a looming supply glut. The group, known as OPEC+, reached a deal on output policy after seven hours of talks, the sources said. Two OPEC+ sources […]

Oil prices rose on Friday amid bullish sentiment following the passage of a US debt ceiling bill in Washington, while markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend. Brent crude futures rose 34 cents, or 0.46 per cent to $74.62 a barrel by 0302 GMT, while US West Texas Intermediate crude […]