New Delhi: India increased imports of Saudi oil in December as payment problems drove its Russian oil buys to an 11-month low, with at least five cargoes of the sweet Sokol variant heading to other locations, data from vessel tracking agencies showed. Indian Oil Corp (IOC) which was set to get the Sokol oil, had […]
Category: Oil & Gas
Oil jumps 1% in New Year after US forces repel Houthis in Red Sea
Sigapore: Oil prices jumped 1 per cent on Tuesday, starting the New Year higher as a Red Sea naval clash focused attention on potential Middle East supply disruptions and expectations of Chinese economic stimulus boosted the demand outlook in the world’s top crude importer. Brent crude rose $1.03, or 1.3 per cent, to $78.07 a […]
Petrol, diesel sales drop as winter sets in
New Delhi: Petrol and diesel sales in India slumped in December as setting in of winter tapered demand, preliminary data of state-owned firms showed on Monday. Petrol sales of the three state-owned firms, which control 90 per cent of the fuel market, fell 1.4 per cent to 2.72 million tonnes in December 2023 when compared […]
ONGC seeks partners to cut gas flaring, zero methane emission by 2030
New Delhi: India’s top oil and gas producer ONGC is seeking global technology partners to cut gas flaring and achieve zero methane emission by 2030 as part of its ambitious decarbonisation plan, its chairman Arun Kumar Singh said on Monday. Oil and Natural Gas Corporation (ONGC) has substantially cut gas flaring — burning of methane […]
Key infra sectors growth up at 7.8% in November
New Delhi: The output of eight key infrastructure sectors increased by 7.8 per cent in November 2023 against a 5.7 per cent expansion in the year-ago period, according to the official data released on Friday. All sectors except crude oil and cement recorded healthy production growth in the month under review. The core sector (coal, […]
Oil prices to end year 10% lower as demand concerns snap winning streak
Singapore: Oil prices are set to end 2023 about 10 per cent lower, the first annual decline in two years, after geopolitical concerns, production cuts and global measures to rein in inflation triggered wild fluctuations in prices. Brent crude futures were up 18 cents, or 0.2 per cent, at $77.33 a barrel at 0126 GMT […]
Oil prices stabilise as Red Sea transport disruptions ease
Oil prices steadied on Thursday after falling sharply in the previous session, as concerns eased about shipping disruptions along the Red Sea route even as tensions in the Middle East continued to rise. Brent crude futures inched up 10 cents, or 0.1 per cent, to $79.75 a barrel by 0424 GMT, while US WTI crude […]
19 workers injured as gas furnace explodes at Pune fabrication unit
Pune: As many as 19 workers were injured after a gas furnace exploded in a powder coating and fabrication unit in Maharashtra’s Pune, an official said on Wednesday. The incident took place at the manufacturing set-up in the Hinjawadi area of Pimpri-Chinchwad on Tuesday evening, he said. Police said the gas furnace at the unit […]
Worker killed, another seriously injured in explosion at IOCL facility in Chennai
Chennai: A worker was killed, and another man was seriously injured after an explosion on Wednesday at the Indian Oil Corporation’s (IOCL) facility at Tondiarpet in Chennai, an official said. A Fire and Rescue Services official said the incident took place when workers were engaged in completing tasks like welding ‘in an ethanol storage tank’ […]
India seeks more Middle East crude as attacks delay cargoes
Refiners in India, the world’s third-largest crude oil importer, are seeking to boost supplies from the Middle East and other nearby nations as recent attacks on ships in the Red Sea raise the risk of longer shipping time and higher costs, according to people familiar with the matter. Shippers turned cautious about entering the Red […]
Rajasthan keeps its promise of subsidised LPG, to begin from New Year
Jaipur: Setting rest to the rumours floating around the promise of providing subsidised gas cylinders, Rajasthan Chief Minister Bhajanlal Sharma today announced that the scheme of providing cylinders at Rs 450 would begin from Jan 1 in the New Year. He made this announcement in Malpura, Tonk, where he was overseeing the work in one […]
TotalEnergies invests Rs 2495 cr in Adani Energy project
New Delhi: French energy giant TotalEnergies has invested Rs 2495.10 ($300 million) crore in a renewable energy joint venture (JV) with Adani Green Energy Limited (AGEL). In a statement, AGEL said it completed “1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested $300 million in AGEL subsidiary, for acquiring 50 […]