Category: Oil & Gas

Oil prices rose $3 a barrel following reports that Israeli missiles had struck a site in Iran. The reports sparked concerns over disruption of oil supply owing to which benchmark contracts surged more than $3 to later eases slightly. Brent futures were up $2.63, or 3%, to $89.74 a barrel and US West Texas Intermediate […]

Oil was little changed after two days of gains, as traders and shippers braced for the prospect of more disruption in the Red Sea. Global benchmark Brent held near $79 a barrel after rising more than 3% in the previous two sessions. West Texas Intermediate was steady near $74. The US and its allies are […]

The government on Monday cut the windfall profit tax on crude oil produced in the country and on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil has been reduced to ₹1,300 from ₹5,000 per tonne, according to an official notification. SAED on […]

With the dust settling on what has been hailed as a historic outcome at the COP28 climate conference, experts say much will now depend on how the shift away from fossil fuels will in reality take place, the role of developed countries in this effort and the sticky problem of inadequate climate finance on which […]

​COP28 President, Sultan Al Jaber of UAE, which holds the Presidency this year, denied that they were using the climate talks as an opportunity to strike oil and gas deals. The COP28 team of UAE had plans to discuss fossil fuel deals with 15 nations, the Centre for Climate Reporting and BBC reported on Sunday, […]

LONDON/DUBAI: The United Arab Emirates (UAE) planned to exploit meetings with foreign governments arranged due to its COP28 hosting role to strike fossil fuel deals, according to leaked documents obtained by the BBC. The leaked briefing notes, obtained by journalists at the Centre for Climate Reporting (CCR) working alongside the British broadcaster, were prepared by […]

New Delhi: Oil and gas demand is expected to peak by 2030 under current policies, the International Energy Agency (IEA) has projected, days ahead of the UN Climate Summit (COP28) to be held in UAE, in a region home to some of the largest oil and gas producers globally. Following the peak, demand will not […]

A first consignment of fuel entered Gaza from Egypt late Friday after Israel agreed to a US request to allow limited deliveries to end a communications blackout that has halted aid convoys for two days. UN agencies have spoken of an increasingly desperate situation for the 2.4 million Palestinians trapped inside the besieged enclave, which […]

A gas pipeline allegedly exploded in Surajpur industrial area in Greater Noida when a team of workers were fixing a leakage in the pipe near a factory in Site-B on Wednesday morning, said a fire officer, adding that the impact of the blast was such that the adjacent factory’s guard room, located beside the gas […]

To expedite the widening of the road stretch between Hero Honda Chowk and Umang Bhardwaj Chowk, the Haryana Shahari Vikas Pradhikaran (HSVP) has alloted an alternative site to the owner of the CNG pump that falls in the road alignment. The land is needed for the widening of the 3.2km stretch between Hero Honda Chowk […]

​New Delhi: India’s crude oil imports fell 29% year-on-year to $63.4 billion in the first half of 2023-24, with a declining trend in the average monthly oil import bill since the September peak of $93.54 per barrel, providing some relief to the exchequer amid ongoing elections and deteriorating geopolitical situation, according to official data. Import […]

Ahead of the festive season, the Pimpri-Chinchwad police on Sunday dismantled an illegal LPG refilling racket in the Dehu Road area. The operation resulted in the arrest of two suspects, while a search is underway for a third suspect, said officials. Police officials also seized a total of 74 empty cylinders from the illicit operation. […]