Category: Oil & Gas

Johannesburg: The grounded Japanese ship that leaked tons of oil near protected areas off the Indian Ocean island nation of Mauritius has split apart, officials said Saturday, with remaining fuel spreading into the turquoise waters. Photos posted on social media by the official cleanup effort with support of the environment ministry show the ship in […]

Johannesburg: Thousands of students, environmental activists and residents of Mauritius were working around the clock Sunday, trying to reduce the damage to the Indian Ocean island from an oil spill after a ship ran aground on a coral reef. An estimated 1 ton of oil from the Japanese ship’s cargo of 4 tons has already […]

Saudi Aramco Chief Executive Amin Nasser has said the company is ‘still working on the deal to invest in Reliance Industries’, Bloomberg reported, clearing the air on the agreement between the two companies. The statement from the Aramco CEO comes after RIL Chairman Mukesh Ambani, at the company’s annual general meeting in July, said that […]

MELBOURNE: Oil prices were unchanged on Thursday, struggling to hold onto five-month highs reached in the previous session, as fuel demand worries caused by a second wave of coronavirus infections outweighed declines in the U.S. dollar. U.S. West Texas Intermediate (WTI) crude futures were down 3 cents, or 0.1%, at $42.16 a barrel at 0148 […]

India’s fuel demand may take 6 to 9 months to rebound to normal levels as several states impose lockdown to curb the spread of coronavirus, Indian Oil Corp (IOC) Director-Finance S K Gupta said on Tuesday. Fuel sales had fallen by a record 45.8 per cent in April when a nationwide lockdown was in place […]

MELBOURNE: Oil prices rose for a third straight day on Tuesday, buoyed by support for demand coming from efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis and a weakening of the dollar that makes crude cheaper for global buyers. Brent crude futures climbed 35 cents, or 0.8%, to $43.76 a barrel at […]

SINGAPORE: Oil prices edged lower on Monday as rising coronavirus cases and tensions between the United States and China pushed investors toward safe-haven assets. Brent crude dipped 14 cents, or 0.3%, to $43.20 a barrel by 0242 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $41.19 a barrel, down 10 cents, or 0.2%. […]

BEIJING: China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom’s position as the top oil supplier to China. Imports from Saudi Arabia rose to 8.88 million tonnes in June, or […]

SINGAPORE: Oil prices fell on Wednesday as industry data showed a bigger- than-expected inventory build in the United States where coronavirus cases continue to climb, potentially further denting demand in the world’s biggest oil consumer. In his first briefing in months focused on the pandemic, U.S. President Donald Trump said that the outbreak would probably […]

MELBOURNE: Oil prices fell more than 2% on Tuesday on worries that new clampdowns on businesses to stem surging U.S. coronavirus cases could threaten fuel demand recovery and expectations that OPEC+ might ease output cuts from August in an upcoming meeting. U.S. West Texas Intermediate (WTI) crude futures slid 96 cents, or 2.39%, to $39.14 […]

DUBAI: Iran is determined to develop its oil industry in spite of U.S. sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday. “We will not surrender under any circumstances. We have to increase our capacity so that when necessary with full strength we can enter the market […]

SINGAPORE: Saudi Arabia’s state-owned oil company Saudi Aramco will reduce its August-loading shipments of medium and heavy crude grades to at least six Asian buyers, several sources familiar with the matter said on Monday. Buyers in China, Japan, South Korea, Taiwan and India were notified by Aramco over the weekend about the supply cuts, the […]