Tokyo: Oil prices rose more than 1% on Tuesday after the main U.S. energy forecasting agency predicted shale output in the world’s biggest crude producer would fall by the most on record in April, adding to cuts from other major producers. The Organization of the Petroleum Exporting Countries, along with Russia and other producing countries […]
Category: Oil & Gas
Asian markets dip after OPEC+ deal to cut oil production
Hong Kong: Asia markets fell Monday with investors cautious on news of an international deal to shore up oil prices and tentative signs of progress in efforts to combat the coronavirus pandemic. OPEC producers dominated by Saudi Arabia and allies led by Russia thrashed out a compromise deal on Sunday to cut production by nearly […]
OPEC, Russia approve biggest ever oil cut amid coronavirus
VIENNA: Top oil-producing countries agreed on “historic” output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war, sending crude prices soaring on Monday. The US benchmark WTI climbed 7.7 percent to $24.52 a barrel in early Asian trade while Brent was up 5.0 percent at $33.08. OPEC producers dominated […]
‘New year’s gift’: Oppn slams BJP over price hike in LPG cylinders, rail fares
New Delhi: The Congress on Wednesday slammed the Modi government over the hike in railway fares and the price of LPG cylinders, saying it will put the common man into a deeper financial crisis. Congress spokesperson Sushmita Dev said the hike comes at a time when the economy is in shambles. ”Question is when will […]
Jet fuel cost up 2.6 pc; non-subsidised LPG price hiked by Rs 19
New Delhi: Jet fuel or Aviation Turbine Fuel (ATF) price was on Wednesday hiked by 2.6 percent and that of non-subsidised cooking gas LPG by Rs 19 per cylinder on the back of a rise in international rates. Price of ATF, used to power aeroplanes, was raised by Rs 1,637.25 per kilolitre (kl), or 2.6 […]
Oil prices edge higher as OPEC hints at deeper output cuts
Singapore: Oil prices rose on Wednesday, tracking gains in equities, as investors pinned hopes on a potential Brexit deal between Britain and the European Union and on signals from OPEC and its allies that further supply curbs could be possible. But gains were limited due to lingering concerns of a global economic slowdown. Global benchmark […]
Former tax dept head K V Chowdary joins Reliance board
New Delhi: Former anti-corruption body head and the first tax department chief under the Modi government K V Chowdary has joined the board of India’s most valuable company Reliance Industries as an independent director. A 1978-batch Indian Revenue Service (IRS) officer, Chowdary was in August 2014 appointed as chairman of the Central Board of Direct […]
Attack on Saudi oil facilities carried out by Yemen’s govt as defensive measures: Iran
Tehran: Iran on Monday defended the Houthis attack on Saudi’s oil facilities and said that the strikes were the “defensive measures” by Yemen’s “legitimate” government. “Iran sees what the Yemenis have done as defensive measures taken by the legitimate Yemeni government,” Iranian Foreign Ministry’s spokesman, Abbas Mousavi, said at a briefing. Tensions in the region […]
RIL’s tax liability to fall by 4 percentage points: Morgan Stanley
New Delhi: Reliance Industries’ earnings growth is starting to be de-risked, amid improving earnings growth clarity, better refining margins, lower tax rate, and cheaper gas feedstock costs, global brokerage Morgan Stanley said noting that company’s tax liability will reduce by 4 percentage points following cut in the corporate tax rate. The shares of Reliance Industries […]
Beijing slams US sanctions on Chinese firms over Iran oil
Beijing: China voiced “strong dissatisfaction” on Thursday after the United States hit Chinese companies with sanctions for buying Iranian oil. “Despite the legitimate rights and interests of all parties, the United States wielded a wanton stick of sanctions, which is a gross violation of the basic norms of international relations,” foreign ministry spokesman Geng Shuang […]
In a first, Saudi to offer tourist visas as part of push to diversify economy away from oil
Riyadh: Saudi Arabia said Friday it will offer tourist visas for the first time, opening up the ultra-conservative kingdom to holidaymakers as part of a push to diversify its economy away from oil. Kickstarting tourism is one of the centrepieces of Crown Prince Mohammed bin Salman’s Vision 2030 reform programme to prepare the biggest Arab […]
3 tanker drivers held for BPCL oil adulteration
Mumbai: The Mumbai crime branch arrested three persons, who would adulterate furnace oil after driving out in tankers from BPCL. The samples of furnace oil was tested in the Bharat Petroleum Corporation Limited (BPCL) laboratory when it came to the fore that the tankers had four compartments and one of them was full of water, […]