Category: Oil & Gas

Oil prices dropped on Thursday, reversing gains in the previous session, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in US distillate inventories. Brent crude futures fell 1.46%, or 58 cents, to $39.21 a barrel as of 0459 GMT, […]

With the natural gas leak from an oil well in Assam’s Tinsukia district continuing for the seventh day on Tuesday, government-owned Oil India Limited (OIL), which owns the rig, said that it had reached out to global experts to control the blowout. The blowout — an uncontrolled release of natural gas — was reported on […]

An oil well in Assam continues to leak with natural gas pouring out for the seventh day and counting. On Monday, the government-owned Oil India Limited (OIL), which owns the rig, said in a statement that it has reached out to global experts to control the blowout. The blowout — or an uncontrolled release of […]

Prices of the non-subsidised liquefied petroleum gas (LPG) cylinders have been raised up to Rs 37 by India’s key oil marketing companies (OMCs) today. The hike in LPG price is due to an increase in international prices, the country’s largest OMC Indian Oil Corporation (IOCL) said in a statement. This is the first hike by […]

India’s fuel demand recovery gathered momentum in May as easing of lockdown restrictions helped nearly double the sales when compared with the previous month, according to preliminary data available from state-owned fuel retailers. The demand is set to rise further as more curbs on transport and industrial activities have been lifted in the fifth phase […]

Price of aviation turbine fuel (ATF), which was cut seven consecutive times since February, has been hiked to Rs 33,575.37 per kilolitre in Delhi — a steep 56 per cent increase compared with prices notified on May 16. Prior to the beginning of the reduction cycle in February — when airlines had already started curtailing […]

The volume of crude stored on ships in Asia has come off the peaks seen earlier this month on a recovery in demand in China and India, trade sources and analysts said. A total of 3.4 million tonnes (24.8 million barrels) of crude oil was discharged from floating storage into Asian markets in the past […]

A major catastrophe was averted along the Jammu-Srinagar national highway on Friday, when a driver of a truck loaded with LPG cylinders drove the vehicle to a deserted place on the road soon after realising that it had caught fire. Three fire tenders doused the fire in less than an hour, said Udhampur Deputy Commissioner […]

More than 60 hours after an oil well — owned by Oil India Limited (OIL) in Upper Assam — experienced a blowout, authorities are yet to bring the leak under control. On Wednesday morning, a blowout — or an uncontrolled release of natural gas — was reported at the Baghjan Oilfield of OIL in Tinsukia […]

The Venezuelan navy said it escorted a fourth fuel tanker from Iran through its waters on Thursday, while the United States called the shipments to the gasoline-starved country a distraction from problems facing President Nicolas Maduro. The oil industries of Iran and Venezuela are both under U.S. sanctions. Iran is providing its fellow OPEC member […]

Oil prices slid for a second consecutive session on Thursday as US industry data showed a steep and surprising build-up in crude stockpiles, dampening hopes of a smooth demand recovery as the world begins to ease its way out of coronavirus lockdowns. The decline extended losses from Wednesday on uncertainty about Russia’s commitment to deep […]

The government has for the second time extended the deadline for bidding for privatisation of India’s second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. While the Cabinet had in November last year approved the sale of government’s entire 52.98 per cent stake in BPCL, offers seeking expression of […]